The number of investments in Norwegian startups is up 300% from last year
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Bryggen, the old Hanseatic wharf of Bergen, which is on the UNESCO list of World Cultural Heritage Sites. Photo credit: Tatiana Kolesnikova / Getty Images Israel

Bryggen, the old Hanseatic wharf of Bergen, which is on the UNESCO list of World Cultural Heritage Sites. Photo credit: Tatiana Kolesnikova / Getty Images Israel

This is why 2016 could be a game changing year for Norwegian startups, and no one knows about it yet

The Nordic Web

In our funding analysis looking at all of the investments in the Nordics in 2015 we noted:

“But it’s not all doom and gloom for Norway, as if we look at the growth rates of the number of investments happening in 2015 compared to 2014, they come out higher than anyone, even higher than Sweden, although of course they came from a lot lower base number. ”

This rate of growth was 233% as investments in 2015 rose to 30 from just nine in 2014.

Incredibly, so far in 2016 not only has this rate been sustained but it has also grown: Norway has already recorded 28 investments this year putting 2016 on track to see more Norwegian investments than 2014 and 2015 combined.

Image credit: The Nordic Web

Image credit: The Nordic Web

At this point in the year, there have been 28 investments compared to seven at this time last year. That means the growth rate has been 300% and if this rate of investment can be maintained throughout the year, then 2016 looks to be a defining year for the Norwegian tech scene.

Image credit: The Nordic Web

Image credit: The Nordic Web

If the current rate of investment of 1.4 investments per week is maintained, then 2016 would see an incredible 73 investments in Norwegian tech startups, an increase of 711% in just two years.

However, despite the dramatic increase in the number of investments, the amount of capital, although increasing, is not quite doing so at the same rate.

Image credit: The Nordic Web

Image credit: The Nordic Web

There’s a simple and obvious reason for this: The additional investments are happening at an early stage. As Norway’s startup scene is beginning to blossom, this is evident when we look at what size the investments have been each year up until this point.

Image credit: The Nordic Web

Image credit: The Nordic Web

This year, we have already seen 14 investments below $1 million, whereas the two previous years brought us just two. This is clear evidence that not only does Norway have an increasing number of tech startups, but also that there is more available capital for early-stage Norwegian startups than there has been in previous years.

Although the biggest increase in the number of investments is at an earlier stage, we will see investments of all sizes increase in 2016. In fact, I’m aware of at least two more than $10 million rounds that have not been announced as of yet, a real sign that the Norwegian scene is beginning to see real progress in terms of investment across the board.

And while Norway is a long way off from competing with Finland and Denmark (Sweden are in a league of their own), when it comes to attracting venture capital, there are strong signs that it perhaps won’t be that long until it can.

This post was originally published on the Nordic Web

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