Top 18 Sports Nutrition Investors in the Nordics
Top 18 Sports Nutrition Investors in the Nordics
The sports nutrition industry in the Nordics focuses on enhancing athletic performance through specialized dietary products. This industry is populated by brands offering protein supplements, meal replacements, and various functional foods targeting athletes and fitness enthusiasts. Popular items include protein bars, shakes, and natural health boosters that cater to the growing health-conscious market. As consumers seek convenience and quality, innovative products that fuse flavor with functionality are gaining traction. Furthermore, sustainability is becoming increasingly important, encouraging companies to prioritize ecological practices while appealing to a socially aware customer base. The future looks promising as sports nutrition continues to evolve and adapt.
The innovative investors in the Nordic sports nutrition sphere range from corporate firms to venture capitalists. This list showcases 18 investors headquartered across Sweden, Norway, Finland, and Denmark, combining experience with emerging market insights. Established between 1985 and 2015, their investment sizes vary widely, with employee counts reflecting their respective capacities for growth in the sector. With a collective 2024 deal count of 141, these investors demonstrate a robust commitment to advancing the sports nutrition market, positioning themselves to capitalize on emerging trends in health-focused consumer demands.
Top 18 Sports Nutrition 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, with the goal of enhancing their growth and competitiveness. Almi has been involved in various transactions, including investments in companies like MyMOWO, which raised 2.8 million in venture capital to develop a digital training service, and Racefox, which raised $698,727 in a seed round to support sports performance technology. These investments highlight Almi's engagement in the sports and fitness sector, making it a potential player in the sports nutrition industry.
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 founded in 1994, specializing in private equity, infrastructure, real estate, growth equity, and venture capital. Based in Stockholm, Sweden, EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has been involved in significant transactions within the sports industry, such as the acquisition of XXL Sport & Villmark, a leading sports retail chain in the Nordic region, which highlights their commitment to expanding in the sports sector. Additionally, EQT led a Series F funding round for Gympass, a company that promotes fitness and wellness, raising $85 million at a valuation of $2.4 billion. These transactions reflect EQT's strategic interest in the sports domain, which may encompass sports nutrition as part of their broader investment strategy.
3. Novo Holdings
- Website: novoholdings.dk
- Type: Venture Capital
- Headquarters: Hellerup, Denmark
- Founded year: 1999
- Headcount: 51-200
- Number of deals in 2024: 45
- LinkedIn: novo-a-s
Novo Holdings A/S is a not-for-profit investment firm based in Hellerup, Denmark, founded in 1999. It manages the assets of the Novo Nordisk Foundation and primarily invests in life science companies at various stages of development. The firm provides capital and strategic support to enhance healthcare solutions. Notably, Novo Holdings has participated in significant transactions that intersect with the sports nutrition industry. For example, they invested in Kate Farms, which focuses on nutritional products, and Biosyntia, a precision fermentation firm that is developing biobased ingredients for dietary supplements, including biotin. Additionally, their investment in The Protein Brewery, which raised €22 million to produce sustainable protein sources, further highlights their involvement in the sports nutrition sector. These investments demonstrate Novo Holdings' commitment to supporting innovative companies that contribute to health and nutrition.
4. 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 specializes in providing consulting services across various sectors, including technology and consumer products, with a focus on enhancing operational efficiency and sustainable growth for its partners. Notably, Altor has made significant investments in the sports nutrition context, including the acquisition of Hamlet Protein, a Danish producer of high value-add young animal feed, which is relevant for the sports nutrition industry. Additionally, they have invested in XXL Sport & Villmark, a retailer that caters to sports enthusiasts, further demonstrating their engagement in the sports nutrition market. Their investment strategy emphasizes tailored solutions and digital transformation, positioning them as a versatile player in the investment landscape.
5. 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, particularly in technology-enabled companies, and provides capital and hands-on support to help businesses scale. Verdane focuses on digitalization and decarbonization trends, primarily targeting technology companies looking to enhance their market position and operational efficiency. In the context of sports nutrition, Verdane has made notable investments such as in Urban Sports Club, which secured €95 million in funding led by Verdane, and Eversports, which they acquired in 2024. These transactions highlight Verdane's engagement in the sports and fitness sector, aligning with the interests of sports nutrition.
6. 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, Uusimaa, Finland, founded in 2012. The firm specializes in seed stage investments, particularly in deep tech startups, and provides both capital and strategic support to help early-stage companies navigate growth and market entry challenges. Butterfly Ventures emphasizes social and environmental impact in its investments. Notably, they have invested in several companies relevant to the sports nutrition context, including Sports Tracking Technologies, which focuses on performance tracking for athletes, and Fasciawear, which is involved in wearable technology for fitness. These investments demonstrate Butterfly Ventures' engagement in the sports and fitness sector, aligning with their mission to foster innovation and success in impactful industries.
