Top 19 Nutritional Snack Investors in the Nordics
Top 19 Nutritional Snack Investors in the Nordics
The nutritional snack industry in the Nordics has seen remarkable growth, driven by a rising demand for health-conscious living. Companies in this market range from innovative startups to established brands, offering products like protein bars, plant-based bites, and functional snacks. Consumer preferences are shifting toward organic ingredients, vegetarian options, and transparency in sourcing, prompting a wave of innovation. Industry players are increasingly focusing on sustainability, with packaging and production methods aligning more closely with environmental concerns. Insights reveal that the integration of technology in product development is likely to shape the future of snacks, making healthier options even more accessible.
The list includes a mix of investor types, predominantly venture capital and corporate investors, headquartered mainly in Stockholm and Oslo. Companies range in size from micro funds to large private equity firms, with founding years reaching back to 1936; these investors showed significant engagement in 2024, collectively closing numerous deals in the nutritional snack sector. Notably, firms like Novo Holdings have actively expanded their portfolios, illustrating a strong commitment to funding the evolution of food products aligned with health trends.
Top 19 Nutritional Snack Investors in the Nordics
1. Novo Holdings
- Website: novoholdings.dk
- Type: Venture Capital
- Headquarters: Hellerup, Denmark
- Founded year: 1999
- Headcount: 51-200
- Number of deals in 2024: 45
- LinkedIn: novo-a-s
Novo Holdings A/S is a not-for-profit investment firm based in Hellerup, Denmark, founded in 1999. It manages the assets of the Novo Nordisk Foundation and primarily invests in life science companies at various stages of development, providing capital and strategic support to enhance healthcare solutions. In recent years, Novo Holdings has expanded its portfolio to include investments in the nutritional snack sector. Notable transactions include a $75 million investment in Kate Farms, which specializes in nutritional products, and a €22 million investment in The Protein Brewery, a company focused on developing protein-based food products. Additionally, they have invested in MATR Foods and Reduced, both of which are working on innovative nutritional solutions. These investments highlight Novo Holdings' commitment to supporting companies that contribute to the nutritional landscape, making them a relevant player in the nutritional snack industry.
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. Notably, EQT has made significant investments in the food sector, including the acquisition of BackWerk, a German bakery chain, and Findus Sverige, a food production company. They also invested in Supplant, which raised $18 million in Series A funding, indicating interest in innovative food solutions. Furthermore, their acquisition of Fertin Pharma, a Danish manufacturer of medicated chewing gum, highlights their engagement in the snack industry. These transactions reflect EQT's strategic focus on food-related investments, particularly in the nutritional snack context.
3. Kale United
- Website: kaleunited.com
- Type: Corporate
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2018
- Headcount: 1-10
- Number of deals in 2024: 2
- LinkedIn: kaleunited
Kale United is an investment firm based in Stockholm, Sweden, founded in 2018. It specializes in sustainable food production through impact investments in plant-based and foodtech companies. The firm caters to both individual and institutional investors who are interested in supporting the transition to a plant-based lifestyle while achieving financial returns. Notably, Kale United has been involved in several relevant transactions, including a significant acquisition of Lily & Hanna's, a Swedish vegan ice cream brand, which enhances their portfolio in the nutritional snack space. They have also invested in Green Planet Astronauts, a plant-based food brand, and OMNI, a startup focused on plant-based dog food, which includes plans for plant-based dog treats. These transactions highlight Kale United's active role in the nutritional snack industry.
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 provides loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden, aiming to enhance their growth and competitiveness through tailored financial solutions. Almi has been involved in several transactions relevant to the nutritional snack industry, including investments in OTTOs barnmat, which raised funds for baby food products, and Swedish Temptations (Bärta), a producer of vegan and organic foods that raised $840k to automate production and expand sales. Additionally, they invested in Havredals, which also aligns with the nutritional snack market. These transactions highlight Almi's active role in supporting businesses that contribute to the nutritional snack sector.
