Top 18 Tour Operator Investors in the Nordics
Top 18 Tour Operator Investors in the Nordics
The tour operator industry in the Nordics is a dynamic sphere centered around organizing travel experiences for both local and international travelers. Companies in this field range from traditional travel agencies to innovative tech-driven platforms that focus on niche offerings, such as adventure tours, sustainable travel experiences, and unique accommodation options. This region is witnessing a transformation, with digitalization driving mergers, acquisitions, and the emergence of personalized travel solutions. Industry analysts predict that the future will see increased emphasis on sustainability, digital enhancements, and seamless customer experiences as companies adapt to shifting consumer preferences and global tourism trends.
The investors featured in this list represent a spectrum of backgrounds, reflecting the vibrant investment ecosystem in the Nordics. Comprising venture capital, private equity, and corporate investors, these firms have varying sizes, from compact teams to robust organizations with thousands of employees. Headquartered across key cities such as Copenhagen, Stockholm, and Oslo, many of them were founded in the mid-1990s or early 2000s. In 2024 alone, they collectively executed a notable number of deals, with Heartcore Capital and EQT Group contributing significantly to the tour operator sector, illustrating their active involvement in shaping industry evolution.
Top 18 Tour Operator 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 tourism sector, including investments in StoryTourist, which raised $221,184 in a seed round in 2018, Kittelfjall, which raised $553,716 in 2014, and Treehotel, which also received seed funding in 2010. These investments highlight Almi's engagement in the tour operator industry, showcasing their commitment to supporting innovative businesses in this 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 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. In recent years, EQT has made significant investments in the travel and transportation sectors, including the acquisition of Molslinjen, a Danish ferry operator, for €1 billion, and their involvement in FlixBus, which raised an undisclosed amount in a private equity round. Additionally, EQT's investment in TravelPerk, a travel management platform that raised $200 million in Series E funding, highlights their commitment to the travel industry. These transactions reflect EQT's strategic focus on enhancing its portfolio with companies that play a vital role in the travel and tourism ecosystem.
3. 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. Among their notable transactions, Verdane acquired Reseguiden, a travel guide platform, on June 28, 2011, which is directly relevant to the tour operator industry. Additionally, they have made other acquisitions such as Watch it Live AB and Upplevelsepresent, which, while not directly in the tour operator space, indicate their broader interest in enhancing customer experiences and operational efficiencies in various sectors, including travel and tourism.
4. Etraveli Group
- Website: etraveligroup.com
- Type: Corporate
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2000
- Headcount: 1001-5000
- LinkedIn: etraveli-group
Etraveli Group AB, founded in 2000 and based in Stockholm, Sweden, is a prominent online travel agency that operates a comprehensive tech platform for selling flights and related travel services. The company serves millions of consumers and businesses globally, offering products such as flight tickets, accommodation, and car rentals through its various brands, including MyTrip and GoToGate. Etraveli Group has made significant acquisitions to strengthen its market position, including the acquisition of Travelstart in Europe for approximately $696 million in 2010, and Gotogate AS in 2009. In 2019, Etraveli Group expanded its footprint in North America by acquiring Canadian companies TripStack and Flight Network. Additionally, the acquisition of Flybillet.dk and Gotogate.no from VIA Travel Group further illustrates Etraveli's strategy to enhance its presence in the Nordic region. These transactions highlight Etraveli Group's commitment to providing a wide range of travel services, making it a relevant player in the tour operator industry.
5. 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 significant investments in the travel sector, notably in Fora, a tech-forward travel agency. They co-led a Series A funding round for Fora, which raised $13.5 million to enhance its platform and support its community of advisors. Heartcore continued to support Fora through subsequent funding rounds, including a Series B and Series C, totaling over $60 million. Additionally, they invested $6.4 million in Byway Travel in a Series A round, further solidifying their presence in the tour operator industry. This combination of investments highlights Heartcore's commitment to fostering innovation in travel and tourism.
6. 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. One of their notable transactions includes the acquisition of Spies, a prominent tour operator, as part of a larger deal involving Ving, Tjäreborg, and Thomas Cook Airlines Scandinavia. This acquisition, announced on October 30, 2019, highlights Altor's commitment to the travel and tourism industry, showcasing their strategy to invest in businesses that can benefit from tailored investment strategies and digital transformation solutions. Their involvement in the tour operator sector positions them as a relevant investor in this space.
