The music licensing industry in the Nordics plays a pivotal role in the intersection of creativity and commerce. This sector, marked by the proliferation of digital music streaming and production, encompasses companies that provide licenses for music usage across movies, advertisements, video games, and more. Emerging technology firms contribute to innovations in music distribution and rights management, aiming to meet the needs of content creators and consumers alike. With the rise of independent artists and music platforms, there's a growing appetite for new licensing solutions. In this vibrant environment, collaboration between traditional entities and tech startups is paramount for future growth.


The investors featured in this list represent an array of types and backgrounds. Most are venture capital firms, with a few corporate entities active in the music licensing scene. Headquartered mainly in Stockholm, they range from well-established institutions like SEB, founded in 1856, to newer players like Icebreaker.vc, launched in 2016. In 2024, investment activities varied, with some investors participating in multiple deals, while others focused on singular notable transactions, reinforcing their commitment to this thriving sector. Across diverse strategies, these investors are impacting the evolution of music licensing in the Nordic region.


Top 19 Music Licensing 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. Almi aims to enhance the growth and competitiveness of these businesses through tailored financial solutions and guidance. In the music licensing context, Almi has made notable investments in companies such as Auddly, which raised SEK 20m in venture capital funding to develop a song project management platform, and Starmony, a music tech company that raised $3.5M to enable users to create and release music globally. Additionally, Almi has invested in Session Studio and Reactional Music, further demonstrating its engagement in the music technology sector.


2. Spotify

  • Website: spotify.com
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2006
  • Headcount: 5001-10000
  • Number of deals in 2024: 1
  • LinkedIn: spotify

Spotify is a music and podcast streaming service founded in 2006, headquartered in Stockholm, Sweden. With a user base that enjoys access to a vast library of audio content, Spotify has made several strategic investments and acquisitions to bolster its position in the music industry. Notably, Spotify made a passive minority investment in DistroKid, an independent music distributor, which enhances its services for artists looking to distribute their music across various platforms. Additionally, Spotify has acquired companies like Sonalytic, which specializes in audio recognition technology, and Soundtrap, a collaborative music creation platform. These transactions reflect Spotify's commitment to improving its offerings for artists and its engagement in the music licensing ecosystem.


3. 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 private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in various investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the music licensing industry, including a SEK 4.6 billion financing round for Epidemic Sound, a leading music licensing platform, which has raised substantial funds in previous rounds as well. Additionally, EQT's recent takeover bid for Believe, a company that operates in the music distribution and licensing space, further highlights their commitment to investing in the music sector. Their strategic investment in United Talent Agency (UTA) also emphasizes their focus on the entertainment industry, particularly in talent representation and management, which is closely tied to music licensing.


4. 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 across various sectors, including fintech and health tech. Creandum provides venture capital investment, strategic support, and networking opportunities to startups, nurturing them from seed to IPO. Notably, Creandum has invested in Epidemic Sound, a leading music licensing platform, where they participated in a $5 million Series A round in 2014 to help expand the company's music library and operations. Additionally, they were involved in Spotify's funding rounds, including a $21.6 million Series A round in 2008 and a secondary market investment in 2014, both of which are significant players in the music streaming and licensing industry. These transactions highlight Creandum's active role in the music sector, particularly in licensing and distribution.


5. Bonnier Ventures

  • Website: bonnierventures.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2013
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: bonnier-ventures

Bonnier Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2013. As the investment division of the Bonnier Group, they focus on providing capital and management support to promising companies in structurally growing industries such as healthcare, media, sustainability, fintech, and SaaS. Notably, Bonnier Ventures has invested in Starmony, a Swedish music tech company that raised $3.5 million to develop an app allowing users to create and release music globally. This investment highlights their interest in the music industry and technology that enhances music licensing and distribution. Additionally, they have invested in We Are Voice, further indicating their engagement in the music sector. Their portfolio reflects a commitment to fostering long-term growth in innovative companies, including those in the music licensing space.


6. Seb

  • Website: sebgroup.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1856
  • Headcount: 10001+
  • Number of deals in 2024: 13
  • LinkedIn: seb

Seb (Skandinaviska Enskilda Banken AB) is a leading banking group in Northern Europe, founded in 1856 and headquartered in Stockholm, Sweden. The bank offers a comprehensive range of financial services, including corporate and investment banking, asset management, and private wealth management. Seb serves large corporations, institutional clients, and private individuals, helping them manage their financial assets and navigate investment opportunities. Notably, Seb was involved in a significant venture round for Epidemic Sound, where they raised $20 million on July 1, 2019. Epidemic Sound is a prominent player in the music licensing industry, providing a platform for creators to access music for their projects. This transaction highlights Seb's engagement in the music sector, particularly in licensing and distribution, alongside their broader investment activities.


