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The top 13 most active VC investors in Norwegian startups

Norway has seen an increase in VC investments over the past few years. Check out this list of the 13 most active investors in Norwegian startups to find out who is driving the uptick in activity.

(franckreporter/E+/Getty Images)


Norway is known for being one of the wealthiest countries in the world, only second to Luxembourg in the ranking of European countries by GDP per capita. It is also home to the world’s largest sovereign wealth fund, sitting on more than $1 trillion gathered from the country’s surplus oil revenues. The fund boasts stakes in more than 9,000 companies around the world such as Microsoft, Apple, JPMorgan and BlackRock—to name just a few.

However, the nation has been somewhat overshadowed by its neighbors when it comes to venture capital funding for its own startups. Since the start of 2015, only 10.4% of the capital funneled into the Nordics has gone toward businesses hailing from the area, per PitchBook data.

However, signs suggest Norway may be catching up with its regional peers. Over the past couple of years, numbers have been trending upward. In 2018, Norwegian startups raised a total of €207.8 million, compared with €156.1 million and €136.4 million in the two preceding years.

To find out who is fueling the Norwegian VC landscape, we compiled a list of the 13 most active investors in the country’s startups since 2015 with their deal counts in parentheses:

1. Investinor (38)
2. StartupLab (16)
3. Alliance Venture (14)
4. Innovasion Norge (13)
5. TRK (12)
6. ProVenture Seed (10)
T-7. Televenture (9)
T-7. Founders Fund (9)
9. Viking Venture (8)
10. Agenda Capital (7)
T-11. Northzone Ventures (5)
T-11. Sarsia Seed (5)
T-11. Creandum (5)

  • leah-hodgson-photo.jpg
    Written by Leah Hodgson
    Leah Hodgson is a London-based senior reporter for PitchBook covering venture capital across Europe and the Middle East. Leah graduated from the University of Surrey with a BA in international politics with French. She has previously been a radio reporter in France. She later turned to financial journalism, covering the wealth management industry. She joined PitchBook in 2018.
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