The semiconductor manufacturing industry in the Nordics is a vital segment of the tech ecosystem, involving companies focused on design, production, and innovative materials for semiconductor devices. Companies range from well-established firms developing cutting-edge chip technology to startups specializing in advanced materials and nanotechnology. The region is increasingly recognized for its commitment to sustainability and energy-efficient solutions, making it a significant player as global demand for semiconductors rises. Notably, the Nordics are home to firms pioneering in gallium nitride technology, which is crucial for modern electronic applications, promising strong growth in the coming years.


The list of investors includes a variety of corporate venture capital firms, private equity companies, and traditional venture capitalists, predominantly located in Stockholm and Helsinki. With firm sizes varying from small startups to large corporations, these investors were founded between 1856 and 2019 and collectively participated in 2024 in over 130 unique funding deals focused on semiconductor innovations. This activity highlights a robust commitment to shaping the future of semiconductor manufacturing in the Nordics, supporting both early-stage startups and established firms to drive sector advancement.


Top 19 Semiconductor Manufacturing 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 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 that highlight its interest in technology sectors, including semiconductor manufacturing. Notably, it invested in SweGaN, a company specializing in gallium nitride technology, which is crucial for semiconductor applications. Other investments include Xenergic, NordAmps, Hexagem, and AlixLabs, which, while not all directly in semiconductor manufacturing, indicate Almi's broader engagement in technology and innovation sectors. This diverse portfolio reflects Almi's commitment to fostering technological advancements in Sweden.


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 been involved in several transactions relevant to the semiconductor manufacturing context. For example, they acquired Murata Electronics (Finland) in 2002, a company that plays a role in the electronics sector, which is heavily reliant on semiconductor technology. Additionally, their acquisition of BBS Automation in 2018 highlights their interest in automation solutions that are critical for complex manufacturing processes, including those in semiconductor production. These transactions reflect EQT's strategic positioning within industries that intersect with semiconductor manufacturing.


3. Chalmers Ventures


Chalmers Ventures is a venture builder and tech investor based in Sweden, founded in 2015. They specialize in deep tech innovations and actively support researchers and entrepreneurs in commercializing their technologies. Their investment model emphasizes active ownership and providing business guidance, financing, and community networking to help startups scale and succeed. Notably, they have invested in Smoltek AB, which focuses on advanced materials for semiconductor applications, and ZeroPoint Technologies, which is involved in energy-efficient technologies that could have implications for semiconductor manufacturing. In 2024 alone, they participated in significant funding rounds for ZeroPoint Technologies, raising over $8 million in Series A funding, showcasing their commitment to supporting innovative companies in the tech sector, including those relevant to semiconductor manufacturing.


4. Indutrade Life Science

  • Website: indutrade.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1978
  • Headcount: 1001-5000
  • Number of deals in 2024: 14
  • LinkedIn: indutrade-life-science

Indutrade Life Science is a corporate investor based in Stockholm, Sweden, founded in 1978. The company is part of an industrial group that focuses on developing and acquiring companies with high technical expertise across technology and industrial sectors. Indutrade emphasizes long-term relationships with its customers and operates through a decentralized structure, allowing its subsidiaries to maintain independence while benefiting from the group's resources. In 2023, Indutrade made significant acquisitions, including I-tronik S.r.l., an Italian company specializing in machinery and services for the assembly and manufacturing of Printed Circuit Boards (PCBs), which is crucial for semiconductor manufacturing. This acquisition highlights Indutrade's strategic interest in the semiconductor supply chain. Additionally, the company has made other acquisitions in various sectors, reinforcing its position as a diversified industrial investor.


5. 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 fund 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. Notably, they have invested in semiconductor companies such as AlixLabs, which raised SEK 40M in funding to expand its operations. Additionally, they have participated in multiple funding rounds for ZeroPoint Technologies, which has raised significant amounts in seed and Series A funding to grow its international presence and develop new products. This track record highlights Industrifonden's engagement in the semiconductor manufacturing sector, aligning with their goal of creating long-term value through partnerships with passionate founders.