7. Dfds
- Website: dfds.com
- Type: Corporate
- Headquarters: Copenhagen, Denmark
- Founded year: 1866
- Headcount: 10001+
- Number of deals in 2024: 2
- LinkedIn: dfds
DFDS is a corporate investor based in Copenhagen, Denmark, founded in 1866. The company is primarily known as a logistics and ferry operator, providing passenger and freight transportation services across Europe. DFDS operates a network of ferry routes, offering mini cruises and package holidays, catering to both individual travelers and businesses needing logistics solutions. In recent years, DFDS has made several strategic acquisitions to enhance its service offerings in the tourism sector. Notably, in January 2024, DFDS acquired FRS Iberia/Maroc, a ferry operator, to expand its network to the Strait of Gibraltar, which is expected to generate significant revenues and strengthen its presence in a high-growth region. Additionally, the acquisition of two ferries from Moby in 2019 aimed to improve customer experience and increase capacity on key routes, further demonstrating their commitment to enhancing travel services. These transactions highlight DFDS's active role in the tour operator context, making it a relevant player in the industry.
8. 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. They specialize in supporting early-stage entrepreneurs in building global, category-defining companies by providing venture capital investment, strategic support, and networking opportunities. Creandum has a diverse portfolio that includes investments across various sectors, including travel and tourism. Notably, they have invested in JustBook and Tripbirds, both of which are startups in the travel sector that focus on hotel bookings and travel planning, respectively. Additionally, Creandum has participated in funding rounds for Distribusion Technologies, a Berlin-based travel tech startup that operates a B2B ground transportation marketplace, indicating their commitment to supporting innovative solutions in the travel industry. Their approach focuses on nurturing companies from seed to IPO, leveraging their expertise and connections to help entrepreneurs succeed in various markets, including travel.
9. Brunnur Ventures
- Website: brunnurventures.com
- Type: Venture Capital
- Headquarters: Reykjavík, Reykjavíkurborg, Iceland
- Founded year: 2014
- Headcount: 1-10
- Number of deals in 2024: 2
- LinkedIn: brunnur
Brunnur Ventures is a venture capital firm based in Reykjavík, Iceland, founded in 2014. The firm specializes in investing in early-stage startups and growth companies, providing not only capital but also mentorship and access to networks to help entrepreneurs navigate their business challenges. Their investment portfolio spans various industries, including biotech and fintech, but they have also made significant strides in the travel sector. Notably, Brunnur Ventures invested in PaxFlow, a travel tech company that raised $2.2 million to enhance product development and expand international sales and marketing efforts. Additionally, they participated in the funding of Trip To Japan, which raised $150,000 in a pre-seed round, further emphasizing their engagement in the travel industry. These transactions highlight Brunnur Ventures' commitment to supporting innovative solutions within the travel and tourism space, making them a relevant player in the tour operator investment landscape.
10. 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. Notably, CapMan has made significant investments in the transportation sector, including the acquisition of Norled, a leading Norwegian ferry and express boat operator, and Koiviston Auto, Finland's largest bus operator. These transactions highlight CapMan's commitment to enhancing transportation infrastructure, which is integral to the tourism and travel industry. Additionally, CapMan has a stake in the hotel sector through its acquisition of Midstar Hotels, further solidifying its involvement in the broader travel and tourism ecosystem.
11. 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. They provide both capital and operational support to help companies scale and create long-term value. Notably, Kinnevik has made significant investments in the travel sector, including a $90 million investment in Wimdu, an Airbnb clone, which highlights their interest in the travel and accommodation market. Additionally, Kinnevik has invested in TravelPerk, a business travel management platform, with multiple funding rounds totaling over $200 million in 2024 alone. These transactions underscore Kinnevik's commitment to redefining industries and addressing global challenges, including those within the travel and tourism sector.
12. Business Finland
- Website: businessfinland.fi
- Type: Corporate
- Headquarters: Helsinki, Uusimaa, Finland
- Founded year: 2018
- Headcount: 501-1000
- Number of deals in 2024: 26
- LinkedIn: business-finland
Business Finland is a public entity established in 2018 that supports Finnish companies in their growth and internationalization efforts. It offers funding, consulting services, and market opportunities to help businesses innovate and succeed in global markets. The organization plays a crucial role in promoting trade, tourism, and foreign investment in Finland. Notably, Business Finland has been involved in transactions relevant to the tourism sector, such as providing debt financing to Toristy, a company that raised $313,392 in September 2019, and a grant of $51,341 in June 2018. Additionally, they supported Lygg with $530,978 in debt financing in June 2022, and myPlane, which raised significant amounts in seed and pre-seed rounds. These transactions indicate their involvement in the tourism and travel-related sectors, although their primary focus remains on supporting a wide range of industries.
