Top Startups / January 10, 2023
Asaf Fybish

Asaf is an investor and startup growth advisor. He specializes in organic marketing and he's our Chief of Stash

Top Norwegian Startups To Watch in 2023

Norway is not one of the first countries you think of when you imagine startup ecosystems. However, the country is steadily growing its ecosystem and is generating more top startups as each year passes. Despite the small size of the country, the capital city of Oslo is considered to be the 72nd best ecosystem globally, up from 105 in 2020.

Norway is home to some of the top startups not only because of the country's natural resources, but also the government's initiative. Innovation Norway is a government-led program designed to support entrepreneurship. The sustainable growth scheme has provided Norwegian startups with 45,000 grants valued at $2.89 billion as well as 8,480 loans valued at $3.90 billion.

Furthermore, the presence of VC funding and initial support for entrepreneurs has been steadily increasing over the years. In addition to this, new accelerators and incubator are consistently being established to assist startups in the earliest stages of their development, which directly improves the ecosystem.


1. Speiz

Year Founded: 2020

HQ: Oslo, Norway

Size: 1-10

Founders: Paulius Kvedaras, Sondre Magnussen, Vilius Luneckas

The first of the top Norwegian startups to follow in 2023 is the logistics, sales, and software company Speiz. It is a platform that is working to generate sales and revenue from the warehousing space. The business model aims to help companies make more profit by renting out warehouse space. This Norwegian startup company is working to break the stagnant warehouses market and doing it digitally. The company describes itself as similar to Airbnb, but for warehouse spaces. Speiz's platform can match searching tenants and matching suppliers, so time and money can be saved on both ends of the deal.

Within just the last couple of years, since being founded in 2020, this top startup has raised $1.5M in total funding. This was made over the course of three funding rounds, with the help of four investors. The most recent funding round took place as recently as December 2022.

2. Hemispherian

Year Founded: 2015

HQ: Oslo, Norway

Size: 1-10

Founders: Zeno Albisser, Adam Robertson

Hemispherian is another Norwegian startup to follow in 2023. The top startup is a preclinical pharmaceutical company that develops a novel class of small-molecule drugs to target aggressive cancers. Hemispherian is working specifically on preclinical developments for cancer of the central nervous system.

The Norwegian startup has raised a very impressive amount of funding, at $16.2M. This total funding was raised with the help of eight different investors, including Steven Powell.

3. Enode

Year Founded: 2020

HQ: Oslo, Norway

Size: 11-50

Founders: Henrik Langeland, Thorvald Thorsnes, Nikolai Heum

Number three on the list of the top startups to watch in Norway through 2023 is Enode. This Norwegian startup operates within the developer APIs and information services industries. It is another great startup well worth watching as it is pushing to make and develop the best Enode develops APIs that connect EVs, batteries, home chargers, as well as heating to energy management apps. The company aims to connect and control the demand for energy from electric vehicles, heat pumps, and more. This will help the Norwegian startup create a fully renewable energy system from the irregular supply of energy from natural, renewable sources such as wind and solar.

The company's total funding amount currently sits at about $17.2M. Enode is a brilliant example of a top startup working in the Norwegian economy to make the world more sustainable.

4. Tise

Year Founded: 2014

HQ: Oslo, Norway

Size: 1-10

Founders: Eirik Frøyland Rime, Axel Franck Næss

The next company works in the advertising and apps industries and goes by the name Tise. This is one of Norway's top sustainable startups, working to spread the love for second-hand fashion. The brand understands the pre-woned trade and how we should all actively try to buy second-hand to be more sustainable. Tise owns an app that its customer can download and use to start tise'ing. This online selling platform also works as a social media platform almost like fashion inspiration. Users can like and follow accounts they find interesting and directly message a seller to buy an item.

The Norwegian startup Tise is worth following in 2023 as it has managed to raise an impressive $37.6M in total funding amount. This total figure was raised across five different funding rounds. The most recent funding round took place on the 6th of July, 2022.

