Norway's startup ecosystem is steadily growing, with Oslo being the main hub for innovation. As of 2023, Norway is home to around 1,500 startups. The Norwegian government supports entrepreneurship through initiatives like Innovation Norway and the Research Council of Norway, which provide funding, resources, and mentorship for startups. In 2022, Norwegian startups raised approximately €1 billion in venture capital.
Size of the Market
The Norwegian startup ecosystem is home to around 1,500 startups as of 2023. In 2022, these startups collectively raised approximately €1 billion in venture capital. This growth is supported by various government initiatives and private investments, indicating a robust and expanding market for new ventures.
Key Strengths
Norway's key strengths include a highly educated workforce, a strong focus on sustainability, and a high quality of life. The country's emphasis on green technology and innovation makes it an attractive destination for startups, particularly in sectors like cleantech, fintech, and healthtech.
Major Hubs
Oslo is the main hub for innovation in Norway, known for its strengths in fintech, healthtech, and cleantech. The city attracts significant investments and has produced notable startups like Kahoot! and Otovo. The presence of world-class universities and research institutions fosters a collaborative environment for startups.
Emerging Hubs
Other cities in Norway are also emerging as important hubs for startups. Bergen, Trondheim, and Stavanger are developing their own tech scenes, focusing on sectors such as marine technology, edtech, and energy innovation, respectively. These cities benefit from local universities and supportive municipal policies.
Support Systems
The Norwegian startup ecosystem benefits from a strong network of incubators, accelerators, and co-working spaces. Initiatives like Oslo Science Park and StartupLab provide mentorship, resources, and international exposure, significantly boosting the ecosystem and supporting entrepreneurs at various stages of their journey.
Challenges
Despite its strengths, the Norwegian startup ecosystem faces challenges such as high living costs and a relatively small domestic market. These factors can limit the scalability of startups and increase operational expenses, making it essential for entrepreneurs to seek international markets early on.
Opportunities and Future Outlook
Norway is making significant strides in innovation and entrepreneurship, with substantial growth opportunities driven by continuous investment and technological advancement. The country's strategic location in Northern Europe and its strong focus on sustainability provide startups with ample opportunities for international expansion.
Resilience and Adaptability
Norwegian startups are known for their resilience and adaptability, leveraging the country's robust infrastructure and pro-business policies. The emphasis on sustainability and green technology positions Norway as a leader in environmental innovation, attracting global attention and investment.
How to connect with Angel Investors in Norway?
Overview
Norway's startup ecosystem is vibrant and rapidly growing, with significant contributions from top angel investors and leading venture capital firms. These investors provide crucial support through funding, mentorship, and resources, playing a pivotal role in nurturing early-stage startups and driving innovation across various sectors such as fintech, healthtech, and cleantech.
Top Angel Investors
Angel investors in Norway are instrumental in the early stages of startup development. Prominent figures include Arne Fredly, a veteran investor with interests in fintech and green technology, and Rolf Hansen, known for his investments in tech startups. These angels often provide seed funding and valuable industry connections, helping startups to establish themselves and gain traction in the market.
Leading Venture Capital Firms
Norway boasts several leading venture capital firms that play a critical role in scaling startups. Notable firms include Northzone, Alliance Venture, and ProVenture. Northzone, for instance, has a diverse portfolio and a strong track record of investments in high-growth tech companies. These firms typically invest in Series A and beyond, providing the capital needed for expansion and development.
Investment Size and Scope
The investment size in Norway varies significantly depending on the stage of the startup. Angel investors typically invest between €50,000 and €500,000 in early-stage ventures. Venture capital firms, on the other hand, can invest several million euros in later-stage startups. In 2022, Norwegian startups raised approximately €1 billion in venture capital, highlighting the substantial investment activity in the ecosystem.
Number of Investments
In recent years, the number of investments in Norwegian startups has been steadily increasing. In 2022 alone, there were hundreds of funding rounds, with a mix of seed, Series A, and later-stage investments. This growing number of investments reflects the increasing confidence in Norway's startup ecosystem and its potential for innovation and growth.
Future Outlook of the Investment Market
The future outlook for Norway's investment market is promising. With continuous support from the government and a robust network of investors, the startup ecosystem is expected to grow further. Emerging sectors like renewable energy, artificial intelligence, and biotechnology are likely to attract significant investments, driving the next wave of innovation and economic growth in Norway.
Support and Mentorship
Support and mentorship are integral to the success of startups in Norway. Investors often provide more than just capital; they offer strategic guidance, industry expertise, and access to a broad network of contacts. Initiatives like Innovation Norway and the Research Council of Norway also play a vital role in providing structured mentorship programs and resources to help startups navigate challenges and scale effectively.