7. Investinor
- Website: investinor.no
- Type: Venture Capital
- Headquarters: Trondheim, Trøndelag, Norway
- Founded year: 2008
- Headcount: 11-50
- Number of deals in 2024: 4
- LinkedIn: investinor
Investinor AS is a venture capital investment company based in Trondheim, Trøndelag, Norway, founded in 2008. It specializes in providing funding to promising startups and companies, helping them grow and achieve market leadership. Investinor manages state interests in seed and venture funds and collaborates with entrepreneurs and other investors. Among its notable transactions, Investinor has invested in Smartfish AS, which focuses on nutritional products designed to enhance physical performance, and ConCordix, which may also have applications in nutrition. Additionally, their investment in Skitude, a company that could intersect with sports and outdoor activities, further demonstrates their engagement in sectors that may overlap with sports nutrition. Overall, Investinor's portfolio reflects a commitment to supporting innovative companies, including those in the sports nutrition domain.
8. 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 a variety of investment strategies aimed at achieving sustainable returns. Notably, CapMan has made significant strides in the sports nutrition sector, exemplified by their acquisition of MMSports in July 2021, where they acquired a majority equity share in the Swedish sports nutrition and equipment company. This strategic move is part of CapMan's broader goal to support MMSports' growth and international expansion. Additionally, CapMan has been involved in other transactions, such as the acquisition of Pharmia, although this company does not directly relate to sports nutrition. Overall, CapMan's engagement with MMSports highlights their relevance in the sports nutrition industry.
9. 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 across various sectors, including branded consumer goods, aluminium solutions, and financial investments. Orkla offers a diverse range of products, including food, snacks, health, and personal care items. Notably, Orkla has made strategic investments in the health and sports nutrition sector, including the acquisition of Health and Sports Nutrition Group HSNG AB for approximately US$42.41 million. HSNG is recognized as the largest online health and sports nutrition company in the Nordic region, operating popular e-commerce platforms such as Gymgrossisten and Bodystore. This acquisition highlights Orkla's commitment to expanding its footprint in the health and wellness market. Additionally, Orkla Health's acquisition of Vesterålen Marine Oil further emphasizes their focus on health-related products, particularly in enhancing their offerings in the nutrition space.
10. Zinzino
- Website: zinzino.com
- Type: Corporate
- Headquarters: Gothenburg, Västra Götaland, Sweden
- Founded year: 2005
- Headcount: 51-200
- Number of deals in 2024: 5
- LinkedIn: zinzino_2
Zinzino is a corporate investor based in Gothenburg, Sweden, founded in 2005. The company specializes in health supplements, offering a variety of nutritional products aimed at improving individual wellness. Their product line includes Omega supplements and personalized health protocols, which are particularly appealing to health-conscious consumers. In 2024, Zinzino made significant acquisitions, including Zurvita for $11.5 million and Valentus Global, further solidifying their presence in the health supplement market. Additionally, they acquired 49% of Cleanthi Alpha-Olenic LTD, a Cypriot olive oil producer, to enhance their distribution capabilities and expand their product offerings. These transactions reflect Zinzino's commitment to growing its influence in the health and wellness sector, including sports nutrition.
11. 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. Heartcore has been involved in various funding rounds, including notable transactions such as Front of the Pack, a startup focused on pet health and nutrition, which raised a total of $13.5 million in funding with Heartcore's participation. Additionally, they invested in Quell, a startup developing hardware and games that may have applications in health and wellness. Their recent investment in Numi, a milktech startup, also aligns with the nutrition sector, showcasing their interest in companies that contribute to health and nutrition. These transactions highlight Heartcore's potential relevance to the sports nutrition industry.
12. 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 across various sectors, including fintech and health tech. Creandum provides venture capital investment, strategic support, and networking opportunities to startups, nurturing them from seed to IPO. Notably, Creandum led a Series A funding round for 8fit, a health and fitness company that has helped over 10 million people achieve their fitness goals through customized plans. This investment highlights Creandum's engagement in the health and fitness sector, which is closely related to sports nutrition. Additionally, they have participated in funding rounds for Virta Health, a company focused on combating Type 2 Diabetes, which, while not directly in sports nutrition, indicates their interest in health-related ventures.
13. 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 is known for partnering with management teams to drive growth and operational improvements in portfolio companies. Nordic Capital has a strong focus on creating long-term value and sustainability in its investments. Notably, they have made significant investments in the sports sector, including the acquisition of Unisport, a football equipment retailer, which highlights their engagement with the sports industry. Additionally, they operate alongside other sports concerns, such as Sportmaster, indicating a broader interest in sports-related businesses. Their diverse portfolio and strategic approach to investment make them a noteworthy player in the sports nutrition landscape.
14. Lifeline Ventures
- Website: lifelineventures.com
- Type: Venture Capital
- Headquarters: Helsinki, Uusimaa, Finland
- Founded year: 2009
- Headcount: 1-10
- Number of deals in 2024: 14
- LinkedIn: lifeline-ventures
Lifeline Ventures is a Helsinki-based venture capital firm founded in 2009, specializing in early-stage investments in startups across various sectors. The firm is dedicated to supporting resilient founders from the inception of their ventures, providing both financial backing and advisory services. Among their notable transactions, Lifeline Ventures invested in Ambronite, which raised $600,000 in a seed round in 2015, focusing on meal replacement products that cater to health-conscious consumers, including athletes. They also participated in the seed funding for Oura, a wellness ring and app developer, which emphasizes health tracking and could appeal to the sports nutrition market. Their involvement in these health and wellness startups highlights their interest in sectors that align with sports nutrition, making them a relevant player in this space.
