The cybersecurity industry in the Nordics is rapidly evolving to address increasing security threats facing various sectors. Companies in this region offer solutions ranging from advanced threat detection to data protection and compliance services. They include startups focused on niche markets and large corporations specializing in integrated security systems. Notable trends include a growing emphasis on cloud security and the adoption of artificial intelligence for threat mitigation. Countries like Sweden and Finland are becoming hotbeds for cybersecurity innovation thanks to strong public-private partnerships and ongoing investment in tech development.


This article highlights 19 noteworthy investors in the Nordic cybersecurity space, comprising venture capital firms, private equity groups, and corporate investors. Hailing from Stockholm to Oslo, these entities vary in size and influence, with many established over the last few decades. In 2024 alone, they collectively executed numerous transactions, reflecting a robust ecosystem eager to capitalize on the cybersecurity boom. These investments not only signal increasing strategic focus but also underline the region's growing prominence in global cybersecurity initiatives.


Top 19 Cybersecurity Investors in the Nordics


1. Securitas Group


Securitas Group, founded in 1934 and based in Stockholm, Sweden, is a leading security services company that provides a wide range of security solutions, including advisory services, on-site guarding, and technology-driven security. The company serves various industries such as aviation, construction, and retail, helping clients protect their assets and ensure safety through tailored security measures. In recent years, Securitas has made significant acquisitions to bolster its electronic security capabilities, including the acquisition of STANLEY's Electronic Security Solutions business for $3.2 billion in December 2021, which aimed to enhance its technological offerings. Additionally, Securitas acquired STANLEY Security's electronic security businesses in multiple countries for $64 million in September 2020, further expanding its reach in the electronic security market. Other notable transactions include the acquisition of Securitas Electronic Security in 2015 for approximately $351.6 million and Iverify in January 2020, both of which underscore Securitas's commitment to integrating advanced security technologies into its service offerings.


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 notable investments in the cybersecurity sector, including the acquisition of Acronis, a leader in data protection and cybersecurity, which is set to close in 2025. They also acquired Ontinue, a company focused on cybersecurity solutions, and Utimaco, which specializes in IT security and compliance. These strategic investments demonstrate EQT's active role in the cybersecurity industry, alongside their broader investment strategy.


3. ASSA ABLOY Group

  • Website: assaabloy.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 10001+
  • Number of deals in 2024: 21
  • LinkedIn: assaabloy

ASSA ABLOY Group, founded in 1994 and headquartered in Stockholm, Sweden, is a leading security solutions provider specializing in locks, doors, gates, and entrance automation. With a workforce of over 10,000 employees, the company has established itself as a leader in the security industry through innovation and a diverse product portfolio. In recent years, ASSA ABLOY has made significant strides in the cybersecurity domain through strategic acquisitions. Notably, the acquisition of ZeroSSL in January 2024 enhances their capabilities in public key infrastructure (PKI) and Internet of Things (IoT) security, integrating SSL certificate expertise into their offerings. Furthermore, the planned acquisition of 3millID, which specializes in physical access control readers and credentials, reflects their commitment to enhancing security measures that also encompass cybersecurity aspects. These transactions demonstrate ASSA ABLOY's proactive approach to merging physical security with cybersecurity, making them a relevant investor in the cybersecurity sector.


4. 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. Among their notable transactions, Almi has invested in several companies relevant to the cybersecurity sector, including Axiomatics, which raised $6,500,000 in a venture round in 2013, and Versasec, which received multiple seed investments totaling over $800,000. Additionally, they invested in Netrounds and Elastisys, both of which have connections to network security and performance monitoring, further demonstrating Almi's engagement in the cybersecurity domain.


5. 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 a workforce of over 10,000 employees, Ericsson specializes in providing advanced connectivity solutions, including 5G networks and IoT platforms, to various industries. Their focus on enhancing operational efficiency and user experiences through reliable connectivity is complemented by their strategic investments in cybersecurity. Notable transactions include a Series C investment in Menlo Security, which raised approximately $40.3 million in December 2017, and a Series B investment in SAM Seamless Network in February 2022, which aims to enhance network security. Additionally, Ericsson's acquisition of Optimi in December 2010 further underscores their commitment to integrating cybersecurity solutions into their offerings. These transactions highlight Ericsson's proactive approach to addressing cybersecurity challenges in the telecommunications sector.


6. Telia


Telia Company AB is a telecommunications company based in Solna, Stockholm, Sweden, operating in the Nordic and Baltic regions. Founded in 1853, Telia offers a wide 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 investments in the cybersecurity sector, notably participating in funding rounds for companies like Aporeto, a cloud security firm that raised $20 million in a Series B funding round, and SlashNext, a phishing protection provider that secured $26 million in venture capital funding. These transactions highlight Telia's strategic focus on enhancing cybersecurity capabilities alongside its core telecommunications services.