Additional Sections
Government Initiatives
The Norwegian government has launched several initiatives to bolster the startup ecosystem. Programs like Startup Norway and the Norwegian Microfinance Initiative (NMI) provide critical support, including grants, loans, and business development services to entrepreneurs and startups.
International Expansion
Norwegian startups are increasingly looking beyond domestic markets for growth. With Norway's strategic location in Europe and strong trade relationships, startups have ample opportunities for international expansion. Investors often play a crucial role in facilitating this growth by leveraging their global networks and providing insights into foreign markets.
Conclusion
Norway's startup ecosystem is thriving, thanks to the substantial contributions of top angel investors and leading venture capital firms. With a favorable investment climate, robust support systems, and a forward-looking approach to innovation, Norway is well-positioned to continue its trajectory as a significant player in the global startup scene.
Case Studies: Successful Funding Rounds with Angel Investors on Angels Partners
Businesses Solutions • FinTech (& Financials services) • Retail (& E-Commerce) • A.I. (& Big Data) • HealthTech (& Fitness) • Web Security (& Privacy) • Future Of Work • Medical Devices (& Hospital Services) • Healthcare (& Wellness) • Mobility
Description
General Partner, Index Ventures
General Partner, Index Ventures
Tony Corbin
Investing in Software (Web Marketplace Saas..) &b...
Menlo Park , San Fran..., U.S.A. - Israel - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Icelan
Previous Investments
• Vayyar Imaging:
$109000000 (Later stage VC)
• VDOO:
$57000000 (Later stage VC)
• Cloudleaf:
$26000000 (Later stage VC)
• Fakespot:
(Series A)
• Fakespot:
$4000000 (Series A)
• Sumatra:
$2000000 (Seed)
• MRGN:
(Pre Seed)
• MRGN:
(Pre-Seed)
• Ash Wellness:
$3000000 (Seed)
• Ash Wellness:
(Seed+)
• AppliedXL:
$4000000 (Seed)
• AssetDash:
(Pre Seed)
• Tabula:
$3000000 (Pre Seed)
• Naya:
$6000000 (Seed)
• Thorium Data:
$100000 (Pre Seed)
• OpenAxis:
$2000000 (Pre Seed)
• CACTIVATE:
(Pre Seed)
• Grin Gaming:
(Seed)
• Grin Gaming:
(Seed)
• Docket:
(Seed)
• Ask Vera:
(Seed)
• UrsaLeo:
(Seed+)
• Cactivate:
(Pre-Seed)
• Clearforce:
(Seed)
• Paragon Intel:
(Seed+)
• Intrro:
(Seed)
• Bazze:
(Pre-Seed)
• Asset Dash:
(Pre-Seed)
• Finicast:
$13000000 (Seed)
• Very Good Ventures:
$3000000 (Series A)
• Very Good Ventures:
$3000000 (Series A)
• Prellis Biologics:
$35000000 (Series C)
• Prellis Biologics:
$15000000 (Series B)
• Biomason:
$65000000 (Series C)
• Home Delivery Service (HDS Global):
$5000000 (Series Unknown)
• Rizzle:
$17000000 (Convertible Note)
• EnTribe:
$3000000 (Seed)
• Atonarp:
$50000000 (Series D)
• Atonarp:
$2000000 (Series B)
• Atonarp:
$4000000 (Series A)
• Boom Supersonic:
$50000000 (Series C)
• Extend:
$16000000 (Series A)
• Quartic.ai:
$2000000 (Seed)
• Globality:
$27000000 (Series B)
• Globality:
$10000000 (Series A)
• BangDB:
(Seed)
• Reaction:
$10000000 (Series A)
• Reaction:
$2000000 (Seed)
• Shipster:
(Seed)
• H2O.ai:
$9000000 (Series A)
• Trove:
$5000000 (Series A)
• FUTR Corp.:
$5000000 (Seed)
• Yellowsmith:
$850000 (Seed)
• Printi:
$1000000 (Series A)
• GoPro:
$88000000 (Series A)
Tony Corbin
Menlo Park - San Francisco Bay Area, U.S.A. - Israel - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Icelan
Riverwood Capital is a globally-focused private equity firm that invests in high-growth businesses in the technology and services industries, across a variety of verticals and geographies. Riverwood has offices in Menlo Park, CA and New York, NY and currently has more than 20 investments in North America, Latin America and Asia. The firm's current fund has $780 million of committed capital. The final fund close was in April 2011. Riverwood invests in mid-market technology and technology enabled products and services. The firm defines mid-market as approximately $100-$500 million in revenue for product companies, and approximately $25-$150 million in revenue for software and services. Riverwood occasionally invests outside these ranges. Riverwood invests on a global basis, having already invested in the U.S., Israel, Argentina, Chile, and Brazil. The firm's normal investment size ranges from $25-75 million.