5. PortalOne

Year Founded: 2018

HQ: Oslo, Norway

Size: 11-50

Founders: Stig Olav Kasin, Bård Anders Kasin

PortalOne is a top Norwegian startup rising in the creative sector, within the digital entertainment and content creation space. The gaming company provides its customers with live game experiences that have brilliant visuals and brand-new interactivity. PortalOne aims to be a hybrid gaming platform that changes the gaming world.

It has already had great success, raising $75.3M in total funding. PortalOne has also been picked up by Forbes for its prelaunch success and notable financial backing from Google, LinkedIn, and Justin Bieber's manager Scooter Braun.

6. Evyon

Year Founded: 2020

HQ: Oslo, Norway

Size: 11-50

Founders: Jørgen Erdal, Radu Achihai

Evyon is the next Norwegian startup on the list of the top startups to follow in 2023. It is a sustainable energy company, with a mission to 'enable the reused battery revolution for a fully renewable future for everyone'. As the world is switching to more sustainable travel options, the number of electric vehicle batteries being used is increasing. Evyon is developing technologies that can repurpose second-life electric vehicle batteries.

With $8.4M in total funding amount, the Norwegian startup is doing well having already managed to run three funding rounds. The last round of funding took place on the 17th of November, 2022.

7. CHOOOSE

Year Founded: 2018

HQ: Oslo, Norway

Size: 11-50

Founders: Andreas Slettvoll, Martine Kveim

CHOOOSE is a Norwegian cleantech startup that was founded in 2018. The company has created a platform for businesses to integrate climate action in every area. This top startup's aim is to empower businesses' customers to understand their emissions, and to give them a better chance to address them. The platform has tools that can create automated emissions calculations, as well as provide sustainability scores and more.

$11.9M in total funding has been raised so far by the company across five different funding rounds. The most recent funding round took place on the 14th of February, 2022. This funding will go towards the top startup working to bridge the gap between climate intention and climate action.

8. Unleash

Year Founded: 2019

HQ: Oslo, Norway

Size: 11-50

Founders: Egil Østhus, Ivar Conradi Østhus

Another startup to follow in 2023 is the developer platform Unleash. Its legal name is Bricks Software AS. This Norwegian startup is working to help its customers to deliver more features without the risk. With over 17M Docker downloads, this optimal software development is a safe and easy option. The company is also GDPR and Schrems II compliant, so businesses can be sure the data is safe. Unleash also does not ask for a business' customers' PII (Personal Identifiable Information).

In just one funding round, the startup raised $14M in total funding, with help from five investors. This funding round took place on the 24th of March 2022 and had one lead investor, which is Spark Capital.

9. Favrit

Year Founded: 2019

HQ: Oslo, Norway

Size: 51-100

Founders: Edwin Fjeldvedt

Favrit is another Norwegian startup company that works within the food and beverages, restaurants, and hospitality sectors. The business provides its customers with increased sales at reduced costs, and also works to simplify administration. It does this by providing businesses with a new checkout system. This works for bars, food halls, cafes, restaurants, and other events and does not require staff training.

This Norwegian startup has completed one funding round, raising a total of $11.8M funding. This was done with support from two investors and the funding round took place on the 1st of April 2021.

10. Nomono

Year Founded: 2019

HQ: Trondheim, Sor-Trondelag, Norway

Size: 11-50

Founders: Audun Solvang, Jonas Rinde, and Sigurd Saue

This next Norwegian startup to watch in 2023 is called Nomono. The company operates in the audio, hardware, and internet of things industries. Nomono has created an all-in-one, self-contained piece of hardware to use for podcasting. The recording kit can capture interviews, storytimes, and conversations, to make the process of podcasting easier. It is entirely wireless, from microphone to cloud. The company's aim is to help people share meaningful conversations and tell stories, without technology getting in the way.