7. Investinor

  • Website: investinor.no
  • Type: Venture Capital
  • Headquarters: Trondheim, Trøndelag, Norway
  • Founded year: 2008
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: investinor

Investinor AS is a venture capital investment company based in Trondheim, Trøndelag, Norway, founded in 2008. It specializes in providing funding to promising startups and companies, helping them grow and achieve market leadership. Investinor collaborates with entrepreneurs and other investors, managing state interests in seed and venture funds. Notably, Investinor participated in a Series B funding round for Soundrop, a social music discovery platform, which raised $3.4 million in 2013. This investment highlights Investinor's engagement in the music industry, particularly in innovative platforms that may intersect with music licensing. Additionally, they have been involved in other funding rounds, although details on those are less relevant to the music licensing context.


8. Kichi Invest

  • Website: kichiinvest.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2016
  • Headcount: 1-10
  • LinkedIn: kichi-invest

Kichi Invest is a corporate investment firm based in Stockholm, Sweden, founded in 2016. The firm specializes in supporting Nordic unlisted companies in their growth journey by providing capital and strategic expertise. Kichi Invest partners with passionate entrepreneurs to help navigate the challenges of scaling their businesses. Among their notable transactions, Kichi Invest participated in a venture round for Epidemic Sound, raising $1,000,000 on April 27, 2017. Epidemic Sound is a prominent player in the music licensing industry, offering a platform for creators to access high-quality music for their projects. This investment highlights Kichi Invest's interest in the music sector, particularly in innovative companies that contribute to the music licensing landscape.


9. Brightly Ventures


Brightly Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2018. The firm specializes in early-stage technology investments, primarily supporting entrepreneurs in the Nordic region by providing capital and advisory services to help transform innovative ideas into successful businesses. Notably, Brightly Ventures has invested in Starmony, a Swedish music tech company that raised $3.5M in funding. Starmony's app allows users to create and release music globally, which aligns with the music licensing industry. This investment highlights Brightly Ventures' engagement with the music sector, despite their broader focus on technology startups.


10. Luminar Ventures

  • Website: luminarventures.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2017
  • Headcount: 1-10
  • Number of deals in 2024: 7
  • LinkedIn: luminar-ventures

Luminar Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2017. They specialize in pre-seed and seed-stage investments, providing funding and strategic guidance to innovative startups across various industries, particularly in technology. Notably, Luminar Ventures has invested in Starmony, a Swedish music tech company that raised funds in 2020 and 2021. Starmony's platform allows users to create and release music globally, showcasing Luminar's engagement in the music technology sector. This involvement highlights their potential relevance in the music licensing industry, as they support companies that facilitate music creation and distribution.


11. Spintop Ventures

  • Website: spintopventures.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2009
  • Headcount: 1-10
  • Number of deals in 2024: 4
  • LinkedIn: spintop-ventures

Spintop Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2009. The firm specializes in early-stage technology investments, providing capital and strategic advisory services to entrepreneurs aiming to build innovative software-based companies. With a focus on sustainable investments and fostering growth in the technology sector, Spintop Ventures has made several notable investments, including in Pacemaker, a Swedish DJ app company. Pacemaker has successfully raised multiple rounds of funding, totaling over $3.5 million since 2015, with Spintop Ventures participating in these seed rounds. This involvement highlights Spintop's interest in the music technology space, particularly in applications that enhance music consumption and DJing experiences, which are relevant to the music licensing industry.


12. 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 focuses on building long-term relationships with entrepreneurs. Heartcore has been involved in various transactions, including significant investments in Podimo, a platform for podcasts and audiobooks, which raised multiple funding rounds totaling over €58 million. This investment highlights Heartcore's interest in audio content, which is relevant to the music licensing industry. Additionally, they invested in SOUNDBOKS, a manufacturer of portable Bluetooth speakers, which, while not directly related to music licensing, indicates their engagement in the audio technology space. Overall, Heartcore Capital's investment strategy emphasizes supporting innovative audio-related ventures, but their primary focus remains on technology rather than specifically on music licensing.


13. Cni


CNI Advisory AB is a venture capital firm based in Stockholm, Sweden, founded in 2012. The firm specializes in funding and supporting entrepreneurial businesses across various sectors, with a focus on creating sustainable shareholder value through capital and strategic guidance. Cni has been involved in notable transactions, including investments in Acast, which raised $19.5 million in a Series B round in 2017 and $4.7 million in a venture round in 2015. Acast is a significant player in the podcasting and audio content distribution industry, which intersects with music licensing. Additionally, Cni has invested in Dirac, a Swedish sound technology company, which raised $8.6 million in a venture round in 2018 and $13.2 million in 2019. Dirac's focus on sound quality and technology is relevant to the music industry, further highlighting Cni's potential interest in music licensing-related ventures.


