The cosmetic and beauty product stores industry in the Nordics thrives on innovation and sustainability. This sector features a mix of retailers, including pharmacies, department stores, and specialized beauty shops. Companies range from established brands to startups focused on vegan and eco-friendly products. Consumers increasingly prefer products that prioritize health and environmental impact, prompting a shift towards clean beauty. Notably, the Nordic market is embracing e-commerce, making beauty products more accessible online, contributing to significant growth. Additionally, the popularity of Scandinavian minimalism influences packaging and design trends within the industry, highlighting uniqueness in Scandinavian beauty aesthetics.


This article spotlights 18 investors shaping the Nordic cosmetic and beauty industry. The list includes private equity firms, venture capitalists, and corporate investors primarily based in Stockholm and Copenhagen. Founded from 1983 to 2017, these firms vary in size from small teams to large organizations. In 2024, they collectively made over 70 investments, indicating a robust interest in supporting growth within this sector. Their involvement spans different scales of investment, showcasing a wealth of experience and tactical market insights.


Top 18 Cosmetic and Beauty Product Stores 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 cosmetic and beauty product sector, including investments in Minolei Cosmetics, which raised funds in September 2022, and NCP Olfactives, which raised approximately $490,615 in October 2017. These investments highlight Almi's engagement in the beauty industry, alongside their broader investment strategy.


2. 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. Among their notable transactions, EQT led the acquisition of Galderma, a global leader in dermatology, from Nestlé for CHF 10.2 billion, marking it as the largest independent global dermatology company. This acquisition highlights EQT's commitment to the beauty and skincare market. Additionally, EQT Ventures has participated in funding rounds for innovative companies like FastAF, a tech startup in the eCommerce space, which may also intersect with beauty product distribution. Their investment portfolio reflects a strategic interest in sectors that include cosmetics and beauty products, making them a relevant player in this industry.


3. Kinnevik

  • Website: kinnevik.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1936
  • Headcount: 11-50
  • Number of deals in 2024: 10
  • LinkedIn: investment-ab-kinnevik

Kinnevik is a Stockholm-based venture capital investment company founded in 1936. They focus on partnering with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech. Kinnevik provides both capital and operational support to help companies scale and create long-term value. Notably, Kinnevik has made significant investments in the beauty industry, including GLOSSYBOX, which raised substantial funding in both 2011 and 2015. These investments highlight Kinnevik's commitment to redefining industries and addressing global challenges, making them a relevant player in the cosmetic and beauty product stores sector.


4. eEquity

  • Website: eequity.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2010
  • Headcount: 11-50
  • LinkedIn: eequity

eEquity is a Stockholm-based venture capital firm founded in 2010, specializing in growth equity investments. The firm focuses on digitally enabled business models primarily in the Nordics, partnering with entrepreneurs in the technology and retail sectors to provide capital and strategic support for scaling businesses. Notably, eEquity has been involved in several transactions relevant to the cosmetic and beauty product stores industry, including a venture round investment in Swiss Clinic, which raised over $2.3 million in 2016 and specializes in beauty treatments. They also led a seed round for Go North, a company aiming to acquire brands, which could include beauty brands in its strategy. Other investments include Caliroots and Ideal of Sweden, which, while not exclusively beauty-focused, operate in retail sectors that may intersect with beauty products. This diverse investment approach positions eEquity as a potential player in the beauty and cosmetics market.


5. Accent Equity


Accent Equity is a private equity firm based in Stockholm, Sweden, founded in 1994. The firm specializes in investments in private Nordic companies, focusing on enhancing the value of its portfolio through strategic management and investment. Accent Equity aims to create sustainable growth and superior returns for its clients across multiple sectors. Notably, they acquired Scandinavian Cosmetics Group Holding AB in 2019, a company with net sales exceeding SEK 1.0 billion in 2018, highlighting their active role in the cosmetics industry. Additionally, they have made other acquisitions, such as EAST, which, while not directly related to cosmetics, showcases their broader investment strategy. Their expertise in investment management positions them well to contribute to the growth of companies in the beauty sector.


6. Orkla ASA

  • Website: orkla.com
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2017
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: orkla-asa

Orkla ASA is a leading industrial investment company based in Oslo, Norway, founded in 2017. The company operates in various sectors, including branded consumer goods, aluminium solutions, and financial investments. Orkla offers a wide range of products, including food, snacks, health, and personal care items. Notably, Orkla has made significant strides in the cosmetic and beauty product sector through its acquisition of NutraQ, which encompasses health and beauty brands such as VitaePro and Oslo Skin Lab, for NOK 3.1 billion. This acquisition highlights Orkla's commitment to expanding its footprint in the beauty industry. Additionally, Orkla has a history of acquiring companies that enhance its product offerings, such as Cederroth Intressenter AB, which also operates in the personal care space. These transactions demonstrate Orkla's strategic focus on integrating health and beauty brands into its portfolio, making it a relevant player in the cosmetic and beauty product stores market.


