The employee benefits consulting industry in the Nordics is evolving rapidly, characterized by firms that offer tailored solutions to enhance employee welfare. Companies range from traditional consultancies focusing on pension plans and health insurance to tech firms developing platforms for managing benefits digitally. As work-life balance becomes increasingly prioritized, there's a growing emphasis on holistic benefits that promote employee well-being, mental health, and flexibility. Innovation plays a crucial role, with data-driven approaches shaping strategies to meet the changing needs of the workforce. As more organizations recognize the impact of employee benefits on retention and productivity, the industry is set for substantial growth.


In 2024, the investor scene in the Nordics featured a mix of corporate giants and agile venture capitalists. Predominantly based in Stockholm and Helsinki, these firms range from small entities with fewer than ten employees to industry heavyweights boasting over 5,000 staff. Founded from as early as 1856 to 2016, these investors made 18 total deals, reflecting their strategic commitment to the employee benefits consulting sector. Noteworthy contributors include EQT Ventures and Söderberg & Partners, both playing pivotal roles in nurturing solutions that bolster employee engagement and welfare.


Top 18 Employee Benefits Consulting Investors in the Nordics


1. Visma

  • Website: visma.com
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1996
  • Headcount: 10001+
  • Number of deals in 2024: 16
  • LinkedIn: visma

Visma is a corporate investor based in Oslo, Norway, founded in 1996. It specializes in providing cloud-based accounting, payroll, invoicing, and HR solutions, primarily serving small and medium businesses as well as public sector organizations. Visma has a strong presence in Europe and Latin America, operating through a network of entrepreneurial companies that contribute to its innovative software offerings. Notably, Visma has made significant acquisitions in the employee benefits consulting space, including the acquisition of LogBuy, a provider of employee benefits programs, in February 2017. This integration allows Visma to enhance its portfolio in employee benefits. Additionally, Visma's acquisition of Aditro in 2015 and Kontek in 2021, both of which focus on payroll solutions, further solidifies its position in the HR and employee benefits sector. The acquisition of Raet in 2018 also aimed to strengthen its HR solutions in the Benelux region, indicating a strategic focus on employee management and benefits. Overall, Visma's activities reflect a commitment to improving employee benefits and HR solutions, making it a relevant player in this consulting space.


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 private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in various investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the employee benefits consulting space, including the acquisition of MHC Asia Group, which focuses on managing corporate healthcare benefits in Southeast Asia. This transaction highlights EQT's commitment to investing in companies that enhance employee benefits offerings. Additionally, EQT's acquisition of PRO Unlimited, a leader in contingent workforce management solutions, further emphasizes their engagement in the employee benefits consulting sector, as effective workforce management is integral to employee benefits strategies. These transactions reflect EQT's strategic approach to investing in companies that contribute to the evolving landscape of employee benefits consulting.


3. Söderberg & Partners


Söderberg & Partners is a corporate financial advisory firm based in Stockholm, Sweden, founded in 2004. With a workforce of 1001-5000 employees, the firm specializes in a variety of financial services, including pension advisory, insurance brokerage, and wealth management. They cater to both individual consumers and businesses, helping them navigate complex financial decisions. In 2024, Söderberg & Partners has made notable investments, including acquiring stakes in four UK advice firms, which enhances their presence in the employee benefits consulting space. Additionally, their acquisition of a significant minority stake in Fidelius, a UK-based financial services group, further solidifies their commitment to expanding their advisory services. Their acquisition of Grupo Galilea, one of the largest independent insurance brokers in Spain, also positions them to offer comprehensive employee benefits solutions across multiple markets.


4. Nordic Capital

  • Website: nordiccapital.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1989
  • Headcount: 201-500
  • Number of deals in 2024: 10
  • LinkedIn: nordic-capital

Nordic Capital is a private equity firm based in Stockholm, Sweden, founded in 1989. The firm specializes in investments across various sectors, including healthcare and technology, and has a strong focus on creating long-term value and sustainability in its portfolio companies. In recent years, Nordic Capital has made significant strides in the financial advisory and insurance sectors, which are integral to employee benefits consulting. Notably, they acquired Max Matthiessen, a financial advisory firm, from Willis Towers Watson in May 2020, aiming to enhance customer offerings and support growth. Additionally, they signed an agreement to acquire Ascot Lloyd, an independent financial advice firm, in April 2022, which manages substantial funds and has shown significant growth. Their investment in Helmsauer Group, a commercial insurance broker serving over 40,000 customers, further emphasizes their commitment to sectors that are relevant to employee benefits consulting. Nordic Capital partners with management teams to drive growth and operational improvements, making them a strategic player in the consulting landscape.