Nomono's total funding amount from funding rounds is NOK129.8M. This was raised across five funding rounds, with help from investors. The last funding round took place on the 14th of September, 2022.

11. Apriil

Year Founded: 2020

HQ: Bergen, Hordaland, Norway

Size: 51-100

Founders: Christian Raae

This next Norwegian startup is a digital marketing and advertising company. Apriil provides its customers with various tools to help their businesses thrive. Some of the tools include content development, branding, advertising services, digital marketing, and motion design. This startup has a talented team of 90 people to help its customers work in various fields such as PR, digital marketing, content marketing, event & congress, and design and consulting.

The privately owned company Apriil was only recently founded in 2020 and has not yet published any details about any funding rounds that may have taken place. More details about the startup can be found on the company's LinkedIn page here.

12. Dune Analytics

Year Founded: 2018

HQ: Oslo, Norway

Size: 51-100

Founders: Fredrik Haga, Mats Olsen

Dune Analytics is a Norwegian startup company that operates within the cryptocurrency, blockchain, and analytics industries. It is also known as Dune.xyz and its legal name is Dune Analytics AS. Dune Analytics provides a digital platform for Ethereum-centric analytics. The platform makes crypto data more accessible to a wider audience. It is definitely one of the top startups to watch in 2023, as in February of 2022, it gained Unicorn status, having reached a valuation of $1B.

Beyond its impressive valuation last year and unicorn status, the Norwegian startup has also managed to raise $79.4M in total funding. This was made across three funding rounds with the help of a large number of investors. Out of the twenty-one investors involved, three are lead investors. The most recent funding round took place on the 2nd of February 2022 and was supported by three investors, making $69.4M in funding.

13. Memory

Year Founded: 2013

HQ: Oslo, Norway

Size: 51-100

Founders: Mathias Mikkelsen

Memory is a Norwegian startup that was founded in 2013 and is currently based in Oslo, Norway. The company develops HR work tools for businesses, one such example of these tools is an AI-powered time tracking and planning tool. The company also has a tool that provides a personal assistant to users so they can continue doing deep work without any distractions.

The business has gone through a number of funding rounds since being founded, with the most recent taking place in June 2021, where the startup raised 11.7 Million Euros from five investors. In total, the business has raised a figure of $25.2 Million from seven different investors.

14. Semine

Year Founded: 2016

HQ: Oslo, Norway

Size: 51-100

Founders: Jan Hogetveit, Robert Kristiansen

Semine is a startup in Norway that was founded in 2016 and is currently based in Oslo, Norway. The company has developes an automation platform for the most labour-intensive finance and accounting processes within organizations, which can be very time consuming. This frees up time for finance workers to work on other, more important projects without being distracted by menial work.

Semine is no stranger to startup funding, with the Norwegian startup's last funding round taking place in July 2022, where it raised $3 Million. In total, the business has successfully raised $24.1 Million from four investors.

15. Neonomics

Year Founded: 2017

HQ: Oslo, Norway

Size: 51-100

Founders: Christoffer Andvig

Neonomics is a Norwegian FinTech startup that was founded in 2017 and is currently based in the city of Oslo. The company has developed an API that helps banks to comply with a variety of regulations in a matter of days, which helps to decrease the overall costs associated with compliance by making inter-bank communication both secure and seamless.

Neonomics has already begun its journey to raise startup funding. In an effort to grow the business and improve its tech offering, the Norwegian startup has raised a total figure of 17.8 Million NOK from a pair of investors.

16. Morrow Batteries

Year Founded: 2020

HQ: Oslo, Norway

Size: 101-250

Founders: Pal Brun

Morrow Batteries is a Norwegian startup that was founded in 2020 and is currently based in Oslo. The company aims to improve the state of energy generation and storage worldwide by developing and building improved battery cells that are more cost effective and sustainable than options that are currently on the market. This will help the drive to renewable energy as greater storage is needed to fulfill the power generation of renewables in the future.

