DEEP DIVE: Who's betting on Nordic foodtech? 31 investors you should know

After a period of lofty hype and inflated valuations, foodtech is undergoing a reality check. The mood has shifted – gone are the breakneck deals and over-eager investors. In their place: cautious due diligence, longer funding cycles, and a renewed emphasis on clear business fundamentals.

"In general, I think it's still pretty slow. There are fewer investments being made, especially in the early stages," Marika King, head of investments at Pinc, the venture arm of Finnish food giant Paulig, tells Impact Loop.

Yet despite the chillier climate, foodtech investment is far from extinct. Quite the opposite, in fact – the right companies are still managing to raise money. But only, King notes, when their value proposition is crystal clear and their backers have a proper grasp of the sector.

"We have sometimes been frustrated because you feel that this is a completely solid company that can create insanely good profitability but with a slower growth rate," she says, adding:

"That’s why it’s so good with all these angel investors, family offices and the other CVCs (corporate venture capital, Impact Loop’s comment). We have to do it together."

This time, we mapped the market of foodtech investors in the Nordic, with a little more emphasise on the Swedish market (sorry, but that's Impact Loop's home market).

Here are a total of 56 active players backing foodtech.

Venture capital firms

Nicoya – seeking global changemakers

An investment firm focusing on food system innovators. They're looking for companies with novel ingredients, smart technology, and sustainable business models. Invests in both Sweden and the US.

Portfolio highlights: Peas of Heaven, N!cks, El Taco Truck.

Key contact: Christopher Slim, CEO.
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Nordic Foodtech VC – Finland-based system changer

Based in Finland, they focus on early-stage research-based food tech solutions. They're seeking innovations that can help transform the food system, particularly in ingredients and reducing food waste.

Portfolio highlights: Melt & Marble, Ironic Biotech, Endless Food Co.

Key contact: Louise Heiberg, Head of Investments.
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DalaCapital – investing with local capital

A subsidiary of Dalarna Science Park that invests in early-stage funding rounds for Dalarna-based companies with a social, sustainable, and circular focus. Invests with backing from Sparbanksstiftelsen Dalarna, Dalarnas Försäkringsbolag, and Region Dalarna.

Portfolio highlights: Cashewmeetly.

Key contact: Angelica Ekholm, Chair of DalaCapital and CEO of Dalarna Science Park.
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Backing Minds – searching beyond the traditional

This venture capital firm looks for investments beyond traditional networks, often focusing on system-changing companies. They've invested in both food tech and related climate solutions and resilience.

Portfolio highlights: Mylla, Nitrovolt.

Key contacts: Susanne Najafi and Sara Wimmercranz.
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Circularity Capital – circular focus from the UK

A British venture capital firm with a broad focus on circular business models. In Sweden, they've previously invested in Matsmart.

Portfolio highlights: Matsmart.

Key contact: Andrew Shannon, Partner.
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Gullspång Invest Re:Food – the impact investor's food focus

Swedish impact-focused investment company specialising in sustainable system changes. They've been active in food, water, and energy sectors, with a food tech-dedicated branch in Re:Food.

Portfolio highlights: Oatly, Mission Barns.

Key contact: Gustaf Brandberg, Co-founder.
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Norrsken VC – impact giant investing in sustainable food

Invests in scalable solutions to global problems, including agtech and food tech. Under the Norrsken umbrella, there's also Norrsken Launcher – which invests at earlier stages.

Portfolio highlights: Bluu Seafood, Stockeld Dreamery, Matsmart.

Key contact: Alex Bakir, Partner.
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Pale Blue Dot – investing broadly in impact

Climate-focused venture capital firm that invests in early-stage companies with the potential to contribute to a sustainable transition.

Portfolio highlights: Veat.

Key contact: Heidi Lindvall, Co-founder.
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Byfounders – VC looking for international potential

Invests in early-stage technology companies and teams building ideas for future generations. They have a Nordic and Baltic focus and often invest in companies with international potential.

Portfolio highlights: Jellatech.

Key contact: Sara Rywe, Partner.
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Almi Invest Greentech – the state's active investor

State-funded fund focusing on scalable solutions with the potential to reduce greenhouse gas emissions. They invest in companies within green energy, food tech, and cleantech, amongst others.

Portfolio highlights: Saveggy, Nitrocapt.

Key contact: Jörgen Bodin, CEO.
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Chalmers Ventures – research-based with a broad mandate

Deep tech investor with roots in academia and a broad portfolio in areas including food tech, medtech, and sustainable materials. Has recently received an expanded mandate to invest beyond university walls.

Portfolio highlights: Seaqure Labs.

Key contact: Pontus Ottosson, CEO.
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Industrifonden – managing state billions

State-linked VC player investing in early-stage companies with the potential to change the future in deep tech, digitalisation, and health. They prefer companies based on advanced technology or science.

Portfolio highlights: Micvac, Oatly.

Key contact: Anna Haupt, Chief Investment Officer.
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Kost Capital – Danish VC with Swedish founder

Danish venture capital fund focused on food tech and bioeconomy, founded by, amongst others, Swedish entrepreneur Bodil Sidén. The fund invests in pre-seed and seed companies developing ingredients and technologies for a more sustainable and scalable food system.

Portfolio highlights: Äio, Numi, Nutrumami, Foreverland Food.

Key contact: Bodil Sidén, Partner.
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Kale United – aiming for billion-pound fund

Kale United invests in plant-based food companies with a clear climate focus. The company has built up a portfolio of over 80 food tech companies globally, and is now moving forward with larger investments through the new fund Kale Growth, with the ambition to raise over 1 billion SEK for mature companies in the sector.

