Abstract Bachelor thesis, 2FE24E, Program of Master of Business Administration and Economics, School of Business and Economics Linnaeus University, Spring 2023. Authors: Adam Lindqvist Mannsåker & William Håkansson Tutor: Christoffer Lokatt Examiner: Pia Nylinder Title: Investments in Digitization - A case study on how nine different SMEs reason about investments in Digitization, and what challenges and opportunities arise when making investment decisions. Background and problem: In today's society digitalization is important for SME to grow as a business and improve efficiency. But to use digitalization an investment has to be made. For many companies it is hard to know the best possible way to invest in digitalization and all companies do it differently. This study therefore goes into nine different SME and takes a closer look to see how they are investing in digitalization, but also what challenges and opportunities occur during the process of investing in digitalization.  Purpose: The purpose of this study is to contribute to an increased understanding of how SMEs reason about investments in digitization. The study also aims to identify the biggest opportunities and challenges that SMEs face in connection with such investments and what experiences they have of it. By focusing on SMEs, the research can contribute to the theoretical understanding of investment decisions related to digitization. This is because digitization is in constant development and thus companies also need to constantly develop. Method: A qualitative case study has been carried out at nine different companies in different industries. Therefore the study has nine respondents interviewed through semi-structured interviews.  Conclusion: SME have realized the importance of digitalization to increase efficiency and achieve growth. Challenges include a lack of knowledge about digital investments and the difficulty in assessing returns. Despite this, SME realize the importance of investing in digitalization and adapt their decisions and methods according to their resources.