5. 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. EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Notably, they have invested in Kota, a company transforming the employee benefits landscape with a platform that simplifies benefits management for companies of all sizes, indicating a direct involvement in the employee benefits consulting space. Additionally, their investments in Peakon, a people analytics company, highlight their interest in enhancing employee engagement and analytics, further aligning with the employee benefits consulting industry.


6. 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 invested in YuLife, a tech-driven insurance company that focuses on employee benefits through innovative insurance solutions, raising significant funding across multiple rounds. Additionally, they have invested in Factorial, an HR software company that aids businesses in managing employee benefits and HR processes. These transactions highlight Creandum's commitment to nurturing companies that enhance employee benefits and HR services, aligning with their mission to help entrepreneurs succeed from seed to IPO.


7. 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, focusing on digitalization and decarbonization trends. Verdane provides capital and hands-on support to help businesses scale and enhance their market position and operational efficiency. Among their notable transactions, Verdane invested in Auntie Solutions, a Finnish company that offers psychological support to corporate employees, securing EUR10 million in funding to expand its market reach and develop digital solutions. This investment highlights Verdane's engagement in the employee benefits consulting space, as it directly relates to improving employee well-being. Other transactions include investments in companies like Webcruiter and Urban Sports Club, which, while not directly related to employee benefits consulting, showcase Verdane's diverse portfolio in technology and service-oriented sectors.


8. 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 investment company founded in 1936, specializing in partnering with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech. The firm provides both capital and operational support to help companies scale and create long-term value. Kinnevik's recent transactions highlight their commitment to the healthcare sector, particularly in employee benefits consulting. For instance, they participated in Spring Health's Series E and Series C funding rounds, which raised substantial capital to enhance mental health solutions for employees. Additionally, Kinnevik invested in Transcarent, a company focused on transforming healthcare delivery for employees, through their Series D and Series C funding rounds. These investments reflect Kinnevik's strategic focus on redefining industries and addressing global challenges, particularly in the context of employee health and benefits.


9. First Fellow Partners


First Fellow Partners is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2016. The firm invests in startups and supports entrepreneurs by providing capital and strategic guidance to help businesses grow, particularly in technology and innovation sectors. Among their notable transactions, they invested in Epassi Group, a mobile payment solution for subsidised employee benefits, raising €41.5 million in funding. This investment highlights their engagement in the employee benefits consulting space. Additionally, they have invested in Heltti, a health service provider, which may also intersect with employee wellness and benefits. Their approach prioritizes long-term partnerships with founders, indicating a commitment to nurturing businesses that can impact the employee benefits landscape.


10. 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 focuses on building long-term relationships with entrepreneurs. Heartcore has been actively involved in various transactions, including significant investments in Peakon, a people analytics company that helps organizations improve employee engagement and performance, and Grandhood, which raised $3.2 million to provide pension solutions. These investments highlight Heartcore's commitment to supporting innovative companies that enhance employee benefits and workplace culture.


11. Altor Equity Partners

  • Website: altor.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2003
  • Headcount: 51-200
  • Number of deals in 2024: 6
  • LinkedIn: altor

Altor Equity Partners is a private equity investment management firm based in Stockholm, Sweden, founded in 2003. The firm focuses on enhancing operational efficiency and sustainable growth for its partners through tailored investment strategies and digital transformation solutions. Altor has been involved in several notable transactions, including the acquisition of an 8.0% minority stake in Mandatum plc, a company that specializes in financial services and pension savings, highlighting their interest in the employee benefits consulting sector. Additionally, their investment in Max Matthiessen, a firm that provides consulting services related to employee benefits, further emphasizes their engagement in this industry. Altor's diverse portfolio also includes investments in technology and consumer products, showcasing their broad investment strategy while maintaining a foothold in the employee benefits consulting space.


12. Talent Venture Group


Talent Venture Group is a venture capital firm based in Stockholm, Sweden, founded in 2018. They specialize in HR and Talent Tech, investing in early-stage startups to enhance the hiring process and improve employer-employee relationships. Notable transactions include investments in Just Arrived, which focuses on helping newcomers integrate into the workforce, and Future Talent Council, which aims to address future workforce challenges. Although their primary focus is not strictly on employee benefits consulting, their involvement in HR-related ventures indicates a potential relevance to the employee benefits sector.


13. Adelis Equity Partners


Adelis Equity Partners is a private equity firm based in Stockholm, Sweden, founded in 2012. The firm focuses on growing businesses in the Nordic region and provides investment management and strategic consulting services to companies across various sectors, including technology, healthcare, and business services. Notably, Adelis has made significant acquisitions that highlight their interest in the employee benefits consulting industry, such as the acquisition of Säkra Falkenberg in October 2020, which specializes in insurance and employee benefits consulting. Additionally, their acquisition of Valamis and AddPro, while not directly in employee benefits consulting, showcases their broader strategy of investing in companies that provide essential services to businesses. Their involvement in the consulting sector is further emphasized by their acquisition of Knightec, a consulting company, which aligns with their goal of supporting business growth through expertise and partnership.


