The networking hardware industry in the Nordics focuses on creating and innovating devices essential for connectivity and communication. Companies in this sector range from multinational corporations to niche firms, providing products like routers, switches, and wireless solutions. Notably, advancements in 5G and IoT tech are driving growth, as demand for high-speed connectivity increases. Nordic entities are at the forefront of these developments, benefiting from a robust tech ecosystem and a supportive government policy framework. The focus is now shifting toward sustainable and energy-efficient solutions, outlining a promising outlook ahead for networking hardware innovation.

The list comprises 18 notable investors primarily headquartered in Sweden and Finland, featuring a mix of corporate players and venture capitalists. Established between 1853 and 2015, they vary in size, from small firms to large corporations. In 2024, these investors engaged in activity, with some like EQT Group and Almi making significant numbers of deals across the networking hardware industry. Their investments reflect a strong belief in the sector's promising trajectory, which offers innovative solutions vital for future connectivity demands.

Top 18 Networking Hardware 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 relevant to the networking hardware industry, including a seed round investment in Netrounds, which raised $1,000,000 in June 2013, and a venture round investment in InCoax Network Europe, which raised $1,046,601 in August 2012. These investments highlight Almi's engagement in the networking hardware sector, 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 managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant strides in the networking hardware industry through its acquisitions of key players such as Zayo, a major provider of communications infrastructure, acquired for $14.3 billion in 2020. Additionally, EQT acquired Segra, a regional fiber network provider, and EdgeConneX, which focuses on edge data center solutions, further solidifying its presence in the networking space. Their acquisition of GlobalConnect, a leading provider of fiber-based connectivity in the Nordic region, also underscores their strategic focus on networking infrastructure. These transactions reflect EQT's active role in the networking hardware sector, making them a noteworthy investor in this field.

3. 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 leading telecommunications company based in Stockholm, Sweden, founded in 1876. With over 10,000 employees, Ericsson specializes in providing advanced connectivity solutions, including 5G networks and IoT platforms, aimed at enhancing operational efficiency and user experiences across various industries. As an investor, Ericsson has actively participated in the networking hardware space, notably through its acquisition of Cradlepoint for $1.1 billion, which aims to bolster its 5G enterprise offerings. Additionally, Ericsson has invested in Pluribus Networks, contributing to multiple funding rounds, including a significant Series D round that raised $50 million, highlighting their strategic interest in networking technologies. These transactions underscore Ericsson's commitment to advancing networking hardware solutions and its role as a key investor in this industry.

4. 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. The company specializes in networking technology and digital transformation, offering a wide range of products and services, including cloud infrastructure, mobile networks, and security solutions. Nokia has been actively involved in the networking hardware industry through several key acquisitions. Notably, the acquisition of Alcatel-Lucent for 15.6 billion Euros in 2015 positioned Nokia as the second largest mobile equipment manufacturer globally. In 2016, Nokia acquired DeepField to enhance its network and service automation capabilities through real-time analytics. Furthermore, the acquisition of Elenion Technologies in 2020 aimed to bolster Nokia's optical connectivity capabilities for 5G and enterprise networking. These strategic moves highlight Nokia's commitment to advancing its networking hardware offerings and its relevance in the industry.

5. Addtech AB

• Website: addtech.se
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1906
• Headcount: 1001-5000
• Number of deals in 2024: 9
• LinkedIn: addtech-ab

Addtech AB is a corporate investor based in Stockholm, Sweden, specializing in technology solutions across multiple sectors, including automation, electrification, energy, and industrial solutions. Founded in 1906, Addtech has a significant presence in the market, with a workforce of 1001-5000 employees. In recent years, Addtech has made several strategic acquisitions to enhance its portfolio. Notably, in 2018, they acquired Fibersystem AB, a company specializing in high-tech cyber security innovations, which aligns with networking hardware interests. Additionally, their acquisition of Omniray AG in 2019, a technical trading company, further strengthens their position in the European automation market, which often intersects with networking technologies. These transactions reflect Addtech's commitment to enhancing operational efficiency and sustainability through innovative solutions, making them a relevant player in the networking hardware sector.

6. HMS Networks

• Website: hms-networks.com
• Type: Corporate
• Headquarters: Halmstad, Halland, Sweden
• Founded year: 1988
• Headcount: 1001-5000
• Number of deals in 2024: 1
• LinkedIn: hmsnetworks

HMS Networks AB, founded in 1988 and based in Halmstad, Sweden, is a corporate investor specializing in Industrial Information and Communication Technology. The company provides a diverse range of products and services, including industrial communication solutions, remote access technologies, and wireless infrastructure products, catering to various industries that require reliable connectivity for industrial devices and systems. In recent years, HMS Networks has made significant acquisitions to strengthen its position in the networking hardware sector. Notable transactions include the acquisition of Red Lion Controls in December 2023, which enhances their product offerings in industrial communication. Additionally, the acquisition of PEAK-System Technik GmbH for EUR 69 million in October 2024 further solidifies their presence in the market. Other relevant acquisitions include Beck IPC GmbH, Global M2M Pty Ltd, and IXXAT Automation, all of which contribute to HMS's capabilities in embedded communications, IIoT solutions, and automation technologies. These strategic moves reflect HMS Networks' commitment to expanding its influence and capabilities within the networking hardware industry.

