Top 19 International Development Investors in the Nordics
Top 19 International Development Investors in the Nordics
The international development industry in the Nordics primarily focuses on driving sustainable change through innovative solutions to social challenges. Various firms, from corporations to nonprofits, engage in impactful projects that support growth in developing markets. These organizations often emphasize renewable energy, education, healthcare, and infrastructure improvements. In recent years, the industry has increasingly shifted towards financing green projects and technology-driven initiatives. With growing awareness of climate issues and a strong commitment to social equity, Nordic investors aim to generate both financial returns and lasting societal impacts, redefining the role of capital in global development efforts.
This article highlights 19 prominent investors from the Nordic countries involved in international development. The list features a blend of corporate entities and private equity firms, predominantly based in major cities like Helsinki, Stockholm, and Oslo. Founded between 1640 and 2017, these investors vary in size, with employee counts ranging from small teams to thousands. In 2024, these investors collectively executed 81 deals, reflecting a robust engagement with sustainability and impact investing. This gathering underscores their commitment to addressing key challenges in developing regions while seeking viable investment opportunities.
Top 19 International Development Investors in the Nordics
1. EEP Africa
- Website: eepafrica.org
- Type: Corporate
- Headquarters: Helsinki, Uusimaa, Finland
- Founded year: 2010
- Headcount: 11-50
- LinkedIn: eepafrica
EEP Africa, founded in 2010 and based in Helsinki, Finland, is a not-for-profit organization dedicated to financing clean energy initiatives in Southern and Eastern Africa. The organization aims to enhance energy access and investment in the region by providing early-stage grants and support for innovative clean energy projects. EEP Africa collaborates with various funding partners to facilitate sustainable development. Notable transactions include investments in companies such as East African Power, Villageboom, Microenergy Credits, Zonful Energy, and Empower New Energy, all of which raised undisclosed amounts in venture rounds. These investments reflect EEP Africa's commitment to fostering innovative solutions in the clean energy sector, which is essential for driving economic growth and improving living standards in developing regions.
2. Afry
- Website: afry.com
- Type: Corporate
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1895
- Headcount: 10001+
- Number of deals in 2024: 1
- LinkedIn: afry
AFRY AB is a consulting and engineering firm based in Stockholm, Sweden, founded in 1895. The company provides a wide range of services, including sustainability consulting, digital solutions, and project management across various industries. In 2023, AFRY made significant strides in the renewable energy sector by acquiring a Dutch renewables consultancy and the renewables consultancy Blix, which enhances their capabilities in the global offshore and onshore wind energy market. These acquisitions aim to strengthen AFRY's competence in consulting services, allowing them to cover the entire project life-cycle of wind farms. Additionally, their acquisition of ProTAK and INSUCO further demonstrates their commitment to enhancing their digital offerings and railway design capabilities, respectively. These transactions highlight AFRY's focus on sustainability and renewable energy, which are critical components of international development efforts.
3. Swedfund International
- Website: swedfund.se
- Type: Corporate
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1979
- Headcount: 51-200
- Number of deals in 2024: 6
- LinkedIn: swedfund-international
Swedfund International, founded in 1979 and based in Stockholm, Sweden, is a public entity dedicated to development finance with a mission to reduce poverty through sustainable investments in developing countries. The organization focuses on supporting small and medium enterprises and public sector projects, enhancing access to essential services, and promoting economic growth. Swedfund mobilizes private capital and provides technical assistance to foster sustainable development. Notable transactions include a $10 million debt investment in LOLC, an $85 million venture round for AgDevCo, and a significant equity capital investment in Serengeti Energy, which aims to develop over 100MW of renewable energy capacity. These transactions highlight Swedfund's commitment to impactful investments that align with international development goals.
