The advertising industry in the Nordics is vibrant and dynamic, characterized by innovative campaigns and a strong digital presence. Companies ranging from creative agencies to tech startups contribute a variety of services, including digital marketing, influencer partnerships, and programmatic advertising. As consumer behavior continues to shift towards digital platforms, the industry is investing in data-driven strategies and automation tools. The emphasis on sustainability and social responsibility is also growing, pushing companies to align their campaigns with ethical standards. Insights reveal that the sector is adapting rapidly to technological changes, signifying a robust future ahead.


The list of top investors in the Nordic advertising sector features a mix of venture capital, corporate, and private equity firms. Headquartered across cities like Stockholm, Oslo, and Helsinki, these investors exhibit various sizes and investment preferences. Founded between 1839 and 2016, they've made significant transactions in 2024, with investment counts ranging from one to thirty. Each firm's unique strategy reflects their commitment to funding innovative companies in the ever-evolving advertising landscape, showcasing a healthy appetite for growth in this dynamic sector.


Top 18 Advertising Investors in the Nordics


1. 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. Notably, Almi has been involved in several transactions within the advertising sector, including investments in companies like Strossle, which focuses on content marketing and advertising solutions, and Match2One, a platform for programmatic advertising. Additionally, they have invested in Emerse, which specializes in programmatic advertising, and Adlede, a company that provides advertising technology solutions. These investments highlight Almi's active role in supporting the advertising industry, alongside their broader mission to foster SME growth.


2. LINK Mobility


LINK Mobility is a corporate investor based in Oslo, Norway, founded in 2000. The company specializes in mobile communication services, offering a range of products including SMS messaging, RCS, and marketing automation solutions aimed at enhancing customer engagement for businesses across various industries. LINK Mobility has been active in the advertising context through several acquisitions, including MarketingPlatform in April 2021, which focuses on marketing solutions. Other notable acquisitions include SMS Italia Srl and Totalconnect, both of which enhance their mobile messaging capabilities. These transactions reflect LINK Mobility's commitment to expanding its footprint in the marketing and advertising technology space, making it a significant player in the industry.


3. 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 leading 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 managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the advertising and media landscape, including a strategic investment in United Talent Agency (UTA), where they became the largest outside shareholder, aiming to enhance talent, innovation, and international expansion. Additionally, EQT's involvement in the takeover bid for Believe, a digital music company, highlights their commitment to sectors that are closely tied to advertising and marketing. Their acquisition of United Digital Group further emphasizes their interest in digital marketing and advertising solutions, showcasing their broad engagement in the advertising ecosystem.


4. 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 digitalization and decarbonization trends, primarily targeting technology companies that seek to enhance their market position and operational efficiency. Notably, Verdane has made significant investments in the advertising context, including the acquisition of Tradedoubler, a performance marketing company, and a recent investment in Meltwater, a media monitoring startup that plays a vital role in advertising strategies. These transactions highlight Verdane's commitment to supporting companies that operate within or adjacent to the advertising industry, further solidifying their relevance in this sector.


5. 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, helping them scale their innovative solutions. Notably, Industrifonden has invested in several companies relevant to the advertising industry, including Widespace, a mobile advertising platform that raised significant funding in 2016 and 2017, and Realforce, which focuses on marketing solutions for the real estate sector. Their investment in Foap, a mobile photography startup, also highlights their engagement with companies that have advertising potential. Through these investments, Industrifonden aims to create long-term value by partnering with passionate founders and supporting innovative solutions in various sectors, including advertising.


6. Seed Capital Denmark

  • Website: seedcapital.dk
  • Type: Venture Capital
  • Headquarters: Frederiksberg, Frederiksberg, Denmark
  • Founded year: 2004
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: seed-capital-denmark

Seed Capital Denmark is a venture capital firm based in Copenhagen, specializing in providing seed funding and advisory services to technology startups in Denmark. Founded in 2004, the firm has a strong focus on sectors such as SaaS and Fintech, but it has also made notable investments in the advertising technology space. For instance, they invested in Densou Adtech, which raised funds in a Pre-Seed round in 2016, and Tailify, which secured $830,532 in a Pre-Seed round in 2014. Additionally, they have supported companies like Blackwood Seven, which operates in the advertising analytics domain. With a track record of successful investments, SEED Capital supports its portfolio companies from seed stage to exit, demonstrating their capability to nurture growth in various sectors, including advertising.


7. 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. The firm has a strong presence in the Nordic markets and leverages its expertise to manage funds and drive value creation for its clients. Notably, CapMan has been involved in several transactions relevant to the advertising sector, including its investment in The North Alliance, a prominent marketing and advertising agency, and Aste Helsinki, which also operates in the creative space. These transactions highlight CapMan's engagement with companies that contribute to the advertising industry, reinforcing its relevance in this category.