7. Lagercrantz Group AB

• Website: lagercrantz.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2001
• Headcount: 1001-5000
• Number of deals in 2024: 6
• LinkedIn: lagercrantz

Lagercrantz Group AB is a technology group based in Stockholm, Sweden, that specializes in providing tailored technical solutions across various sectors. Founded in 2001, the company operates around 80 subsidiaries focused on niche markets, emphasizing acquisitions and organic growth. Notably, Lagercrantz has made significant strides in the networking hardware industry through its acquisition of Direktronik AB, a family-owned importer and reseller of hardware for data and network communication, which enhances their growth prospects in Sweden and the Nordic region. Additionally, their acquisition of Tykoflex AB, a manufacturer of enclosures for fiber cables, further solidifies their presence in the networking hardware space. These strategic acquisitions reflect Lagercrantz's commitment to expanding its influence in technology sectors, particularly those related to networking hardware.

8. Chalmers Ventures

• Website: chalmersventures.com
• Type: Venture Capital
• Headquarters: Sweden
• Founded year: 2015
• Headcount: 11-50
• Number of deals in 2024: 26
• LinkedIn: chalmers-ventures

Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They focus on deep tech innovations and support researchers and entrepreneurs in commercializing their technology through various programs. Chalmers Ventures emphasizes active ownership and investment in startups, helping them scale and succeed in the market. Notably, they have invested in LumenRadio, which raised over $1 million in venture funding, specializing in wireless communication technology, a key component of networking hardware. Additionally, they have supported ZeroPoint Technologies, which raised significant funding in 2024, indicating their commitment to advancing technologies that may impact the networking hardware landscape.

9. 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. Among its notable transactions, CapMan invested in 42Networks, which raised $2,261,601 in Series B funding in 2006, indicating an interest in networking solutions. More recently, in 2023, CapMan Infra acquired Fuzion A/S, a Danish colocation firm that operates data centers, further emphasizing its engagement in the networking infrastructure space. Additionally, CapMan's investment in Serverius, a company involved in data center services, highlights its ongoing commitment to the networking hardware sector.

10. 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, founded in 1855 and based in Fornebu, Akershus, Norway, is a leading telecommunications company that provides mobile telecommunications, broadband, and TV distribution services to a customer base of 209 million subscribers. Telenor is committed to empowering societies through connectivity and innovation in telecommunications. Notably, Telenor has made significant investments in the networking hardware context, including the acquisition of Bredbandsbolaget, Sweden's second-largest broadband provider, which enhances their broadband infrastructure. They also acquired Glocalnet, increasing their stake to 50.1%, which further solidifies their position in the telecommunications market. Additionally, Telenor's acquisition of KNL Networks, a provider of smart IoT services, indicates their focus on integrating advanced networking technologies into their offerings. These transactions highlight Telenor's active role in the networking hardware industry, despite their broader telecommunications focus.

11. 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 networking hardware context. For instance, they have invested in Wirepas, a Tampere-based company that raised €14.4 million in a Series B funding round to enhance its global ecosystem and product development. In addition, Inventure participated in earlier funding rounds for Wirepas, including a $5 million venture round in 2016 and a Series A funding round that raised €1.5 million. Furthermore, Inventure's investment in UpCloud, a cloud server provider, highlights their engagement in the broader networking and cloud infrastructure space, as UpCloud aims to expand its services significantly. These transactions illustrate Inventure's commitment to supporting companies that are pivotal in the networking hardware industry.

12. 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. In recent transactions, Industrifonden has invested in Avassa, which raised funds to develop a Platform-as-a-Service (PaaS) for managing massively distributed edge clouds, a technology that is integral to modern networking hardware. Additionally, they have invested in ZeroPoint Technologies, which has raised significant funding to expand its international presence and product offerings, potentially including networking-related technologies. These investments highlight Industrifonden's commitment to supporting innovative companies that may impact the networking hardware industry.

13. 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 for projects across the Nordic and Baltic regions, offering a range of loan products including corporate, sovereign, and sustainability-linked loans. NIB aims to enhance productivity and environmental benefits through its financing solutions. Notably, NIB has been involved in significant transactions within the networking hardware sector, including multiple debt financing rounds for Nokia, raising approximately $270 million in October 2024 and $284 million in December 2018. Additionally, NIB has supported Ericsson with substantial debt financing, including $109 million in July 2024 and $109 million in December 2023, as well as a $370 million equity raise in December 2017. These transactions highlight NIB's active role in the networking hardware industry, making it a relevant investor in this space.