4. Equinor
- Website: equinor.com
- Type: Corporate
- Headquarters: Stavanger, Rogaland, Norway
- Founded year: 1972
- Headcount: 10001+
- Number of deals in 2024: 6
- LinkedIn: equinor
Equinor ASA, founded in 1972 and based in Stavanger, Norway, is a public entity operating primarily in the energy sector, focusing on oil, gas, and renewable energy. With a workforce of over 10,000, Equinor is committed to sustainability and aims to achieve net-zero emissions by 2050. The company serves a diverse customer base, including governments and industries, providing energy solutions that address climate challenges while ensuring energy security. Notably, Equinor has made significant investments in the renewable energy sector, including the acquisition of BeGreen, a Danish solar power developer with over 700 MW of developed solar capacity and a pipeline exceeding 6 GW. Additionally, Equinor acquired a minority stake in Scatec Solar ASA, enhancing its presence in the solar energy market. The company also acquired Rio Energy, a Brazilian onshore renewables company, further solidifying its commitment to renewable energy development. Furthermore, Equinor's support for the North of Tyne offshore innovation programme highlights its engagement in initiatives that promote innovation in renewable energy, which is crucial for international development.
5. 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 various sectors and geographies. Notable transactions include the acquisition of Nord Anglia Education, which focuses on education and could contribute to development in that sector, and ILA Vietnam, which indicates engagement in emerging markets. Additionally, EQT's acquisition of KMD, a leading IT solutions provider, and OX2, a renewable energy company, showcases its commitment to sectors that can drive economic growth and sustainability, both of which are essential in the context of international development.
6. Finnfund
- Website: finnfund.fi
- Type: Corporate
- Headquarters: Helsinki, Uusimaa, Finland
- Founded year: 1980
- Headcount: 51-200
- Number of deals in 2024: 7
- LinkedIn: finnfund
Finnfund, founded in 1980 and based in Helsinki, Uusimaa, Finland, is a not-for-profit development financier and impact investor dedicated to creating sustainable futures. The organization focuses on addressing global development challenges by investing in companies and projects that promote economic growth and sustainability, particularly in developing countries. Finnfund provides both investment and advisory services to support sustainable projects across various sectors. Notable transactions include investments in Maarifa Education Holdings, which aims to enhance educational access, and significant debt financing for microfinance institutions like Satya MicroCapital and Advans Microfinance Network, which provide financial services to underserved populations. These investments reflect Finnfund's commitment to fostering sustainable development and economic empowerment in emerging markets.
7. Katapult
- Website: katapult.vc
- Type: Venture Capital
- Headquarters: Oslo, Oslo, Norway
- Founded year: 2017
- Headcount: 11-50
- Number of deals in 2024: 8
- LinkedIn: katapult-accelerator
Katapult is an impact investment firm based in Oslo, Norway, founded in 2017. They specialize in supporting tech startups that tackle global challenges through investment, accelerator programs, and mentorship. Katapult has been involved in several transactions that highlight their focus on impactful solutions. Notably, they participated in the funding of NXT Grid, a Nigerian solar mini-grid provider, which secured $1.4 million to expand its operations in Nigeria, aiming to build 30 grids by 2023. This investment underscores Katapult's commitment to addressing energy access and sustainability in developing regions. Other transactions include investments in startups like Impact Mapper, Think-it, Ichthion, and Atlan Space, which, while not all directly related to international development, reflect their broader mission to support innovative solutions to pressing global issues.
8. 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
The Nordic Investment Bank (NIB) is a public entity based in Helsinki, Finland, founded in 1976. It specializes in providing sustainable financing solutions for projects in the Nordic and Baltic regions. NIB offers a range of loan products, including corporate, sovereign, and sustainability-linked loans, targeting both private and public sector customers. The bank's mission is to enhance productivity and environmental benefits through its financing solutions. In 2024, NIB was involved in several significant transactions, including a $107.7 million debt financing for LT Energija, which likely supports energy infrastructure, and a $47.5 million debt financing for Arva, potentially contributing to sustainable development initiatives. These transactions reflect NIB's commitment to financing projects that align with international development goals, particularly in sustainability and infrastructure.
