# VC firms based in Norway (2026 list) > 184 VC firms based in Norway, 7% active in the last 12 months. Led by Katapult, Alliance VC, Alliance Venture. Ranked by what they funded. Source: https://millionrounds.com/lists/vc-firms-based-in-norway (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # VC firms based in Norway Updated 7 November 2026 VC firms headquartered in Norway. [See all 184 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fvc-firms-based-in-norway)The top 25 **184** investors on the list No change this week **34** cheques in 12 months *-15%* against the market **$6.6M** median round they joined *-18%* against the market median **7%** wrote a cheque in 12 months **4%** have led a round ## The Top 25 Ordered by cheques observed, never by anything anyone paid for Deploying now (9) - 1 [Katapult](https://millionrounds.com/fund/katapult) *Deploying now* VC firm · Norway **83** **$1M** median round **Sept 2026** last seen - 2 [Alliance VC](https://millionrounds.com/fund/alliance-vc) *Deploying now* VC firm · Norway **43** **$6.9M** median round **Sept 2026** last seen - 3 [Alliance Venture](https://millionrounds.com/fund/alliance-venture) quiet VC firm · Norway **35** **$12M** median round **Jun 2019** last seen - 4 [Investinor](https://millionrounds.com/fund/investinor) quiet VC firm · Norway **24** **$21M** median round **Jul 2025** last seen - 5 [Verdane Capital Advisors](https://millionrounds.com/fund/verdane-capital-advisors) quiet VC firm · Norway **15** **$7.8M** median round **Oct 2015** last seen - 6 [Viking Venture Management](https://millionrounds.com/fund/viking-venture-management) quiet VC firm · Norway **15** **$10M** median round **Dec 2019** last seen - 7 [Convexa Capital Ventures](https://millionrounds.com/fund/convexa-capital-ventures) quiet VC firm · Norway **13** **$18M** median round **May 2012** last seen - 8 [ProVenture](https://millionrounds.com/fund/proventure) quiet VC firm · Norway **11** **$1.2M** median round **Jun 2013** last seen - 9 [Norfund](https://millionrounds.com/fund/norfund) *Deploying now* VC firm · Norway **8** **$35M** median round **Aug 2026** last seen - 10 [Norselab](https://millionrounds.com/fund/norselab) quiet VC firm · Norway **6** **$3.3M** median round **Sept 2019** last seen - 11 [Nysnø](https://millionrounds.com/fund/nysn-climate-investments) *Deploying now* VC firm · Norway **5** **$34M** median round **Jul 2026** last seen - 12 [Sandwater](https://millionrounds.com/fund/sandwater) *Deploying now* VC firm · Norway **4** **$27M** median round **Jul 2026** last seen - 13 [Incitia Partners](https://millionrounds.com/fund/incitia-partners) quiet VC firm · Norway **4** **$5.5M** median round **Jul 2013** last seen - 14 [Nano Future Invest](https://millionrounds.com/fund/nano-future-invest) quiet VC firm · Norway **4** **$11M** median round **Mar 2014** last seen - 15 [SINTEF TTO & Venture](https://millionrounds.com/fund/sintef-tto-and-venture) quiet VC firm · Norway **3** **$6.6M** median round **Oct 2024** last seen - 16 [Sondo Capital](https://millionrounds.com/fund/sondo-capital) *Deploying now* VC firm · Norway **3** **$5.7M** median round **Oct 2026** last seen - 17 [Canica](https://millionrounds.com/fund/canica) quiet VC firm · Norway **2** **$25M** median round **Jan 2018** last seen - 18 [Disruptive Technologies](https://millionrounds.com/fund/disruptive-technologies) quiet VC firm · Norway **2** **$14M** median round **Dec 2017** last seen - 19 [Dovetail](https://millionrounds.com/fund/dovetail) *Deploying now* VC firm · Norway **2** **$27M** median round **Sept 2026** last seen - 20 [Freyr Capital Partners](https://millionrounds.com/fund/freyr-capital-partners) quiet VC firm · Norway **2** **$264K** median round **Jan 2013** last seen - 21 [Gardar Venture Capital](https://millionrounds.com/fund/gardar-venture-capital) *Deploying now* VC firm · Norway **2** **$16M** median round **Oct 2026** last seen - 22 [HolbergFondene](https://millionrounds.com/fund/holbergfondene) quiet VC firm · Norway **2** **$2M** median round **May 2010** last seen - 23 [Kistefos Venture Capital](https://millionrounds.com/fund/kistefos-as) quiet VC firm · Norway **2** **$3M** median round **Aug 2008** last seen - 24 [Mallin