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Partnering with entrepreneurs to build category-leading companies

CapMan Growth invests in ambitious companies across the Nordic region, supporting businesses with strong foundations and growth potential. We partner with entrepreneurs and management teams across a range of sectors including software, technology and scalable service businesses. We believe the strongest companies are built by exceptional people, and we invest behind that conviction.

Proven growth expertise

Strong experience in developing and scaling businesses across sectors, combining strategic, operational, and financial capabilities.

DEEP NORDIC PRESENCE

Local insight and networks built through decades of investing in the Nordic region.

Entrepreneur‑led partnership

A founder‑first philosophy that empowers management teams with experience and perspective to strengthen decisions and accelerate long‑term value creation.

Flexible capital

We structure investments to fit each company’s needs from minority to majority positions always aligned with the needs of the owners and business.

Tailored support

We adapt our involvement to the company’s stage, strategy, and ambitions, from accelerating expansion to supporting operational transformation.

Collaborative execution

We work closely with management teams, providing strategic and operational support while preserving the original vision and entrepreneurial mindset.

Our approach

We work alongside founders and owners as active partners, bringing experience from building and scaling companies across sectors, markets, and stages of growth. Our flexible investment approach allows us to support businesses at different stages from scaling platforms to more established growth journeys.

“Our role is to support and strengthen,
not replace your vision.”

Antti Kummu, managing partner

Target companies

We invest in leading growth companies across all sectors in the Nordics and the Baltics.

Established growth companies
We invest in leading growth companies across all sectors in the Nordics and the Baltics.Companies that have already reached a significant turnover and aim to continue or accelerate growth.
Later-stage growth companies
Established companies that aim to continue their growth path organically or through acquisitions.

Offering

Growth financing
We invest in ambitious growth companies that can benefit from the participation of a private equity investor.
Ownership arrangements
We offer the opportunity to realise part of the created value or rearrange the ownership base by acquiring shares from the owners.

Value creation

We have built successful growth stories for years. We support entrepreneurs through different growth stages and know the factors that drive the value of businesses in the long run. We are an active partner with an entrepreneurial spirit. We believe in open dialogue and fast decision-making.

Key figures

2017

inception

8

professionals

3

funds

25

investments

Our investments portfolio

“We evaluated numerous options, but CapMan was a clear choice. They understood the industry and our mission very well, and they had the best plan to maximize the potential of our company and brand.”

Douglas castro – founder – neural dsp

Case stories

Our team

Antti Kummu

Antti Kummu

Managing Partner, Growth Growth
Antti has 20 years of experience in working with successful growth companies. Before joining CapMan in 2017, he has over 10 years of experience in Private Equity at Tesi and earlier experience in financing growth companies at Finnvera. In addition, he has worked in operative roles in growth companies as M&A director and as CFO.
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Heikki Juntti

Heikki Juntti

Partner Growth
Heikki has over 15 years of diverse experience in finance. During his career, he has worked with entrepreneur-driven businesses and growth companies across numerous industries. Prior to CapMan, Heikki worked at Deloitte Corporate Finance, where he was responsible for M&A advisory and valuation projects. In addition, he has worked at PWC Corporate Finance and Technopolis Ventures. At CapMan Growth, Heikki focuses especially on Enterprise IT and the software sector as well as software companies.
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Tomi Alén

Tomi Alén

Partner Growth
Tomi has approximately 15 years of experience in working with growth companies. Before joining CapMan Growth, Tomi worked at one of Finland’s top growth companies, RELEX Solutions – a SaaS company backed by leading international growth investors. At RELEX, Tomi led the team responsible for strategy, M&A, fundraising and investor relations, as part of the group leadership.  Prior to RELEX, Tomi worked for over 7 years in private equity, making mid-cap buyout investments in the Nordic countries. Earlier in his career, Tomi has also worked in strategy consulting and investment banking.
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Oskari Elmén

Oskari Elmén

Investment Director Growth
Oskari joined CapMan Growth in August 2021. Oskari brings with him strong competence in investing and M&A from his previous positions in the investment team at Onvest and the Corporate Finance team at EY. Oskari is passionated about developing strong Finnish companies towards their next growth stage and international markets, together with ambitious entrepreneurs.
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Robin Tallberg

Robin Tallberg

Investment Manager Growth
Robin joined the team in the summer of 2017 as an intern after studying finance at Hanken and serving in various analytical positions. He currently works in the role of Investment Manager searching for new targets and supporting portfolio companies. In addition to looking at the Finnish market, Robin also focuses on the Swedish market, having lived in Stockholm from early 2022 to late 2023. Moreover, Robin is the lead for sustainability at CapMan Growth.
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Nikke Mikkonen

Nikke Mikkonen

Investment Manager Growth
Nikke joined CapMan Growth in fall 2020. His previous experience in the private equity industry and business development assignments combined with M.Sc. studies in industrial engineering and management provide Nikke with comprehensive abilities to analyse new investment targets and develop the business operations of portfolio companies. At CapMan Growth, Nikke is particularly interested in building growth and long-term work to develop companies together with skilled entrepreneurs.
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William Stjernberg

William Stjernberg

Investment Associate Growth

William joined the CapMan Growth team in October 2024. He brings with him strong expertise in M&A from his previous position at Carnegie. William is excited about the opportunity to develop companies and support their growth stories alongside many talented entrepreneurs.
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Sustainability themes

We integrate climate and nature considerations across every stage of our investment process. Our approach focuses on identifying the broad material nature risks and opportunities early, and embedding them into value creation plans. Given the profile of our investments, climate change tends to be the most material environmental aspect.

Through active engagement, we support our portfolio companies in strengthening their environmental performance as part of their growth journey. We monitor key nature indicators and work systematically with the aim of reducing the companies’ footprints during the investment lifecycle, supporting their resilience.

We contribute to a resilient and inclusive economy by supporting the growth and development of our portfolio companies. Through this, we help create jobs, strengthen local communities, and promote long-term wellbeing. Our portfolio companies currently employ more than 6,000 people.

We believe that diverse and inclusive workplaces are key to long-term success. We work closely with our portfolio companies to foster safe, healthy, and equitable working environments, promoting equal opportunities for all.

We promote strong governance, transparency and accountability as foundations for long-term value creation. We work with portfolio companies to establish robust governance structures, data based decision-making, clear policies, and regular reporting practices. This ensures sustainability considerations are embedded into the growing businesses, consistently tracked and aligned with stakeholder expectations.

Latest updates

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Our Growth funds

NameYearRaisedStatus
CapMan Growth III Fund2024€130mActively investing
CapMan Growth II Fund2020€97mValue creation & exit
CapMan Growth Equity Fund 20172017€86mGenerating carried interest

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