The telecommunications software industry in the Nordics showcases innovation as it integrates advanced tech with connectivity solutions. Companies in this sector, ranging from established giants to agile startups, focus on developing software for network management, communication tools, and IoT applications. Notably, this industry is driving growth with an increasing demand for 5G technologies and cloud-based services. As businesses shift to digital-first strategies, the importance of telecommunications software continues to rise, with Nordic firms at the forefront of global trends. Furthermore, regional expertise in diversity and sustainability bolsters the industry's promising outlook, making it a dynamic area for investment.


The investors listed represent a blend of corporate, private equity, and venture capital firms primarily based in the Nordic region, showcasing their expertise across various stages of investment. With firms located in major cities like Stockholm and Oslo, these investors possess backgrounds that vary significantly in size and strategy. Founded between 1853 and 2015, these organizations collectively made over 100 investments in 2024 alone. Their focus areas reveal a strong commitment to nascent companies aiming to innovate within telecommunications software, indicating a thriving investment ecosystem poised for future growth.


Top 18 Telecommunications Software 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, aiming to enhance their growth and competitiveness through tailored financial solutions. Almi has been involved in several notable transactions within the telecommunications software sector, including investments in COS Systems, Sweratel, Nipsoft, and Netrounds. For instance, Netrounds raised $1,000,000 in a Seed Round in 2013, focusing on network performance monitoring and testing solutions, which are critical in the telecommunications industry. These investments highlight Almi's commitment to supporting innovative companies in the telecommunications software space, alongside their broader mission to foster SME development.


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 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 providing expertise in managing diverse investment portfolios across various sectors and geographies. The firm has made significant strides in the telecommunications sector, highlighted by its acquisition of Zayo in March 2020 for $14.3 billion, which is a key player in communications infrastructure. Additionally, EQT acquired Deutsche Glasfaser in February 2020 for approximately $2.73 billion, further solidifying its presence in the telecommunications market. Other notable transactions include the acquisition of Segra in April 2018, which operates in the telecommunications space, and GlobalConnect, which focuses on connectivity solutions. These investments reflect EQT's commitment to the telecommunications industry and its potential intersection with software solutions.


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, founded in 1876 and based in Stockholm, Sweden, is a leading telecommunications company that provides advanced connectivity solutions, including 5G networks and IoT platforms. With over 10,000 employees, Ericsson focuses on enhancing operational efficiency and improving user experiences through reliable and high-speed connectivity. Notably, Ericsson has made significant acquisitions in the telecommunications software space, including the acquisition of Vonage in November 2021 for $6.2 billion, which bolstered their cloud communications capabilities. Additionally, their acquisition of Cradlepoint in September 2020 for $1.1 billion aimed to enhance their 5G enterprise offerings, showcasing their commitment to expanding their telecommunications software portfolio. Furthermore, their earlier acquisition of iconectiv in June 2011 further solidifies their position in the telecommunications software industry.


4. 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 made significant investments in the telecommunications sector, including a Series A funding round for Telness Tech, which raised €8.5M to expand its market presence. Additionally, they participated in funding for Flexenclosure, a company focused on developing technologies for the telecom industry. These transactions highlight Industrifonden's commitment to fostering innovation within telecommunications software and related technologies.


5. 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. Their platform enables enterprises to communicate effectively with their customers through preferred channels. LINK Mobility has been actively acquiring companies to bolster its position in the telecommunications software sector. Notable transactions include the acquisition of Horisen Messaging, a leading mobile messaging provider in Switzerland, for 9 million euros in 2018, and the acquisition of MessageBroadcast, a U.S. provider of customer engagement solutions, for USD 260 million in 2021. Additionally, they acquired Tismi B.V., a Dutch CPaaS enabler, for EUR 20 million in 2021, further expanding their CPaaS offerings. These strategic acquisitions highlight LINK Mobility's commitment to enhancing its telecommunications software capabilities and expanding its global reach.