14. 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 a private equity investment management firm based in Helsinki, Finland, founded in 1989. The firm specializes in private equity, real estate, infrastructure, and natural capital investments, serving institutional investors with access to diverse investment strategies aimed at achieving sustainable returns. Notably, CapMan acquired StaffPoint in 2002, a company that provides staffing and recruitment services, which aligns with the employee benefits consulting industry. This acquisition highlights CapMan's interest in sectors that support workforce management and employee services. Other transactions, such as investments in Voxys and Digital Workforce, indicate CapMan's engagement in technology-driven solutions that could complement employee benefits consulting, although these are less directly related. Overall, CapMan leverages its expertise in the Nordic markets to manage funds and drive value creation for its clients, making it a potential player in the employee benefits consulting space.


15. 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 prominent banking group in Northern Europe, established in 1856, offering a comprehensive range of financial services including corporate and investment banking, asset management, and private wealth management. SEB serves large corporations, institutional clients, and private individuals, assisting them in managing their financial assets and exploring investment opportunities. Notably, SEB has been involved in several transactions that are relevant to the employee benefits consulting industry. For instance, they led a €35M Series C funding round for Planday, a workforce collaboration platform that aids in managing shift workers, which is directly related to employee management and benefits. Additionally, their participation in earlier funding rounds for Planday and their acquisition of Boye Advisory indicate a strategic interest in companies that enhance workforce management and advisory services, both of which are integral to employee benefits consulting.


16. Polaris Private Equity


Polaris Private Equity is a private equity firm based in Copenhagen, Denmark, founded in 1998. The firm specializes in investment management, focusing on supporting mid-sized companies in the Nordic region through tailored investment strategies, including private equity, flexible capital, and public equity. Polaris partners with management teams to drive growth and operational improvements, helping these companies realize their full potential. Notably, Polaris has made significant investments in various sectors, including a majority stake acquisition in ProData Consult, a consultancy firm, which highlights their engagement in the consulting industry. Additionally, they have invested in companies like Awardit AB and 7N, showcasing their diverse portfolio, although these are more aligned with IT and technology. Their investment in ProData Consult is particularly relevant as it indicates their involvement in the consulting space, which may intersect with employee benefits consulting.


17. Bts

  • Website: bts.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1986
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: bts

BTS is a consulting firm based in Stockholm, Sweden, specializing in strategy execution, leadership development, and talent management. Founded in 1986, BTS provides tailored solutions to businesses and organizations, helping them enhance performance and adapt to market changes through innovative training and consulting services. Notable transactions include the acquisition of The Advantage Performance Group, which focuses on performance improvement, and the acquisition of SwissVBS, enhancing their digital learning offerings. These transactions reflect BTS's strategy to broaden their consulting capabilities, which are relevant to employee benefits consulting by improving organizational performance and employee engagement.


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, including Jobbatical, a London-based cross-border recruitment platform that raised €11.6 million in a Series A round led by Inventure. This investment is particularly relevant to employee benefits consulting as it aims to enhance the immigration and relocation process for employees. Additionally, Inventure participated in Scoro's Series B funding, a work management software company, which can indirectly influence employee benefits by streamlining workplace management. Other investments include Valuebeat, FRWD Technologies, and Howspace, showcasing Inventure's diverse portfolio in the tech sector.



Employee Benefits Consulting Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
VismaOslo, Oslo, Norway10001+199616
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Söderberg & PartnersStockholm, Stockholm, Sweden1001-500020044
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
EQT VenturesStockholm, Stockholm, Sweden11-50201528
CreandumStockholm, Stockholm, Sweden11-50200317
VerdaneOslo, Oslo, Norway51-20019857
KinnevikStockholm, Stockholm, Sweden11-50193610
First Fellow PartnersHelsinki, Uusimaa, Finland1-1020164
Heartcore CapitalCopenhagen, Denmark11-50200717
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
Talent Venture GroupStockholm, Stockholm, Sweden11-5020180
Adelis Equity PartnersStockholm, Stockholm, Sweden11-5020123
CapManHelsinki, Uusimaa, Finland51-20019894
SebStockholm, Stockholm, Sweden10001+185613
Polaris Private EquityCopenhagen, Denmark51-20019984
BtsStockholm, Stockholm, Sweden1001-500019861
InventureHelsinki, Uusimaa, Finland11-5020059


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