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. Notably, CapMan's acquisition of Dasos Capital Oy, an asset management company focused on sustainable timberland investment, enhances its commitment to natural capital investments, potentially contributing to sustainable development goals. Additionally, CapMan's acquisition of NYAB, a company involved in infrastructure, further indicates its engagement in sectors that can impact development positively. Overall, while CapMan's primary focus is not solely on international development, its investments in sustainable and infrastructure sectors suggest a relevant alignment with development objectives.
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 a diverse range of business activities, including investment management, real estate development, and support for social entrepreneurs. Ferd AS has been involved in several notable transactions, including a post-IPO equity investment in Scatec ASA, a company that operates in the renewable energy sector, and a significant acquisition of Aibel, which specializes in offshore wind and energy services, with a deal size of approximately 1.5 billion NOK. Additionally, they participated in a post-IPO equity round for Benchmark Holdings, which raised over $40 million. These transactions reflect Ferd AS's interest in sectors that contribute to sustainable development and social impact, particularly in renewable energy and social entrepreneurship.
11. Copenhagen Infrastructure Partners
- Website: cip.com
- Type: Private Equity
- Headquarters: Copenhagen, Denmark
- Founded year: 2012
- Headcount: 501-1000
- Number of deals in 2024: 9
- LinkedIn: copenhagen-infrastructure-partners-k-s
Copenhagen Infrastructure Partners (CIP) is a private equity investment management firm based in Copenhagen, Denmark, founded in 2012. The firm specializes in renewable energy projects and manages multiple funds focused on greenfield energy infrastructure, including offshore and onshore wind, solar PV, and energy storage. With a strong emphasis on facilitating the transition to a net-zero economy, CIP attracts institutional investors seeking sustainable investment opportunities. Notable transactions include the acquisition of Liberty Renewables, which has a significant portfolio of onshore wind projects in New York, and a majority stake in Mulilo Energy Holdings, a South African renewable energy developer with a pipeline exceeding 25GW of renewable energy capacity. Additionally, CIP's investment in Elgin Energy aims to enhance solar and storage projects, further solidifying their role in promoting sustainable energy solutions globally.
12. University of Helsinki
- Website: helsinki.fi
- Type: Corporate
- Headquarters: Helsinki, Uusimaa, Finland
- Founded year: 1640
- Headcount: 5001-10000
- Number of deals in 2024: 5
- LinkedIn: university-of-helsinki
The University of Helsinki, founded in 1640, is a prominent public entity in Finland that offers a diverse range of educational programs and conducts extensive research across various disciplines. It serves students and researchers by providing access to academic resources and fostering an environment for learning and innovation. In recent years, the university has engaged in significant transactions that reflect its commitment to international development. For instance, it supported the Tech Nordic Advocates initiative, which launched the first-ever international accelerator program in Finland aimed at tech companies led by women and non-binary individuals. This program is designed to help these startups scale, raise capital, and expand internationally, thereby promoting gender equality in the tech sector. Additionally, the university was involved in the funding of Advans Microfinance Network, which raised nearly $11.6 million in debt financing to support microfinance initiatives. These transactions highlight the university's role in fostering innovation and inclusivity, aligning with the broader goals of international development.
13. Statkraft
- Website: statkraft.com
- Type: Corporate
- Headquarters: Oslo, Oslo, Norway
- Founded year: 1895
- Headcount: 5001-10000
- LinkedIn: statkraft
Statkraft AS, founded in 1895 and based in Oslo, Norway, is a leading corporate investor in renewable energy, specializing in hydropower, wind power, solar power, and other sustainable energy solutions. The company plays a crucial role in helping businesses and organizations transition to renewable energy sources by providing the necessary infrastructure and services for sustainable energy generation. Recently, Statkraft has made significant investments in renewable energy projects, including the acquisition of the Breeze Three portfolio, which encompasses 38 wind farms in Germany and four in France, totaling over 350 MW in capacity. Additionally, they have agreed to acquire the Spanish renewable energy company Enerfin for €1.8 billion, which includes a portfolio of 1.5GW of operational and under-construction projects, as well as a pipeline of future developments. These transactions highlight Statkraft's commitment to enhancing renewable energy capabilities in Europe and beyond, making them a key player in the international development context focused on sustainable energy.
