The music streaming industry in the Nordics is vibrant and innovative, known for its substantial contributions to global music consumption. Companies range from established giants like Spotify, offering extensive music libraries and podcasts, to emerging startups developing niche listening experiences and social music-sharing platforms. This region is a hotbed for tech-driven music solutions, where entrepreneurship thrives. As consumer preferences shift toward personalized content, the industry is increasingly incorporating AI, enhancing user engagement and discovery. Furthermore, partnerships with social media platforms and expansion into live audio experiences are creating new revenue streams, signaling promising growth ahead.

In 2024, a noteworthy collection of 19 investors thrived in the Nordic music streaming sector, showcasing a mix of venture capital firms and corporate players. Headquartered primarily in Stockholm, these investors vary in size, from small teams to significant institutional entities, with founding years stretching from 1839 to 2019. Notably, many had active deal-making years in 2024, indicating a robust interest in music tech innovations. Investors like Creandum and Bonnier Ventures have made pivotal contributions, underlining the region's potential as a hotspot for growth and opportunity in music streaming.

Top 19 Music Streaming 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. Notably, Almi Invest has participated in several transactions within the music industry, including a SEK 20 million investment in Auddly, a Stockholm-based song project management platform, which raised funds for product development and marketing. Additionally, Almi has been involved in funding rounds for Starmony, a music tech company that allows users to create and release music globally. These transactions highlight Almi's commitment to supporting innovation in the music streaming 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. It offers users access to a vast library of audio content, allowing them to stream music and podcasts on various devices, create and share playlists, and enjoy both free and premium subscription options. As an investor, Spotify has made several strategic acquisitions and investments to enhance its services and expand its offerings. Notable transactions include the acquisition of Sonantic, a company specializing in voice synthesis technology, which could improve audio content creation on their platform. They also acquired Soundtrap, an online music studio, and niland, a music data analytics company, both aimed at enriching the user experience and supporting artists. Additionally, Spotify's passive investment in DistroKid, an independent music distributor, highlights their commitment to facilitating music distribution for artists, further solidifying their role in the music streaming ecosystem.

3. 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 across various sectors, including fintech and health tech. Creandum provides venture capital investment, strategic support, and networking opportunities to startups, focusing on nurturing companies from seed to IPO. Notably, Creandum has made significant investments in the music streaming industry, including a $21.64 million investment in Spotify during its Series A round in 2008 and a subsequent $21.64 million in the secondary market in 2014. Additionally, they invested in Epidemic Sound, contributing $5 million in a Series A round in 2014, aimed at expanding the company's library of music tracks and operational capabilities. These transactions highlight Creandum's active role in the music streaming sector, making them a relevant investor in this category.

4. 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. Notably, EQT has made significant investments in the music streaming industry, particularly through its involvement with Epidemic Sound, where they participated in multiple funding rounds, including a SEK 4.6 billion financing round in 2021 and earlier rounds in 2017 and 2019. Additionally, EQT has invested in Storytel, a leading audiobook and ebook streaming service, acquiring a substantial share and participating in a directed share issue in 2022. These transactions highlight EQT's commitment to the growth of music and audio streaming services, reinforcing their relevance in this sector.

5. 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 Copenhagen, specializing in providing seed funding and advisory services to technology startups in Denmark. Founded in 2004, the firm has a strong track record of successful investments, particularly in sectors such as SaaS and Fintech. Among their notable transactions, they invested in Mofibo, a music streaming service, in both seed and venture rounds in 2013 and 2016, respectively. This involvement in Mofibo highlights their interest in the music streaming industry, alongside their broader focus on technology startups. Seed Capital supports its portfolio companies from seed stage to exit, helping founders navigate their growth journey and secure further funding.

6. Schibsted

• Website: schibsted.com
• Type: Corporate
• Headquarters: Oslo, Oslo, Norway
• Founded year: 1839
• Headcount: 5001-10000
• Number of deals in 2024: 3
• LinkedIn: schibsted-asa

Schibsted Media Group is a corporate investor based in Oslo, Norway, with a rich history dating back to 1839. Originally a publishing company, Schibsted has transitioned into the digital marketplace sector, offering online platforms for classified ads and second-hand goods. In recent years, Schibsted has shown a keen interest in the audio content space, particularly through its acquisition of Podme, a podcast platform based in Stockholm, Sweden. Schibsted acquired 91% of Podme's shares in June 2021, having previously held a significant stake. This acquisition highlights Schibsted's commitment to expanding its portfolio in the audio content industry, which is closely related to music streaming. Additionally, Schibsted has participated in funding rounds for other audio-related ventures, indicating a broader strategy to engage with digital audio content.

