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The following article has been written in the scope of the research process for our exclusive EU venture capital fund list. You might also like the list of the 300 largest European single family offices investing in venture capital, provided by our partner portal familyofficehub.io.
Norway’s venture capital ecosystem has grown significantly in recent years, with increasing support for startups across various industries, particularly in technology, renewable energy, and sustainability. Norwegian VC firms and government-backed investors, such as Investinor, NordicNinja VC, and Alliance Venture, play a crucial role in providing early-stage and growth capital to innovative companies. The country’s VC landscape is increasingly focused on sustainability, clean tech, and ocean industries, aligning with Norway’s broader commitment to green innovation. In this article we present the five largest and most active VCs in Norway.
List of the 5 largest VC funds in Norway
| VC Firm | Focus Area | Portfolio Companies | Founding Year |
|---|---|---|---|
| Investinor | Direct investments in Norwegian startups as well as indirect investments through third funds. | Swarm64, Motimate, Dele Health, Dignio, Cyviz, Skitude, Cimon Medical | 2008 |
| Alliance VC | Early-stage tech companies from the Nordics | Tana, Lightbringer, 1X, Aquabyte, Bits Technology, Ripe, Gilion, Helppy, Superside | 2001 |
| ProVenture | Early stage digital technology | Sonair, Defibrio, Cimon Medical, Cardboard, Infotiles, Loopfront, Rebase, Enua, Naer, Senti Systems | 2006 |
| Finstart Nordic | Fintech startups | Beaufort, Gojust, Celsia, Swiipe, Adminkist, Unlisted, Lucidtech | 2018 |
| Skyfall Ventures | Nordic software companies (artificial intelligence, climate tech, blockchain & web3, bioinformatics & longevity, cyber security and robotics) | enode, Nansen, oda, Optio, Firi, databutton, Strise | 2014 |
Evergreen venture capital investor from Norway: Investinor
The largest supporter of startups in Norway is not a typical VC as we know it. Investinor AS is a government-funded investment company, managing assets worth over NOK 8 billion. The company invests in promising, non-listed companies with the goal of fostering international growth and expansion. Investinor engages in direct investments, invests in seed and venture funds, and conducts matching investments alongside private investors during the seed and venture phases (the combination of direct and indirect investments is something we see in the family office space quite often). It manages Norway’s state interests in seed and pre-seed financing. Since its founding in 2008, Investinor has invested in 79 portfolio companies and collaborated with over 60 co-investors. The company is committed to sustainable investments and aims to promote long-term, profitable growth.
Picture source: Oliver Cole, Unsplash (20.02.2025)
