Capital raising services in Norway
Norway's VC market has matured significantly over the past five years, moving beyond public co-investment as the primary institutional source to a genuinely competitive environment where Oslo-based companies attract Nordic, European and US growth investors.
Kahoot's Oslo Stock Exchange listing, Cognite's sector-specific industrial data raises, Gelato's e-commerce infrastructure rounds and Tibber's climate-tech growth process show that Norwegian founders can structure and close competitive international fundraises across categories.
Flow supports Norwegian companies at mid- to late-stage seeking growth capital on the best terms available. We deliver end-to-end fundraise process management - covering investor preparation, pitch deck, operating and financial model, and process control from first outreach through close - backed by a Nordic and international VC investor network.
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VC rounds raised in the last 12 months in Norway
$20M
Median VC valuation (across all stages) in Norway
-
Median VC revenue multiple (across all stages) in Norway
$76M
Largest VC round raised in Norway in the last 12 months
Raising venture capital in Norway
Norway has a smaller but growing VC market, with Oslo as the centre. Public co-investors (Innovation Norway, Investinor, Argentum-backed funds) anchor the early-stage scene, with cross-border participation from Nordic, European and US investors at growth stage.
NVCA-aligned documentation
The Norwegian Venture Capital & Private Equity Association (NVCA) coordinates industry conventions. Norwegian venture rounds typically use NVCA-aligned documentation for Series A and beyond. Pre-seed and seed rounds often use simplified Nordic-standard templates.
Convertible loans and SAFEs
Convertible loan notes are the standard pre-priced instrument in Norway. SAFEs are used occasionally where the lead investor is US-based. Conversion typically at the next priced round at a discount or capped valuation.
Round structure norms
Priced rounds use 1x non-participating liquidation preference with broad-based weighted average anti-dilution. Founder vesting (4-year, 1-year cliff) is increasingly standard. Norwegian AS structures require board and shareholder resolutions plus Brønnøysundregistrene filings for share issues.
Public co-investment
Innovation Norway and Investinor co-invest at seed and Series A alongside private VCs. Their preference structures, information rights and reporting requirements are well-defined and routinely accommodated in round documents.
Foreign investment review
Norway's National Security Act requires notification of investments giving control over companies subject to the Act (defence, critical infrastructure, sensitive technology). The screening regime has been expanding - worth checking specifically for deals involving non-EEA acquirers in scoped sectors.
Closing mechanics
Closings are typically same-day signing and funding with documents executed via DocuSign. Share issues and changes to articles require Brønnøysundregistrene filings shortly after close. Norway does not levy stamp duty on share issues or transfers.
Largest private tech companies in Norway
Cognite valued at $1.6B is the largest still privately-owned company in Norway.
See all large tech companies in Norway| Logo | HQ | Description | ||||
|---|---|---|---|---|---|---|
Cognite | | Cognite is a Norway-headquartered industrial AI SaaS company delivering Cognite Data Fusion, a platform contextualizing operational and IT data for heavy-asset sectors worldwide. Founded in 2017, it employs over 400 professionals including developers, data scientists, and industry experts across offices in Norway, the United States, and Japan, driving safety, sustainability, and efficiency gains. | May-21 | $150M Series B | $1.6B | |
Gelato | | Gelato is an Oslo, Norway-headquartered print-on-demand platform operating in 30 countries. It connects entrepreneurs, creators, and brands to local production facilities serving up to 5 billion consumers for customized products like apparel, posters, and mugs. Thousands of businesses integrate its software and APIs for e-commerce scaling, with offices in Boston, London, Moscow, Mumbai, Santiago, São Paulo, Shanghai, Stockholm, Tallinn, and Tokyo. | Aug-21 | $241M | $1.1B | |
Dune Analytics | | Dune Analytics is an Oslo-headquartered platform for querying and visualizing Ethereum blockchain data. Users create SQL-based dashboards tracking DeFi protocols, NFT volumes, and wallet activities on Dune's public query engine. The service supports Polygon and Optimism networks alongside Ethereum mainnet. Launched in 2018, Dune Analytics powers analytics for projects like Uniswap and Aave with community-contributed queries exceeding 100,000. | Feb-22 | $69M Series B | $1.0B |
Startups who recently raised money in Norway
Largest VC round raised recently in Norway was a $35M Series B of Unleash in March 2026.