Venture](https://millionrounds.com/fund/mallin-venture) quiet VC firm · Norway **2** **$6.5M** median round **Jul 2013** last seen - 25 [Propagator Ventures](https://millionrounds.com/fund/propagator-ventures) *Deploying now* VC firm · Norway **2** **$12M** median round **Mar 2026** last seen **159 more on this list** All 184 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000. [See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fvc-firms-based-in-norway) ## The Newest Cheques Rounds this list's investors joined most recently - **5** Nov **[Claimlane](https://millionrounds.com/company/claimlane)** Series A · $6.3M *With* [Skagerak Capital](https://millionrounds.com/fund/skagerak-capital) - **29** Oct **[Fronted](https://millionrounds.com/company/fronted)** Seed · $1.9M *With* [Sondo Capital](https://millionrounds.com/fund/sondo-capital) - **19** Oct **[Benford](https://millionrounds.com/company/benford)** Pre-seed · $5.7M *Led by* [Sondo Capital](https://millionrounds.com/fund/sondo-capital) - **15** Oct **[Solvera](https://millionrounds.com/company/solvera)** Pre-seed · $6.3M *With* [Sondo Capital](https://millionrounds.com/fund/sondo-capital) - **14** Oct **[ACIMUS Co., Ltd.](https://millionrounds.com/company/acimus-co-ltd)** Seed · $410K *Led by* [Link Capital](https://millionrounds.com/fund/link-venture-capital) - **5** Oct **[Buntar Aerospace](https://millionrounds.com/company/buntar-aerospace)** Series A · $16M *With* [Gardar Venture Capital](https://millionrounds.com/fund/gardar-venture-capital) ## Stages This Year 32 rounds - Series A **25%** - Seed **19%** - Venture **16%** - Pre-seed **13%** - Series B **9%** - Other **19%** ## What They Backed Sectors, last 12 months - AI **13** - SaaS **5** - Manufacturing **3** - Construction **3** - Cleantech **2** - Drones **2** ## Cheques by Quarter Led Joined 8 Q1 25 14 Q2 25 8 Q3 25 7 Q4 25 11 Q1 26 6 Q2 26 10 Q3 26 7 Q4 26 The last bar is the quarter still running. ## Lists Like This - [VC firms based in United States 25,936](https://millionrounds.com/lists/vc-firms-based-in-united-states) - [PE firms based in United States 19,904](https://millionrounds.com/lists/pe-firms-based-in-united-states) - [VC firms based in United Kingdom 2,451](https://millionrounds.com/lists/vc-firms-based-in-united-kingdom) - [VC firms based in China 1,473](https://millionrounds.com/lists/vc-firms-based-in-china) - [VC firms based in India 1,309](https://millionrounds.com/lists/vc-firms-based-in-india) - [VC firms based in Canada 1,211](https://millionrounds.com/lists/vc-firms-based-in-canada) - [VC firms based in Germany 1,186](https://millionrounds.com/lists/vc-firms-based-in-germany) - [PE firms based in United Kingdom 974](https://millionrounds.com/lists/pe-firms-based-in-united-kingdom) - [Incubators and accelerators based in United States 828](https://millionrounds.com/lists/incubators-accelerators-based-in-united-states) [All investor lists *→*](https://millionrounds.com/lists) ## Quick answers about VC firms based in Norway ### Who are the most active VC firms based in Norway? By cheques observed, the most active are Katapult, Alliance VC, Alliance Venture, Investinor and Verdane Capital Advisors. ### How many VC firms based in Norway are there? 184 are on record. 7% made an investment in the last 12 months and 4% have led a round. ### Which stages do VC firms based in Norway back? Of the rounds with a named stage in the last 12 months, mostly Series A (35%) and Seed (26%). ### How big are the rounds VC firms based in Norway join? The typical (median) round among the leading investors here is $10M. ### Which sectors do VC firms based in Norway back most? In the last 12 months, mostly AI, SaaS and Manufacturing. ### Which VC firms based in Norway lead the most rounds? Norfund (2 led), Sandwater (2 led) and Nysnø (1 led). ### What have VC firms based in Norway invested in recently? Recent rounds include Claimlane (Series A, Nov 2026, with Skagerak Capital), Fronted (Seed, Oct 2026, with Sondo Capital) and Benford (Pre-seed, Oct 2026, with Sondo Capital). ### How is this list of VC firms based in Norway ranked? By cheques observed, from the rounds and filings we watched, and never by anything anyone paid for. It is rebuilt every night. Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)