14. 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. Among their notable transactions, they participated in the Series C funding round for Fly.io, which raised $70 million in June 2023, and they were involved in the funding rounds for AnyDesk, a company that develops remote desktop software, indicating their engagement with technology that intersects with networking. Their investment in evroc, which raised significant funds in both Seed and Series A rounds, further demonstrates their commitment to supporting innovative tech solutions that could encompass networking hardware.

15. Telia

• Website: teliacompany.com
• Type: Corporate
• Headquarters: Solna, Stockholm, Sweden
• Founded year: 1853
• Headcount: 10001+
• LinkedIn: teliacompany

Telia Company AB is a leading telecommunications company based in Solna, Stockholm, Sweden, operating primarily in the Nordic and Baltic regions. Founded in 1853, Telia offers a diverse range of services, including IoT connectivity, smart city solutions, and telephony services, catering to both businesses and public sector organizations. In recent years, Telia has made significant acquisitions to bolster its position in the ICT sector, including the acquisition of Nebula Top Oy, a Finnish cloud service provider, for EUR 165 million, aimed at strengthening its offerings for SMEs. Additionally, the acquisition of Inmics Oy, another Finnish ICT company, for EUR 75 million, further enhances Telia's product portfolio. Telia Ventures has also participated in funding rounds for innovative companies like Aporeto, a cloud security firm, indicating its interest in technologies that complement its telecommunications services. These transactions highlight Telia's strategic focus on enhancing connectivity and operational efficiency, which are critical components of the networking hardware landscape.

16. Butterfly Ventures

• Website: butterfly.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2012
• Headcount: 1-10
• Number of deals in 2024: 5
• LinkedIn: butterfly-ventures

Butterfly Ventures is a venture capital firm based in Helsinki, Finland, founded in 2012. The firm specializes in seed stage investments in deep tech startups, providing both capital and strategic support to help these companies navigate growth and market entry challenges. Butterfly Ventures emphasizes social and environmental impact in its investment approach, actively engaging with portfolio companies to foster innovation and success. Among their notable transactions, they participated in the pre-seed funding round for Flow Computing, which raised EUR 4 million in June 2024. This investment indicates their interest in technology that may relate to networking hardware. Additionally, they have invested in Creoir Oy, which is focused on international growth, and CooliBlade, which secured €820k to commercialize its NEOcore technology. These investments reflect Butterfly Ventures' commitment to supporting innovative technology companies that could potentially intersect with the networking hardware industry.

17. 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, providing a wide range of financial services including corporate and investment banking, asset management, and private wealth management. Founded in 1856, SEB serves large corporations, institutional clients, and private individuals, helping them manage their financial assets and navigate investment opportunities. In recent years, SEB has participated in significant transactions within the networking hardware space, such as providing debt financing to Hexatronic Group, which raised approximately $46 million, and supporting metrofibre, a German company focused on developing fiber networks, with €120 million in senior debt financing. Additionally, SEB has been involved in funding projects like CityFibre, a U.K.-based network operator, which aims to enhance telecommunication infrastructure across the country. These transactions highlight SEB's active role in the networking hardware industry.

18. 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 wide range of banking and financial services, including personal and corporate loans, investment management, and insurance products. SEB Kort has been active in venture capital, with notable investments in technology companies. Among their relevant transactions, they invested in SenionLab AB, which raised SEK 15M to enhance its position in the IPS software market, indicating a focus on technology that supports networking solutions. Additionally, their investments in Signal Processing Devices Sweden and Zinwave further demonstrate their engagement in sectors that are closely related to networking hardware, showcasing their commitment to fostering innovation in technology.

Networking Hardware Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Ericsson	Stockholm, Stockholm, Sweden	10001+	1876	3
Nokia	Espoo, Uusimaa, Finland	10001+	1865	3
Addtech AB	Stockholm, Stockholm, Sweden	1001-5000	1906	9
HMS Networks	Halmstad, Halland, Sweden	1001-5000	1988	1
Lagercrantz Group AB	Stockholm, Stockholm, Sweden	1001-5000	2001	6
Chalmers Ventures	Sweden	11-50	2015	26
CapMan	Helsinki, Uusimaa, Finland	51-200	1989	4
Telenor	Fornebu, Akershus, Norway	10001+	1855	2
Inventure	Helsinki, Uusimaa, Finland	11-50	2005	9
Industrifonden	Stockholm, Stockholm, Sweden	11-50	1979	9
Nordic Investment Bank	Helsinki, Uusimaa, Finland	201-500	1976	19
EQT Ventures	Stockholm, Stockholm, Sweden	11-50	2015	28
Telia	Solna, Stockholm, Sweden	10001+	1853	0
Butterfly Ventures	Helsinki, Uusimaa, Finland	1-10	2012	5
Seb	Stockholm, Stockholm, Sweden	10001+	1856	13
SEB Kort	Solna, Stockholm, Sweden	501-1000	1855	1

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