Norway Startup Ecosystem

Overview

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.

Angel Investment trends in Norway

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We found 297 Angel Investors in Norway on Angels Partners

Mats Johansson
Investing in Software (Web Marketplace Saas..) &b...
 Stockholm - Malm Norway, Sweden
Investor Picture
Previous Investments
  • Xercise4Less: $56630000
  • APPRL: (early stage)
  • 150KPR Capital:
  • Galton Voysey: (early stage)
  • Pacemaker®: (mid stage)
  • Strossle: (early stage)
  • Airec AB: (late stage)
  • Modern Car Group AB: (late stage)
  • LocalizeDirect: (early stage)
  • Planeto AB: (early stage)
  • Spintop Ventures: (early stage)
  • TeknoSeed Portfolio Management AB:
  • Expertmaker: (early stage)
  • GP Bullhound Sidecar Fund Ltd: (late stage)

Mats Johansson

Stockholm - Malm Norway, Sweden

Investing In

Software (Web Marketplace Saas..) • Hospitality (& Events) • Businesses Solutions • Mobility • Consumer

Description

Investor in Tech

Mats Johansson joined TeknoSeed Portfolio Management AB as Co-founder and Partner in 2009. Since 2005 Mats has dedicated his time towards early stage investing through various activities including private angel investments as well as co-founding several venture funds including GP Bullhound Sidecar and Spintop Private Partner Fund. Prior to this he was lead investor and CEO of succesful turnaround Nasdaq technology company Futuremedia plc. And before that he was co-founder and CEO of successful US-based hotel and airplane shopping venture which he lead from start-up to exit. Mats has a BBA from Lund University and a MBA from Harvard Business School.

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,
Investor Picture
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

Jim Davidson
Investing in PropTech • AgroTech • Clea...
 Denver - Colorado, 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
Investor Picture
Previous Investments
  • Burke Agro de Nicaragua:
  • MCE Social Capital: (late stage)
  • Dev Equity:
  • CauseLabs: (late stage)
  • Impact Hub Boulder: (early stage)
  • MedClimate:
  • PeakChange: (early stage)
  • Laborfair:
  • Liquidity Capital: $1000000 (Seed)

Jim Davidson

Denver - Colorado, 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

Investing In

PropTech • AgroTech • CleanTech • Impact • Real Estate (& Construction)

Description

President PeakChange

Social Venture Investor, Tech Executive & Leadership Mentor

Tharald Nustad
Investing in Software (Web Marketplace Saas..) &b...
 Oslo, Norway
Investor Picture
Previous Investments
  • Katapult Ocean:
  • NEXUS Global Summit: (late stage)
  • Katapult Accelerator: (early stage)
  • Katapult Future Fest:
  • Skalar AS: (late stage)
  • Citymart.com: (early stage)
  • Nordic Impact AS:
  • Inviso AS:
  • TV8 Norge:
  • Xvision: (late stage)
  • Figorr: $2000000 (Seed)
  • Figorr: (Non Equity Assistance)
  • GrowAgric: $150000 (Non Equity Assistance)
  • Sand to Green: $150000 (Pre Seed)
  • Vetsark: $150000 (Seed)
  • AquaRech: $150000 (Seed)
  • Afrikamart: $150000 (Seed)
  • Spark: $150000 (Non Equity Assistance)
  • Akokono House: (Non Equity Assistance)
  • Elucid Social: (Non Equity Assistance)
  • Legendary Foods Africa: $150000 (Pre Seed)
  • ArcticStartup: (Seed)
  • TikkTalk - powered by Skiwo: $850000 (Seed)
  • Differ: $200000 (Seed)

Tharald Nustad

Oslo, Norway

Investing In

Software (Web Marketplace Saas..) • Businesses Solutions • Impact • Consumer

Description

Co-Founder at Katapult Ocean

Founder at Katapult VC


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,
Investor Picture
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).

Mantas Mikuckas
Investing in Hospitality (& Events) • Mobile...
 Lithuania, 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 - U.S.A.
Investor Picture
Previous Investments
  • Qoorio: $2210000 (Seed Round)
  • Walk15: $540000 (Seed)
  • HeavyFinance: $1000000 (Debt Financing)
  • Aerones: $32000000 (Series A)
  • Aerones: $8000000 (Seed)
  • Ovoko: $14000000 (Series A)
  • Ovoko: $5000000 (Seed)
  • Printify: $50000000 (Series A)
  • Inbalance grid: $2000000 (Series A)
  • Inbalance grid: $1000000 (Seed)
  • Billo: $2000000 (Seed)
  • Eneba: $8000000 (Series A)
  • PIXEVIA: $1000000 (Seed)
  • HumansApp: $2000000 (Pre Seed)
  • PlateCulture: $390000 (Seed)
  • Shelfleet: $200000 (Pre Seed)
  • Verb: $2000000 (Seed)
  • Walk15: $500000 (Seed Round)
  • Aerones: $30000000 (Series A)
  • Ovoko: $14000000 (Series A)
  • Aerones: $8300000 (Seed Round)
  • Printify: $50000000 (Series A)
  • Inbalance grid: $1500000 (Series A)
  • Billo: $2000000 (Seed Round)
  • Ovoko: $4300000 (Seed Round)
  • Eneba: $6600000 (Series A)
  • PIXEVIA: $1000000 (Seed Round)

Mantas Mikuckas

Lithuania, 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 - U.S.A.

