10 Norwegian startups to watch

10 Norwegian startups to watch

The Norwegian tech scene seems to have been described as “booming” for years. And that’s despite having unicorns like grocery delivery startup Oda, crypto-analytics startup Dune Analytics, tablet startup Remarkable, and print-on-demand platform Gelato.

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

“Working at another successful startup is probably the best place to learn how to be an entrepreneur, and we are already seeing a second wave of companies created by former employees of the first wave of Norwegian unicorns. This is just the beginning” , he said.

Software startup Breyta, with serial entrepreneurs as founders, today announces a €5 million seed round from European VC Peak and Norwegian VC Snö. But what are the other startups to watch out for? Sifted reached out to a number of knowledgeable people on the ground to find out.

Here are 10 rising startups in Norway

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Based: 2021
Product: Develop a collaborative CRM (customer relationship management) tool suitable for product-focused SaaS companies and companies looking to become more data-driven.
Number of employees: 12
Founders: Chris Moen, Jan Tore Stolsvik and Vegard Steen
Funding: Raised a $2.1M pre-seed round in 2022 by Antler, Unpopular Ventures, Sondo and angels, as well as a recently closed $5M seed round by VCs Snö and Peak.

Of them

Two founders: Andreas Mjelde, Joachim Kruger, Kiran Thomas

Based: 2020
Product: Two is a fintech startup that focuses on a buy-it-now, pay-later solution for B2B transactions. Sequoia and LocalGlobe are listed as investors on Two’s website.
Number of employees: 70+
Founders: Andreas Mjelde, Joachim Kruger, Kiran Thomas
Funding: €2.5m (according to Dealroom)
Investors: Arkwright X, Bring Ventures, Visionaries Club, Endeavor Greece

Cloudless

Skyfri founders Murshid Ali, PetterBerge, Pratik Ghoshal and Aslan Shamsutdin

Based: 2021
Product: Skyfri is a climate technology company that provides solar asset owners with a platform that automates operations, maintenance and asset management. Besides Oslo, it has offices in Calgary, Hyderabad, Singapore and Johannesburg.
Number of employees: 100+
Founders: Murshid Ali, PetterBerge, Pratik Ghoshal and Aslan Shamsutdin.
Funding: $8.5 million from Speedinvest, All Iron Ventures, We Are Human, Voyagers, Tiebreak-ventures, Greenlight Ventures and others.

streak

Strise founders Marit Rødevand, Sigve Søråsen and Patrick Skjennum

Based: 2016
Product: Development of a business intelligence platform for regulated industries, focusing on KYC (know your customer), customer selection, compliance and risk management. He already has a number of lenders as clients.
Number of employees: 26
Founders: Marit Rodevand, Sigve Søråsen and Patrick Skjennum
Funding: Raised $1.5m (according to Dealroom) from Maki.vc, UK-based Conviction VC and Skyfall Ventures.

free

Free founders Ivar Østhus and Egil Østhus

Based: 2019 (initial launch as an open source project in 2015)
Product: Developed an open source feature management solution with the goal of improving developer workflow and accelerating software delivery. It already has 200 paying customers.
Number of employees: 26
Founders: Ivar Østhus and Egil Østhus
Investments: €14m 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

Based: 2020
Product: Develops a wave-powered desalination solution to deliver emission-free fresh water to land. The startup received a €2.5 million grant from the European Innovation Council (EIC) Accelerator in early 2022.
Number of employees: New
Founders: Kristine Bangstad Fredriksen, Thomas Berge Johannessen and Sebastian Feimblatt
Investors: Antler, Grieg Edge (Grieg Maritime Group), Planet 9 Venture
Funding: Not disclosed

Nordic Neurotech

Kim Lien, founder of Nordic Neurotech

Based: 2017
Product: Nordic Neurotech is a VR startup specializing in content creation and infrastructure that enables psychologists to deliver virtual reality exposure therapy, tailored to individual patients.
Number of employees: 25
Founder: Kim Link
Funding and investors: Amount not disclosed by Norwegian investor Canica, Innovation Norway and Forskningsrådet

Modulate

Modulize co-founders Lucas Carstens, Håkon Kalbakk, Olav LjoslandBased: 2020
Product: Modulize is a cloud-based software solution for building sustainable buildings. Modulize enables automated cost calculation and develops a platform for offsite construction. It already has a number of local industrial customers.
Number of employees: 15
Founders: Lucas Carstens, Hakon Kalbakk, Olav Ljosland
Funding: Raised €1.9m seed round by Kompas Ventures, Pi Labs, Antler and others in 2022.

Celsius

The founders of Celsia Petter Reistad, Morten Hillbom, Cathrine DehliBased: 2021
Product: Celsia is a SaaS company aiming to simplify sustainability rating and reporting. Its platform facilitates more effective reporting in line with the EU taxonomy and other sustainability reporting standards.
Number of employees: 15
Founders: Petter Reistad, Morten Hillbom, Cathrine Delhi
Investments: Raised a €700,000 angel round from Firda, Runway FBU and StartupLab.

No my

The founders of fermentation startup NoMy, Ingrid Dynna and David Andrew Quist Based: 2020
Product: Develop food and materials from a precision mushroom fermentation process. In collaboration with the architecture firm Snøhetta, he developed bio-based soundproofing for EY Doberman Sally Lab in Stockholm.
Number of employees: ten
Founders: Ingrid Dynana, David Andrew Quist
Funding: Undisclosed amount from StartupLab, TRK Group, We Are Human, Firda, TD Veen, Planet 9 Venture and others.

*This list was created with input from Oslo Business Region CEO Siw Andersen, Sondo Partner Kjetil Holmefjord, Runway FBU’s Mari Wachelke and Kahoot Founder Johan Brand! and we are human.

Mimi Billing is Sifted’s Nordic correspondent. She also covers health tech and tweets from @MimiBilling


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