Growth
Partnering with entrepreneurs to build category-leading companies
We invest in established Nordic growth companies with strong entrepreneurial drive and high growth ambitions.
Typical target company
10 – 200 MEUR
Established company with a turnover of €10–200 million
Typical investment size
5 – 20 MEUR
We can be the sole investor or work together with other co-investors on larger investments.
Our investments
Liikku
Liikku, founded in 2010, is one of the largest gym chains in Finland, with ~70
locations. Liikku offers top-level, fresh facilities at budget pricing for
cardio and weight training.
Kuntolat
Kuntolat is a leading company in heavily supported foster care. It combines
highly supported substitute care and rehabilitation within a safe growth
environment.
…
Factory
Factory is a Finnish restaurant chain known for its high-quality, homemade
buffet food that offers excellent value for money. As of February 2026, Factory
operates 23 restaurants in Southern Finland and aims to expand into a nationwide
concept. Factory’s recipe for success is based on its skilled employees and…
Groweo
Groweo, founded in 2022, provides a comprehensive suite of interactive tools for
enhancing digital sales, marketing, and customer service on websites. Their
advanced solutions are designed to improve customer experience and boost
engagement with offered services. Tailored for entrepreneurs and small…
Innofactor
Innofactor is the leading driver of the modern digital organization in the
Nordic Countries for its about 1,000 customers in commercial and public sector.
Innofactor has the widest solution offering and leading know-how in the
Microsoft ecosystem in the Nordics. Innofactor has about 600 enthusiastic and…
Tana
Tana Oy is a Finnish environmental technology company founded in 1971. Tana is
one of the leading developers and suppliers of mobile equipment for solid waste
management thanks to its scalable business model and global distributor network.
The product family includes shredders, screens, landfill compactors and digital…
Silmäasema
Silmäasema is the largest eye health and optical retail operator in Finland. We
see the whole picture, from meeting and treating our patients to Finnish eye
health as a whole. Silmäasema’s over one thousand experts in eye health,
treat close to a million clients a year. Silmäasema has nearly 150 optical…
Emblasoft
Emblasoft provides software based service assurance, validation and testing for
mobile network services – from legacy to 5G.
“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
Our Funds
| Fund | Year | Raised | Status |
|---|---|---|---|
| CapMan Growth III Fund | 2024 | €130m | Actively investing |
| CapMan Growth II Fund | 2020 | €97m | Value creation & exit |
| CapMan Growth Equity Fund 2017 | 2017 | €86m | Generating carried interest |
Selection of success stories
Latest updates
CapMan Growth invests in Finnish fitness chain Kuntokeskus Liikku
CapMan Growth invests in Factory restaurant chain together with Aku Vikström
Suomen Avustajapalvelut expands its business through a broader ownership base – CapMan Growth exits the majority of its shareholding in the company
CapMan Growth’s portfolio company Tana Oy strengthens its global presence by acquiring GCM Enviro in Australia
CapMan Growth’s portfolio company Unikie received the Internationalisation Award of the President of the Republic – already the second CapMan Growth company receiving the award
CapMan Growth invests in rapidly growing SaaS company Groweo
CapMan Growth together with the consortium announces a public tender offer for all the shares in Innofactor Plc