7. VNV Global AB

  • Website: vnv.global
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1996
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: vostok-new-ventures-ltd

VNV Global AB is a venture capital investment firm based in Stockholm, Sweden, founded in 1996. The firm specializes in providing capital and expertise to innovative companies across diverse sectors, including Mobility and Digital Health. VNV Global aims to support mission-driven entrepreneurs in developing scalable and sustainable business models, emphasizing long-term profitability and strong market positions. Among their notable transactions, VNV Global participated in a Series C funding round for Booksy, a US-based beauty services marketplace, which raised $70 million to expand in North America. They also invested in Yoppie, a femtech start-up focused on women's health and hygiene, which raised funds for international expansion and technology development. These investments highlight VNV Global's engagement in the beauty and personal care industry, showcasing their interest in supporting innovative companies within this sector.


8. Heartcore Capital

  • Website: heartcore.com
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2007
  • Headcount: 11-50
  • Number of deals in 2024: 17
  • LinkedIn: heartcorecapital

Heartcore Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2007. The firm specializes in investing in early-stage technology companies and emphasizes building long-term relationships with entrepreneurs. In recent years, Heartcore has made notable investments in the beauty and cosmetics sector, including a significant role in the Series A funding round for FORMEL Skin, a Berlin-based startup that focuses on remote skincare solutions. This investment, along with their participation in the funding of LILLYDOO GmbH, which is involved in personal care products, showcases their commitment to supporting innovative companies within the beauty industry. Heartcore Capital operates globally and aims to provide both capital and guidance to help founders achieve their business goals.


9. Rite Ventures


Rite Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2007. The firm specializes in transforming early growth companies into midmarket leaders, primarily focusing on the IT-services, Software as a Service, and e-commerce sectors. Rite Ventures provides capital and strategic support to entrepreneurs, helping them scale their businesses effectively. Notably, they have invested in several companies within the cosmetic and beauty product space, including Skincity, which raised funds in 2014, and Puhdistamo, which secured investment in 2018. Additionally, they have been involved with Nelly Group, a fashion and beauty retailer, through multiple funding rounds, indicating their engagement in the beauty industry. These transactions highlight Rite Ventures' capability and interest in supporting businesses within the cosmetic and beauty product sector.


10. Blazar Capital

  • Website: blazarcapital.com
  • Type: Venture Capital
  • Headquarters: Denmark
  • Founded year: 2016
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: blazarcapital

Blazar Capital is a venture capital firm based in Denmark, founded in 2016. As a brand incubator specializing in consumer goods and e-commerce, Blazar Capital focuses on ideating, creating, and scaling innovative brands. They have been involved in several notable transactions, including investments in Scandinavian Biolabs, which raised over $4.4 million in 2024 and specializes in hair care products, and MessyWeekend, which raised $1.07 million in 2021 and is known for its eyewear products. Their investment strategy emphasizes direct-to-consumer sales and influencer marketing, making them well-positioned to support brands in the cosmetic and beauty product stores sector.


11. Priveq

  • Website: priveq.se
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1983
  • Headcount: 11-50
  • LinkedIn: priveq-investment

Priveq is an investment management and private equity firm based in Stockholm, Sweden, founded in 1983. The firm specializes in providing growth capital to companies across various sectors, with a history of investing in over 130 companies. Priveq focuses on helping growth-stage companies achieve their objectives through strategic guidance and financial support. Notably, they have invested in Parfym.se, a company in the beauty and cosmetics sector, which highlights their involvement in this industry. Other transactions include investments in Trendhim, Hemtex, Boomerang International AB, and Mediplast AB, showcasing their diverse investment portfolio, although not all are related to cosmetics. Their experience in supporting growth-stage companies positions them as a potential investor for businesses in the cosmetic and beauty product stores sector.


12. Cni


CNI Advisory AB is a venture capital firm based in Stockholm, Sweden, founded in 2012. The firm specializes in funding and supporting entrepreneurial businesses across various sectors, including technology, finance, and e-commerce. Cni has been involved in several notable transactions, including a Series A investment in Meds.se, an online pharmacy, and a venture round for Ideal of Sweden, which focuses on fashion accessories that often intersect with beauty products. Other investments include Babyland Online Nordic and RoyalDesign, showcasing their diverse portfolio. Cni aims to create sustainable shareholder value by providing capital and strategic guidance to its portfolio companies, which may include opportunities in the cosmetic and beauty product stores sector.


