The telecommunications industry in the Nordics is characterized by its emphasis on high-quality connectivity and innovative technology solutions. It comprises major players such as mobile operators, internet service providers, and infrastructure developers, offering services like mobile broadband, IoT connectivity, and 5G networks. As demands for seamless digital communication grow, the sector is focusing on enhancing network capabilities and expanding into emerging technologies. The growth of remote work and smart cities are driving new investments and developments, positioning the Nordics at the forefront of telecommunications innovation. Sustainability is also gaining ground, with companies seeking eco-friendly practices.


The list features various types of investors, including private equity firms, corporate entities, and venture capitalists, primarily based in Stockholm, Oslo, and Helsinki. Together, these investors represent a range of sizes, from companies with a handful of employees to those with over 10,000. Many of them were established in the mid-1900s and have continued to adapt over the decades. In 2024 alone, they participated in numerous deals across the telecommunications sector, showcasing their ongoing commitment to growth within this vital industry.


Top 17 Telecommunications Investors in the Nordics


1. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a prominent investment firm based in Stockholm, Sweden, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Founded in 1994, EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant strides in the telecommunications sector through various acquisitions. In 2019, they acquired Melita Plc, aiming to support its growth and international expansion. In 2020, EQT made headlines with the acquisition of Deutsche Glasfaser for approximately $2.73 billion, followed by the acquisition of Zayo for $14.3 billion, further solidifying their presence in the telecommunications market. Additionally, their acquisition of Delta Fiber in 2016 and Caiway in 2017 highlights their strategic focus on enhancing telecom infrastructure and services in Europe. These transactions underscore EQT's active role in the telecommunications industry, making them a relevant investor in this space.


2. Telenor

  • Website: telenor.com
  • Type: Corporate
  • Headquarters: Fornebu, Akershus, Norway
  • Founded year: 1855
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: telenor-group

Telenor ASA is a leading telecommunications company based in Fornebu, Akershus, Norway, with a customer base of 209 million subscribers. Founded in 1855, Telenor operates primarily in Scandinavia and Asia, providing mobile telecommunications, broadband, and TV distribution services. The company is committed to empowering societies through connectivity and responsible business practices. Telenor has been actively involved in the telecommunications sector through various acquisitions, including the acquisition of Tele2 Sweden's fibre and cable firm, which enhances its position in the fixed broadband and television services market. In 2019, Telenor acquired DNA Oyj for approximately $1.69 billion, further expanding its telecommunications portfolio. Additionally, Telenor has acquired Bredbandsbolaget, Sweden's second-largest broadband provider, and other companies like Talkmore and Glocalnet, demonstrating its strategic focus on strengthening its telecommunications services.


3. Almi

  • Website: almi.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 201-500
  • Number of deals in 2024: 7
  • LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses by offering tailored financial solutions and guidance. Among their notable transactions, Almi has invested in several telecommunications-related companies, including Maven Wireless, which raised approximately $1.97 million in a venture round in 2018, and InCoax Network Europe, which secured around $1.05 million in 2012. These investments highlight Almi's active role in supporting innovation and development within the telecommunications sector, alongside their broader focus on various industries.


4. Ericsson

  • Website: ericsson.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1876
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: ericsson

Ericsson is a prominent telecommunications company based in Stockholm, Sweden, founded in 1876. With over 10,000 employees, Ericsson specializes in advanced connectivity solutions, including 5G networks and IoT platforms, aimed at enhancing operational efficiency and user experiences across various industries. Notably, Ericsson has made significant investments in the telecommunications space, including the acquisition of Cradlepoint, a leader in wireless edge WAN systems, for $1.1 billion, which bolstered its 5G enterprise offerings. Additionally, the acquisition of Vonage for $6.2 billion further emphasizes Ericsson's strategy to expand its telecommunications services. Other transactions, such as the acquisition of iconectiv, also align with its focus on telecommunications, showcasing its active role in the industry.