14. Vestas
- Website: vestas.com
- Type: Corporate
- Headquarters: Aarhus, Denmark
- Founded year: 1898
- Headcount: 10001+
- Number of deals in 2024: 2
- LinkedIn: vestas
Vestas Wind Systems A/S, founded in 1898 and based in Aarhus, Denmark, is a leading manufacturer and provider of wind energy solutions. The company specializes in the design, installation, and maintenance of wind energy projects, serving a global clientele in the renewable energy sector. Vestas is dedicated to helping businesses transition to sustainable energy sources through innovative wind solutions, optimizing energy production, and reducing operational costs. In recent years, Vestas has made strategic investments that enhance its role in the international development context. Notably, in 2019, Vestas acquired a 25.1% minority stake in Sowitec, a German renewable energy developer with a portfolio of around 60 wind and solar projects totaling over 2.6 GW globally. This investment underscores Vestas's commitment to expanding renewable energy infrastructure. Additionally, in 2020, Vestas entered into an agreement to acquire a 25% minority stake in Copenhagen Infrastructure Partners P/S for EUR 500 million, further solidifying its position in the renewable energy investment landscape. These transactions reflect Vestas's strategic focus on fostering sustainable energy solutions, which are essential for international development efforts aimed at improving energy access and promoting sustainability.
15. Impact Partners Nordic
- Website: impact-partners.eu
- Type: Corporate
- Headquarters: Copenhagen, Denmark
- Founded year: 2007
- Headcount: 51-200
- Number of deals in 2024: 1
- LinkedIn: 71382402
Impact Partners Nordic is a not-for-profit organization based in Copenhagen, Denmark, founded in 2007. They focus on impact investing, supporting entrepreneurs and businesses in deprived areas through funding, mentorship, and accelerator programs. Their initiatives aim to promote social inclusion, local economic development, and environmental sustainability, addressing the needs of their customers who seek to create social and economic value. In 2024, they participated in a venture round for Roots of Impact, which raised an undisclosed amount. This transaction highlights their active role in fostering social impact through financial support, aligning with the goals of international development.
16. Novo Nordisk
- Website: novonordisk.com
- Type: Corporate
- Headquarters: Denmark
- Founded year: 1923
- Headcount: 10001+
- Number of deals in 2024: 4
- LinkedIn: novo-nordisk
Novo Nordisk A/S is a multinational pharmaceutical company based in Denmark, founded in 1923, specializing in diabetes care and treatments for other chronic diseases. The company develops and manufactures a range of medications, including semaglutide and various insulin products, aimed at improving patient health. In addition to its core business, Novo Nordisk is involved in international development through its philanthropic arm, the Novo Nordisk Foundation. A notable transaction includes funding for the International Centre for Antimicrobial Resistance Solutions (ICARS), which is working on a project titled 'Towards an Antibiotic Roadmap for the Sustainable Entry and Management of Antibiotic X (TANDEM-ABX) in Low- and Middle-Income Countries.' This project aims to enhance understanding of health systems in LMICs to support the sustainable use of antibiotics, highlighting Novo Nordisk's commitment to addressing global health challenges beyond its primary focus on diabetes.
17. Nefco - the Nordic Green Bank
- Website: nefco.int
- Type: Corporate
- Headquarters: Helsinki, Uusimaa, Finland
- Founded year: 1990
- Headcount: 51-200
- Number of deals in 2024: 6
- LinkedIn: nefco
Nefco - the Nordic Green Bank is a not-for-profit organization based in Helsinki, Finland, founded in 1990. It specializes in financing green projects and sustainable development initiatives. Nefco provides loans and equity funding primarily to Nordic SMEs and municipalities in Eastern Europe, facilitating the implementation of environmentally friendly solutions. In 2024, Nefco was involved in several significant transactions, including a Series B funding round for Baseload Capital, which raised approximately $58.7 million. This company focuses on geothermal energy projects, highlighting Nefco's role in supporting innovative energy solutions. Additionally, Nefco participated in a convertible loan financing round for Baseload Capital, which raised $24 million, further emphasizing its commitment to projects that contribute to sustainable development and climate change mitigation.
