Norway, renowned for its thriving startup ecosystem, is home to an array of exceptional venture capital funds that fuel the country’s entrepreneurial spirit. These funds play an important role in supporting innovative startups, empowering them to transform industries, and driving economic growth. These venture capital firms have become key enablers for success in Norway’s dynamic business environment thanks to their smart investments, mentoring, and network.
In this article, we will explore the top VC funds in Norway, shedding light on their investment criteria, notable portfolio companies, and the impact they have had on the startup ecosystem.
StartupLab
The very first VC fund on our list is Startuplab. Startuplab is a prominent incubator and early-stage investor that focuses on nurturing Norway's technology startups. Startuplab typically participates in the first equity round, offering a funding range of $100,000 to $300,000. This initial injection of capital is designed to make a significant impact and provide the necessary resources to help startups launch ventures successfully.
In exchange for its support, the fund requests an equity stake of 10-15%. Startuplab also takes care of all the legal matters, ensuring a hassle-free experience for the startups.
The VC funds also has an extensive industry network. It has curated an impressive collection of leading companies and experts within specific industry programs that span various sectors, including mobility, hardware, energy, data science, construction, and fintech. This network provides invaluable opportunities for collaboration, knowledge sharing, and access to potential partners or customers within the industry.
Alliance Venture
Across Norway, Sweden, and Finland, Alliance Venture is a prominent Nordic venture capital firm investing in early-stage tech companies.
Alliance Venture is supported by InnovFin Equity, a financial initiative of the European Union under the Horizon 2020 Financial Instrument and the European Fund for Strategic Investments (EFSI), established as part of the Investment Plan for Europe. EFSI’s overarching objective is to facilitate and promote financing for productive investments within the European Union, ensuring enhanced access to financial resources.
Since its inception in 2001, Alliance Venture has amassed a total fund size of NOK 1.7 billion. The firm’s noteworthy exits are poLight, Wake, and Swarm64.
Nysnø
Located in Stavanger, Nysnø operates as the state’s climate investment company, focusing on investing in companies that address climate challenges smartly and profitably. Nysnø primarily focuses on investing in the growth phase, when businesses require scaling up and commercialization.
Nysnø adheres to specific criteria when investing in companies, which include the direct or indirect contribution to reduced greenhouse gas emissions as a climate effect. Priority is given to businesses that work with new technology in the transition from technology development to commercialization. Regarding ownership composition, private actors must own at least 50 percent of the companies and funds that Nysnø invests in.
Skyfall Ventures
As an early-stage venture capital fund based in Oslo, Norway, Skyfall Ventures focuses its investments on Nordic companies in their early stages, specifically those built around a robust software component and led by founding teams that include at least one technical founder with coding expertise.
While the fund remains sector agnostic, it has identified six areas that it finds particularly captivating including Climate tech, Web3 and blockchain, business productivity, digital immersion, Next generation E-commerce, and Medtech and Bioinformatics.
Currently, Skyfall Ventures boasts an impressive track record with 32 investments and 4 successful exits. The fund operates with a syndicate size of NOK 30 million, and its Fund I has a size of NOK 70 million, while Fund II has a size of NOK 250 million. When making initial investments, Skyfall Ventures typically provides a ticket size of NOK 5 million. Moreover, the fund commits to providing follow-on capital amounting to half of the available funds.
SNO Ventures
Founded in 2015 and headquartered in Oslo, Norway, SNO Ventures has established itself as a key player in the Nordic tech investment landscape. Their portfolio consists of prominent companies such as Sky Mavis, PortalOne, and Memory.
SNO Ventures is dedicated to investing in transformative tech companies. The Venture focuses on supporting visionary entrepreneurs leading early-stage Nordic tech companies on their global growth journey. By leveraging its international networks, the firm actively assists Nordic companies in expanding their presence on a global scale.
Investinor
Investinor, is Norway's largest VC investor. It is a sector-agnostic and multi-phase investor that can invest in both companies and VC funds. It focuses on a diverse range of industries, including Climate & Sustainability, Internet & SaaS, Energy, Healthcare, and Marine sectors. Investinor tailors its support to the specific needs of each company.
Hadean Ventures
Hadean Ventures, a European life science venture capital fund manager, operates in Oslo and Stockholm. With assets under management totaling approximately EUR 230 million, Hadean Ventures invests in various healthcare verticals and stages, targeting products with the potential to address unmet medical needs.
The firm’s diverse portfolio includes notable companies such as ALEX THERAPEUTICS, Abliva, ARTHEX BIOTECH, and Cardior.
Hadean Ventures benefits from the support of leading European and US-based institutional and private investors, as well as government-backed fund investors such as Saminvest AB, Argentum, and Investinor. This backing from prominent investors further strengthens Hadean Ventures’ ability to provide crucial funding and expertise to healthcare startups and contribute to the advancement of the industry.
Noreslab
Norselab, a prominent European impact investment house headquartered in Norway, is at the forefront of driving positive change through investments. With the support of Capricorn Investment Group, a US-based impact investor, Norselab is committed to showcasing the potential of impact investing across various asset classes.
The core focus of Norselab lies in investing in companies that generate significant positive impact and drive transformation within their industries. Through their funds, which span growth equity, structured equity, and credit, Norselab aims to support meaningful ventures that contribute to large-scale positive change.
Notably, all of Norselab’s funds adhere to their industry-leading impact frameworks and are classified as SFDR Article 9, underscoring their dedication to responsible and sustainable investment practices. Furthermore, these funds are designed with a long-term perspective, seeking to deliver superior capital returns while simultaneously making a positive difference.