5. Nokia

  • Website: nokia.com
  • Type: Corporate
  • Headquarters: Espoo, Uusimaa, Finland
  • Founded year: 1865
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: nokia

Nokia Corporation is a telecommunications and technology solutions provider based in Espoo, Uusimaa, Finland. Founded in 1865, Nokia specializes in networking technology and digital transformation, offering a wide range of products and services including cloud infrastructure, mobile networks, and security solutions. As an investor, Nokia has been actively involved in the telecommunications sector through several key transactions. Notably, in 2015, Nokia acquired Alcatel-Lucent for €15.6 billion, creating the second largest mobile equipment manufacturer globally. In 2010, Nokia also acquired Motorola for $1.2 billion, further expanding its telecommunications portfolio. Additionally, Nokia's acquisition of SAC Wireless in 2014 aimed to enhance its network implementation services, reinforcing its position as a direct service provider in the telecom sector. More recently, in 2020, Nokia announced plans to acquire Elenion Technologies, a startup focused on optical connectivity, which is crucial for advancing 5G and cloud networking capabilities. These strategic investments and acquisitions highlight Nokia's commitment to the telecommunications industry.


6. LINK Mobility


LINK Mobility is a corporate investor based in Oslo, Norway, specializing in mobile communication services. Founded in 2000, the company has grown to employ between 501 and 1000 people and has made significant strides in enhancing customer engagement through its technology solutions. LINK Mobility offers a range of products, including SMS messaging, RCS, and marketing automation solutions, aimed at enabling enterprises to communicate effectively with their customers through preferred channels. The company has been active in the telecommunications sector, as evidenced by its strategic acquisitions. Notably, LINK Mobility acquired Tismi B.V., a Dutch CPaaS enabler, for EUR 20 million to enhance its CPaaS offerings. Additionally, the acquisition of Horisen Messaging, a leading mobile messaging provider in Switzerland, for 9 million euros, further solidifies LINK's position in the telecommunications market. Other significant transactions include the acquisition of ViaNett AS and MessageBroadcast, which are aimed at expanding LINK's service offerings and market reach. These acquisitions reflect LINK Mobility's commitment to growth and innovation within the telecommunications industry.


7. Telia


Telia Company AB, founded in 1853 and based in Solna, Stockholm, Sweden, is a leading telecommunications company operating primarily in the Nordic and Baltic regions. With a workforce of over 10,000 employees, Telia offers a diverse range of services including IoT connectivity, smart city solutions, and telephony services tailored for both businesses and public sector organizations. The company has made several strategic acquisitions to enhance its telecommunications offerings, including the acquisition of Tele2 for approximately $612 million in 2014, which strengthened its market position. In 2016, Telia announced the acquisition of Norwegian telecom service provider Phonero for 250 million euros, aiming to increase its market share in professional mobile telephony. Additionally, Telia acquired Inmics Oy, a Finnish ICT company, for EUR 75 million in 2017, further expanding its service capabilities in the Finnish market. These transactions highlight Telia's active role in the telecommunications industry and its focus on enhancing connectivity and operational efficiency for its clients.


8. Finnfund

  • Website: finnfund.fi
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 7
  • LinkedIn: finnfund

Finnfund is a not-for-profit development financier and impact investor based in Helsinki, Finland, founded in 1980. The organization focuses on creating sustainable futures by investing in companies that address global development challenges, primarily in developing countries. Finnfund provides investment and advisory services to promote economic growth and sustainability across various sectors. In the telecommunications context, Finnfund has made notable investments, including a $20 million loan facility to Africa Mobile Networks, which aims to establish over 10,000 base stations in Sub-Saharan Africa, serving a population of over 35 million. Additionally, they invested in KaiOS Technologies, a startup that develops a feature phone platform, providing $3.4 million to support its expansion in Africa. These transactions highlight Finnfund's commitment to enhancing telecommunications infrastructure and services in emerging markets.


9. Nordic Investment Bank

  • Website: nib.int
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1976
  • Headcount: 201-500
  • Number of deals in 2024: 19
  • LinkedIn: nordic-investment-bank

Nordic Investment Bank (NIB) is a public entity established in 1976, headquartered in Helsinki, Uusimaa, Finland. It specializes in providing sustainable financing solutions aimed at enhancing productivity and environmental benefits across various sectors in the Nordic and Baltic regions. NIB offers a range of loan products, including corporate, sovereign, and sustainability-linked loans, catering to both private and public sector clients. Notably, NIB has been actively involved in the telecommunications sector, providing significant debt financing to major companies such as Elisa, Nokia, and Ericsson. In 2024 alone, NIB facilitated debt financing of over $107 million for Elisa and approximately $270 million for Nokia, alongside additional financing for Ericsson. These transactions highlight NIB's commitment to supporting the telecommunications industry, making it a relevant player in this investment category.