15. FSN Capital Partners
- Website: fsncapital.com
- Type: Private Equity
- Headquarters: Oslo, Oslo, Norway
- Founded year: 1999
- Headcount: 51-200
- LinkedIn: fsn-capital
FSN Capital Partners is a private equity investment firm based in Oslo, Norway, founded in 1999. The firm specializes in managing investments across various sectors, including services, green transition, industrials, and technology, with a focus on driving growth and transformation in its portfolio companies. FSN Capital has made significant investments in the fitness and sports sectors, including the acquisition of Fitness World AS, a prominent fitness services company in Denmark, which has shown strong growth with DKK 1 billion in sales. Additionally, they acquired Active Brands AS, a Norwegian supplier of premium sporting goods brands, aiming to enhance its market position and accelerate international growth. These transactions highlight FSN Capital's commitment to investing in companies that align with the fitness and sports industries, which are closely related to sports nutrition.
16. Polaris Private Equity
- Website: polarisequity.dk
- Type: Private Equity
- Headquarters: Copenhagen, Denmark
- Founded year: 1998
- Headcount: 51-200
- Number of deals in 2024: 4
- LinkedIn: 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 the sports nutrition context, including the acquisition of HAMLET PROTEIN, which specializes in protein ingredients crucial for sports nutrition. Additionally, their investment in Stronger, a rapidly growing e-commerce operator in the activewear market, further demonstrates their commitment to the fitness and wellness sectors, which are closely related to sports nutrition.
17. Ferd AS
- Website: ferd.no
- Type: Private Equity
- Headquarters: Oslo, Oslo, Norway
- Founded year: 1998
- Headcount: 51-200
- LinkedIn: ferd-as
Ferd AS is a private equity investment company based in Oslo, Norway, founded in 1998. The firm focuses on creating lasting value through a variety of business activities, including investment management, real estate development, and support for social entrepreneurs. Ferd AS has a history of partnering with businesses to enhance their growth and impact. Notably, they invested in Swix Sport, a company known for its products in the sports nutrition sector, in 2010. This investment highlights Ferd AS's engagement in the sports nutrition industry. However, their other transactions, such as the post-IPO equity investment in Benchmark Holdings and venture funding for Motitech, do not directly relate to sports nutrition, indicating a broader investment strategy beyond this niche. Overall, Ferd AS's involvement with Swix Sport positions them as a player in the sports nutrition market, albeit with a diverse investment focus.
18. 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 founded in 2015, based in Stockholm, Sweden, that specializes in investing in early-stage tech startups. They provide financial support and operational assistance to entrepreneurs, helping them navigate the challenges of building successful businesses. 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 participated in several transactions relevant to the sports nutrition context, including a €6.4 million Series A investment in Beat81, a Berlin-based fitness technology company, and a $15 million Series A investment in Let’s Do This, an online marketplace for endurance sporting events. These investments highlight their commitment to supporting companies that promote fitness and wellness, which are integral to the sports nutrition industry.
Sports Nutrition 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 |
| Novo Holdings | Hellerup, Denmark | 51-200 | 1999 | 45 |
| Altor Equity Partners | Stockholm, Stockholm, Sweden | 51-200 | 2003 | 6 |
| Verdane | Oslo, Oslo, Norway | 51-200 | 1985 | 7 |
| Butterfly Ventures | Helsinki, Uusimaa, Finland | 1-10 | 2012 | 5 |
| Investinor | Trondheim, Trøndelag, Norway | 11-50 | 2008 | 4 |
| CapMan | Helsinki, Uusimaa, Finland | 51-200 | 1989 | 4 |
| Orkla ASA | Oslo, Oslo, Norway | 10001+ | 2017 | 1 |
| Zinzino | Gothenburg, Västra Götaland, Sweden | 51-200 | 2005 | 5 |
| Heartcore Capital | Copenhagen, Denmark | 11-50 | 2007 | 17 |
| Creandum | Stockholm, Stockholm, Sweden | 11-50 | 2003 | 17 |
| Nordic Capital | Stockholm, Stockholm, Sweden | 201-500 | 1989 | 10 |
| Lifeline Ventures | Helsinki, Uusimaa, Finland | 1-10 | 2009 | 14 |
| FSN Capital Partners | Oslo, Oslo, Norway | 51-200 | 1999 | 0 |
| Polaris Private Equity | Copenhagen, Denmark | 51-200 | 1998 | 4 |
| Ferd AS | Oslo, Oslo, Norway | 51-200 | 1998 | 0 |
| EQT Ventures | Stockholm, Stockholm, Sweden | 11-50 | 2015 | 28 |
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