Investing In

Hospitality (& Events) • Mobile Apps

Description

Co-Founder & COO at Vinted | Angel Investor


Mantas Mikuckas is a Co-Founder and serves as Chief Operating Officer at Vinted. He served as Founding Partner at Practica Capital. He has years of experience in information technology and telecommunications sector in the development of their own business and the realization of the strategic buyer.

Henrik Aspén
Investing in Software (Web Marketplace Saas..) &b...
 Stockholm - Oslo, Norway, Sweden
Investor Picture
Previous Investments
  • Inovia Group: $16719999 (Later stage VC)
  • Studytube: $11260000 (Later stage VC)
  • CAP: (Group)
  • Desenio AB: (late stage)
  • smava GmbH: (late stage)
  • Whiteaway Group:
  • Codenomicon:
  • Compricer AB: (late stage)
  • Mantacore:
  • Prenax Ltd: (late stage)
  • Prosper Capital/Skandia Liv:
  • Abovo/Ernst & Young:

Henrik Aspén

Stockholm - Oslo, Norway, Sweden

Investing In

Software (Web Marketplace Saas..) • IT (& TMT) • BioTech • Insurance (& InsurTech) • Consumer

Description

Partner Verdane Capital Advisors

Partner Verdane Capital Advisors

Jon Grøholdt
Investing in Software (Web Marketplace Saas..) &b...
 Oslo, Norway
Investor Picture

Jon Grøholdt

Oslo, Norway

Investing In

Software (Web Marketplace Saas..) • FinTech (& Financials services) • Retail (& E-Commerce) • A.I. (& Big Data) • HealthTech (& Fitness) • Medical Devices (& Hospital Services) • Healthcare (& Wellness)

Description

Founder at Antler

Gunnar Rydning
Investing in Software (Web Marketplace Saas..) &b...
 Oslo, Norway
Investor Picture
Previous Investments
  • Finanstipset AS: $850000 (Angel)
  • Plaace: $440000 (Pre Seed)
  • Neonomics: $2000000 (Series Unknown)

Gunnar Rydning

Oslo, Norway

Investing In

Software (Web Marketplace Saas..) • CleanTech • Impact • Consumer

Description

Director at Verdane Capital

Johannes Berggren
Investing in Education • FinTech (& Financia...
 Oslo, Norway
Investor Picture
Previous Investments
  • Visualyst: (Pre Seed)
  • Luado: $390000 (Equity Crowdfunding)
  • Accountflow: (Pre Seed)
  • Sharebox: $990000 (Equity Crowdfunding)

Johannes Berggren

Oslo, Norway

Investing In

Education • FinTech (& Financials services) • Local commerce

Description

CTO & Co-founder @ Learnlink

João Monteiro
Investing in Mobility
 London, U.K. - Switzerland - 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, Ice
Investor Picture
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)

João Monteiro

London, U.K. - Switzerland - 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, Ice

Investing In

Mobility

Description

Most Interested In

FinTech, FreightTech, Future of Retail and Life Sciences Focused on European teams

Victor Henning
Investing in Education • AR/VR
 Amsterdam Netherlands, Norway
Investor Picture
Previous Investments
  • ecoworks: (early stage)
  • Insolight: (mid stage)
  • Dagens: (early stage)
  • Opus 12:
  • Puraffinity Ltd: (mid stage)
  • Variable:
  • Bluefield Technologies: (early stage)
  • Flexpat.co:
  • Planetary Resources, Inc.: (late stage)
  • Summerboard:
  • Airdog Inc.: (early stage)
  • Chai Bio: (early stage)
  • Rockstart Accelerator:
  • Vayu, Inc: (early stage)
  • CareerFoundry: (early stage)
  • Mendeley: (late stage)

Victor Henning

Amsterdam Netherlands, Norway

Investing In

Education • AR/VR

Description

Technology entrepreneur, investor, author

CEO/Founder @mendeley (acq by @reed-elsevier ) • voted "Best European Founder" @TheEuropas • Investor @airdog, @vayu , @chai , @careerfoundry , @rockstart

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