10. Industrifonden

  • Website: industrifonden.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1979
  • Headcount: 11-50
  • Number of deals in 2024: 9
  • LinkedIn: industrifonden

Industrifonden is a venture capital fund based in Stockholm, Sweden, founded in 1979. The firm specializes in investing in early-stage companies, particularly in the fields of Deep Tech, Life Science, and Transformative Tech. They provide financial support and strategic guidance to startups, aiming to create long-term value through partnerships with passionate founders. In the telecommunications context, Industrifonden has been involved in several relevant transactions, including leading a €8.5M Series A funding round for Telness Tech, a Stockholm-based teltech company, and participating in a funding round for Flexenclosure, which develops intelligent power management systems and prefabricated data centers for the telecom industry. These investments highlight Industrifonden's active role in supporting innovative solutions within the telecommunications sector.


11. CapMan

  • Website: capman.com
  • Type: Private Equity
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1989
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: capman

CapMan Oyj is an investment management firm based in Helsinki, Finland, specializing in private equity, real estate, infrastructure, and natural capital investments. Founded in 1989, CapMan serves institutional investors by providing access to diverse investment strategies aimed at achieving sustainable returns. With a strong presence in the Nordic markets, CapMan leverages its expertise to manage funds and drive value creation for its clients. In the telecommunications sector, CapMan has made notable investments, including 42Networks, which raised $2,261,601 in a Series B round in 2006, and Polystar, which secured funding in a private equity round in 2000. Additionally, CapMan invested in Ascade, which raised $2,590,000 in a venture round in 2006. These transactions highlight CapMan's active role in the telecommunications industry, alongside its broader investment portfolio.


12. SEB Kort

  • Website: seb.se
  • Type: Corporate
  • Headquarters: Solna, Stockholm, Sweden
  • Founded year: 1855
  • Headcount: 501-1000
  • Number of deals in 2024: 1
  • LinkedIn: seb-kort

SEB Kort, part of Skandinaviska Enskilda Banken AB (SEB), is a corporate investor based in Solna, Stockholm, Sweden. Founded in 1855, SEB is a prominent financial institution that provides a variety of banking and financial services, including personal and corporate loans, investment management, and insurance products. In recent years, SEB Kort has engaged in several transactions that highlight its interest in the telecommunications sector. For instance, in 2015, SEB Venture Capital invested SEK 15M in SenionLab AB, a company specializing in IPS software, which is crucial for indoor positioning systems in telecommunications. Additionally, SEB has been involved in funding rounds for Nomad Digital, a company that offers connectivity solutions for the transport industry, further emphasizing its commitment to telecommunications-related investments. These transactions demonstrate SEB Kort's strategic focus on supporting innovative technologies within the telecommunications landscape.


13. Hexatronic Group

  • Website: hexatronicgroup.com
  • Type: Corporate
  • Headquarters: Gothenburg, Västra Götaland, Sweden
  • Founded year: 1993
  • Headcount: 501-1000
  • LinkedIn: hexatronic

Hexatronic Group is a corporate investor based in Gothenburg, Sweden, specializing in telecommunications and technology solutions. Founded in 1993, the company focuses on fiber optic and wireless infrastructure, offering a range of products and services that cater primarily to businesses and organizations in the telecommunications sector. In recent years, Hexatronic has made several strategic acquisitions to enhance its capabilities and market presence. Notable transactions include the acquisition of 82% of homeway GmbH, a German multimedia home network provider, to strengthen its position in the growing FTTH market. In 2023, they acquired ATG Technology Group Limited, a player in the New Zealand fiber industry, to create synergies with their existing operations. Additionally, the acquisition of Mpirical Ltd, a UK-based telecoms technology training provider, highlights their commitment to advancing training in the telecommunications field, particularly in 5G technology. These transactions demonstrate Hexatronic's active role in the telecommunications industry and its dedication to expanding its offerings and capabilities.