5. Mudcake
- Website: mudcake.com
- Type: Corporate
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2020
- Headcount: 1-10
- Number of deals in 2024: 3
- LinkedIn: trellisroad
Mudcake is an investment microfund based in Stockholm, Sweden, founded in 2020. The firm specializes in supporting startups within the food industry, providing capital and resources primarily in pre-seed and seed rounds. Mudcake operates globally and has a diverse portfolio of companies across multiple continents. Notable transactions include investments in OMNI, a plant-based dog food startup that aims to create health-focused dog treats, and THIS, an alternative meat brand that emphasizes sustainability and health. These investments reflect Mudcake's commitment to innovation in food production and consumption, aligning with trends in nutritional snacks and health-oriented food products.
6. Orkla ASA
- Website: orkla.com
- Type: Corporate
- Headquarters: Oslo, Oslo, Norway
- Founded year: 2017
- Headcount: 10001+
- Number of deals in 2024: 1
- LinkedIn: orkla-asa
Orkla ASA is a leading industrial investment company based in Oslo, Norway, with a workforce of over 10,000 employees. Founded in 2017, Orkla operates across various sectors, including branded consumer goods, aluminium solutions, and financial investments. The company offers a diverse range of products, particularly in food, snacks, health, and personal care. Notably, Orkla has made significant investments in the nutritional snack industry, including the acquisition of Health and Sports Nutrition Group HSNG AB, which operates major e-commerce platforms for health and sports nutrition in the Nordic region. Additionally, Orkla acquired Anamma Foods, a Swedish company specializing in frozen vegan products, further enhancing its portfolio in the health-conscious food market. Other relevant acquisitions include Struer Brød, a Danish cereal manufacturer, and Nói-Siríus HF, Iceland's largest confectionery producer, which also aligns with the snack category. These strategic moves highlight Orkla's commitment to expanding its presence in the nutritional snack sector.
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, providing investment, accelerator programs, and mentorship to early-stage companies. While their primary focus is on sectors like climate-tech and ocean-tech, they have also made significant investments in the food industry. Notably, Katapult has invested in Hooked Foods, a company that produces plant-based snacks, highlighting their interest in the nutritional snack market. Their involvement in this sector, along with other food-related investments, showcases their broader commitment to sustainable and health-conscious food solutions.
8. 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, focusing on 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 invested in NICK’S, which raised $100 million in a Series C round in October 2021, specializing in low-sugar snacks. This investment highlights Kinnevik's engagement in the nutritional snack industry. Additionally, they have invested in HelloFresh, a meal kit service, and Oda, an online grocery platform, which further demonstrates their interest in food-related ventures, although these are not strictly nutritional snacks. Overall, Kinnevik's strategic investments reflect their commitment to redefining industries and addressing global challenges, including health and nutrition.
9. Midsona AB
- Website: midsona.com
- Type: Corporate
- Headquarters: Sweden
- Founded year: 1991
- Headcount: 501-1000
- LinkedIn: midsona-ab-msona-
Midsona AB is a corporate investor based in Sweden, founded in 1991, with a focus on health and wellness. The company develops and markets a range of organic and plant-based food products, catering to the increasing demand for healthier lifestyle choices. Midsona operates primarily in the Nordic region and has expanded into other European markets, emphasizing sustainability and transparency in its operations. Notably, Midsona has made several strategic acquisitions to bolster its position in the nutritional snack market. In 2020, they acquired System Frugt, a Danish fruit and nuts business, for SEK298 million, enhancing their platform for plant-based food production and complementing their existing healthy snack portfolio. Additionally, their acquisition of Davert GmbH in 2018 and Urtekram International A/S in 2015 further solidified their commitment to organic and health-focused products. These transactions reflect Midsona's strategic direction towards becoming a key player in the nutritional snack 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, primarily targeting technology-enabled companies. Verdane provides capital and hands-on support to help businesses scale, with a focus on digitalization and decarbonization trends. Among their notable transactions, Verdane has invested in Fiksuruoka, a company that aims to reduce food waste, which aligns with sustainability in the food sector. They also participated in funding rounds for MatHem, a Swedish online grocer, indicating their engagement in the food industry. However, their primary clientele consists of technology companies, suggesting that their focus may not be exclusively on nutritional snacks.