7. 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 invested in cybersecurity-related companies such as ShardSecure, which raised significant funding in multiple rounds, including a $11 million Series A in 2022 and a $2 million Seed round in 2019. Additionally, they invested in Clavister, which raised $5.88 million in a venture round in 2012. These transactions highlight Industrifonden's engagement in the cybersecurity sector, alongside their broader investment strategy.


8. 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. With a focus on technology, EQT Ventures connects startups with a global network of industry experts and resources to foster growth and innovation. Among their notable transactions, EQT Ventures has invested in HackerOne, participating in both Series C and Series D funding rounds, which raised significant capital to enhance HackerOne's global market reach and offerings. Additionally, they led a €4.5 million Seed round for Qevlar AI, a cybersecurity startup focused on generative AI solutions, and invested in Baffin Bay Networks, which raised $6.4 million in Series A funding to support its international expansion and R&D efforts. These investments highlight EQT Ventures' active role in the cybersecurity sector.


9. First Fellow Partners


First Fellow Partners is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2016. The firm specializes in investing in startups and providing strategic guidance to entrepreneurs, particularly in technology and innovation sectors. They prioritize long-term partnerships with founders and invest their own funds. Notably, First Fellow Partners has participated in significant funding rounds for cybersecurity companies, including a €5 million investment in CybExer Technologies, which aims to expand its global operations in response to the increasing demand for cybersecurity solutions. Additionally, they have been involved in funding rounds for Detectify, a company focused on web security, which raised substantial amounts in various funding stages, indicating their interest in the cybersecurity domain.


10. 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 diverse business activities, including investment management, real estate development, and support for social entrepreneurs. Notably, Ferd AS has made strategic investments in the cybersecurity sector, including the acquisition of a majority stake in mnemonic, a prominent cybersecurity service provider in Europe, announced on September 6, 2018. This acquisition reflects Ferd's commitment to enhancing mnemonic's international growth while maintaining employee ownership. Additionally, Ferd has participated in funding rounds for other technology companies, showcasing their broader investment strategy, but their direct involvement in cybersecurity through mnemonic highlights their relevance in this field.


11. 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 cybersecurity space, notably through its participation in funding rounds for Team8 Cyber Security Group, which raised $23 million in Series B funding and $15 million in Series A funding. These investments highlight Nokia's strategic interest in cybersecurity innovation. Additionally, Nokia's acquisition of DeepField aims to enhance its network and service automation capabilities, which are critical for maintaining security in digital infrastructures.


12. Proact IT Group AB

  • Website: proact.eu
  • Type: Corporate
  • Headquarters: Solna, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • LinkedIn: proact

Proact IT Group AB is an IT services company founded in 1994 and based in Solna, Stockholm, Sweden. With a workforce of 1001-5000 employees, Proact specializes in cloud transformation, data management, and cybersecurity solutions. They cater to a diverse range of sectors, including healthcare, legal, and insurance, providing tailored services to enhance operational efficiency and data security. Proact has made several strategic acquisitions to bolster its market presence and service offerings. Notably, they acquired sepago GmbH, a German IT consultancy, for EUR 12 million, which is expected to enhance their public cloud transformation services. Additionally, the acquisition of ahd GmbH & Co. KG for EUR 26.2 million is part of their strategy to expand managed cloud services in Germany, a significant IT market in Europe. These transactions highlight Proact's commitment to strengthening its cybersecurity capabilities and market position.


13. Dnv

  • Website: dnv.com
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1865
  • Headcount: 10001+
  • Number of deals in 2024: 4
  • LinkedIn: dnvgl

Det Norske Veritas (DNV) is a consulting firm based in Oslo, Norway, founded in 1865. It specializes in a wide range of services including advisory, certification, classification, and notably, cybersecurity across various industries such as maritime, oil and gas, and renewable energy. In 2023, DNV fully acquired Nixu Corporation, a Helsinki-based cybersecurity services firm, for approximately $106.85 million, aiming to create one of Europe's fastest-growing cybersecurity businesses. Additionally, in 2024, DNV acquired CyberOwl, a maritime cyber risk monitoring company, further enhancing its cybersecurity offerings in the shipping industry. These strategic acquisitions highlight DNV's commitment to strengthening its cybersecurity capabilities and its relevance as an investor in the cybersecurity sector.


14. Priveq

  • Website: priveq.se
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1983
  • Headcount: 11-50
  • LinkedIn: priveq-investment

Priveq is an investment management and private equity firm based in Stockholm, Sweden, founded in 1983. The firm specializes in providing growth capital to companies across various sectors, with a history of investing in over 130 companies. Priveq focuses on helping businesses achieve their growth objectives through strategic guidance and financial support. Notably, Priveq has been involved in several transactions within the cybersecurity context, including their investment in Omegapoint, a company that specializes in cybersecurity services, and Verisec, which offers digital security solutions. These investments highlight Priveq's engagement in the cybersecurity industry, alongside their broader investment strategy targeting growth-stage companies seeking to expand their operations and enhance their market presence.