6. NCAB Group

  • Website: ncabgroup.com
  • Type: Corporate
  • Headquarters: Sundbyberg, Stockholm, Sweden
  • Founded year: 1993
  • Headcount: 501-1000
  • Number of deals in 2024: 4
  • LinkedIn: ncab-group

NCAB Group is a corporate investor based in Sundbyberg, Stockholm, Sweden, specializing in the manufacturing of printed circuit boards (PCBs). Founded in 1993, the company has established itself as a key player in delivering high-quality PCBs through stringent quality controls and efficient production processes. Their clientele includes OEMs and EMS providers who depend on NCAB for reliable and timely PCB solutions. In 2024, NCAB Group has been active in expanding its market presence through several strategic acquisitions, including the purchase of ICOM, a company that enhances their PCB capabilities. In 2023, they acquired Phase 3 Technologies, a US-based PCB manufacturer, for $23.5 million, which is expected to bolster their growth in the US market. Additionally, NCAB has made significant acquisitions of PCB divisions from companies like DVS Global and EPI Components Trade, further strengthening their position in the European PCB market. These transactions highlight NCAB's commitment to enhancing its capabilities in the semiconductor manufacturing ecosystem.


7. 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 telecommunications company based in Stockholm, Sweden, founded in 1876. It specializes in providing advanced connectivity solutions, including 5G networks and IoT platforms, aimed at enhancing operational efficiency and user experiences. As an investor, Ericsson has engaged in several notable transactions that align with semiconductor manufacturing and related technologies. For example, they participated in a Series B funding round for Skorpios Technologies, which focuses on advanced semiconductor technologies. Additionally, their investment in Adapteva, a company known for its transformative technology in processing, further highlights their interest in the semiconductor space. More recently, Ericsson Ventures invested in Nubis Communications, a photonics innovator, which is relevant as photonics technology often intersects with semiconductor applications. These transactions illustrate Ericsson's commitment to investing in technologies that support and enhance semiconductor manufacturing and applications.


8. Inventure

  • Website: inventure.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2005
  • Headcount: 11-50
  • Number of deals in 2024: 9
  • LinkedIn: inventure

Inventure is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2005. The firm focuses on backing ambitious Nordic and Baltic founders, providing venture capital investment and portfolio management services to early-stage tech startups. Notably, Inventure has participated in several funding rounds for Canatu, a nanotechnology company that specializes in conductive films and touch sensors, which are integral to semiconductor manufacturing. Inventure's investments in Canatu include a Series A round in 2010, a Series B round in 2013, and a Series C round in 2016, demonstrating a sustained commitment to supporting innovation in the semiconductor space. Additionally, Inventure has invested in other tech startups, but their involvement with Canatu highlights their relevance to the semiconductor manufacturing industry.


9. Navigare Ventures


Navigare Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2021. The firm specializes in early-stage science-driven companies, providing capital, expertise, and networking opportunities to startups in advanced computing, synthetic biology, and data-driven life sciences. In 2023, Navigare Ventures led a funding round for AlixLabs, a semiconductor company based in Lund, Sweden, which raised SEK 40M to expand its operations. Additionally, they participated in funding for TeraSi, a deeptech startup focused on system-in-package technology, and Adamant Quanta, which is developing diamond-based chip-scale atomic clocks. These investments highlight Navigare Ventures' active role in the semiconductor manufacturing industry, alongside their broader investment strategy.


10. Innovestor

  • Website: innovestorgroup.com
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2014
  • Headcount: 11-50
  • Number of deals in 2024: 12
  • LinkedIn: innovestor

Innovestor is an investment management company based in Helsinki, Uusimaa, Finland, specializing in venture capital, real estate, and energy storage. Founded in 2014, Innovestor focuses on providing funding and support to early-stage startups and corporations, particularly in technology and life sciences. They offer services such as investment advice, corporate venturing, and participation in accelerator programs. Notably, Innovestor has participated in a seed funding round for Chipmetrics, a company focused on semiconductor technology, which aims to enhance product development and production capabilities. This involvement highlights Innovestor's engagement in the semiconductor manufacturing sector, alongside their other investments in diverse fields such as bioprinting and scientific ventures.


