The airline revenue management software industry in the Nordics is thriving, fueled by technological advancements and a focus on optimizing revenues for airline operators. Companies in this sector offer innovative solutions that leverage data analytics to enhance pricing strategies, demand forecasting, and capacity planning. Key players include startups and established firms specializing in software applications tailored to the aviation market. As airlines increasingly embrace digital transformation, these software solutions are evolving, encompassing not only traditional revenue management techniques but also integrating with ancillary service offerings and customer relationship management systems, paving the way for a more holistic approach to airline profitability.

The investors featured in this article represent a mix of private equity and venture capital firms, headquartered primarily in Stockholm and Copenhagen. These firms vary in size, with some having a robust workforce, while others are more compactly structured. Founded from 1936 to 2016, their investment activity in 2024 showcases a commitment to supporting the airline revenue management software sector. With multiple investments leading to active engagements and prominent market players, these investors demonstrate an intriguing blend of experience and youthful ambition, driving innovation across the Nordic airline industry.

Top 8 Airline Revenue Management Software Investors in the Nordics

1. 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 private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing varied investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the airline and travel sectors, including a $200 million investment in TravelPerk, a leading travel management platform, in January 2025. Additionally, they invested in Unilode Aviation Solutions, which focuses on aviation services, indicating their engagement in the airline industry. Their acquisition of IFS, a company that provides enterprise software solutions, further demonstrates their interest in technology that could intersect with airline revenue management. These transactions highlight EQT's strategic positioning within the travel and airline sectors, making them a relevant player in the context of airline revenue management software.

2. 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, they have participated in significant transactions within the travel tech space, such as their investments in cargo.one, a digital booking platform for air cargo, which raised multiple funding rounds totaling over $60 million. Additionally, they have invested in Distribusion Technologies, a B2B ground transportation marketplace, indicating their active role in the travel and transportation sectors, which are closely related to airline revenue management.

3. 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, 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. Inventure has been involved in various transactions, including a notable investment in Reveel, a Finnish traveltech startup that secured $650k to enhance its team and explore new revenue models. This investment suggests a potential interest in the travel sector, which could relate to airline revenue management. However, Inventure's other investments, such as in Scoro (work management software) and Getpaid (payments solutions), indicate a broader focus beyond just travel or airline-related technologies. Overall, Inventure's portfolio reflects a diverse investment strategy, primarily targeting tech startups across various industries.

4. 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 venture capital investment company founded in 1936. They partner with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech, providing both capital and operational support to help these companies scale and create long-term value. Kinnevik has made notable investments in the travel software industry, including a Series A investment in Gordian Software, a startup focused on travel solutions, and multiple funding rounds for TravelPerk, a travel management platform. These transactions highlight Kinnevik's commitment to redefining industries and addressing global challenges, particularly in the travel sector, which is closely related to airline revenue management.

5. 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 actively involved in the travel sector, particularly through its investments in TravelPerk, a travel management platform. They participated in several funding rounds for TravelPerk, including a Series D round of $160 million in April 2021, a Series C round of approximately $59.7 million in July 2019, and earlier rounds in 2018 and 2016. This involvement highlights Heartcore's commitment to supporting innovative solutions in the travel industry, which is closely linked to airline revenue management.

6. Ifs

• Website: ifs.com
• Type: Corporate
• Headquarters: Sweden
• Founded year: 1983
• Headcount: 5001-10000
• Number of deals in 2024: 2
• LinkedIn: ifs

IFS is a corporate investor based in Sweden, founded in 1983, with a workforce of 5,001 to 10,000 employees. The company specializes in enterprise software solutions across various industries, including aerospace, energy, construction, and manufacturing. IFS's offerings, such as IFS Cloud, Asset Management, and Field Service Management, are designed to optimize operations and enhance service delivery for businesses. Notably, IFS has made significant acquisitions in the aviation sector, including Mxi Technologies Ltd., a leading provider of maintenance management software for the aviation industry, which they acquired in 2017. This acquisition highlights IFS's commitment to enhancing its capabilities in the aviation domain. Additionally, IFS acquired EmpowerMX in 2024, further expanding its portfolio in aviation-related software solutions. These transactions demonstrate IFS's strategic focus on the aviation industry, making them a relevant player in the airline revenue management software space.

7. Altor Equity Partners

• Website: altor.com
• Type: Private Equity
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 2003
• Headcount: 51-200
• Number of deals in 2024: 6
• LinkedIn: altor

Altor Equity Partners is a private equity investment management firm based in Stockholm, Sweden, founded in 2003. The firm specializes in providing consulting services across various sectors, including technology and consumer products, with a focus on enhancing operational efficiency and sustainable growth through tailored investment strategies and digital transformation solutions. Notably, Altor has been involved in several significant transactions, including the acquisition of Ving, Spies, Tjäreborg, and Thomas Cook Airlines Scandinavia, which highlights their engagement in the airline industry. Additionally, their acquisition of F24 AG, a leading SaaS provider in crisis management, and Rillion, a provider of Accounts Payable Automation, showcases their interest in technology-driven solutions that could intersect with revenue management practices in various sectors, including airlines.

8. Nordic Eye Venture & Growth Capital

• Website: nordiceye.com
• Type: Venture Capital
• Headquarters: Copenhagen, Denmark
• Founded year: 2016
• Headcount: 11-50
• LinkedIn: nordic-eye

Nordic Eye Venture & Growth Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2016. The firm specializes in investing in growth companies within the technology and lifestyle sectors, providing capital and strategic support to help startups scale and achieve market fit. Nordic Eye has been involved in several notable transactions, including an investment in AirHelp, which offers legal services for air passengers, highlighting their engagement with the airline industry. Other investments include Freightify, a logistics technology company, and Plecto, a SaaS company, showcasing their broader focus on technology. Their approach emphasizes high revenue potential and close collaboration with portfolio companies to drive growth and successful exits.

Airline Revenue Management Software Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
EQT Group	Stockholm, Stockholm, Sweden	1001-5000	1994	30
Creandum	Stockholm, Stockholm, Sweden	11-50	2003	17
Inventure	Helsinki, Uusimaa, Finland	11-50	2005	9
Kinnevik	Stockholm, Stockholm, Sweden	11-50	1936	10
Heartcore Capital	Copenhagen, Denmark	11-50	2007	17
Ifs	Sweden	5001-10000	1983	2
Altor Equity Partners	Stockholm, Stockholm, Sweden	51-200	2003	6
Nordic Eye Venture & Growth Capital	Copenhagen, Denmark	11-50	2016	0

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