15. Monterro

  • Website: monterro.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2012
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: monterro-ab

Monterro is a private equity investment firm based in Stockholm, Sweden, founded in 2012. The firm specializes in the growth of B2B software companies, providing both capital and operational support to help these companies scale and expand into new markets. Monterro has a strong focus on Nordic software companies, leveraging their expertise to drive growth and internationalization. Notably, Monterro has been involved in several significant transactions in the cybersecurity sector, including the acquisition of Outpost24, a company specializing in vulnerability management and security assessment, in August 2016. They also acquired Specops Software in August 2019, which provides secure password management solutions. These transactions highlight Monterro's commitment to investing in cybersecurity, making them a relevant player in this field.


16. 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 manages investments across various sectors, including services, green transition, industrials, and technology, with a strong emphasis on driving growth and transformation. FSN Capital primarily caters to institutional investors and pension funds seeking sustainable returns. In the cybersecurity context, FSN Capital has made significant strides by acquiring Omegapoint, a Swedish cybersecurity services provider, and Seriline, which offers Identity and Access Management (IAM) solutions. These acquisitions reflect FSN Capital's commitment to expanding its portfolio in the cybersecurity domain, positioning itself as a key player in the Nordic cybersecurity market.


17. 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, founded in 2001. The company operates approximately 80 subsidiaries that provide specialized technical solutions across various sectors, including Electrify, Control, and TecSec. Their business model emphasizes acquisitions and organic growth, catering primarily to business customers seeking tailored technology solutions. Notably, Lagercrantz has made significant strides in the cybersecurity space through strategic acquisitions. In 2021, they acquired ARAS Security A/S, a company focused on security solutions, which is expected to positively impact their earnings. Additionally, their acquisition of TecSec in 2022 further highlights their commitment to enhancing their cybersecurity offerings. These transactions reflect Lagercrantz's strategy to strengthen its position in the cybersecurity market while continuing to diversify its portfolio across various technology sectors.


18. 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 that provide business guidance, financing, and community networking. Chalmers Ventures has been involved in several transactions, including notable investments in cybersecurity-related companies. For instance, they backed Halon Security, a provider of web security solutions, demonstrating their engagement in the cybersecurity sector. Additionally, they have invested in Irisity AB, which operates in the realm of AI-driven security solutions. Their approach emphasizes active ownership and investment in startups, helping them scale and succeed in the market, which is crucial for the dynamic and evolving field of cybersecurity.


19. Knowit

  • Website: knowit.eu
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1990
  • Headcount: 1001-5000
  • LinkedIn: knowit

Knowit is a consulting firm based in Stockholm, Sweden, specializing in digital transformation and IT services. Founded in 1990, the company has grown to employ between 1001 and 5000 professionals. Knowit offers a wide range of solutions, including management consulting, software development, cloud services, and cybersecurity. Their client base spans various industries, seeking innovative and sustainable solutions to enhance operations and adapt to technological changes. Notably, Knowit has made significant acquisitions to bolster its cybersecurity capabilities, including the acquisition of Cybercom Group on May 5, 2021, for approximately $259 million. This acquisition is particularly relevant as Cybercom Group has a strong focus on IT and cybersecurity services, which enhances Knowit's offerings in this critical area. Additionally, Knowit's acquisition of Creuna and Creuna Danmark further demonstrates their strategy to expand their digital services, which may include cybersecurity solutions as part of their comprehensive IT service portfolio.



Cybersecurity Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Securitas GroupStockholm, Stockholm, Sweden10001+19340
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
ASSA ABLOY GroupStockholm, Stockholm, Sweden10001+199421
AlmiStockholm, Stockholm, Sweden201-50019947
EricssonStockholm, Stockholm, Sweden10001+18763
TeliaSolna, Stockholm, Sweden10001+18530
IndustrifondenStockholm, Stockholm, Sweden11-5019799
EQT VenturesStockholm, Stockholm, Sweden11-50201528
First Fellow PartnersHelsinki, Uusimaa, Finland1-1020164
Ferd ASOslo, Oslo, Norway51-20019980
NokiaEspoo, Uusimaa, Finland10001+18653
Proact IT Group ABSolna, Stockholm, Sweden1001-500019940
DnvOslo, Oslo, Norway10001+18654
PriveqStockholm, Stockholm, Sweden11-5019830
MonterroStockholm, Stockholm, Sweden11-5020121
FSN Capital PartnersOslo, Oslo, Norway51-20019990
Lagercrantz Group ABStockholm, Stockholm, Sweden1001-500020016
Chalmers VenturesSweden11-50201526
KnowitStockholm, Stockholm, Sweden1001-500019900


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