10 Norwegian Startups Worth Watching

It seems that Norway’s tech scene has been described as “upcoming” for years. This despite the fact that it contains unicorns like Start Oda Grocery DeliveryDune Analytics Crypto Analytics startup Awesome tablet startup and Gelato print-on-demand platform.

Some believe we will see the Norwegian startup scene boom in the next few years, and others say it is already happening. One of those is Henrik Hatlebrekke, a partner at Oslo-based Sondo Capital, which closed its first €18m fund earlier this month.

“Working for another successful startup is probably the best place to learn how to become an entrepreneur, and we are already seeing a second wave of companies started by former employees of the first wave of unicorns in Norway. This is just the beginning.”

Software startup Breyta, with serial entrepreneurs as founders, today announced a €5 million seed round from European VC Peak and Norway’s VC Snö. But what other startups to watch? The sieve made contact with a number of people in knowledge on the ground to find out.

Here are 10 promising startups in Norway

Britta

BRITA founders: Chris Moen, Jean-Tore Stolsvik, and Figard Steen

was established: 2021
Producer: Develop a collaborative CRM (Customer Relationship Management) tool specifically designed for product-led SaaS companies and companies looking to become more data-driven.
Number of Employees: 12
Founders: Chris Moen, Jan Tore Stolsvik, and Figard Steen
Financing: It raised a $2.1 million introductory round in 2022 by Antler, Unpopular Ventures, Sondo and Angels as well as a $5 million seed round that was recently closed by VCs Snö and Peak.

two

Two of the founders: Andreas Megeldy, Joachim Krueger, Kieran Thomas

was established: 2020
Producer: Two is a fintech startup focused on a buy now and pay later solution for B2B transactions.
Number of Employees: 65+
Founders: Andreas Megeldy, Joachim Krueger, Kieran Thomas, Edward Brandler and Stavros Tamfakakis
Financing: 2.5 million euros (according to the deals room)
Investors: Arkwright X, Bring Ventures, Visionaries Club, Endeavor Greece, Sequoia, and LocalGlobe.

Skyfri

Skyfri founders: Murshid Ali, PeterBerge, Pratik Ghoshal and Aslan Shamsutdin

was established: 2021
Producer: Skyfri is a climate technology company that provides solar asset owners with a platform that automates operations, maintenance and asset management. Apart from Oslo, it has offices in Calgary, Hyderabad, Singapore and Johannesburg.
Number of Employees: 100+
Founders: Murshid Ali, Peterberg, Prateek Ghoshal and Aslan Shamsuddin.
Financing: $8.5 million from Speedinvest, All Iron Ventures, We Are Human, Voyagers, Tiebreak-ventures, Greenlight Ventures and more.

STRIZ

Strise founders Marit Rødevand, Sigve Søråsen and Patrick Skjennum

was established: 2016
Producer: Develop a corporate intelligence platform for regulated industries, with a focus on KYC (know your customer), customer screening, compliance and risk management. It already has a number of lenders as clients.
Number of Employees: 26
Founders: Marit Rudivand, Sejvi Sorossen and Patrick Skjenum
Financing: It raised $1.5 million (according to Dealroom) from Maki.vc, UK-based Conviction VC, and Skyfall Ventures.

Unleash – Unleash

Unleash Founders Ivar Østhus and Egil Østhus

was established: 2019 (first launched as an open source project in 2015)
Producer: Develop an open source feature management solution to improve developer workflow and lead to faster software delivery. It already has 200 paying clients.
Number of Employees: 26
Founders: Ivar Ostos and Egil Ostos
Investments: €14 million Series A raised in 2022 by Spark Capital, Frontline Ventures, First Minute Capital, Alliance Venture, Sondo and Arkwright X

ocean oasis

Ocean Oasis founders Kristine Bangstad Fredriksen, Thomas Berge Johannessen and Sebastián Feimblatt

was established: 2020
Producer: Develops a wave-powered desalination solution to deliver fresh water to shore with zero emissions. The startup received a €2.5 million grant from European Innovation Council (EIC) at the beginning of 2022.
Number of Employees: nine
Founders: Kristen Bangstad Frederiksen, Thomas Berg Johansen and Sebastian Wimblatt
Investors: Antler, Grieg Edge (Grieg Maritime Group), Planet 9 Venture
Financing: not revealed

Nortech Neurotech

Nordic Neurotech founder Kim Lian

was established: 2017
Producer: Nordic Neurotech is a virtual reality startup that specializes in creating the content and infrastructure that enables psychologists to deliver exposure therapy in virtual reality, tailored to individual patients.
Number of Employees: 25
Founder: Kim Lian
Funding and Investors: Undisclosed amount by Norwegian investor Canica, Innovation Norway and Forskningsrådet

adjust

Modulize founders Lucas Carstens, Håkon Kalbakk and Olav Ljoslandwas established: 2020
Producer: Modulize is a cloud-based software solution for creating sustainable buildings. Modulize enables automated cost computation and is developing a platform for off-site construction. It already has a number of domestic manufacturing clients.
Number of Employees: 15th
Founders: Lukas Karstens, Haakon Kalback, Olaf Leosland
Financing: Raised €1.9 million from seed rounds by Kompas Ventures, Pi Labs, Antler and others in 2022.

Silesia

Silesia Founders Peter Restad, Morten Hellbaum, Catherine Dahleywas established: 2021
Producer: Celsia is a SaaS company that aims to simplify sustainability grading and reporting. Its platform facilitates more efficient reporting according to the EU classification and other sustainability reporting standards.
Number of Employees: 15th
Founders: Peter Restad, Morten Hellbaum, Catherine Dahley
Investments: An angel tour collected €700,000 from Firda, Runway FBU and StartupLab.

no

Starting Brewing NoMy Founders Ingrid Dina and David Andrew Quest was established: 2020
Producer: Development of food and materials from the micro-fermentation process of fungi. In collaboration with architecture firm Snøhetta, she has developed bio-based soundproofing for the EY Doberman Sally Lab in Stockholm.
Number of Employees: 10
Founders: Ingrid Dina, David Andrew Quest
Financing: An undisclosed amount from StartupLab, TRK Group, We Are Human, Firda, TD Veen, Planet 9 Venture and others.

*This list was created with input from Siw Andersen, CEO of Oslo Business District, Kjetil Holmefjord, Partner at Sondo, Mari Wachelke at Runway FBU and Johann Brand, founder of Kahoot! We are human.

Mimi Billing is a Sift reporter in the North. It also covers health technology, tweets from Tweet embed

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