The metal additive manufacturing industry in the Nordics has rapidly evolved into an innovative arena, characterized by high-tech solutions that cater to various sectors, from aerospace to automotive. Companies here focus on advanced 3D printing technologies to produce complex metal parts, reducing waste and enhancing efficiency. This region benefits from strong R&D initiatives and a supportive government infrastructure, facilitating breakthroughs in lightweight components and sustainable practices. As industry players increasingly prioritize customizability and speed, the future holds promising developments, including the expansion of metal printing capabilities for large-scale production, setting the stage for competitiveness in the global market.

The investors in this list represent a mix of venture capital and private equity firms based in the Nordics, primarily in Sweden and Finland. Established from 1979 to as recent as 2017, these firms range in size from small teams of 11-50 employees to large organizations employing over 10,000. With a total of 49 notable investment deals in 2024, they have actively supported early to growth-stage companies in the metal additive manufacturing sector. This support illustrates their commitment to driving innovation and sustainability in a rapidly changing industry.

Top 9 Metal Additive 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, that provides loans, risk capital, and business development support to small and medium-sized enterprises. Founded in 1994, Almi aims to enhance the growth and competitiveness of these businesses through tailored financial solutions and guidance. Notably, Almi has invested in several companies within the metal additive manufacturing sector, including VBN Components, which has received funding in both seed and venture rounds. Additionally, Almi has supported Wematter, a company focused on 3D printing technology, and Rapid Dimension, which is involved in advanced manufacturing processes. These transactions highlight Almi's active role in fostering innovation and development in the metal additive manufacturing industry.

2. 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. They provide financial support and strategic guidance to startups, helping them scale their innovative solutions. Notably, Industrifonden has invested in Freemelt, a Sweden-based metal 3D printing company, leading a SEK 15M ($1.6M) capital investment round in September 2019. This investment highlights their engagement in the metal additive manufacturing industry. Additionally, they have participated in various other funding rounds across different sectors, but their involvement with Freemelt is particularly relevant to the metal additive manufacturing context.

3. 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 strong emphasis on enhancing operational efficiency and sustainable growth for its partners. Altor has been involved in several significant transactions, including the acquisition of Norican Group, a prominent player in metallic parts enhancement, which is relevant to the metal additive manufacturing industry. They have also invested in companies like Orchid Orthopedic Solutions and Åkers Group, which, while not directly in additive manufacturing, indicate their engagement in sectors that intersect with metal production and processing. Their recent investment in H2 Green Steel further demonstrates their commitment to innovative and sustainable practices in the metal industry.

4. 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 provides funding and support to early-stage startups and corporations, focusing on technology and life sciences. They offer services such as investment advice, corporate venturing, and participation in accelerator programs. Notably, Innovestor has participated in several transactions relevant to the metal industry, including an investment in Luxmet, a company that develops high temperature process monitoring and control systems for the steel and metal industries. This investment highlights Innovestor's engagement with technologies that could intersect with metal additive manufacturing. Additionally, their involvement in various technology-focused startups indicates a broader interest in innovative manufacturing processes.

5. 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, particularly in sectors like climate-tech and ocean-tech. Katapult provides investment, accelerator programs, and mentorship to early-stage companies. Notably, they have participated in funding rounds for Hyperion Robotics, a Finnish startup that raised €3 million to enhance its R&D capabilities and deploy Micro-factories, which could potentially utilize metal additive manufacturing technologies. Additionally, they invested in Jiva Materials, which raised over $1.3 million to develop sustainable materials, relevant to the additive manufacturing industry. These transactions highlight Katapult's engagement with innovative technologies that align with the goals of metal additive manufacturing.

6. 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. Notably, CapMan has been involved in several transactions relevant to the metal sector, including the acquisition of Metal Power Technology Sweden in 2009, which highlights their engagement in the metal industry. Additionally, their investment in Silex Microsystems, a company that operates in the microfabrication space, further demonstrates their interest in advanced manufacturing technologies. With a strong presence in the Nordic markets, CapMan leverages its expertise to manage funds and drive value creation for its clients, including those in the metal additive manufacturing sector.

7. 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 services like repair, maintenance, and financial solutions to enhance operational efficiency in the transportation and logistics sectors. As a venture capital investor, Scania has been active in various funding rounds, including notable investments in companies like Swed-Weld, which focuses on optimizing automated manufacturing lines, and Addionics, which raised significant capital for its innovative technologies. These investments reflect Scania's strategic interest in advancing manufacturing capabilities, particularly in areas that may intersect with metal additive manufacturing.

8. Norican Group

• Website: noricangroup.com
• Type: Corporate
• Headquarters: Taastrup, Denmark
• Founded year: 2008
• Headcount: 1001-5000
• LinkedIn: norican-group

Norican Group, founded in 2008 and based in Taastrup, Denmark, is a corporate investor specializing in technology solutions for the metal industry. With a workforce of 1001-5000 employees, Norican focuses on providing advanced equipment for foundries and metal processing, serving sectors such as automotive and aerospace. Their commitment to innovation and quality helps customers improve production efficiency and reduce costs. Notably, Norican has made strategic acquisitions to bolster its position in the metalcasting industry, including the acquisition of Light Metal Casting Solutions Group in February 2017 and Simpson Technologies in October 2022. These acquisitions enhance their portfolio in metal processing technologies, which are relevant to the additive manufacturing landscape. Furthermore, Norican has participated in funding rounds for DataProphet, a company that offers AI solutions for manufacturing, indicating their interest in integrating advanced technologies into their operations.

9. SKF Group

• Website: skf.com
• Type: Corporate
• Headquarters: Stockholm, Stockholm, Sweden
• Founded year: 1907
• Headcount: 10001+
• Number of deals in 2024: 3
• LinkedIn: skf

AB SKF is a manufacturing company specializing in the production of bearings, seals, and lubrication systems, serving various industries to enhance machinery performance and reliability. Founded in 1907 and based in Stockholm, Sweden, SKF operates globally through a vast distributor network. Notably, SKF has expanded its portfolio in the metal additive manufacturing space by acquiring Laser Cladding Venture n.v. in January 2022, which focuses on additive manufacturing technologies. This acquisition aims to bolster SKF's service and remanufacturing capabilities, supporting their commitment to sustainability. Additionally, SKF's recent acquisition of 2C Composites in November 2023 further demonstrates their interest in advanced manufacturing technologies, although it is more focused on composite materials. Overall, SKF's strategic moves indicate a growing interest in the additive manufacturing sector, particularly in applications that enhance their core business.

Metal Additive Manufacturing Insights: Key Investors in the Nordics

Investor	Headquarter	Size	Founded	Deals 2024
Almi	Stockholm, Stockholm, Sweden	201-500	1994	7
Industrifonden	Stockholm, Stockholm, Sweden	11-50	1979	9
Altor Equity Partners	Stockholm, Stockholm, Sweden	51-200	2003	6
Innovestor	Helsinki, Uusimaa, Finland	11-50	2014	12
Katapult	Oslo, Oslo, Norway	11-50	2017	8
CapMan	Helsinki, Uusimaa, Finland	51-200	1989	4
Scania Group	Sweden	10001+	1891	6
Norican Group	Taastrup, Denmark	1001-5000	2008	0
SKF Group	Stockholm, Stockholm, Sweden	10001+	1907	3

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