The business has gone through a single funding round since being founded, with this round taking place in May 2022. In this funding round, the startup managed to raise a figure of 100 Million Euros from seven investors to help them build the future of battery technology. It will be interesting to see how the company tackles future challenges.

17. Skyfri

Year Founded: 2021

HQ: Oslo, Norway

Size: 101-250

Founders: Murshid Ali, Petter Berge, Pratik Ghoshal

Skyfri is a Norwegian CleanTech startup that was founded in 2021 and is currently based in Oslo. The company aims to help businesses that have solar assets by providing automated the operation, maintenance and management of these solar assets to ensure that electricity generation is at its peak as often as possible. This is especially important to assist the transition to renewable energy.

The business has gone through a number of funding rounds since being founded, with the Norwegian startup successfully raising a total of $11.5 Million from ten investors. The business also completed an acquisition to further improve the quality of its offering.

18. Vianode

Year Founded: 2020

HQ: Oslo, Norway

Size: 101-250

Founders: Michael Koenig

Vianode is a Norwegian startup that was founded in 2020 and is currently based in Oslo. The company is another example of a Scandinavian startup that is aiming to improve the energy industry and provide sustainably created materials for batteries to improve their life cycle and usability. As previously stated, power storage is one of the most important problems facing renewable energy and Vianode is aiming to help solve it.

Since being founded, the company has agreed to deals with three investors for an undisclosed amount of amount. This funding round took place in September 2022 and is the company's only public display of fundraising.

19. Neat

Year Founded: 2019

HQ: Oslo, Norway

Size: 101-250

Founders: Simen Teigre

Neat is a Norwegian startup that was founded in 2019 and is currently based in the city of Oslo. The company has created a solution for video calls and conferencing. The aim for the company is to make it feel like video conferences are taking place in a face to face setting with clear audio and video.

Since being founded, the company has gone through a number of funding rounds and the most recent was a corporate round in September 2021 where it raised $30 Million from Zoom.

20. Journey Group 

Year Founded: 2021

HQ: Oslo, Norway

Size: 101-250

Founders: Erling Andersen

Journey Group is a startup in Norway that was founded in 2021 and is based in Oslo. The company operates a performance marketing company that utilizes hard statistics and data to help businesses to improve their operations and get in front of more customers to help them to reach the next level.

Despite the fact that the company has not publicly sought any startup funding, Journey Group has completed the acquisition of Raw Digital and Omega Media for undisclosed sums during November 2021.

21. Dr. Dropin

Year Founded: 2017

HQ: Oslo, Norway

Size: 101-250

Founders: Daniel Sorli, Kristoffer Ingebrigsten, Lasse Smedsvig

Dr. Dropin is a Norwegian startup that was founded in 2017 and is currently based in the city of Oslo. The company provides a modern private medical service to its customers, they help patients to get quick access to medical support for a fixed fee. This makes it easier for people to get the medical help they need, at the drop of a hat.

Since being founded, the company has gone through a single round of startup funding, with ths funding round, the startup managed to raise a figure of 19.2 Million Euros from four investors. Furthermore, the business has completed the acquisition of Skindoc for an undisclosed fee in November 2022.


FAQs


How Many Startups Are There in Norway?

Currently there are more than 2200 startups in the Oslo region of Norway alone.

What Causes Startups in Norway To Fail?

There are a number of reasons why a startup may fail in Norway, but the most prominent reasons are having the available access to talent both locally and internationally and issues surrounding valuation benchmarking also make it difficult to adequately value some startups.

What Startup Industries Are The Strongest in Norway?

The strongest startup Industries in Norway are Energy and CleanTech, IoT and Harware and e-commerce.

Top Norwegian Startups To Watch...
Asaf Fybish

Asaf is an investor and startup growth advisor. He specializes in organic marketing and he's our Chief of Stash

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