14. Butterfly Ventures

  • Website: butterfly.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2012
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: butterfly-ventures

Butterfly Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2012. The firm specializes in seed stage investments, particularly in deep tech startups, and is known for providing capital and strategic support to early-stage companies. Butterfly Ventures emphasizes social and environmental impact in its investment strategy and actively engages with its portfolio companies to foster innovation and success. Notably, they co-led a $2 million Pre-Series A funding round for Reactional Music, a Stockholm-based company that focuses on music licensing operations. This investment highlights Butterfly Ventures' interest in the music licensing industry, showcasing their willingness to support companies that are scaling their music licensing efforts.


15. Icebreaker.vc

  • Website: icebreaker.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2016
  • Headcount: 11-50
  • Number of deals in 2024: 7
  • LinkedIn: icebreaker-vc

Icebreaker.vc is a venture capital firm based in Helsinki, Finland, founded in 2016. The firm specializes in providing funding and support to idea-stage technology startups, primarily in Finland, Estonia, and Sweden. Icebreaker.vc has been involved in several notable transactions, particularly with Flowhaven, a brand licensing solution. They participated in Flowhaven's seed funding round in December 2019, which raised $5.2 million, and also contributed to the Series A round in January 2021, where Flowhaven raised $16 million. Additionally, they were involved in Flowhaven's pre-seed round in December 2018, raising $284,275. These transactions highlight Icebreaker.vc's active role in the licensing space, particularly in supporting companies that operate within the broader licensing industry, which includes music licensing.


16. 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 valuable networks to help entrepreneurs navigate their business challenges. While their investment focus includes diverse industries such as biotech and fintech, they have also made significant strides in the music licensing sector. Notably, Brunnur Ventures invested in ATMO Select, a provider of in-store music solutions, in a $1.5 million Series A funding round announced in December 2015. This investment highlights their interest in innovative solutions that enhance customer experiences through music, showcasing their relevance in the music licensing industry.


17. Chr. Augustinus Fabrikker


Chr. Augustinus Fabrikker A/S is a venture capital firm based in Copenhagen, Denmark, founded in 1750. The firm specializes in long-term ownership of Danish businesses across diverse sectors, including healthcare, design, and hospitality. Recently, they have been involved in significant transactions in the audio content space, particularly with Podimo, a Copenhagen-based platform for podcasts and audiobooks. Podimo has raised substantial funding in multiple rounds, including $77.7 million in a Series B round in November 2021 and €58.6 million in a subsequent round in September 2022. These investments highlight Chr. Augustinus Fabrikker's strategic interest in the audio content market, which is closely related to music licensing, as it involves the distribution and monetization of audio content.


18. Sparkmind.vc

  • Website: sparkmind.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2017
  • Headcount: 1-10
  • Number of deals in 2024: 2
  • LinkedIn: sparkmind-vc

Sparkmind.vc is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2017. The firm specializes in the learning sector, focusing on innovative educational technology startups. With a small team of 1-10 members, Sparkmind.vc provides funding and expertise to help transform learning experiences for businesses in the education industry. Notably, they participated in a funding round for Fretello, an Austrian-based EdTech startup, which raised approximately EUR 3 million. This funding is aimed at expanding Fretello's learning offerings and forming partnerships in the global music business, highlighting Sparkmind.vc's engagement with the music industry and its potential relevance to music licensing.


19. 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 led a €5 million Series A investment round in Neural DSP Technologies, a company that develops innovative music technology solutions. This transaction highlights CapMan's engagement in the music sector, particularly in supporting companies that may influence music licensing and production.



Music Licensing Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
SpotifyStockholm, Stockholm, Sweden5001-1000020061
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
CreandumStockholm, Stockholm, Sweden11-50200317
Bonnier VenturesStockholm, Stockholm, Sweden1-1020131
SebStockholm, Stockholm, Sweden10001+185613
InvestinorTrondheim, Trøndelag, Norway11-5020084
Kichi InvestStockholm, Stockholm, Sweden1-1020160
Brightly VenturesStockholm, Stockholm, Sweden1-1020180
Luminar VenturesStockholm, Stockholm, Sweden1-1020177
Spintop VenturesStockholm, Stockholm, Sweden1-1020094
Heartcore CapitalCopenhagen, Denmark11-50200717
CniStockholm, Stockholm, Sweden1-1020121
Butterfly VenturesHelsinki, Uusimaa, Finland1-1020125
Icebreaker.vcHelsinki, Uusimaa, Finland11-5020167
Brunnur VenturesReykjavík, Reykjavíkurborg, Iceland1-1020142
Chr. Augustinus FabrikkerCopenhagen, Denmark11-5017501
Sparkmind.vcHelsinki, Uusimaa, Finland1-1020172
CapManHelsinki, Uusimaa, Finland51-20019894


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