8. Lifeline Ventures


Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments, providing financial backing and advisory services to resilient entrepreneurs across various sectors. Lifeline Ventures has made notable investments in the advertising industry, including Smartly.io, which raised $2.8 million in Series A funding in 2015 and focuses on automating social media advertising. Additionally, they invested in Kayzen, which closed a Late-Seed funding round aimed at improving transparency and control for mobile performance advertisers. Other investments include bfound and Mobal, with the latter securing €2 million in seed funding in 2021. These transactions highlight Lifeline Ventures' commitment to supporting innovative companies in the advertising technology space.


9. Schibsted

  • Website: schibsted.com
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1839
  • Headcount: 5001-10000
  • Number of deals in 2024: 3
  • LinkedIn: schibsted-asa

Schibsted Media Group, founded in 1839 and based in Oslo, Norway, is a corporate investor primarily focused on the digital marketplace sector. The company has a rich history in publishing and has transitioned to digital services that empower users. Schibsted has made several strategic acquisitions to enhance its presence in the advertising and marketing sectors. Notably, they increased their stake in Inzpire.me, an influencer marketing platform, from 25% to 90%, highlighting their commitment to the advertising industry. Additionally, Schibsted led a funding round for Inzpire.me in 2019, further emphasizing their focus on digital advertising solutions. Their acquisition of MB Diffusion, a classifieds marketplace, also supports their strategy to expand in the online advertising space. Overall, Schibsted's investments reflect a strong alignment with advertising and marketing initiatives.


10. Sanoma

  • Website: sanoma.com
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1889
  • Headcount: 5001-10000
  • LinkedIn: sanoma

Sanoma is a media and educational publishing company founded in 1889, headquartered in Helsinki, Uusimaa, Finland. With a workforce of 5001-10000 employees, Sanoma provides a diverse range of learning solutions and media content, including printed and digital learning materials and teaching platforms. They cater to educational institutions and media consumers across multiple European countries. Notably, Sanoma has been involved in significant transactions such as the acquisition of approximately 68% of Net Info.BG AD, Bulgaria's leading internet company, in 2008. This acquisition was aimed at enhancing their digital media presence, which is closely tied to advertising opportunities in the digital landscape. Their operations in media publishing and digital platforms position them as a player in the advertising industry, despite their primary focus on education and media content.


11. Bonnier Ventures

  • Website: bonnierventures.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2013
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: bonnier-ventures

Bonnier Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2013. As the investment division of the Bonnier Group, it focuses on providing capital and management support to promising companies in structurally growing industries such as healthcare, media, sustainability, fintech, and SaaS. Notably, Bonnier Ventures has made significant investments in the media and advertising sectors, including Acast, a leading podcasting platform that has raised over $50 million across multiple funding rounds, and United Screens, a digital video network. These investments highlight Bonnier Ventures' commitment to fostering growth in companies that leverage advertising as a key component of their business model.


12. Wellstreet

  • Website: wellstreet.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2016
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: wellstreet

Wellstreet is a venture capital firm based in Stockholm, Sweden, founded in 2016. The firm specializes in early-stage investments in Nordic tech companies, providing entrepreneurs with essential resources, including capital and strategic support, to foster growth and success. Wellstreet primarily focuses on sectors such as FinTech, E-commerce, and GreenTech, aiming to drive innovation and sustainability. Notably, Wellstreet has invested in DanAds, a Stockholm-based advertising company, which has completed multiple funding rounds with their backing. This includes a $5 million capital funding round in April 2021 and a convertible note of approximately $4.5 million in July 2020. These transactions highlight Wellstreet's engagement in the advertising industry, showcasing their capability and willingness to invest in this sector.


13. OpenOcean

  • Website: openocean.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: openocean-vc

OpenOcean is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in investing in early-stage technology startups across Europe, focusing on empowering founders in the data economy by providing capital and expertise to help scale innovative solutions. OpenOcean has been involved in several notable transactions in the advertising sector, including investments in LoopMe, a British ad startup that has raised a total of $32 million across multiple funding rounds, and Tapdaq, a London-based provider of an in-app advertising platform for mobile developers that raised $6.5 million in Series A funding. These investments highlight OpenOcean's commitment to supporting companies that are shaping the future of advertising technology.


14. Better Collective


Better Collective is a corporate investor based in Copenhagen, Denmark, founded in 2001. The company specializes in digital media, particularly in the sports and esports sectors, and operates a portfolio of media brands that engage sports fans and bettors through various content formats. Better Collective focuses on performance-based marketing and community building, providing valuable insights and resources for navigating the sports betting landscape. In recent transactions, Better Collective has made significant acquisitions to bolster its media capabilities. For instance, they acquired Playmaker Capital for $188 million, aiming to enhance their audience reach in the sports media sector. Additionally, they acquired Goalmedia Tecnologia e Marketing Digital, which owns 'Torcedores.com', a site focused on sports news and marketing in Brazil. These acquisitions reflect Better Collective's commitment to expanding its influence in the advertising space, particularly within the sports and betting industries.