13. Norvestor
- Website: norvestor.com
- Type: Private Equity
- Headquarters: Oslo, Oslo, Norway
- Founded year: 1989
- Headcount: 11-50
- Number of deals in 2024: 3
- LinkedIn: norvestor-equity-as
Norvestor is a private equity firm based in Oslo, Norway, founded in 1989. The firm specializes in investment management and advisory services, focusing on partnering with medium-sized Nordic businesses to support their growth and development. Norvestor emphasizes sustainability in its investment strategy and has a diverse portfolio that includes various sectors. Notably, they have made significant investments in the tourism industry, acquiring Nordic Camping & Resort in 2017, which operates in the camping and resort sector, and Etraveli in 2007, a prominent online travel agency. These transactions highlight Norvestor's commitment to enhancing operational efficiency and market presence in the travel and leisure industry, making them a relevant player in the tour operator space.
14. 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. Nordic Eye has a focus on high revenue potential and collaborates closely with its portfolio companies to drive growth and successful exits. Notable transactions include investments in 57hours, a platform for booking outdoor adventures, and LuggageHero, which raised $1.45 million to expand its luggage-storage operations, indicating a direct connection to travel services. Additionally, their investment in AirHelp, a startup that offers legal assistance for air passengers, further highlights their engagement in the travel sector. These investments reflect Nordic Eye's interest in enhancing the travel experience, making them a relevant player in the tour operator landscape.
15. 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 Stockholm-based venture capital firm founded in 1996, focusing on providing capital and expertise to innovative companies across various sectors, including Mobility and Digital Health. They aim to support mission-driven entrepreneurs in developing scalable and sustainable business models, emphasizing long-term profitability and strong market positions. Notably, VNV Global has invested in OneTwoTrip, a Russian travel booking website, raising a total of $8.5 million across multiple funding rounds from 2015 to 2017. Additionally, they have invested in Busfor, a company that raised $8.5 million in Series C funding in 2018 and 2019, which operates in the bus travel sector. These transactions highlight VNV Global's engagement in the travel and tourism industry, making them a relevant player in the tour operator investment landscape.
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 that include 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. Among their notable transactions, Polaris acquired Molslinjen, a ferry operator, on July 23, 2015, which plays a significant role in the travel sector by providing transportation services. Additionally, they acquired Dansommer, a vacation rental company, on January 1, 2001, further emphasizing their engagement in the tourism and travel industry. These investments highlight Polaris's commitment to sectors that are integral to the tour operator landscape.
17. 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 Holidu, a Munich-based search engine for vacation rentals, participating in several funding rounds including Series A, C, D, and E. Holidu's mission is to simplify the search and booking of holiday rentals, which is highly relevant to the tour operator industry as it enhances the travel experience for consumers. The funding received by Holidu has been aimed at accelerating growth and expanding their business model, showcasing EQT Ventures' commitment to the travel tech sector.
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 specializes in 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 a recent investment in Reveel, a Finnish traveltech startup that raised $650k to enhance its team and explore new revenue models in the travel sector. This investment highlights Inventure's engagement with the travel industry, showcasing their interest in innovative solutions within this space. Additionally, Inventure has a history of supporting various tech startups, including ThingLink, which, while not directly related to tour operations, demonstrates their broader investment strategy in technology-driven companies.
Tour Operator 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 |
| Verdane | Oslo, Oslo, Norway | 51-200 | 1985 | 7 |
| Etraveli Group | Stockholm, Stockholm, Sweden | 1001-5000 | 2000 | 0 |
| Heartcore Capital | Copenhagen, Denmark | 11-50 | 2007 | 17 |
| Altor Equity Partners | Stockholm, Stockholm, Sweden | 51-200 | 2003 | 6 |
| Dfds | Copenhagen, Denmark | 10001+ | 1866 | 2 |
| Creandum | Stockholm, Stockholm, Sweden | 11-50 | 2003 | 17 |
| Brunnur Ventures | Reykjavík, Reykjavíkurborg, Iceland | 1-10 | 2014 | 2 |
| CapMan | Helsinki, Uusimaa, Finland | 51-200 | 1989 | 4 |
| Kinnevik | Stockholm, Stockholm, Sweden | 11-50 | 1936 | 10 |
| Business Finland | Helsinki, Uusimaa, Finland | 501-1000 | 2018 | 26 |
| Norvestor | Oslo, Oslo, Norway | 11-50 | 1989 | 3 |
| Nordic Eye Venture & Growth Capital | Copenhagen, Denmark | 11-50 | 2016 | 0 |
| VNV Global AB | Stockholm, Stockholm, Sweden | 1-10 | 1996 | 1 |
| Polaris Private Equity | Copenhagen, Denmark | 51-200 | 1998 | 4 |
| EQT Ventures | Stockholm, Stockholm, Sweden | 11-50 | 2015 | 28 |
| Inventure | Helsinki, Uusimaa, Finland | 11-50 | 2005 | 9 |
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