Norway has rapidly evolved into one of Europe’s most promising venture capital markets. As sustainability and digital innovation dominate global investment trends, Venture Capital Firms Norway are becoming key players in driving change. In 2025, Norwegian startups are attracting significant capital from both domestic and international funds, focusing on sectors like SaaS, energy transition, and life sciences. The country’s investor landscape has matured, offering structured support through accelerators and growth funds.

Norway’s reputation for green and ethical investments continues to draw attention from global investors. Moreover, Venture Capital Norway has seen increased collaboration across the Nordic region, with firms like People Ventures and Blue Bear Capital co-investing across borders. The rise of impact investing has redefined Norway’s venture ethos, linking financial performance with social good. Dealroom noted that Nordic startups raised $3.8B in VC through 2024 (projected to beat pre-pandemic levels), with two-thirds of capital from non-Nordic investors. This article explores the top VC firms in Norway 2025, highlighting their strategies, sectors, and key investments shaping the nation’s future economy.

1. Sandwater 

Founded in 2021 and headquartered in Oslo, Sandwater stands among the most notable Venture Capital Firms Norway has produced. The firm’s investment philosophy revolves around purpose-driven capital, supporting companies focused on sustainability, energy transition, and human wellbeing.

Investment Focus:

• Sectors: Resource efficiency, energy transition, human health & wellbeing, impact enablers.
• Funding Stages: Early revenue, scaling, and growth.
• Check Size: $1M – $10M.
• Investor Type: Venture Capital, Impact Investing.
• Status: Actively seeking new investments.

Notable Investments:

Nofence, Filics, Cytovation, Enduro, Soil Capital, XO Life, Powell, CardioSignal, FarmInsect.

Business Details:

• Website: sandwater.com
• Contact: [email protected]
• Headquarters: Oslo, Norway
• Investments: 30 | Portfolio: 22 | Exits: 3

Sandwater has quickly established itself as one of the leading VC firms in Oslo, championing startups that combine innovation with measurable social and environmental impact.

2. New World Angels 

While based in Boca Raton, Florida, New World Angels maintains cross-border partnerships that extend into the Nordic startup ecosystem. As one of the Norwegian startup investors collaborating internationally, the group empowers founders through both capital and mentorship.

Investment Focus:

• Sectors: Early-stage entrepreneurial ventures.
• Funding Stages: Prototype, early revenue, scaling, growth.
• Check Size: $250K – $1.5M.
• Investor Type: Angel Group, Impact Investing.
• Status: Active.

Notable Investments:

EpiPaws, Hinalea Imaging, Iteright, Prana Surgical, Oralucent, NuvOx Therapeutics, Aegle, Fuego, Sniffer Robotics.

Business Details:

• Website: newworldangels.com
• Contact: (561) 372-6309
• Headquarters: Florida, United States
• Investments: 57 | Portfolio: 22 | Exits: 24

Through syndication and co-investment models, New World Angels connects Venture Capital Norway with a global network of investors passionate about early innovation and scalable technologies.

3. Aligned Partners 

Aligned Partners is a California-based firm offering capital and mentorship to early-stage tech founders. Known for its operational support, this firm partners with companies beyond financing—helping them grow sustainably and strategically.

Investment Focus:

• Sectors: Software, Technology, Media, Telecom (TMT).
• Funding Stages: Prototype, early revenue, scaling.
• Check Size: $100K – $2M.
• Investor Type: Venture Capital, Incubator, Accelerator.
• Status: Active.
• Notable Investments:
  Accrualify, Bit Discovery, CloudLex, JourneyApps, TrueData, TabaPay, Full Circle Insights, TalVista.
• Business Details:
• Website: alignedvc.com
• Contact: [email protected]
• Headquarters: Los Altos, California, USA
• Fund: Aligned Partners Fund 

Through its strong mentoring framework, Aligned Partners supports SaaS founders in early-stage venture capital Norway, enabling scalable software solutions aligned with market demand.

4. Blue Bear Capital 

Founded in 2016, Blue Bear Capital is a forward-looking firm investing in AI, energy, and sustainability. With operations across the USA, Canada, Netherlands, and Norway, it’s among the best VC firms in Norway for green innovation.

Investment Focus:

• Sectors: AI, cleantech, renewable energy, SaaS, infrastructure, and industrial technology.
• Funding Stages: Prototype, early revenue, scaling, growth.
• Check Size: $500K – $5M.
• Target Countries: Canada, Norway, Netherlands, USA.
• Investor Type: Venture Capital, Growth/Expansion.
• Status: Active.

Notable Investments:

Nuclearn, Splight, Longview Restoration, Energy Robotics, Ocient, Warp, Topanga.io, Accure Battery Intelligence, Axiom Cloud, Raptor Maps.

Business Details:

• Website: bluebearcap.com
• Contact: [email protected]
• Headquarters: Los Angeles, USA
• Investments: 74 | Portfolio: 28 | Exits: 12

Blue Bear Capital represents the intersection of energy and technology, a focus area driving growth for Venture Capital Firms Norway in 2025.

5.Industrifonden 

Established in 1979, Industrifonden is one of the largest and oldest venture capital firms in the Nordics, playing a vital role in cross-border investment across Sweden, Denmark, Norway, and Finland. As a major contributor to Venture Capital Firms Norway, Industrifonden brings decades of experience and a portfolio driven by innovation in science, technology, and healthcare.