See all VC rounds in Norway| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Mar-26 | Unleash | | Unleash is an open-source feature flag platform used by enterprises for progressive delivery and A/B testing. Hosted on-premises or cloud, it supports SDKs in Java, .NET, and JavaScript for real-time toggles across web, mobile, and server applications. The Oslo-headquartered tool serves thousands of organizations including Adobe. | Firstminute CapitalFrontline Ventures+2 | $35M | - | Series B | |
Dec-25 | Spoor | | Spoor is an Oslo-based AI software developer specializing in biodiversity monitoring for wind farms. The platform uses computer vision and existing hardware to track bird populations remotely. Spoor enables industries to assess environmental impacts and comply with sustainability regulations across Europe. | EnBW New VenturesØrsted+2 | $9.4M | - | Series A | |
Jan-26 | reTyre | | reTyre is an Estonian manufacturer of sustainable pneumatic tires using mass-production methods with lower emissions than conventional processes. Tallinn-based, the company pioneered bio-based compounds and advanced molding for passenger and commercial vehicles. reTyre's tires achieve extended lifespans through innovative tread designs. Launched in 2021, it supplies fleets in Europe emphasizing eco-friendly alternatives to petroleum-derived rubber. | Fundracer CapitalHatch Blue Ltd | $8.3M | - | Undisclosed stage | |
Mar-26 | Ofiniti | | Ofiniti is a digital platform for maritime fuel bunkering that connects ship operators with suppliers. The service streamlines procurement via real-time pricing, vessel scheduling, and document automation for bunker deliveries at ports worldwide. Ofiniti integrates with ERP systems used by shipping lines and traders, reducing delays in transactions. Based in Singapore, it covers major hubs like Rotterdam, Houston, and Fujairah. | DNV VenturesInnovation Norway+5 | $6.8M | - | Seed | |
Apr-26 | OTee | | OTee is a provider of industrial automation software platforms that enable real-time setup, testing, and operation of facilities. The scalable system equips automation engineers with secure tools to optimize processes in manufacturing environments. | AntlerAtlas SGR+3 | $6.1M | - | Seed | |
Apr-26 | Stendr | | Stendr builds AI-driven air defense systems with integrated hardware and software to counter drone threats, fusing sensors for real-time views aligned with NATO standards. | ACME CapitalAndøya Ventures+6 | $5.4M | - | Pre-seed | |
Apr-26 | Zeabuz | | Zeabuz is a Norwegian spin-off from the Norwegian University of Science and Technology's autonomous marine operations center, delivering software for maritime autonomy. The platform enables self-driving electric ferries, workboats, car ferries, and short-sea vessels, reducing crew needs and fuel use by up to 90 percent. Zeabuz deploys in urban waterways and offshore segments across Scandinavia and Europe. | Barclay HoldingEitzen Group+1 | $4.1M | - | Undisclosed stage | |
Nov-25 | Noteless | | Noteless is an Oslo-headquartered AI platform transcribing doctor-patient conversations into structured SOAP notes for general practitioners, physiotherapists, and psychologists. Supporting English, German, Spanish, French, Dutch, Norwegian, and Danish, it integrates with EHR systems while ensuring GDPR compliance by avoiding audio storage or data training. Deployed across Nordic clinics since 2023 to cut documentation time. | Farvatn VentureFuturum Ventures+1 | $4.1M | - | Seed | |
Nov-25 | SportAI | | SportAI is a Tel Aviv-headquartered B2B sports technology company that deploys computer vision and machine learning for real-time technique analysis, coaching feedback, and performance data generation across sports like tennis, soccer, and basketball. Its SaaS platform integrates with broadcasting networks, training applications, simulators, and equipment manufacturers worldwide, processing video feeds to deliver metrics on player movements and form. SportAI partners with professional leagues and broadcasters in Europe and North America, enabling automated commentary and personalized training insights. Founded in 2018, the company supports over 20 sports disciplines and serves clients including national federations and fitness brands. | Alejandro BedoyaAltitude Capital+3 | $3.0M | - | Seed | |
Nov-25 | Bsure | | Bsure is a Oslo-based software provider focused on identity management and Microsoft 365 optimization. Bsure Insights deploys on-premises to analyze Entra ID users, licenses, and security postures, helping enterprises cut costs and ensure compliance. Founded in 2020, the platform serves Nordic financial institutions and public sector organizations, integrating with tools like Power BI for dashboards on overprovisioned licenses and shadow IT risks. | Scale Capital | $2.1M | - | Seed | |
Dec-25 | N | Narchi Motor Corporation | | Narchi Motor Corporation is an Indian startup innovating electric motorbikes to overcome limitations of traditional fuel-powered two-wheelers. | FasterCapitalHesham Zreik | $1.0M | $20M | Pre-seed |
Dec-25 | Soolv | | Soolv is an AI platform that processes unstructured job application materials into structured data, enabling rapid candidate scoring and identification of success indicators for recruiters. | Arkwright XbyFounders+3 | $1.0M | - | Pre-seed | |
Dec-25 | Fronted | | Fronted is a Copenhagen-headquartered platform that connects organizations with global software development talent and teams to support rapid scaling. | AntlerSondo Capital | $1.0M | - | Pre-seed | |
Feb-26 | Watchdog | | Watchdog is a Norwegian AI software provider specializing in automated invoice processing and management to streamline accounts payable workflows for businesses. | Askeladden & CoPetter Reistad | $600K | - | Seed | |
Feb-26 | Orbit AI | | Orbit AI pioneers a decentralized low-Earth-orbit satellite constellation combining global connectivity, onboard AI processing, and blockchain-secured nodes for aerospace applications. | PowerBank | $500K | - | Strategic investment |
Top VCs and strategic investors in Norway
Antler, Investinor, Nysnø and Skyfall Ventures funded the most startups in Norway in the last 12 months.
