Mandatum Asset Management invests in Nosto, the world’s leading Commerce Experience Platform


The investment from Mandatum Asset Management (MAM) will be used to further scale Nosto’s solutions globally and develop new innovative products.

Helsinki, February 23, 2023 — Mandatum Asset Management’s Growth Equity team (MAM GE) is pleased to announce an investment in Nosto, the world’s leading Commerce Experience Platform (CXP). MAM GE will invest EUR 15 million in the transaction.

Since its founding in Helsinki in 2011, Nosto has helped over 2,500 global commerce brands such as Paul Smith, SikSilk, Muji, Dermalogica, Centric Brands, and Princess Polly create the ultimate online experience for shoppers and increase their online revenue.

“This investment will help us continue scaling the Nosto Commerce Experience Platform and supporting brands in their growth ambitions. The fundraise represents a shared vision for the opportunities that lay ahead in the ecommerce space for both Nosto and our merchants,” says Jim Lofgren, CEO, Nosto.

“This raise allows us to accelerate our innovation and continue developing our Commerce Experience Platform. It also empowers us to continue making more acquisitions. Nosto is a profitable company, and we have made three acquisitions in 18 months. We continue to look for attractive acquisition targets to expand both market share and product offering,” says Juha Valvanne, Founder and Chief Corporate Development Officer, Nosto.

MAM GE targets Nordic high-growth companies with proven business models and established and ambitious teams. As an active minority owner, MAM GE closely partners with management to enable their growth and internationalisation. With Nosto, MAM GE sees a significant opportunity to provide its expertise to further scale Nosto’s solutions globally and growth capital to develop new innovative products.

“The Nosto team has shown that a customer-focused business model, enabled by strategic partnerships, truly creates sustainable value not only from the business perspective, but also for the end-users. We hope to support the team in its growth journey and enable the company to keep leading the way with best-in-class products that are praised by its customers. We are excited to partner with Nosto and accelerate their international operations”, says Rami Salonen, Investment Manager, Mandatum Asset Management.

Nosto marks the final investment for the first vintage of MAM’s Growth Equity strategy. It embodies its strategy to provide sizeable growth capital to more mature growth companies and companies following their venture capital stage.

"Our Growth Equity strategy focuses on supporting later stage growth companies that have strong internationalisation and growth ambitions. Indeed, Nosto has all the characteristics that we are looking for in a portfolio company, including strong profitable growth and category leadership in a growing market. We look very much forward to joining Nosto on its journey to strengthen its position as the leading commerce experience company. Hence, it is with great pleasure that we welcome Nosto to our portfolio,” says Alexander Antas, Head of Private Equity, Mandatum Asset Management.

Read more from Nosto's press release


For more information, please contact:


Uday Radia

Mandatum Asset Management

Alexander Antas, Head of Private Equity, Mandatum Asset Management,, +358 40 533 0986

Niina Riihelä, Vice President, Marketing and Communications, Mandatum Group,, tel. +358 40 728 1548


Nosto enables online brands to deliver authentic, relevant, and personalized experiences at every touchpoint, across every device. An AI-Powered Commerce Experience Platform (CXP) designed for ease of use, Nosto empowers brands to build, launch, and optimize compelling digital experiences without the need for dedicated IT resources or a lengthy implementation process. Leading brands in over 100 countries use Nosto to grow their business and delight their customers. Nosto supports its clients from its offices in New York, Los Angeles, London, Paris, Berlin, Stockholm, Salzburg, Sydney, and Helsinki.

Mandatum Asset Management (MAM) is the asset management arm of Sampo Group, a significant insurance group in the Nordics, and manages over €26 billion in client and balance sheet assets. MAM offers discretionary and consultative asset management for institutional and other professional investors and manages a variety of investment products within its core areas of credit, private equity, real estate and equity selection. MAM leverages the investment heritage, expertise and broad resources of one of the most successful institutional investors in the Nordics. The firm was formed in 2021 by combining the investment organisations of Sampo plc and Mandatum Life Group. MAM and its sister company Mandatum Life belong to Mandatum Holding Ltd, a wholly owned subsidiary of Sampo plc. MAM GE is Mandatum Asset Management’s investment strategy that makes strategic minority investments into Nordic growth companies with an active ownership approach.