RunwayFBU
RunwayFBU is a prominent early-stage venture fund, with a capital of 300 million NOK. The fund was established in 2021 by Tor Baekkelund, a former co-founder of StartupLab, and Kjell Inge Rkke, a highly successful entrepreneur in the Nordic region, with the goal of assisting European industrial software technology entrepreneurs. It focuses on startups that leverage data and technology to enhance the efficiency, sustainability, and reliability of various industries.
As part of their investment strategy, RunwayFBU focuses on pre-seed, seed, and follow-up commitments to the most promising tech startups. They prefer to invest as a minority shareholder and actively collaborate with co-investors. Their strategic approach targets different layers of the industrial software stack, encompassing three key areas: digital infrastructure, digital platforms, and digital business processes.
Arkwright
Arkwright X is a venture capital firm that focuses on partnering with B2B technology companies led by Nordic founders. They support companies across all sectors and value chains, from pre-seed to Series A stages. With an initial ticket size ranging from 100 kEUR to 3 mEUR, Arkwright X aims to provide early-stage funding and then continue to support their portfolio companies in subsequent funding rounds. They prioritize flexibility and adaptability, allowing them to partner with the most promising founders and companies.
One of the key strengths of Arkwright X is its affiliation with Arkwright Consulting, a top-tier management consulting company. This backing adds significant value to Arkwright X and its portfolio companies. The firm benefits from a group of active advisors, including management consultants, recruitment specialists, and experienced venture investors. These advisors contribute their expertise, knowledge, and extensive networks to the portfolio companies. They engage in ongoing discussions and provide valuable insights, as well as facilitate introductions to potential customers or partners.
Ferd Impact Investing
Ferd Impact Investing, a venture fund operated by Ferd, focuses on investing in early-phase companies that have the potential to make a positive impact on the climate and environment while also generating strong financial returns. Their investment strategy centers around three areas in which Ferd possesses extensive expertise: energy transition, sustainable cities, and ocean & aquaculture.
To ensure that their investments align with their goals, Ferd Impact Investing utilizes its scorecards, inspired by renowned impact investors and internationally recognized frameworks, to evaluate the environmental impact of companies. This assessment helps them determine if the investment opportunities match their investment strategy and possess sufficient impact potential to warrant investment.
Sandwater
Sandwater is an investment firm that prioritizes opportunities based on specific criteria that ensure a successful collaboration between Sandwater and potential startups.
Initially, Sandwater considers key requirements such as having a great team and a scalable structure, along with an ecosystem that supports the company. The fund seeks to invest in companies that have a positive impact on the climate and health systems, while also demonstrating the potential for outstanding financial returns.
In terms of overall requirements, Sandwater looks for companies that are close to or have commercial traction and are ready to scale up. The fund typically does not invest in early seed-stage companies or those at the IPO stage or later. The average size of their first-time investment ranges from 10MNOK (1MEUR) to 40MNOK (4MEUR), with an average of 25MNOK (2.5MEUR). It has the capacity to invest up to 100MNOK (10MEUR) in each company, including follow-on investments. Additionally, Sandwater focuses its efforts on European companies where it has strong networks and operational experience.
Skagerak Capital
Skagerak Capital, an early-stage venture firm, focuses on specific criteria to identify promising opportunities. Their investment strategy centers around SaaS (Software as a Service) and Deeptech companies that exhibit substantial growth potential. They seek out enterprises with scalable and proven business models, as well as talented, determined, and passionate founding teams.
Skagerak Capital manages two funds: Adger Seed and First Seed. Agder Seed is specifically designed to accelerate the growth of tech companies in Agder. This fund operates under Skagerak Capital’s management, aiming to provide a catalyst for the development of the tech ecosystem in the Agder region.
The second fund, First Seed, was established by Sparebankstiftelsen Hedmark and Hedmark County Municipality. With a capital of NOK 100 million, First Seed is recognized as one of the largest regional seed funds in the country. In 2018, Skagerak Capital assumed management responsibilities for this fund.
Firda
Firda, an investment company established by serial entrepreneur Geir Førre, focuses on investing in Norwegian technology companies that demonstrate high scalability and a positive global impact. With a successful track record of exits from ventures like Energy Micro, Chipcon, and Prox Dynamics, Firda brings extensive experience and expertise to its investment activities.
Firda operates through two distinct programs: Firda Seed and Active Engagements. In the Firda Seed program, the company typically invests in the initial equity round, providing funding ranging from 1-2.5MNOK while targeting a 10% ownership stake. Firda adopts a founder-friendly approach and, although they do not take board seats, they actively engage with their portfolio companies.
Under the Active Engagements program, Firda often holds one or two board seats and occasionally serves as the Chair. Their initial investments are typically made at the early stages of a company, sometimes even at its inception. The initial investment amount ranges around 5MNOK, securing a 20-25% ownership stake.
Eviny Ventures
The Eviny group's venture fund, Eviny Ventures, is devoted to funding advanced start-up and growth businesses with the potential to make a substantial impact on the future renewable society. As an industrial investor, Eviny Ventures takes an active role in supporting the companies it invests in, setting a dynamic pace for growth and development.
With a portfolio of 11 companies, Eviny Ventures has made substantial investments, totaling over 125 million kroner. These investments have contributed to the creation of more than 300 jobs, showcasing the fund’s commitment to driving economic growth and job opportunities.
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