11. 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 2024, Heartcore has already made 17 investments, showcasing their active role in the venture capital landscape. Notably, they have invested in La Fourche, which raised significant funding in 2023 and 2024, focusing on organic and healthy food products. Additionally, their investment in Front of the Pack, a startup that has gained traction in the nutritional snack market, further highlights their engagement in this sector. Heartcore's diverse portfolio also includes Numi, a milktech startup, indicating their interest in health-oriented food innovations.
12. Lifeline Ventures
- Website: lifelineventures.com
- Type: Venture Capital
- Headquarters: Helsinki, Uusimaa, Finland
- Founded year: 2009
- Headcount: 1-10
- Number of deals in 2024: 14
- LinkedIn: lifeline-ventures
Lifeline Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2009. The firm specializes in early-stage investments, providing financial backing and advisory services to entrepreneurs across various sectors. Lifeline Ventures focuses on supporting resilient founders from the inception of their ventures. Among their notable transactions, they invested in Ambronite, which raised $600,000 in a seed round in 2015, targeting the nutritional meal replacement market. They also participated in multiple funding rounds for Solar Foods, a company innovating in the food production space with a focus on sustainable protein sources. Their investment in Veri, a health tech company, further demonstrates their interest in the health and nutrition sector, as it aims to expand its services related to health and wellness. These transactions highlight Lifeline Ventures' commitment to supporting companies that contribute to the nutritional landscape.
13. 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 has been involved in several transactions relevant to the nutritional snack context, including investments in Smartfish AS, which raised funds for health-focused products, and Dagens, which raised $2,000,000 in 2023, likely indicating a focus on food-related ventures. Other investments include Planktonic AS and Curida, which, while not directly related to snacks, suggest a broader interest in health and nutrition sectors.
14. 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 in deep tech and brand-driven companies, providing funding and support to early-stage startups to help them navigate growth and innovation challenges. Maki.vc operates primarily in the Nordic region but has a global investment mandate. Notably, Maki.vc has participated in several significant transactions, including investments in Onego Bio, a Finnish startup that has developed a technology to produce egg white without chickens. This investment, along with their earlier seed funding for Onego Bio, highlights their engagement in the food technology sector, which is closely related to nutritional snacks. Additionally, Maki.vc has invested in Alvar Pet and TOTEM, although these companies are less directly related to the nutritional snack industry. Overall, Maki.vc's focus on innovative food technologies positions them as a relevant player in the nutritional snack investment landscape.
15. Seb
- Website: sebgroup.com
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1856
- Headcount: 10001+
- Number of deals in 2024: 13
- LinkedIn: seb
Skandinaviska Enskilda Banken AB (SEB) is a leading banking group in Northern Europe, providing a wide range of financial services including corporate and investment banking, asset management, and private wealth management. Founded in 1856, SEB serves large corporations, institutional clients, and private individuals, helping them manage their financial assets and navigate investment opportunities. In recent years, SEB has made significant investments in the food sector, particularly through transactions with companies like Matsmart, which raised substantial funding in multiple rounds, and Motatos, a sustainable e-commerce business focused on food products. These investments highlight SEB's commitment to supporting innovative companies in the nutritional snack and sustainable food markets.
16. 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 is a not-for-profit development financier and impact investor based in Helsinki, Finland, founded in 1980. The organization focuses on creating sustainable futures by investing in companies that address global development challenges, particularly in developing countries. Finnfund provides investment and advisory services to promote economic growth and sustainability across various sectors. Notably, they have invested in Nafoods Group, a Vietnamese food processor, which received a $5 million loan to enhance its operations. They also participated in a $30 million funding round for HealthifyMe, an AI health and fitness startup, indicating their interest in health and nutrition. Furthermore, their investment in EthioChicken, aimed at improving food security, aligns with their mission to support sustainable food production. These transactions highlight Finnfund's engagement in the food and nutrition sectors, making them a relevant player in the nutritional snack investment landscape.
