NORWAY Law and Practice Contributed by: Ylva B Gjesdahl Petersen, Marius Holm Rynning and Johan Fredrik Brende, Thommessen
Thommessen Ruseløkkveien 38 0251 Oslo Postboks 1484 Vika NO-0116 Oslo Norway Tel: +47 23 11 11 11 Email: firmapost@thommessen.no Web: www.thommessen.no
1. Trends 1.1 VC Market
• Remora Robotics raised NOK80 million from Frøy Kapital AS, Grieg Kapital AS and Momentum Partners AS; • Spoor raised NOK43 million from, inter alia, Superorganism, Futurum Ventures, Ørsted and Nysnø Klimainvesteringer; • Glint Solar raised NOK87 million from Smed - vig Ventures, Futurum Ventures, Momentum Partners AS, and Antler; and • Reduzer AS raised NOK20 million from Momentum, Futurum Ventures and Construct Ventures. 1.2 Key Trends In 2022 and 2023, the Norwegian venture capital market was impacted by global economic chal - lenges such as geopolitical uncertainty, inflation, and rising interest rates, leading to a decrease in fundraising and more stringent investment con - ditions. The easy access to capital seen during the pandemic shifted to a landscape of lower valuations and more demanding investors. While high interest rates and the depreciation of the Norwegian krone moderated Norwegian ven - ture capital activity in 2023, it also made Norwe - gian investments attractive to foreign investors. With the interest rates stabilising in 2024 and the Norwegian krone remaining weak, international
The Norwegian venture capital market has demonstrated a robust level of activity over the past 12 months, reflecting a growing interest in innovative start-ups and emerging technologies. Nevertheless, the landscape has been charac - terised by a notable absence of very large deals that typically capture headlines internationally. Notable venture capital-related transactions dur - ing the past 12 months include the following: • eSmart Systems raised NOK 350 million from, inter alia, Tilt Capital and Quanta Service; • 7Analytics raised NOK46.5 million from Scale Capital; • Sport AI raised NOK20 million from Skyfall Ventures and MP Pensjon; • Heimdal Power raised NOK260 million from inter alia Orlen, EnvisionTech (formerly NRP Zero), Investinor AS, Eviny Ventures AS, Sar - sia Venture Management AS, Hafslund Invest, and Lyse Vekst As; • Maritime Robotics raised NOK130 million from Nysnø Klimainvesteringer, Umoe and Holta Invest AS;
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