See all VCs in Norway| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Antler |  | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | OTeeStendrFronted+2 | 31 | Pre-seed | |
Sondo Capital | | Sondo Capital is an Oslo-based venture capital firm investing in pre-seed and seed-stage startups connected to Norway, particularly in fintech, cleantech, and SaaS. It has backed 15 companies including Pleo and Bedrock with tickets from 500,000 to 2 million euros. The fund manages 50 million euros across two vehicles and co-invests with European VCs like Northzone. Sondo Capital hosts accelerator programs in Bergen. | FrontedRiffLightsonic+2 | 12 | Pre-seed | |
Skyfall Ventures | | Skyfall Ventures is an Oslo-based venture capital firm investing in seed-stage technology startups across the Nordics. The firm manages a NOK 70 million fund launched in 2020, following earlier investments totaling NOK 30 million in 16 companies since 2014. Skyfall focuses on sectors like fintech, SaaS, and climate tech, providing capital and mentorship to founders. Established formally in 2016, it supports portfolio companies such as Pleo and Hugiz through its network in Norway and Scandinavia. | StendrWeWillWriteRiff+2 | 11 | Seed | |
MP Pensjon | | MP Pensjon is a Norwegian investment manager focused on pension fund administration. Based in Norway, the firm handles retirement savings through diversified portfolios in equities, bonds, and alternatives. It prioritizes sustainable investing principles similar to Nordic peers, serving institutional clients in the region. | Saga RoboticsOdins.aiPistachio+2 | 11 | Series A | |
Investinor | | Investinor is a state-owned Norwegian investment company headquartered in Oslo managing 4.2 billion NOK in assets. It finances high-potential Norwegian companies pursuing international expansion from early growth to mature stages. Targeted sectors encompass internet technologies, software development, semiconductors, energy production, cleantech innovations, marine industries, and life sciences research. Investinor supports portfolio firms scaling operations across global markets. | SonairTwoActithera+2 | 10 | Series A | |
Nysnø | | Nysnø is a Stavanger-based governmental investment fund managed by the Norwegian Ministry of Trade, Industry and Fisheries, deploying capital into clean technology companies reducing greenhouse gas emissions across energy, transport, and industry sectors. The fund targets Series A and B rounds in startups developing carbon capture, hydrogen production, and electrification solutions. Established in 2017 with 1 billion NOK initial capital, Nysnø has invested in over 20 portfolio companies including hydrogen electrolyzer firms and has regional offices in Oslo. | Dimensions Agri TechnologyOfinitiFlocean+2 | 10 | Series A | |
Startuplab | | Startuplab is an Oslo-based Nordic tech investor, incubator, and accelerator founded in 2012, having supported nearly 1,000 startups and invested in over 200 including ReMarkable, Huddly, Ardoq, Kahoot, Photoncycle, Findable, Sensibel, Oivi, Tunable, and Versiro. | StendrALTEK AIOdins.ai+2 | 9 | Pre-seed | |
Arkwright X | | Arkwright X is an Oslo-based early-stage venture capital firm targeting B2B tech startups in Europe. The fund invests 100,000 to 2 million euros in pre-seed and seed rounds, following on in Series A, with a portfolio in SaaS, AI, and cleantech. Drawing from management consulting networks, Arkwright supports founders in Scandinavia and DACH regions. | SoolvTwoKvist Solutions+2 | 8 | Seed | |
RunwayFBU | | RunwayFBU is a Fornebu, Norway-based tech hub and venture fund investing in over 200 tech startups, offering entrepreneurs access to mentors, industry networks, pilot customers, and co-investment opportunities. The ecosystem collaborates with incubators and partners to support scaling, housed in a dedicated facility fostering community and advisory resources. | OTeeSonairMuybridge+2 | 8 | Seed | |
Idekapital | | Idekapital is a growth equity investor in Norwegian technology companies, supplying capital, strategic guidance, and scale-up assistance to entrepreneurs. | VölurTwoPistachio+1 | 5 | Series A |
What if not VC? Non-equity funding in Norway
Norway's non-dilutive funding stack is one of the strongest per capita in Europe - between SkatteFUNN, Innovation Norway and EU funding access, Norwegian startups can extend runway substantially without taking equity dilution.
