Norway's focus on developing its startup ecosystem and accelerating the growth of new enterprises has undoubtedly matured, improving levels of value creation, scalability, and long-term growth across the country. Coupled with their strong orientation towards enterprises that address contemporary issues such as climate change, , and digitization, Norway has built a reputation for itself in the global startup scene. Local venture capital firms are actively investing in new opportunities, and international VCs are becoming interested in the Norway startup ecosystem. In this article, we have compiled a comprehensive list of the top VC funds and angel investors in Norway to help ypu find the right funding partner for your business!
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Venture Capitalist Funds in Norway
The venture capitalist funds below are actively looking for investments in promising companies throughout various stages and sectors. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed.
Year of Inception: 2012
Stage: Pre Seed
Focus: Technology
Notable Portfolio: Huddly, UX Lab, Airtight, Playfinity, Zendera, Vitroscope
Startuplab Ventures is an incubator and early-stage investor focused on tech startups. They typically invest in the first equity round, providing USD 100,000 to USD 300,000 in return for 10-15% equity. They do not typically take board roles but will be involved in providing assistance and guidance on expanding the firm.
Year of Inception: 2008
Stage: Pre Seed, Seed, Series A
Focus: Energy, Health, Marine, Environmental Technology, Technology
Notable Portfolio: Arxx Therapeutics, BerGenBio, Cryogenetics, Farmforce, Numascale
Investinor is an evergreen investment company funded by the Norwegian government and one of Norway's largest venture capital firms. Investinor is in charge of managing the Norwegian government's stake in the seed capital and pre-seed funding schemes, investing in promising firms who want to grow and expand internationally.
Year of Inception: 2012
Stage: Seed, Series A
Focus: EarthTech, Clean Energy, Energy Efficiency and Storage, Circular Economy, Advanced Manufacturing and Materials, Mobility, Food Systems
Notable Portfolio: Palmetto, Seal, Liminal, Woltair, Aquabyte
ArcTern Ventures is an earthtech-focused venture capital firm that invests and collaborates with founders who are passionate about tackling humanity's greatest challenges in climate change and sustainability. They work directly with entrepreneurs, giving their knowledge and worldwide network to help them scale innovative technologies that can accelerate the response to climate change.
Year of Inception: 2009
Stage: Seed, Series A
Focus: Life Sciences, Technology, Energy, Sustainability
Notable Portfolio: BerGenBio, Nykode, Seafam Solutions, Heimdall Power
Sarsia is a venture capital firm that invests in early-stage companies that are creating a greener, healthier future. They help link startups with the funding, talent, and network needed to grow. They also provide their knowledge and skills to assist new businesses in making their way into the society.
Year of Inception: 2016
Stage: Seed, Series A
Focus: Ocean, Climate, Africa
Notable Portfolio: Bio-Me, Clevair, Diwala, Farmforce, TestHub
To build a thriving world for everybody, Katapult VC invests in early-stage, impact-driven tech startups that have a positive impact on the ocean and climate. Aside from providing investments, portfolio companies may also join their business accelerator programs. To date, they have have vetted over 18,000 businesses from over 100 countries and invested in 146 tech startups that are aiming to achieve the United Nations Sustainable Development Goals.
Year of Inception: 2016
Stage: Seed, Series A
Focus: SaaS, Deep Tech, Impact
Notable Portfolio: ShiftX, Effera, Sensibel, Semine, Vilmer
Skagerak Capital makes investments in startups that will improve the planet and make the world a better place. They look for early stage startups that operate in deep-tech and SaaS that are building technological advancements to tackle megatrends such as climate change and resource shortages.
Year of Inception: 2006
Stage: Seed, Series A
Focus: Sustainable Digital Technology
Notable Portfolio: Wanda, Infotiles, Defibrio, Loop front, Geniess, Cardboard, Sentisystems
ProVenture invests in emerging digital technology firms that aim to create significant economic, social, and environmental value. They manage three funds with a combined value of 1.3 billion NOK, each of which are handled by specialized teams of experienced entrepreneurs based in their offices in Trondheim and Stavanger.
Year of Inception: 2015
Stage: Seed, Series A
Focus: Technology
Notable Portfolio: Presail, Portal One, Speechly, Memory, Intellitech, Kitemaker
SNÖ Ventures invests in visionary entrepreneurs who are building revolutionary Nordic digital firms. They seek to strengthen the Nordic ecosystem by encouraging the exchange of resources, people, ideas, and expertise throughout the Nordic area, as well as by utilizing their international networks to assist Nordic enterprises in their worldwide development.
Year of Inception: 2000
Stage: Seed, Series A
Focus: Technology
Notable Portfolio: Kalera, Mezonix, Conrobotix, Wirescan, Telecomputing
Convexa is an early-stage investor focused on bringing technology startups to worldwide markets. With extensive experience in scaling companies internationally, Convexa offers entrepreneurs valuable expertise in establishing successful technology firms at every stage of the value chain. They provide startups with wide strategic and operational insights, such as business growth abilities, internationalization know-how, operational efficiency, network expansion, and strategic planning.
Year of Inception: 2001
Stage: Seed, Series A
Focus: Technology
Notable Portfolio: Steep, Ripe, Bits, Ark, ShiftX, Aquabyte, Shoreline
Alliance Venture makes early-stage investments in Nordic founders and tech startups with global ambitions. They seek for entrepreneurs who solve real-world issues and enhance the way humans life their life and increasing environmental and social sustainability.
