Venture Capital 2025

NORWAY

Norway

Sweden Finland

Law and Practice Contributed by: Ylva B Gjesdahl Petersen, Marius Holm Rynning and Johan Fredrik Brende Thommessen

Oslo

Russia

Denmark

Contents 1. Trends p.407

1.1 VC Market p.407 1.2 Key Trends p.407 1.3 Key Industries p.408 2. Venture Capital Funds p.408

2.1 Fund Structure p.408 2.2 Fund Economics p.408 2.3 Fund Regulation p.409 2.4 Particularities p.409 3. Investments in Venture Capital Portfolio Companies p.410 3.1 Due Diligence p.410 3.2 Process p.410 3.3 Investment Structure p.410 3.4 Documentation p.410

3.5 Investor Safeguards p.411 3.6 Corporate Governance p.412 3.7 Contractual Protection p.412 4. Government Inducements p.413 4.1 Subsidy Programmes p.413 4.2 Tax Treatment p.414 4.3 Government Endorsement p.414 5. Employment Incentives p.414 5.1 General p.414 5.2 Securities p.415 5.3 Taxation of Instruments p.415 5.4 Implementation p.415 6. Exits p.415 6.1 Investor Exit Rights p.415 6.2 IPO Exits p.416 6.3 Pre-IPO Liquidity p.417 7. Regulation p.417 7.1 Securities Offerings p.417 7.2 Restrictions p.417

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