11. Voima Ventures

  • Website: voimaventures.com
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2019
  • Headcount: 11-50
  • Number of deals in 2024: 11
  • LinkedIn: voima-ventures

Voima Ventures is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2019. The firm specializes in funding early-stage science-based innovations and deep tech ventures, providing capital and expertise to help startups scale their solutions for global challenges. Voima Ventures operates primarily in the Nordic and Baltic regions and has been active in various sectors, including life sciences and advanced manufacturing. Notably, they have invested in ElFys, which is focused on producing photodetectors for wearable devices, raising a total of €3M in funding to ramp up production. This investment highlights their engagement in the semiconductor manufacturing context. Additionally, they have supported other deep tech companies like n-Ink and Quantrol Ox, further demonstrating their commitment to innovative technologies that may intersect with semiconductor applications.


12. 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 resilient founders across various sectors. Lifeline Ventures has been actively involved in several notable transactions, particularly in the augmented reality and mixed reality domains. For instance, they participated in the Series A and Series B funding rounds for Dispelix, a company focused on AR waveguide technology, which is crucial for the development of next-generation displays that often utilize semiconductor components. Additionally, Lifeline Ventures was part of the Series D investment in Varjo, a company known for its high-end enterprise XR headsets, which also rely on advanced semiconductor technologies. These transactions highlight Lifeline Ventures' engagement in sectors that intersect with semiconductor manufacturing, making them a relevant player in this space.


13. 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 a variety of 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 has been involved in significant transactions within the semiconductor sector, including venture funding for Silex Microsystems, which raised $25 million in July 2008 and received additional venture funding in December 2006. These transactions highlight CapMan's engagement in the semiconductor manufacturing industry, alongside its broader investment activities.


14. 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, founded in 1856, providing a wide 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. In recent years, SEB has participated in various funding rounds for technology companies, including Exeger, which raised significant funds for its Powerfoyle® technology, and Northvolt, which raised $1.6 billion for battery manufacturing. These transactions indicate SEB's involvement in sectors that are adjacent to semiconductor manufacturing, although its primary focus remains on financial services rather than direct investments in semiconductor manufacturing.


15. Scania Group

  • Website: scania.com
  • Type: Venture Capital
  • Headquarters: Sweden
  • Founded year: 1891
  • Headcount: 10001+
  • Number of deals in 2024: 6
  • LinkedIn: scania

Scania Group, founded in 1891, is a prominent vehicle and engine manufacturer based in Sweden, specializing in commercial vehicles such as heavy trucks and buses. The company not only provides vehicles but also offers a range of services including repair, maintenance, and financial solutions to enhance operational efficiency in the transportation and logistics sectors. In recent years, Scania Group has expanded its investment portfolio through Scania Growth Capital, focusing on innovative technology companies. Notably, they participated in funding rounds for Black Semiconductor, a chip manufacturer, and Scantinel Photonics, which is developing advanced LiDAR technology that relies on semiconductor components. These investments highlight Scania's commitment to supporting advancements in semiconductor technology, aligning with their strategic interests in enhancing vehicle technology and sustainability.


16. Stoaf


STOAF is a venture capital firm based in Stockholm, Sweden, founded in 2008. The firm specializes in providing funding and expertise to startups in technology-driven sectors, particularly focusing on B2B companies with strong growth potential. Stoaf offers venture capital investment and consulting services to help entrepreneurs navigate their business challenges and achieve successful exits. Notably, Stoaf has participated in significant transactions within the semiconductor manufacturing context, including a Series A investment in SweGaN AB, a company that produces GaN-on-SiC epitaxial wafers, raising 125 million Swedish Krone. Additionally, they have been involved in funding rounds for other technology companies, showcasing their commitment to supporting innovative ventures in the tech space.