Max Rimpel
Investing in Businesses Solutions
New York, U.S.A. - U.K. - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Iceland,
Previous Investments
• Climax Foods:
$44017000000 (Later stage VC)
• Starburst Data:
$118000000 (Later stage VC)
• Fast (Application Software):
$102000000 (Later stage VC)
• Wealthfront:
$75000000 (Later stage VC)
• Duo Security:
$70000000 (Later stage VC)
• Kano Computing:
$28000000 (Later stage VC)
• Figma:
$25000000 (Later stage VC)
• Built Technologies, Inc.:
$21000000 (Early stage VC)
• Behavox:
$20000000 (Later stage VC)
• Less:
$19000000 (Early stage VC)
• Homebell:
$11000000 (Later stage VC)
• Scoop Technologies:
$10600000 (Early stage VC)
• Trouva:
$10000000 (Early stage VC)
• Spendesk:
$8000000 (Early stage VC)
• Gremlin Inc:
$7500000 (Early stage VC)
• Linear:
$4200000 (Early stage VC)
• Supersolid:
$4000000 (Early stage VC)
• Pitch Software:
• Taxfix:
(mid stage)
• arfa, Inc.:
(early stage)
• Personio:
(mid stage)
• ComplyAdvantage:
(mid stage)
• Typeform.com:
(late stage)
• Chalk:
$10000000 (Seed)
• Bandana:
$4000000 (Seed)
• ChannelEngine:
$50000000 (Series B)
• Enigma:
(Seed)
• cargo.one:
$42000000 (Series B)
• cargo.one:
$19000000 (Series A)
• Layer:
$5000000 (Seed)
Max Rimpel
New York, U.S.A. - U.K. - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Iceland,
Investing In
Businesses Solutions
Description
Principal at Index Ventures
Principal at Index Ventures
Andris K. Berzins
Investing in Software (Web Marketplace Saas..) &b...
Backing ambitious Baltic founders from Estonia, Latvia and Lithuania, building global success stories.
Most Interested In
The best Baltic founders building global businesses.
Not Interested In
Any investments that don't have Baltic founders - sorry, but it is outside our investment scope.
Founders who don't have the "grit" (passion and perseverance) to build big, global, scalable businesses.
Marek Olszewski
Investing in Software (Web Marketplace Saas..) &b...
San Francisco Bay Area, Germany - U.S.A. - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Icela
Previous Investments
• CodeFights:
$2500000 (Seed Round)
• Capsule Wallets:
(Seed)
• Remox:
(Pre Seed)
• Numoen:
$1000000 (Seed)
• CyberBox:
$150000 (Seed)
• impactMarket:
$2000000 (Seed)
• Paychant:
$400000 (Pre Seed)
• Ari Swap:
$700000 (Pre Seed)
• Payourse:
$600000 (Pre Seed)
• Coinprofile:
$600000 (Pre Seed)
• Netra:
$500000 (Convertible Note)
• CodeSignal:
$3000000 (Seed)
• Accion Systems:
$2000000 (Seed)
Marek Olszewski
San Francisco Bay Area, Germany - U.S.A. - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Icela
Dr. Marek Olszewski is a Co-Founder of Celo. He is a Co-Founder and served as the Chief Technology Officer at Locu. Prior to Locu, Marek was a senior PhD candidate at MIT CSAIL. He is a Facebook Fellow and the recipient of the J. Edgar McAllister Fellowship. He has prior work experience at a number of technology companies including Google, Microsoft (Research) and Sun (Labs). He is also an angel investor.
Media • FinTech (& Financials services) • Retail (& E-Commerce) • Entertainment (& Sports) • A.I. (& Big Data) • Future Of Work • Mobility
Joo Monteiro
Investing in Software (Web Marketplace Saas..) &b...
Zurich , : Germany Fr..., U.S.A.
Previous Investments
• VonZu Tech:
(Angel Investment)
• Monese:
(Seed)
• EstateGuru:
(Angel)
• Bondora AS:
(Angel Round)
• Taxly.ch:
(Angel)
• Repositive:
(Angel)
• Hometouch:
(Seed)
• Eisbach Bio:
(Seed)
• TransactionLink:
$5000000 (Seed)
• Una Brands:
$30000000 (Series B)
• FINN:
$110000000 (Series B)
• FINN:
$24000000 (Series A)
Joo Monteiro
Zurich - : Germany France Italy Spain Poland Romania Netherlands Belgium Czech Republic Greece Portugal Sweden Hungary Austria Switzerland Denmark Finland Slovakia Norway Ireland Luxembourg M, U.S.A.