7. 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 Stockholm-based venture capital firm founded in 2013, operating as the investment division of the Bonnier Group. The firm focuses 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 made significant investments in the music tech sector, including a $3.5 million funding round for Starmony, a Swedish company that allows users to create and release music globally via a mobile app. This investment highlights their interest in innovative solutions within the music industry. Additionally, they have invested in other companies like We Are Voice and Acast, further showcasing their engagement in media and audio-related ventures.

8. Telia

• Website: teliacompany.com
• Type: Corporate
• Headquarters: Solna, Stockholm, Sweden
• Founded year: 1853
• Headcount: 10001+
• LinkedIn: teliacompany

Telia Company AB is a telecommunications company based in Solna, Stockholm, Sweden, founded in 1853. With over 10,000 employees, Telia provides a wide range of services, including IoT connectivity, smart city solutions, and telephony services, primarily in the Nordic and Baltic regions. As an investor, Telia has participated in notable transactions within the music streaming context, including a significant investment in Spotify during its Series E-K funding round in June 2015, which raised at least $350 million. This investment was part of a larger capital round that valued Spotify at $8 billion, highlighting Telia's commitment to the music streaming sector. Additionally, Telia has invested in Solidsport, a sports streaming events operator, further demonstrating their interest in streaming services. Overall, Telia's investment activities reflect a strategic approach to enhancing connectivity and operational efficiency in the digital streaming landscape.

9. 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. Heartcore has been actively involved in the audio content space, particularly through its investments in Podimo, a Copenhagen-based platform for podcasts and audiobooks. Podimo has successfully raised significant funding across multiple rounds, including a Series B round of approximately €58.6 million in September 2022 and earlier rounds totaling over $77 million. Additionally, Heartcore's investment in Mofibo, a digital reading platform, further showcases their interest in content delivery platforms, which can be relevant to the music streaming 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, providing capital and hands-on support to help businesses scale. Verdane focuses on digitalization and decarbonization trends, primarily targeting technology companies looking to enhance their market position and operational efficiency. Among their notable transactions, Verdane has invested in Reason Studios and Allihoopa, both of which are involved in music technology. Reason Studios is known for its music production software, while Allihoopa is a platform for music collaboration and sharing. These investments highlight Verdane's engagement in the music streaming and technology space, making them a relevant player in this sector.

11. 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. Industrifonden provides financial support and strategic guidance to startups, helping them scale their innovative solutions and create long-term value through partnerships with passionate founders. Notably, Industrifonden has invested in Soundtrap, a music streaming platform that raised $6 million in Series A funding in October 2016. This investment highlights Industrifonden's engagement in the music streaming sector, alongside other investments in technology-driven companies such as Accedo and Widespace, which focus on mobile advertising and video streaming solutions. This diverse portfolio showcases Industrifonden's adaptability and interest in various technology sectors, including music streaming.

12. 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 manages state interests in seed and venture funds and collaborates with entrepreneurs and other investors. Notably, Investinor participated in the 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 streaming industry. Additionally, they have been involved in various other transactions, such as funding Nomono in a seed round and Skitude in a Series A round, showcasing their diverse investment portfolio.

13. Superhero Capital

• Website: superherocapital.com
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2015
• Headcount: 1-10
• Number of deals in 2024: 7
• LinkedIn: superhero-capital

Superhero Capital is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2015. The firm specializes in seed funding for software-driven startups in the New Nordics region, providing financial backing and strategic support to entrepreneurs. Notably, Superhero Capital has participated in significant funding rounds for music-related ventures, including Singa, which raised €1.75M in seed funding in 2017 and $1,586,203 in a venture round in 2021. These investments aim to scale operations and enhance market presence in the karaoke and singing space, showcasing Superhero Capital's commitment to fostering innovation in the music streaming industry. Additionally, they have engaged in various other technology-focused investments, but their involvement with Singa highlights their relevance to the music sector.

14. 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, Spintop Ventures has been involved in several notable transactions, particularly in the music technology space. One of their key investments is in Pacemaker, a Swedish DJ app company, where they participated in multiple seed funding rounds totaling over $2.5 million from 2015 to 2017. This involvement highlights their interest in the music streaming and technology sectors, showcasing their commitment to fostering growth in innovative companies within this space.