SkatteFUNN R&D credit
Refunds 19% of qualifying R&D expenditure for SMEs (capped at NOK 25M of internal R&D spend per year). Refundable in cash for loss-making companies. Often the single largest source of non-dilutive cash for early-stage Norwegian tech.
Innovation Norway
Innovation Norway provides grants, risk loans and innovation loans across multiple programmes. The main Norwegian non-dilutive funding source outside SkatteFUNN, with sector-specific tracks for energy transition, maritime, ocean and Arctic technology.
Research Council of Norway
The Research Council of Norway administers thematic research grants and commercialisation programmes (BIA, Forny). Slow but non-dilutive and a credibility marker for later VC.
EU funding access
Norwegian companies have access to Horizon Europe programmes via the EEA agreement - EIC Accelerator grants (up to €2.5M), EIC Pathfinder, Eurostars and others. Slow but materially valuable for deeptech, climate and life-science companies.
Norwegian angel ecosystem
Norway has a meaningful angel scene driven by oil-and-gas, shipping and post-IPO operator alumni. Concentrated in Oslo, Stavanger and Trondheim. Typical angel tickets NOK 200k-2M per investor; structured rounds often syndicated across 5-15 angels.
Venture debt
HSBC Innovation Banking, Kreos Capital and Claret Capital Partners are the main venture debt providers active in Norway. Typically deployed against ARR or contracted revenue from Series A onwards.
Why Flow Partners as your capital raising advisor?
Kraft KPI-driven narrative
High-growth companies require thorough understanding to accurately capture their value potential. We build compelling, data-driven equity stories that resonate with investors and minimize due diligence intensity.
Move fast and cut the BS
We have a strong appreciation for the power of speed and efficiency when fundraising. Expect a rigorously efficient deal process with minimized management distraction. Founders run the business, we pick up the heavy lifting.
Access relevant investors
Our close relationships with leading late-stage VC and growth equity investors as well as non-traditional capital providers, like family offices and sovereign wealth funds, enable us to find best-fit partners for a given scenario.
Valuation is only one part of the equation
When it comes to growth capital, valuation is only one side of the medal. We help to bridge incentive gaps between founders and investors and make sure you raise money on best possible terms.
We provide capital raising services across Norway and beyond
Sector expertise
Explore our VC fundraising offering across a variety of tech sectors in Norway.
Software
Vertical and horizontal SaaS, AI-native software products, infrastructure SaaS, cybersecurity
AI & ML
Foundation models, AI applications, AI infrastructure, semiconductors, AI consulting
Fintech
Neobanking, online payments, fintech infrastructure, lending platforms, wealth tech, online brokerage, vertical FS software
Consumer internet
Consumer software subscription platforms, edutech, online content, social networks, online dating
Digital media
Streaming platforms, mobile and console gaming, content distribution, digital publishing, VR & AR
E-commerce & marketplaces
Consumer and B2B marketplaces, inventory-based e-commerce, classifieds, lead generation platforms
Consumer products
Direct-to-consumer (D2C) brands, consumer electronics, smart home devices, lifestyle products
Mobility
Ridesharing, micromobility, food delivery, logistics tech, autonomous tech, EV charging infrastructure
Digital health
Digital therapeutics, telemedicine, mental health solutions, EHR and practice management, vertical healthcare SaaS
Industrial technology
Industry 4.0 solutions, 3D printing, climate tech, industrial IoT, robotics, smart manufacturing
Digital infrastructure
Data centers, cloud infrastructure, edge computing, network security, vertical infrastructure SaaS
IT services
Software development and testing, digital transformation, cloud services, advertising agencies, IT support services
Selected case studies
We've advised companies from series A to series D and beyond.
Our capital raising experience spans across various tech sectors and geographies.
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
Recently completed VC fundraising projects
Selected capital-raising mandates and prior investment experience.
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Schedule a call ordrop us an email to learn more about our CFO-as-a-service, capital raising and M&A advisory offering.
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We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO in Norway
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A in Norway
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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