: Germany France Italy Spain Poland Romania Netherlands Belgium Czech Republic Greece Portugal Sweden Hungary Austria Switzerland Denmark Finland Slovakia Norway Ireland Luxembourg Malta Iceland Monaco, U.S.A.
I am a Norwegian entrepreneur and investor. I have started a few companies working with technology and communication. I`m active in the impact investment field.
Rodrigo Sepulveda
Investing in Advertising • Productivity
San Francisco Bay Area, U.S.A. - France - Luxembourg - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg,
Previous Investments
• Culture Secrets:
(Seed Round)
• Demenager Facile:
(Seed Round)
• Holberton School:
$2000000 (Seed Round)
• RecargaPay:
(Convertible Note)
• Dott:
$100000000 (Series B)
• Dott:
$34000000 (Series A)
• Wizata:
$3000000 (Series A)
• Wizata:
$2000000 (Seed)
• Nannybag:
$2000000 (Seed)
• Nannybag:
(Convertible Note)
• Wefarm:
$13000000 (Series A)
• Smartrenting:
(Series A)
• Spire Global:
$40000000 (Series D)
• Spire Global:
$70000000 (Series C)
• Service:
(Convertible Note)
• Verse:
$5000000 (Series Unknown)
• OpenExo:
(Convertible Note)
• Pliops:
$30000000 (Series B)
• Salonkee:
$1000000 (Seed)
• Passbolt:
$530000 (Seed)
• Glose:
$3000000 (Series Unknown)
• Catalyte:
$27000000 (Series A)
• Tribe:
$3000000 (Seed)
• Tribe:
$3000000 (Seed)
• Tribe:
$500000 (Seed)
• Nektria:
$2000000 (Series A)
• itravel:
$2000000 (Series A)
• Attach:
(Seed)
• Boostable:
(Seed)
• Allmyapps:
(Series A)
• Manifest:
(Seed)
• Getaround:
$3000000 (Seed)
• amiando:
(Seed)
• Wavestorm:
(Seed)
Rodrigo Sepulveda
San Francisco Bay Area, U.S.A. - France - Luxembourg - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg,
Investing In
Advertising • Productivity
Description
Most Interested In
Blockchain, Cybersecurity, Infrastructure, SpaceTech, DeepTech, AI, ML
Not Interested In
FinTech, AdTech, Ecommerce, CleanTech, BioTech
CEO at @sepulveda-capital. Managing Parter Expon Capital. Serial entrepreneur (5 founded, 3 sold). Invested in North America (CA, NY, FL), Europe (FR, DE, CH).
David Evans
Investing in Software (Web Marketplace Saas..) &b...
David Evans serves as Angel Investor at David Evans.
Linked In Description:
I am a serial entrepreneur and technologist who started coding at 14, launched my first business at 19, and made by first angel investment before age 30. Including my companies, my portfolio, and my clients I have been involved in multiple exits as a founder, investor, advisor and team member.
In this broad-ranging experience as an entrepreneur, investor, and consultant, I have worked in Group Travel, Telemarketing, Digital Out of Home Advertising, Light Manufacturing, Digital Marketing, Occupational Therapy, e-Commerce, Retail, Non-Profit, Ticketing, Sports & Entertainment, Public Agencies, Alternative Asset Management, Consumer Services, and Professional Services and bring domain-specific knowledge to these industries.
I am looking to engage with people that want to leverage technology to make money, save money, or improve customer experiences. As a consultant, this means middle market companies looking to add strategic value to their technology investments. As an investor and advisor, it’s usually early stage, AI-enabled SaaS companies.
Additionally, I have a passion for helping build sustainable social impact businesses that serve our communities with less reliance on philanthropic funding.
Michael Klein
Investing in HealthTech (& Fitness) • Medica...
San Francisco Bay Are..., U.S.A. - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Iceland, Monaco
Michael Klein
San Francisco Bay Area - California, U.S.A. - Europe: Germany, United Kingdom, France, Italy, Spain, Poland, Romania, Netherlands, Belgium, Czech Republic, Greece, Portugal, Sweden, Hungary, Austria, Switzerland, Denmark, Finland, Slovakia, Norway, Ireland, Luxembourg, Malta, Iceland, Monaco
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