17 investments totalling $36.4 million
After a record Q2, we warned at the time that this level of growth would be hard to maintain in Q3. Ultimately this proved to be the case, but it was still an impressive quarter for Norway in terms of the number of investments, recording a total of 17.
Q3 also couldn't reach the heights of Q2 for the total amount of capital, however, it still attracted a more than respectable $36.4 million, seeing more capital than Q1, despite the same number of investments.
This is due to the fact that there were two investments above $5 million, however, the majority of investments still took place at a pre-seed/seed stage, with close to 50% being under $1 million (with the assumption that the undisclosed deals were under $1 million, which is more than likely)
There wasn't any growth in any of the round sizes in Q3 compared to Q2 2016 and Q3 2015 (apart from undisclosed) indicating that the investments that were happening were very similar to those in previous quarters.
Kahoot!'s announcement at the end of Q3 meant Norway had one company represented in the ten largest investments across the region last quarter. Skioo was the other company to breach the $5 million mark.
EdTech continues to stand out in Norway in terms of investment, however the diverse nature of investments that Norway has seen over the last couple of years continued, with Enterprise SaaS, FinTech and Entertainment and Media the only other verticals with more than one investment.
The capital city led the way in Q3, recording over 80% of the investments, with Trondheim and Honefoss chipping in with two and one respectively.
Q3 was a good quarter for attracting International investors, as International interest in Norway continues to increase as awareness continues to rise regarding Oslo and Norway's potential as a blossoming startup hub.
It was always going to be hard to match the impressive exploits of Q2, but Q3 was certainly not a let-down by any stretch of the imagination. The number of investments and capital invested is befit of a growing ecosystem, and with International investment also on the rise, Q3 ensures that 2016 will be a defining year for investment into the Norwegian startup scene.