CapMan Growth

We build growth stories of the future

Significant minority investments in Nordic growth companies – from entrepreneurs for entrepreneurs.

How we work


What’s new

Picosun acquired by Applied Materials Inc.

CapMan Growth exits semiconductor equipment company Picosun. This is the largest exit in CapMan’s operating history, measured by the portfolio company’s exit value.

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What’s new

Welcoming Cloud2 to our portfolio

CapMan Growth invests in and becomes minority owner of multi-cloud service provider Cloud2, a company focused on developing and managing cloud environments.

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From entrepreneurs for entrepreneurs

We invest in ambitious Nordic growth companies.

  • Typical target company

    5–100 MEUR

    Growth stage company with a turnover of €5–100 million.

  • Typical investment size

    3–20 MEUR

    We can be the sole investor or work together with other investors.

  • Typical ownership


    With us the entrepreneur maintains control.

How we work

“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

Neural DSP


  • CapMan Growth’s portfolio company Cloud2 joins forces with a Danish AWS consultancy KeyCore

    Cloud2 acquires Danish KeyCore, in order to accelerate growth in the Nordic market and enable a wider cloud service portfolio for customers.

  • CapMan Growth invests in environmental technology company Tana

    CapMan Growth Equity Fund III makes its first investment in the environmental technology company Tana. In recent years, Tana has grown significantly and become a global market leader in waste pre-treatment equipment. Its solutions play a key role in facilitating the circular economy.

  • CapMan Growth establishes its third fund: first closing at €110 million, surpassing target size

    The CapMan Growth Equity III fund initiates operations and makes its first closing at €110 million, surpassing its target size. The strong interest towards the fund is a testament to the successful growth stories and well-executed exits facilitated by the team.

  • CapMan Growth exits Coronaria, continues as investor in Silmäasema

    CapMan Growth exits Coronaria and invests in Silmäasema together with other investors, as part of an investment round of around €40 million.

  • Tomi Alén becomes Partner at CapMan Growth

    Tomi Alén has been appointed as Partner at CapMan Growth as of 5.6.2023.

  • Neural DSP founder and CEO Douglas Castro wins EY Entrepreneur of the Year 2022

    CapMan Growth portfolio company Neural DSP Technologies, founder and CEO Douglas Castro, is named Growth Entrepreneur 2022 in Finnish EY Entrepreneur Of the Year competition.

  • CapMan Growth invests in Fennoa

    CapMan Growth invests in fast growing software company Fennoa which develops and provides cloud-based financial management software.

  • CapMan Growth exits Avidly

    CapMan Growth Equity Fund 2017 has sold its holdings in marketing service provider Avidly Oyj.

  • Sofigate and Combient establish strategic partnership

    CapMan Growth portfolio company Sofigate and Combient have established a strategic partnership to accelerate the digitalization journey of Combient’s Associated Companies. 

  • CapMan Growth exits semiconductor equipment company Picosun

    Picosun Oy has been acquired by Applied Materials, Inc., a US-based leading semiconductor equipment company. This is the largest exit in CapMan’s operating history, measured by the portfolio company’s exit value. The investment has been very successful, taking the Growth 2017 fund into carry upon exit.

  • CapMan Growth to accelerate growth of multi-cloud company Cloud2

    CapMan Growth invests in and becomes minority owner of multi-cloud service provider Cloud2.

  • Avidly named HubSpot’s “Global Partner of the Year” for the third year in a row

    CapMan Growth portfolio company Avidly has won for the third consecutive year the prestigious award of Global Partner of the Year in the HubSpot 2021 Impact Awards.

All news

Our investments

  • Silmäasema

    Silmäasema is the largest eye health and optical retail operator in Finland.

  • Fennoa

    Cloud based financial administration software

  • Cloud2

    Multi-cloud consultancy

  • Suomen Avustajapalvelut

    Finnish leader in high-quality personal assistance service

  • Sofigate

    A business technology transformation company.

  • Emblasoft
    Test & Measurement

    Software-based test solutions for the telecommunications industry

See the portolio


We are a team of seven growth investment professionals. In addition to capital, we bring a wealth of know-how and experience to the table in themes like expansion, M&A, recruiting, and other cornerstones of growth.

Get to know us


Grow with us – get in touch!

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