Investment Focus:

Sectors:

• Deep Tech: AI, quantum computing, synthetic biology, advanced materials, and Industry 4.0.
• Life Sciences: Biotech, medtech, and healthtech with unmet medical needs.
• Transformative Tech: Industrial transformation and sustainable value creation.
• Funding Stages: Early revenue.
• Check Size: $1M – $5M.
• Target Countries: Sweden, Denmark, Norway, Finland.
• Investor Type: Venture Capital, Growth/Expansion.
• Status: Active.

Notable Investments:

SeaPattern, Yangi, Trackpaw Scientific, Zymego, Echandia, Avidicare, ZalVac, Tribune Therapeutics, Novatron Fusion Group, Gårdsfisk.

Business Details:

• Website: industrifonden.com
• Contact: [email protected]
• Headquarters: Stockholm, Sweden
• Investments: 323 | Portfolio: 70 | Exits: 140

As a trusted growth-stage investor in Norway, Industrifonden connects Norwegian founders to European-scale opportunities, leveraging a deep network of research and innovation expertise.

6. People Ventures 

Founded in 2016 and headquartered in Taastrup, Denmark, People Ventures is one of the most dynamic Norwegian VC firms investing across the Nordics. With a strong focus on digital health, SaaS, and early-stage technology, it stands out as one of the top venture capital firms in Norway 2025 partnering with visionary entrepreneurs.

Investment Focus:

• Sectors: Digital health, SaaS, enterprise software, general technology.
• Funding Stages: Idea, prototype, early revenue.
• Check Size: $250K – $1.5M.
• Target Countries: Denmark, Sweden, Norway, Finland.
• Investor Type: Venture Capital.
• Status: Actively seeking new investments.

Notable Investments:

Understory, Alrik, Onefin, Hosted.ai, Pandektes, Klaay, Tiimo, Zoios, Hakio, Ruumi.

Business Details:

• Website: people.ventures
• Contact: [email protected]
• Headquarters: Denmark
• Investments: 36 | Portfolio: 29 | Exits: 2

People Ventures is an early champion of cross-border digital innovation and remains a key player in early-stage startup ecosystems throughout Venture Capital Norway.

Key Sectors Attracting Venture Capital in Norway

StartupBlink noted that Norway has 724 startups, representing 2% of all startups in Western Europe. Norway’s investment ecosystem thrives across industries that align with its global sustainability goals and innovation-first economy. The top venture capital firms in Norway are channeling funds into several strategic domains.

Key Investment Sectors:

• Clean Energy & Sustainability: Solar, wind, and carbon capture technologies.
• Health & Biotech: Life sciences, digital health, and medical devices.
• Software & SaaS: B2B SaaS, AI tools, and enterprise platforms.
• Deep Tech: Robotics, quantum computing, and synthetic biology.
• Climate & Impact Ventures: Businesses promoting environmental and social impact.

As these sectors evolve, Norwegian VC firms play a central role in helping startups move from innovation to international commercialization.

Challenges Norwegian Startups Face When Raising Funding

While the ecosystem for venture capital firms Norway continues to grow, local founders often face structural and strategic hurdles when accessing early-stage capital.

Key Challenges Include:

• Limited Domestic VC Pool: Norway’s smaller investor base compared to Sweden or Denmark.
• Risk Aversion: Traditional sectors still dominate national investments.
• Talent Retention: Startups struggle to compete for global tech talent.
• International Expansion Barriers: Limited access to overseas venture syndicates.
• Regulatory Hurdles: Compliance complexities for fintech, crypto, and biotech startups.

Despite these challenges, Norwegian startup investors are increasingly collaborating with global funds to provide access to mentorship, international markets, and scale-ready capital.

Sustainable and Impact Investing Trends Among Norwegian VCs

Sustainability isn’t a trend it’s embedded in Norway’s economic DNA. The leading venture capital firms in Norway have evolved into impact-focused investors aligning profit with purpose.

Key Impact Trends:

• Climate Tech Leadership: Funding renewable and carbon-neutral technologies.
• Social Impact Ventures: Supporting healthtech, wellbeing, and circular economy projects.
• Green SaaS Solutions: Digital infrastructure optimizing resource efficiency.
• Long-Term ESG Strategies: Integrating environmental, social, and governance (ESG) metrics into all stages of investment.

Venture Capital Firms Norway are now recognized for aligning with the UN Sustainable Development Goals (SDGs), setting global benchmarks in responsible venture growth.

Future Outlook: The Next Decade of Venture Capital in Norway

The next ten years will see Norway emerge as a strategic venture capital hub in Europe. Investors are moving beyond traditional sectors, embracing AI-driven startups, green energy projects, and digital health innovations.

Expected Developments:

• Rise of Climate and Deep Tech Funds.
• Integration of AI and Data Analytics into VC decision-making.
• Growth in cross-border co-investment opportunities.
• Increased government support for R&D-linked ventures.

As Venture capital firms Norway continues to evolve, startups can look forward to more diverse funding sources, stronger global networks, and growing investor appetite for green and tech-driven solutions.

Top 6 Venture Capital Firms Norway (2025)

From Oslo’s impact-driven firms to international partners expanding into the Nordics, venture capital firms Norway represent a maturing market rooted in innovation, collaboration, and sustainability. Whether it’s Sandwater’s impact focus, Industrifonden’s scientific rigor, or People Ventures’ SaaS strategy, these firms define a new era of responsible venture growth. From Oslo impact platforms to Nordic powerhouses, these six Venture Capital Firms Norway leading Norway startups.