Portfolio highlights: Hooked, Bärta, Opalia Foods, Cashewmeetly.

Key contact: Måns Ullerstam, Founder and CEO.
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Mudcake – entrepreneurial focus and global solutions

Swedish microfund founded in 2020 by former entrepreneurs, focused on supporting founders who are reshaping the way we produce, distribute, and consume food. They invest globally in pre-seed and seed rounds.

Portfolio highlights: Planet A Foods, OlsAro Crop Biotech.

Key contact: Anna Ottosson, Co-founder.
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Partnerinvest Norr – looking for investments in the north

Regional venture capital company investing in scalable growth companies in Norrbotten and Västerbotten. They focus on companies with strong entrepreneurial teams and international growth potential.

Portfolio highlights: Noah – Local Food.

Key contact: Ingela Lidström, CEO.
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CVCs (Corporate venture capital firms)

Pinc – the food giant's wide-ranging search

Food giant Paulig's investment branch focuses on food innovations that meet future needs, such as new protein sources and food waste reduction. The focus is on the entire chain from cultivation to plate.

Portfolio highlights: Enifer, OlsAro Crop Biotech, Blureredgold.

Key contacts: Marika King, Erika Hombert and Rosemarie Herraro.
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LRF Ventures – agriculture and food

The Swedish Farmers' Association's investment arm that supports companies that can create value for its 120,000 members, focusing on areas of agriculture, food, green energy, and biodiversity.

Portfolio highlights: NitroCapt (produces nitrogen fertiliser without carbon emissions).

Key contact: Johanna Rahm Juhlin, Investment Manager.
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PolarVentures – the bread giant looking for food tech close to consumers

Polarbröd's own venture capital initiative with SEK 150 million to invest over five years. They invest in impact companies in the food sector that operate close to the consumer and contribute to a regenerative food system.

Portfolio highlights: Veat, Blueredgold, Färskvara.

Key contact: Fanny Näslund, Investor.
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Family offices

Novax / Foodbridge – investment giant with a food focus

Axel Johnson's investment company often focuses on long-term holdings in food, health and sustainability. In food tech, they're particularly focused on contributing to a more robust food system in Sweden. Previously had its own investment company, Foodbridge, which was integrated into Novax last summer.

Portfolio highlights: Färsodlarna, Proteinish, Petgood.

Key contact: Pär Warnström, Sector Lead Future Food.
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Avesina Group – born from the healthcare company

The company, founded by the Zand family who sold Avesina Healthcare, invests in companies within medtech, healthtech, food tech and social sustainability. Claims to have strong involvement in every investment.

Portfolio highlights: Foodiq.

Key contact: Daniel Zand, CEO.
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Blue – the family behind the air purifier

The Rittri family, who are behind air purification giant Blueair's investment company, focusing on the environment and health – with investments in green energy and food tech, amongst other areas.

Portfolio highlights: Wonder.

Key contact: Bengt Rittri, CEO.
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First Gate Invest – family office with network

Investment company for the Ström family – which also runs an investor network. Focus is on mobility, green energy and forestry.

Portfolio highlights: Musselfeed.

Key contact: Per Ström, Operational Manager.
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Fort Knox – local investor from Umeå

Fort Knox, owned by the Olsson family, describes itself as a family-owned growth engine based in Umeå. They invest in medtech, food tech, and platform companies, amongst other things.

Portfolio highlights: Matfabrikanterna.

Key contact: Markus Olsson, CEO.
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JCE Group – family office with heritage

Born from the billion-dollar company JCE, founded by sea captain and entrepreneur J Christer Ericsson, the family invests long-term in companies within areas such as food tech, medtech, and the forestry sector.

Portfolio highlights: Nordic Seafarm.

Key contact: Hampus Ericsson.
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Kaknäs Invest – the duo who met at Lehman Brothers

Kaknäs Invest is run by Patrik Hamilton and Johan Andersson – who once met at the renowned bank Lehman Brothers. Today they make investments in food tech, healthtech, and social sustainability.

Portfolio highlights: Alex & Phil.

Key contacts: Patrik Hamilton, Johan Andersson.
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Löfberg Invest – the coffee family from Karlstad

Family-owned investment company born from coffee giant Löfbergs with a focus on food tech and green properties, amongst other things.

Portfolio highlights: SEWN Technology Solutions, Humm Europe.

Key contact: Patrik Hamilton.
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Patrik Brandt Invest

The investment company for ventilation founder Patrik Brandt focuses on green energy, sustainable materials, and food tech.

Portfolio highlights: Ostrea Aquaculture.

Key contact: Patrik Brandt.
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Philian – H&M family investors

The H&M family Persson's investment company. They invest broadly and long-term in mobility, food tech, and medtech.

Portfolio highlights: Ljusgårda.

Key contact: Björn Magnusson.
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Sätila Impact Investment – the family behind the Stenmark hat

The Nilsson family – known for the iconic Stenmark hat – invests in entrepreneurs with solutions in food tech, agritech, and sustainable packaging.

Portfolio highlights: Ljusgårda, Gröna Gårdar, Generation Waste.

Key contact: Jessica Nauckhoff.
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Stena Sessan – the shipping family's investment arm

The company, owned by the Olsson family, which holds several companies within the Stena sphere, invests broadly – including in mobility, food tech, and green energy.

Portfolio highlights: Matilda Foodtech.

Key contact: Karl Swartling, CEO.