15. 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 has a diverse portfolio that includes innovative companies across different sectors. Notably, they have invested in Epidemic Sound, which raised $1,000,000 in a venture round in April 2017, and Starflow, which raised approximately $2,378,099 in July 2017. These investments highlight Kichi Invest's engagement in the music streaming industry, showcasing their commitment to supporting companies that enhance the music experience and distribution.

16. TIN Fonder

• Website: tinfonder.se
• Type: Corporate
• Headquarters: Solberga, Stockholm, Sweden
• Founded year: 2019
• Headcount: 1-10
• LinkedIn: tin-fonder

TIN Fonder is an investment management firm based in Solberga, Stockholm, Sweden, founded in 2019. The firm specializes in mutual funds that focus on technology and health sectors, offering products like TIN Ny Teknik and TIN World Tech. TIN Fonder caters to both individual and institutional investors seeking growth opportunities in innovative companies. They provide financial advice and regular updates through newsletters and live streams. Notably, TIN Fonder has participated in significant transactions within the music streaming context, including an investment in Epidemic Sound, which raised SEK 4.6 billion in a financing round, indicating their engagement in the music licensing and streaming industry. Additionally, they have been involved with Storytel, a company that offers audiobook and podcast streaming services, further showcasing their interest in the broader media and entertainment sector.

17. 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 prominent banking group based in Stockholm, Sweden, founded in 1856. 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, assisting them in managing their financial assets and exploring investment opportunities. Notably, Seb has made significant investments in the music streaming sector, including a $20 million venture round for Epidemic Sound in July 2019, a company that specializes in providing music for various media. This investment highlights Seb's engagement in the music industry, alongside other transactions such as their involvement with Accedo, a video experience pioneer, which, while not directly a music streaming service, indicates their interest in media-related technologies.

18. 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 aims to provide capital and strategic support to early-stage companies. Butterfly Ventures emphasizes social and environmental impact, actively engaging 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 focused on music licensing, showcasing their involvement in the music sector. This investment aligns with their strategy of supporting innovative companies, even if their primary focus remains on deep tech.

19. Maki.vc

• Website: maki.vc
• Type: Venture Capital
• Headquarters: Helsinki, Uusimaa, Finland
• Founded year: 2018
• Headcount: 1-10
• Number of deals in 2024: 11
• LinkedIn: maki-vc

Maki.vc is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2018. The firm specializes in seed-stage investments, focusing on deep tech and brand-driven companies. Maki.vc aims to support early-stage startups in navigating growth and innovation challenges. They have a global investment mandate but primarily operate in the Nordic region. Notably, Maki.vc has invested in Singa, a music streaming service that raised over $1.5 million in a venture round in November 2021. This investment highlights their engagement in the music streaming industry. Additionally, they have participated in various other funding rounds, including those for gaming and entertainment companies, indicating a diverse investment portfolio.

Music Streaming Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Spotify	Stockholm, Stockholm, Sweden	5001-10000	2006	1
Creandum	Stockholm, Stockholm, Sweden	11-50	2003	17
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Seed Capital Denmark	Frederiksberg, Frederiksberg, Denmark	1-10	2004	5
Schibsted	Oslo, Oslo, Norway	5001-10000	1839	3
Bonnier Ventures	Stockholm, Stockholm, Sweden	1-10	2013	1
Telia	Solna, Stockholm, Sweden	10001+	1853	0
Heartcore Capital	Copenhagen, Denmark	11-50	2007	17
Verdane	Oslo, Oslo, Norway	51-200	1985	7
Industrifonden	Stockholm, Stockholm, Sweden	11-50	1979	9
Investinor	Trondheim, Trøndelag, Norway	11-50	2008	4
Superhero Capital	Helsinki, Uusimaa, Finland	1-10	2015	7
Spintop Ventures	Stockholm, Stockholm, Sweden	1-10	2009	4
Kichi Invest	Stockholm, Stockholm, Sweden	1-10	2016	0
TIN Fonder	Solberga, Stockholm, Sweden	1-10	2019	0
Seb	Stockholm, Stockholm, Sweden	10001+	1856	13
Butterfly Ventures	Helsinki, Uusimaa, Finland	1-10	2012	5
Maki.vc	Helsinki, Uusimaa, Finland	1-10	2018	11

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