Year of Inception: 1993
Stage: Series A, Series B
Focus: Industrials, Software, Oil & Gas, Marine, Consumer
Notable Portfolio: Wavetrain Systems, BerGenBio, CrayoNano, Mazemap
Established in 1993, Televenture is one of the oldest and leading venture capital firm in Norway. Televenture's executive team has extensive venture capital experience as well as general industry expertise in both the local and foreign markets.
Year of Inception: 2001
Stage: Series B, Series C
Focus: Software
Notable Portfolio: LeadDesk, Agillic, Encodify, WorkPoint, Flowbox, Tamigo
Viking Venture invests in software scale-ups and assists them in growing their firms. They work alongside entrepreneurs to help them grow by providing an outside viewpoint through mentoring, leading, and coaching. With their extensive expertise in the software industry, they will help startups in creating a scalable, multinational sales pathway, accelerating expansion, securing investments, and achieving a successful exit.
Schibsted Ventures
Year of Inception: 2010
Stage: Seed, Series A, Series B, Series C
Focus: Digital
Notable Portfolio: Blocket, Prisjakt, Hitta, TV.nu, Let’s Deal, Lendo
Schibsted Ventures is the corporate venturing arm of Schibsted Media Group, an international media group headquartered in Oslo. They invest in scalable and disruptive digital companies. With their wide network, they assist entrepreneurs and startups in establishing their products, scaling their businesses globally, and maximizing growth in order to become market leaders.
Angel Investors in Norway
The Angel investors listed below are part of an Angel community located throughout Norway. They may act as an individual or as a syndicate to fund projects of their preference, so these networks are the best opportunity for you to find a potential Angel with an aligned vision and interests.
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: -
Scandinavian Investment Network is an angel investing platform that connects entrepreneurs with potential angel investors. Through the platform, startups can post their projects along with their required capital investments and communicate with angel investor members. Startups can also browse through the directory of angel investors that could be in line with their expertise and interests.
Stage: Seed, Series A
Focus: Sector Agnostic
Notable Portfolio: -
Business Angels Norway is Norway's sole trade organization for business angels that connect investors and businesses. They organize regular events and programs in all areas of Noway where angel investors and companies may connect. A startup can also apply to join their online platform CrowdWorks, which they utilize to bring together investors and businesses to co-create value.
Closing Thoughts on VCs and Angel Investors in Norway
Norway possesses all of the raw elements required to establish a successful and vibrant startup environment. The expansion of Norway's startup culture has been aided by the country's stable economy, high quality of living, and well-educated workforce. The impact of new investors joining the market has also started to emerge. The ecosystem continues to evolve and flourish, with Norwegian startups and scaleups now having the opportunity to play a significant and lucrative role in the global ecosystem.
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Frequently Asked Questions on VCs and Angel Investors in Norway
How is Norway's venture capital and startup ecosystem structured?
Norway's venture capital ecosystem is robust, anchored by strong government support through Innovation Norway and the Norwegian Venture Capital & Private Equity Association (NVCA). Major hubs include Oslo, Bergen, and Trondheim, with key players like Northzone, Alliance Venture, and Nordic Impact Funds. The ecosystem leverages Norway's sovereign wealth fund influence and strong energy sector expertise. The Norwegian Investment Fund (Investinor) provides significant state-backed venture funding, while the Seed Capital scheme offers tax incentives for early-stage investments.
What funding options are available for Norwegian startups?
Norwegian startups can access multiple funding channels: seed funding through Innovation Norway's startup grants (up to 500,000 NOK), angel investments via StartupLab and Angel Challenge Norway (1-5M NOK), and early-stage VC funding (5-50M NOK). The Norwegian State Investment Fund (Investinor) provides matching investments. Additional support comes through regional development funds and EU/EEA grants. Scale-up funding often involves Nordic or international VC partnerships, particularly for technology and cleantech ventures.
Which sectors attract the most investment from Norwegian VCs and angels?
Norwegian investors show strong preference for sectors aligned with national strengths: cleantech (particularly renewable energy), ocean/maritime technology, and oil/gas tech solutions. There's significant interest in deep tech areas including AI/ML, IoT, and industrial digitalization. Health tech and biotech sectors attract substantial investment, leveraging Norway's strong research institutions. Emerging focus areas include aquaculture technology, electric mobility solutions, and sustainable energy systems.
What criteria do Norwegian investors use to evaluate startups?
Norwegian VCs prioritize teams with strong technical backgrounds and international market potential. Key requirements include clear intellectual property protection, demonstrated traction in the Nordics, and sustainable business practices. Most investors expect startups to have a clear ESG (Environmental, Social, Governance) strategy aligned with Norway's sustainability goals. Scale-up potential in international markets, particularly the EU and US, is crucial for larger investments.
How can entrepreneurs connect with Norwegian investors?
Key networking opportunities include Oslo Innovation Week, Nordic Edge Expo, and Angel Challenge events. The StartupLab and MESH communities provide direct access to investor networks. Accelerators like Innovation Norway's programs and 500 Nordics facilitate investor connections. Tech incubators in Oslo Science Park and regional innovation centers offer networking platforms. Many Norwegian VCs maintain strong relationships with Nordic and European investors, particularly in Sweden and Denmark, offering potential for cross-border funding opportunities.
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