14. Seb

  • Website: sebgroup.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1856
  • Headcount: 10001+
  • Number of deals in 2024: 13
  • LinkedIn: seb

Skandinaviska Enskilda Banken AB (SEB) is a leading banking group in Northern Europe, founded in 1856, providing a wide range of financial services including corporate and investment banking, asset management, and private wealth management. SEB serves large corporations, institutional clients, and private individuals, helping them manage their financial assets and navigate investment opportunities. In recent years, SEB has been involved in significant transactions within the telecommunications sector, such as providing €120M in senior debt financing to metrofibre, a German company focused on developing fibre networks, aimed at enhancing telecommunication infrastructure. Additionally, SEB participated in the debt financing of CityFibre, a U.K.-based network operator, which is working to expand its fiber network to millions of homes. These transactions highlight SEB's active role in supporting the telecommunications industry, alongside its broader financial services.


15. Sinch

  • Website: sinch.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2008
  • Headcount: 1001-5000
  • LinkedIn: sinch

Sinch AB is a corporate investor based in Stockholm, Sweden, founded in 2008. As a leading communications platform as a service (CPaaS) provider, Sinch specializes in messaging, voice, and email solutions that enhance customer engagement across various industries, including telecommunications. Notable transactions include the acquisition of Inteliquent for $1.14 billion, which significantly bolstered their voice communication capabilities. In 2021, Sinch also acquired Pathwire, a cloud-based email delivery platform, for approximately $1.9 billion, further diversifying their communication services. Their acquisition of Wavy Global for R$355 million expanded their messaging services in Brazil, while the majority stake in ACL Mobile for Rs 535 crore enhanced their offerings in the Indian market. These strategic acquisitions highlight Sinch's commitment to strengthening its telecommunications capabilities and expanding its global footprint.


16. Verdane

  • Website: verdane.com
  • Type: Private Equity
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1985
  • Headcount: 51-200
  • Number of deals in 2024: 7
  • LinkedIn: verdane-capital

Verdane is a private equity investment firm based in Oslo, Norway, founded in 1985. The firm specializes in growth equity investments in technology-enabled companies, providing capital and hands-on support to help businesses scale. Verdane focuses on trends in digitalization and decarbonization, primarily targeting technology companies that seek to enhance their market position and operational efficiency. Notably, Verdane has been involved in several transactions relevant to the telecommunications sector, including a significant investment in Onomondo, an IoT company that raised $21 million to accelerate growth in Europe. This investment highlights Verdane's commitment to supporting companies that are integral to the telecommunications landscape. Additionally, their acquisition of Linjebesiktning AB and involvement in other technology-driven ventures further demonstrate their active role in sectors that intersect with telecommunications.


17. Creandum

  • Website: creandum.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2003
  • Headcount: 11-50
  • Number of deals in 2024: 17
  • LinkedIn: creandum

Creandum is a venture capital firm based in Stockholm, Sweden, founded in 2003. The firm specializes in supporting early-stage entrepreneurs in building global, category-defining companies. They provide venture capital investment, strategic support, and networking opportunities to startups across various sectors, including fintech and health tech. Notably, Creandum has been involved in several transactions relevant to the telecommunications industry, such as their investment in Instabridge, a Swedish company that operates a crowdsourced network of WiFi hotspots. Creandum led a seed funding round for Instabridge, which raised $1 million in 2014, and participated in subsequent funding rounds, including a $3 million Series A round in 2015. Additionally, they invested in IPtronics A/S, which raised $10.38 million in a Series B round in 2008. These transactions highlight Creandum's engagement in the telecommunications sector, showcasing their commitment to nurturing companies that contribute to this industry.



Telecommunications Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
TelenorFornebu, Akershus, Norway10001+18552
AlmiStockholm, Stockholm, Sweden201-50019947
EricssonStockholm, Stockholm, Sweden10001+18763
NokiaEspoo, Uusimaa, Finland10001+18653
LINK MobilityOslo, Oslo, Norway501-100020003
TeliaSolna, Stockholm, Sweden10001+18530
FinnfundHelsinki, Uusimaa, Finland51-20019807
Nordic Investment BankHelsinki, Uusimaa, Finland201-500197619
IndustrifondenStockholm, Stockholm, Sweden11-5019799
CapManHelsinki, Uusimaa, Finland51-20019894
SEB KortSolna, Stockholm, Sweden501-100018551
Hexatronic GroupGothenburg, Västra Götaland, Sweden501-100019930
SebStockholm, Stockholm, Sweden10001+185613
SinchStockholm, Stockholm, Sweden1001-500020080
VerdaneOslo, Oslo, Norway51-20019857
CreandumStockholm, Stockholm, Sweden11-50200317


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