17. Humble Group
- Website: humblegroup.se
- Type: Corporate
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 2009
- Headcount: 501-1000
- LinkedIn: bayn-europe-ab
Humble Group is a corporate investor based in Stockholm, Sweden, founded in 2009. The company operates in the fast-moving consumer goods (FMCG) sector, specializing in innovative and sustainable consumer products. They offer a diverse range of healthier food options, including snacks, confectionery, and functional foods, targeting health-conscious consumers and retailers. Notably, Humble Group has made significant acquisitions in the nutritional snack space, including Wellibites, a leading brand in sugar-free and vitamin-enriched sweets, and Ewalco, a food-ingredients firm that enhances their product offerings. These transactions reflect their commitment to quality and sustainability in the nutritional snack industry, making them a relevant player in this market.
18. Nordic Foodtech VC
- Website: nft.vc
- Type: Venture Capital
- Headquarters: Helsinki, Uusimaa, Finland
- Founded year: 2019
- Headcount: 1-10
- Number of deals in 2024: 7
- LinkedIn: nordic-foodtech-venture-capital
Nordic Foodtech VC is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2019. The firm specializes in investing in early-stage companies that focus on deep foodtech innovations aimed at transforming the food system. Their portfolio includes investments in startups like Ruokaboksi, which received €3.5 million in growth funding, indicating a focus on innovative food solutions. Additionally, they have invested in Chromologics, a company that develops natural food colorings, which could be relevant for nutritional products. Their commitment to supporting sustainable and health-oriented food technologies positions them as a potential investor in the nutritional snack sector.
19. Novax
- Website: novax.se
- Type: Venture Capital
- Headquarters: Stockholm, Stockholm, Sweden
- Founded year: 1999
- Headcount: 11-50
- Number of deals in 2024: 3
- LinkedIn: novax-ab
Novax is a Stockholm-based venture capital firm founded in 1999, focusing on supporting and developing small and medium-sized growth companies across various sectors, including health, technical security, sustainable food, and digital retail infrastructure. They provide investment, advisory services, and foster a collaborative ecosystem to enhance the growth potential of their portfolio companies. Notably, Novax has been involved in several transactions relevant to the nutritional snack industry, such as their acquisition of MSK Ingredients, a leader in specialty ingredients for the food industry, which aims to enhance food ingredient innovation. Additionally, they participated in a significant growth financing round for Prolupin, a company specializing in plant-based proteins, further emphasizing their commitment to sustainable and innovative food solutions. These activities highlight Novax's strategic interest in the nutritional snack sector.
Nutritional Snack Insights: Key Investors in the Nordics
| Investor | Headquarter | Size | Founded | Deals 2024 |
|---|---|---|---|---|
| Novo Holdings | Hellerup, Denmark | 51-200 | 1999 | 45 |
| EQT Group | Stockholm, Stockholm, Sweden | 1001-5000 | 1994 | 30 |
| Kale United | Stockholm, Stockholm, Sweden | 1-10 | 2018 | 2 |
| Almi | Stockholm, Stockholm, Sweden | 201-500 | 1994 | 7 |
| Mudcake | Stockholm, Stockholm, Sweden | 1-10 | 2020 | 3 |
| Orkla ASA | Oslo, Oslo, Norway | 10001+ | 2017 | 1 |
| Katapult | Oslo, Oslo, Norway | 11-50 | 2017 | 8 |
| Kinnevik | Stockholm, Stockholm, Sweden | 11-50 | 1936 | 10 |
| Midsona AB | Sweden | 501-1000 | 1991 | 0 |
| Verdane | Oslo, Oslo, Norway | 51-200 | 1985 | 7 |
| Heartcore Capital | Copenhagen, Denmark | 11-50 | 2007 | 17 |
| Lifeline Ventures | Helsinki, Uusimaa, Finland | 1-10 | 2009 | 14 |
| Investinor | Trondheim, Trøndelag, Norway | 11-50 | 2008 | 4 |
| Maki.vc | Helsinki, Uusimaa, Finland | 1-10 | 2018 | 11 |
| Seb | Stockholm, Stockholm, Sweden | 10001+ | 1856 | 13 |
| Finnfund | Helsinki, Uusimaa, Finland | 51-200 | 1980 | 7 |
| Humble Group | Stockholm, Stockholm, Sweden | 501-1000 | 2009 | 0 |
| Nordic Foodtech VC | Helsinki, Uusimaa, Finland | 1-10 | 2019 | 7 |
| Novax | Stockholm, Stockholm, Sweden | 11-50 | 1999 | 3 |
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