15. EQT Ventures

  • Website: eqtventures.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 28
  • LinkedIn: eqt-ventures

EQT Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2015. The firm specializes in investing in early-stage tech startups, providing not only financial support but also operational assistance to entrepreneurs. With a focus on technology, EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Notably, EQT Ventures has been involved in several transactions relevant to the advertising industry, including their investments in Permutive, a leading audience platform for publishers and advertisers, which raised significant funding across multiple rounds to enhance its programmatic advertising capabilities. Additionally, their investment in Tinyclues, which raised $18 million to improve marketing strategies, further emphasizes their engagement in the advertising sector. Through these investments, EQT Ventures demonstrates a commitment to supporting companies that are shaping the future of advertising.


16. Spintop Ventures

  • Website: spintopventures.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2009
  • Headcount: 1-10
  • Number of deals in 2024: 4
  • LinkedIn: spintop-ventures

Spintop Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2009. The firm specializes in early-stage technology investments and is dedicated to supporting entrepreneurs by providing capital and strategic advisory services to help them build innovative software-based companies. With a focus on sustainable investments, Spintop Ventures aims to foster growth in the technology sector. Notably, they have invested in companies like Adway, an automated social recruitment marketing provider, which raised significant funding in both Seed and Series A rounds. Additionally, they have invested in PinMeTo, a company that enhances online visibility for businesses, further demonstrating their engagement in the advertising space. These transactions highlight Spintop Ventures' commitment to supporting technology-driven solutions that intersect with advertising.


17. Mtg

  • Website: mtg.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1987
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: mtg

Modern Times Group (MTG) is a gaming and entertainment company based in Stockholm, Sweden, founded in 1987. With a workforce of 11-50 employees, MTG operates a portfolio of gaming studios that develop and publish a wide range of mobile and browser games. The company is known for leveraging its expertise in user engagement and innovation to provide engaging gaming experiences to consumers worldwide. In addition to its core gaming business, MTG has made significant investments in the digital media sector, including the acquisition of a 70% controlling share in the Bulgarian digital conglomerate Darik News, which enhances its digital growth strategy. Furthermore, MTG acquired a 51% stake in Zoomin.TV, the world's fifth-largest multichannel network, for $95 million, highlighting its commitment to digital content and advertising. The acquisition of Nice Entertainment, the largest independent production group in the Nordic region, also reflects MTG's strategy to expand its media presence. These transactions illustrate MTG's active role in the advertising industry through its investments in digital platforms and content creation.


18. Inventure

  • Website: inventure.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2005
  • Headcount: 11-50
  • Number of deals in 2024: 9
  • LinkedIn: inventure

Inventure is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2005. The firm focuses on backing ambitious Nordic and Baltic founders, providing venture capital investment and portfolio management services to early-stage tech startups. Inventure has been involved in several notable transactions, particularly in the advertising context. For instance, they participated in the seed funding round for Thirdpresence, an AI-driven programmatic video advertising company, which raised $2.4M in 2018. This investment aimed to accelerate R&D on their AI technology for advertising. Additionally, Inventure invested in Whatagraph, a marketing agencies reporting software, which raised $7.2M in Series A funding in 2021, indicating their commitment to supporting innovative solutions in the marketing and advertising space. These investments reflect Inventure's active role in the advertising industry, alongside their broader focus on technology startups.



Advertising Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
LINK MobilityOslo, Oslo, Norway501-100020003
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
VerdaneOslo, Oslo, Norway51-20019857
IndustrifondenStockholm, Stockholm, Sweden11-5019799
Seed Capital DenmarkFrederiksberg, Frederiksberg, Denmark1-1020045
CapManHelsinki, Uusimaa, Finland51-20019894
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
SchibstedOslo, Oslo, Norway5001-1000018393
SanomaHelsinki, Uusimaa, Finland5001-1000018890
Bonnier VenturesStockholm, Stockholm, Sweden1-1020131
WellstreetStockholm, Stockholm, Sweden1-1020163
OpenOceanHelsinki, Uusimaa, Finland11-5020097
Better CollectiveCopenhagen, Denmark1001-500020011
EQT VenturesStockholm, Stockholm, Sweden11-50201528
Spintop VenturesStockholm, Stockholm, Sweden1-1020094
MtgStockholm, Stockholm, Sweden11-5019871
InventureHelsinki, Uusimaa, Finland11-5020059


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