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 participated in several transactions relevant to telecommunications software, such as their investment in Instabridge, a company that operates a crowdsourced network of WiFi hotspots, which received seed funding from Creandum in 2014. Additionally, they were involved in financing Nanoradio, which focuses on wireless communication technologies. These investments highlight Creandum's engagement in the telecommunications sector, complementing their broader investment strategy.


7. 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, founded in 1865 and based in Espoo, Uusimaa, Finland, is a leading telecommunications and technology solutions provider specializing in networking technology and digital transformation. With over 10,000 employees, Nokia offers a diverse range of products and services, including cloud infrastructure, mobile networks, and security solutions, primarily targeting businesses and organizations across various industries. Nokia has been actively involved in significant transactions within the telecommunications software space, including the acquisition of Alcatel-Lucent for €15.6 billion, which positioned Nokia as the second-largest mobile equipment manufacturer globally. Additionally, Nokia's investment in OpenCloud, a supplier of real-time application server software, highlights its commitment to advancing telecommunications software capabilities. Other notable acquisitions include Gainspeed, which enhances cable technology, and Elenion Technologies, aimed at improving optical connectivity for 5G and enterprise networking. These strategic moves demonstrate Nokia's dedication to expanding its influence and capabilities in the telecommunications software industry.


8. 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 headquartered in Fornebu, Akershus, Norway, is a leading telecommunications company with a customer base of 209 million subscribers. The company provides mobile telecommunications, broadband, and TV distribution services, primarily operating in Scandinavia and Asia. Telenor is committed to responsible business practices and innovation in telecommunications. Notable transactions include the acquisition of DNA Oyj for approximately $1.69 billion in 2019, which expanded their mobile service capabilities, and the acquisition of Tele2 Sweden's fibre and cable firm in 2013, aimed at enhancing their fixed broadband and television services. These strategic moves reflect Telenor's focus on strengthening its telecommunications infrastructure and service offerings, making them a relevant player in the telecommunications software industry.


9. 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 telecommunications software space. For instance, they participated in multiple funding rounds for Wirepas, a Tampere-based company that specializes in wireless connectivity solutions, raising significant amounts to enhance its global ecosystem and product development. Additionally, Inventure led a seed funding round for ReOrbit, a provider of software-enabled satellites, which aligns with telecommunications technology. These investments highlight Inventure's commitment to supporting innovative companies within the telecommunications software industry.


10. 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, primarily targeting technology companies looking to enhance their market position and operational efficiency. Notable transactions include their investment in Onomondo, an IoT company that raised $21 million to accelerate growth in Europe, and Hive Streaming, where Verdane acquired a 50 percent ownership stake to support the company's technology and market capabilities. Additionally, Verdane has invested in Netadmin Systems, which operates in the telecommunications software space, further solidifying their relevance in this sector.


11. 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 CallDesk, which raised $2.5 million for its AI agent designed for customer support calls, indicating a focus on telecommunications software. Additionally, they have backed Parloa, which raised significant funding across multiple rounds, and AnyDesk, a remote desktop software company, further showcasing their engagement in technology that intersects with telecommunications.


12. Telia


Telia Company AB, founded in 1853 and based in Solna, Stockholm, Sweden, is a leading telecommunications company operating primarily in the Nordic and Baltic regions. With a workforce of over 10,000 employees, Telia offers a diverse range of services, including IoT connectivity, smart city solutions, and telephony services. The company serves both businesses and public sector organizations, providing innovative solutions aimed at enhancing connectivity and operational efficiency. Notable transactions include the acquisition of Tele2 in 2014 for approximately $612 million, which expanded their market presence. In 2016, Telia acquired Phonero, a Norwegian telecom service provider, for 250 million euros, significantly increasing their market share in professional mobile telephony. Additionally, the acquisition of Inmics Oy, a Finnish ICT company, for EUR 75 million in 2017 aimed to bolster their product offerings for the Finnish SME segment. These transactions highlight Telia's strategic focus on enhancing their telecommunications capabilities and software solutions.


