10 Norwegian startups to watch

Norway’s tech scene seems to have been described as “upcoming” for years. That is despite the fact that it has unicorns like grocery delivery startup Odacryptanalysis startup Dune Analytics, Remarkable tablet startup and the Gelato print-on-demand platform.

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

“Working at 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 Norway’s first wave of unicorns. This is just the beginning,” he says.

Software startup Breyta, with serial entrepreneurs as founders, today announces a €5 million seed round from Europe’s VC Peak and Norway’s VC Snö. But what are the other startups to watch out for? Sifted contacted several knowledgeable people on the ground to find out.

Here are 10 new startups in Norway

Breyta

Founded: 2021
Product: Development of a collaborative CRM (customer relationship management) tool designed for product-based SaaS companies and companies looking to become more data-driven.
Number of employees: 12
Founders: Chris Moen, Jan Tore Stølsvik and Vegard Steen
Money: It raised a $2.1 million pre-seed round in 2022 from Antler, Unpopular Ventures, Sondo and the angels, as well as a recently closed $5 million seed round from VCs Snö and Peak.

Two

Two founders: Andreas Mjelde, Joachim Kruger, Kiran Thomas

Founded: 2020
Product: Two is a fintech startup focusing on a buy 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
Money: €2.5 million (according to Dealroom)
Investors: Arkwright X, Bring Ventures, Visionaries Club, Endeavor Greece

Skyfri

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

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

noise

Strise founders Marit Rødevand, Sigve Søråsen and Patrick Skjennum

Founded: 2016
Product: Develop a business intelligence platform for regulated industries, focusing on KYC (know your customer), customer selection, compliance and risk management. You already have several lenders as clients.
Number of employees: 26
Founders: Marit Rødevand, Sigve Søråsen and Patrick Skjennum
Money: It raised $1.5 million (according to Dealroom) from UK-based Maki.vc, Conviction VC, and Skyfall Ventures.

Unleash

Unleash founders Ivar Østhus and Egil Østhus

Founded: 2019 (first released as an open source project in 2015)
Product: Develop an open source feature management solution with the goal of improving developer workflow and leading to faster software delivery. It already has more than 120 paying customers.
Number of employees: 26
Founders: Ivar Østhus and Egil Østhus
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

Founded: 2020
Product: Develops a wave-powered desalination solution to bring fresh water to shore with zero emissions. The startup received a grant of 2.5 million euros from the European Innovation Council (EIC) accelerator in early 2022.
Number of employees: Nine
Founders: Kristine Bangstad Fredriksen, Thomas Berge Johannessen and Sebastian Feimblatt
Investors: Antler, Grieg Edge (Grieg Maritime Group), Planet 9 Venture
Money: Not disclosed

nordic neurotechnology

Nordic Neurotech founder Kim Lien

Founded: 2017
Product: Nordic Neurotech is a virtual reality startup that specializes in creating content and infrastructure that enables psychologists to deliver virtual reality exposure therapy, tailored to individual patients.
Number of employees: 25
Founder: kim lien
Financing and investors: Undisclosed amount by Norwegian investor Canica, Innovation Norway and Forskningsrådet

modular

Modulize co-founders Lucas Carstens, Håkon Kalbakk, Olav LjoslandFounded: 2020
Product: Modulize is a cloud-based software solution for the construction of sustainable buildings. Modulize enables automated cost calculation and is developing a platform for off-site construction. It already has several local manufacturing customers.
Number of employees: fifteen
Founders: Lucas Carstens, Håkon Kalbakk, Olav Ljosland
Money: Raised a seed round of €1.9 million by Kompas Ventures, Pi Labs, Antler and others in 2022.

Celsia

Founders of Celsia Petter Reistad, Morten Hillbom, Cathrine DehliFounded: 2021
Product: Celsia is a SaaS company that aims to simplify sustainability rating and reporting. Its platform facilitates more efficient reporting in accordance with the EU Taxonomy and other sustainability reporting standards.
Number of employees: fifteen
Founders: Petter Reistad, Morten Hillbom, Cathrine Dehli
Investments: He raised an angel round of €700,000 from Firda, Runway FBU and StartupLab.

not me

The founders of fermentation startup NoMy, Ingrid Dynna and David Andrew Quist Founded: 2020
Product: Development of foods and materials from a precision fungal fermentation process. In collaboration with the architecture firm Snøhetta, it has developed bio-based soundproofing for the EY Doberman Sally Lab in Stockholm.
Number of employees: 10
Founders: Ingrid Dynna, David Andrew Quist
Money: 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 Region, Kjetil Holmefjord, Partner at Sondo, Mari Wachelke of Runway FBU, and Johan Brand, Founder of Kahoot! and we are human.

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

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