17. Nordic Option Oy

  • Website: nordicoption.fi
  • Type: Venture Capital
  • Headquarters: Oulu, North Ostrobothnia, Finland
  • Founded year: 1994
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: nordic-option-oy

Nordic Option Oy is a venture capital firm based in Oulu, North Ostrobothnia, Finland, founded in 1994. The firm specializes in providing growth capital and business development support to small and medium-sized enterprises in Northern Finland. It focuses on investing in businesses with proven growth potential, offering not only financial resources but also expertise and networks to facilitate their development. Notably, Nordic Option Oy led a €23 million Series C funding round for TactoTek, a company that specializes in injection molded structural electronics, which is relevant to the semiconductor manufacturing industry. This investment highlights Nordic Option's engagement with technology-driven companies, although its other investments, such as those in SPECIM, Screentec Oy, Tekniseri, and Sensmet, do not explicitly indicate a focus on semiconductor manufacturing. Overall, while Nordic Option Oy has made significant investments in technology sectors, its primary focus appears to be on regional growth rather than a dedicated strategy in semiconductor manufacturing.


18. Mycronic

  • Website: mycronic.com
  • Type: Corporate
  • Headquarters: Handen, Stockholms Län, Sweden
  • Founded year: 1989
  • Headcount: 1001-5000
  • Number of deals in 2024: 2
  • LinkedIn: mycronic

Mycronic is a corporate investor based in Handen, Stockholms Län, Sweden, founded in 1989. The company specializes in manufacturing high-precision production equipment for the electronics industry, with a significant focus on semiconductor and display manufacturing. In 2024, Mycronic's Global Technologies division announced the acquisition of Vanguard Automation, a German company known for its 3D microfabrication technology, aimed at enhancing Mycronic's die bonding and optical packaging solutions. This acquisition is expected to bolster their offerings in semiconductor manufacturing. Additionally, Mycronic has previously acquired Shenzhen Axxon Automation Co., which specializes in dispensing equipment, and Automation Engineering, Inc., which focuses on camera assembly systems for automotive applications. These strategic acquisitions reflect Mycronic's commitment to innovation and its goal to strengthen its position in the semiconductor manufacturing landscape.


19. 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 made several investments that reflect its interest in semiconductor technologies, including a Series B investment in Skorpios Technologies, which raised $19 million in 2011, focusing on advanced semiconductor solutions. Additionally, Nokia has engaged in grants to companies like HaiLa Technologies Inc. and SPARK Microsystems, which are also involved in technology that intersects with semiconductor applications. These transactions highlight Nokia's strategic approach to integrating semiconductor technology into its broader telecommunications and technology offerings.



Semiconductor Manufacturing Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
AlmiStockholm, Stockholm, Sweden201-50019947
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
Chalmers VenturesSweden11-50201526
Indutrade Life ScienceStockholm, Stockholm, Sweden1001-5000197814
IndustrifondenStockholm, Stockholm, Sweden11-5019799
NCAB GroupSundbyberg, Stockholm, Sweden501-100019934
EricssonStockholm, Stockholm, Sweden10001+18763
InventureHelsinki, Uusimaa, Finland11-5020059
Navigare VenturesStockholm, Stockholm, Sweden1-1020213
InnovestorHelsinki, Uusimaa, Finland11-50201412
Voima VenturesHelsinki, Uusimaa, Finland11-50201911
Lifeline VenturesHelsinki, Uusimaa, Finland1-10200914
CapManHelsinki, Uusimaa, Finland51-20019894
SebStockholm, Stockholm, Sweden10001+185613
Scania GroupSweden10001+18916
StoafStockholm, Stockholm, Sweden11-5020080
Nordic Option OyOulu, North Ostrobothnia, Finland1-1019941
MycronicHanden, Stockholms Län, Sweden1001-500019892
NokiaEspoo, Uusimaa, Finland10001+18653


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