Norway is home to 44 scale-ups with $600 million raised between them

This morning, the Startup Europe Partnership (SEP) has released their Monitor report on Norway, focusing on the number and health of scaleups within the country.

Some of their main findings:

  • Norway is home to 44 scaleups with $600 million raised between them
  • Norway has 0.85 scaleups every 100,000 people
  • 0.18% of the Norwegian GDP is invested in scaleups
  • Over 40% of the total capital made available to Norwegian scaleups comes from the stock market.

SEP defines a scaleup as a company that has raised between $1-$100 million. The 44 that they count in Norway represents just 10% of the Nordic total, with the total capital ($600 million) representing 9%.

These percentages are pretty much in line with our own research, although it should be noted that Norway's share of investment in the region has been consistently increasing over the last twelve months.

The fact that Norway is a less mature investment ecosystem than others in the Nordics is also demonstrated well by breaking down the scaleups by funding stage.


Image via SEP Monitor Norway report

Image via SEP Monitor Norway report

Small-size scaleups (less than $20 million in total) dominate, which adds further weight to the depiction of Norway as a growing ecosystem. 

For more insights into the Norwegian scaleup scene, you can access the full report here.

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