13. 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 Frederiksberg, Denmark, founded in 2004. The firm specializes in providing seed funding and advisory services to technology startups, particularly in sectors such as SaaS and Fintech. Among their notable transactions, they invested in Firmafon, a company that raised funds in 2010 and is directly related to telecommunications. They also backed Airtame, which raised $1.4 million in seed funding for a product launch in 2015, and bmetric, which raised funds in 2013. Additionally, they supported Lift Relations, a customer success platform, indicating their interest in technology solutions that may intersect with telecommunications. With a strong track record of successful investments, Seed Capital supports its portfolio companies from seed stage to exit, showcasing their commitment to nurturing technology startups.


14. 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, with a strong emphasis on empowering founders in the data economy. OpenOcean provides both capital and expertise to help scale innovative solutions. Among their notable transactions, OpenOcean invested in Nordic TeleCom, which raised $1.3 million in Series A funding in December 2012, indicating their interest in telecommunications. Additionally, they have been involved in multiple funding rounds for Truecaller, a global mobile phone directory and caller identification service, which raised significant amounts in Series A, B, and C funding rounds between 2012 and 2014. These transactions highlight OpenOcean's engagement in the telecommunications software sector, supporting companies that enhance communication technologies.


15. 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. With a strong presence in the Nordic markets, CapMan leverages its expertise to manage funds and drive value creation for its clients. Notably, CapMan has been involved in several significant transactions within the telecommunications software sector, including investments in Ascade, Polystar, and Solid Information Technology. These companies focus on providing software solutions that enhance telecommunications operations, showcasing CapMan's commitment to this industry alongside its broader investment portfolio.


16. 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, officially known as 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. In recent years, SEB Kort has actively engaged in the telecommunications software sector, making significant investments in companies that develop innovative solutions for this industry. Notable transactions include investments in Tail-f Systems, which raised $4 million in Series B funding in 2011 and $2.34 million in Series A funding in 2005, focusing on network management software. Additionally, SEB Kort invested SEK 15 million in SenionLab in 2015, a company specializing in indoor positioning systems, further emphasizing its commitment to the telecommunications software market. These strategic investments highlight SEB Kort's role as a key player in supporting technological advancements within the telecommunications sector.


17. 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 collaborates with entrepreneurs and other investors, managing state interests in seed and venture funds. Among its notable transactions, Investinor has participated in funding rounds for companies like Northern.tech, which focuses on software solutions that could be relevant to telecommunications. In 2014, Investinor was involved in a seed round for Northern.tech, and later in 2017, it participated in a Series A round for the same company. These investments highlight Investinor's engagement with technology firms that may intersect with the telecommunications software industry, making it a potential player in this space.


18. 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, with a strong focus on creating long-term value and sustainability in its portfolio companies. Nordic Capital partners with management teams to drive growth and operational improvements. Among their notable transactions, they acquired Orc Group in 2012, a company that provides trading and market access solutions, which is relevant to the telecommunications software industry. Additionally, they have invested in Vizrt Group, a digital media firm that offers solutions for broadcasting, further highlighting their engagement in the telecommunications software space. Their diverse investment strategy, which includes significant transactions in technology-related firms, positions them as a relevant player in the telecommunications software sector.



Telecommunications Software Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
EricssonStockholm, Stockholm, Sweden10001+18763
IndustrifondenStockholm, Stockholm, Sweden11-5019799
LINK MobilityOslo, Oslo, Norway501-100020003
CreandumStockholm, Stockholm, Sweden11-50200317
NokiaEspoo, Uusimaa, Finland10001+18653
TelenorFornebu, Akershus, Norway10001+18552
InventureHelsinki, Uusimaa, Finland11-5020059
VerdaneOslo, Oslo, Norway51-20019857
EQT VenturesStockholm, Stockholm, Sweden11-50201528
TeliaSolna, Stockholm, Sweden10001+18530
Seed Capital DenmarkFrederiksberg, Frederiksberg, Denmark1-1020045
OpenOceanHelsinki, Uusimaa, Finland11-5020097
CapManHelsinki, Uusimaa, Finland51-20019894
SEB KortSolna, Stockholm, Sweden501-100018551
InvestinorTrondheim, Trøndelag, Norway11-5020084
Nordic CapitalStockholm, Stockholm, Sweden201-500198910


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