13. Nordic Eye Venture & Growth Capital

  • Website: nordiceye.com
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2016
  • Headcount: 11-50
  • LinkedIn: nordic-eye

Nordic Eye Venture & Growth Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2016. The firm specializes in investing in growth companies within the technology and lifestyle sectors, providing capital and strategic support to startups to help them scale and achieve market fit. Notably, Nordic Eye led a $6 million seed investment round in Underlining Beauty, a beauty and wellness company, aimed at expanding its direct-to-consumer business and product lines. This investment highlights their commitment to the beauty industry, alongside other ventures such as Tattoodo and Alpha Paw, which reflect their diverse portfolio. Nordic Eye collaborates closely with its portfolio companies to drive growth and successful exits, focusing on high revenue potential across various sectors.


14. Procuritas

  • Website: procuritas.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1986
  • Headcount: 11-50
  • LinkedIn: procuritas-ab

Procuritas is a private equity investment firm based in Stockholm, Sweden, founded in 1986. The firm specializes in private equity and growth capital investments, partnering with entrepreneurs and business owners to provide capital and strategic guidance for achieving market leadership. Their portfolio includes a diverse range of industries, such as e-commerce and healthcare. Notably, Procuritas acquired Cutters, a beauty salon chain in Oslo, Norway, in July 2019, which reported yearly sales of approximately NOK 156.4M ($18.5M). This acquisition highlights their engagement in the beauty sector. Additionally, they have made other acquisitions in various sectors, but the Cutters transaction is particularly relevant to the cosmetic and beauty product stores context.


15. Lifeline Ventures


Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments in startups, providing financial backing and advisory services to entrepreneurs across various sectors. Lifeline Ventures aims to support resilient founders from the inception of their ventures. Notably, they participated in the funding rounds for Sulapac, a Helsinki-based company that raised €15 million in 2019 and $1,064,350 in 2017, focusing on sustainable materials for the cosmetic industry. This involvement highlights their interest in the beauty sector, particularly in innovative and eco-friendly solutions. Additionally, they have been active in other sectors, but their engagement with Sulapac positions them as a relevant investor in the cosmetic and beauty product stores context.


16. 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 Stockholm-based venture capital firm founded in 2013, operating as the investment division of the Bonnier Group. The firm 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 participated in a funding round for Sulapac, a Helsinki-based company that raised €15 million to scale up its production of sustainable materials, which are increasingly important in the cosmetics and beauty product industry. This investment, alongside others in various sectors, showcases Bonnier Ventures' strategy of leveraging its extensive network and expertise to foster long-term growth for its portfolio companies, including those in the beauty sector.


17. NEA Partners

  • Website: neapartners.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2017
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: nea-partners

NEA Partners is a venture capital firm based in Stockholm, Sweden, founded in 2017. The firm specializes in partnering with entrepreneurs to build successful companies, providing investment management and strategic support to small and medium-sized enterprises across various sectors, including technology, consumer goods, and health. In 2024, NEA Partners acquired a minority stake in GLOWiD, a curated retailer, which highlights their engagement in the beauty and cosmetics industry. Additionally, they have previously invested in Pen Store, showcasing their diverse investment portfolio. NEA Partners aims to facilitate growth journeys for its portfolio companies through flexible investment strategies, making them a versatile player in the investment landscape.


18. Scope


Scope is an investment management firm based in Stockholm, Sweden, founded in 2001. The firm specializes in building and managing consumer brands, providing investment and advisory services to entrepreneurs and management teams to facilitate sustainable growth. Their portfolio includes notable brands such as Klättermusen and Miss Mary, the latter of which raised funds in a venture round in 2019. Scope also acquired a 50% stake in Happy Socks, a clothing manufacturer, aiming to significantly increase sales. Other investments include Happy Plugs and Footbalance, both of which raised substantial amounts in venture funding. While their primary focus has not been explicitly on cosmetic and beauty products, their investment strategy in consumer brands suggests a potential interest in this sector.



Cosmetic and Beauty Product Stores Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
KinnevikStockholm, Stockholm, Sweden11-50193610
eEquityStockholm, Stockholm, Sweden11-5020100
Accent EquityStockholm, Stockholm, Sweden11-5019944
Orkla ASAOslo, Oslo, Norway10001+20171
VNV Global ABStockholm, Stockholm, Sweden1-1019961
Heartcore CapitalCopenhagen, Denmark11-50200717
Rite VenturesStockholm, Stockholm, Sweden1-1020070
Blazar CapitalDenmark11-5020162
PriveqStockholm, Stockholm, Sweden11-5019830
CniStockholm, Stockholm, Sweden1-1020121
Nordic Eye Venture & Growth CapitalCopenhagen, Denmark11-5020160
ProcuritasStockholm, Stockholm, Sweden11-5019860
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
Bonnier VenturesStockholm, Stockholm, Sweden1-1020131
NEA PartnersStockholm, Stockholm, Sweden1-1020171
ScopeStockholm, Stockholm, Sweden1-1020010


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