18. Change Com AS
- Website: change-com.no
- Type: Corporate
- Headquarters: Oslo, Oslo, Norway
- Founded year: 2016
- Headcount: 1-10
- Number of deals in 2024: 1
- LinkedIn: change-com-no
Change Com AS is an investment company based in Oslo, Norway, founded in 2016. The firm specializes in startup and impact investments, focusing on sectors such as renewable energy and digital financial services. Their mission emphasizes promoting financial inclusion and technological innovation to address global challenges. In 2019, Change Com AS was involved in a venture round for Eferio, a transaction that reflects their commitment to supporting innovative startups. This investment aligns with their strategy of fostering growth in sectors that contribute to sustainable development, particularly in emerging markets where such initiatives can have a significant impact.
19. 3TInvest
- Website: 3tinvest.com
- Type: Corporate
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2009
- Headcount: 1-10
- LinkedIn: 3tinvest
3T Invest AB is an investment firm based in Stockholm, Sweden, founded in 2009. The firm specializes in providing coaching and capital to innovative companies, with a strong focus on high social impact. They support entrepreneurs primarily in the Health and Lifescience, Deeptech, and Lifestyle sectors. Notable transactions include their investment in Warp News, which raised $236,988 in an Angel Round in April 2021, and Mindler, which secured $453,758 in a Seed Round in May 2018. Both of these investments reflect a commitment to supporting ventures that address societal challenges, particularly in health and well-being, which are critical areas in the context of international development.
International Development Insights: Key Investors in the Nordics
| Investor | Headquarter | Size | Founded | Deals 2024 |
|---|---|---|---|---|
| EEP Africa | Helsinki, Uusimaa, Finland | 11-50 | 2010 | 0 |
| Afry | Stockholm, Stockholm, Sweden | 10001+ | 1895 | 1 |
| Swedfund International | Stockholm, Stockholm, Sweden | 51-200 | 1979 | 6 |
| Equinor | Stavanger, Rogaland, Norway | 10001+ | 1972 | 6 |
| EQT Group | Stockholm, Stockholm, Sweden | 1001-5000 | 1994 | 30 |
| Finnfund | Helsinki, Uusimaa, Finland | 51-200 | 1980 | 7 |
| Katapult | Oslo, Oslo, Norway | 11-50 | 2017 | 8 |
| Nordic Investment Bank | Helsinki, Uusimaa, Finland | 201-500 | 1976 | 19 |
| CapMan | Helsinki, Uusimaa, Finland | 51-200 | 1989 | 4 |
| Ferd AS | Oslo, Oslo, Norway | 51-200 | 1998 | 0 |
| Copenhagen Infrastructure Partners | Copenhagen, Denmark | 501-1000 | 2012 | 9 |
| University of Helsinki | Helsinki, Uusimaa, Finland | 5001-10000 | 1640 | 5 |
| Statkraft | Oslo, Oslo, Norway | 5001-10000 | 1895 | 0 |
| Vestas | Aarhus, Denmark | 10001+ | 1898 | 2 |
| Impact Partners Nordic | Copenhagen, Denmark | 51-200 | 2007 | 1 |
| Novo Nordisk | Denmark | 10001+ | 1923 | 4 |
| Nefco - the Nordic Green Bank | Helsinki, Uusimaa, Finland | 51-200 | 1990 | 6 |
| Change Com AS | Oslo, Oslo, Norway | 1-10 | 2016 | 1 |
| 3TInvest | Stockholm, Stockholm, Sweden | 1-10 | 2009 | 0 |
Want to find more investors focusing on the international development industry?
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