Top Startups / June 22, 2021
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 2021

When you think of Norway, there are likely a few things that you immediately think of. One of them is probably the very high quality of living, which has been near the top or on the top spot for years at this point. You may also be thinking about the Viking conquerors of old, who had their stories shouted about in great poems for years after their deeds. Norway actually also has a very bright startup ecosystem, like many other countries which all have their own lists of top startups to choose from.

Norway is well versed in investment, with the country having one of the biggest nationally owned wealth funds in the world. It should also be noted that the country was rated as the eighth-best country for startup development. This, combined with the high quality of living makes for a great hotbed for startup activity, creating a boom of great startups in Norway.

1. Oda

Year Founded: 2013

HQ: Oslo, Norway

Size: 501-1000

Founder(s): Andreas Skaranger, Christian Mikalsen, Ida Johnsen, Jon Kåre Stene, Karl Kristian Mydske, Karl Munthe-Kaas, Mats André Kristiansen, Mats Barlo, Tommy Gudmundsen, Vegard Vik

Oda is a delivery and e-commerce startup that was founded in 2013 and is currently headquartered in Oslo, Norway. The company is one of Norway's largest startups and provides door-to-door delivery for groceries. The company aims to establish a sustainable and ethical supply chain to deliver fresh groceries and produce to customers all over Norway.

So far, Oda has raised a significant amount of money to further the growth of the business. So far, the company has managed to raise a total of $376.6 Million since being founded eight years ago. This total was achieved from a group of six investors, which interestingly includes the likes of SoftBank. This makes Oda was one of the most exciting Norwegian startups on the market right now.

2. eSmart Systems

Year Founded: 2012

HQ: Halden, Ostfold, Norway

Size: 101-250

Founder(s): Knut Harry Helland Johansen

eSmart Systems is a software and technology startup that was founded in 2012 and is currently headquartered in Halden, Norway. The company uses its artificial intelligence technology to help energy and service providers further power their data solutions. This assists with decision-making and also ensures that their customers are operating in a cost-efficient and profitable manner. Now they have offices in Norway, Denmark, the UK, and the USA.

eSmart Systems has raised a large amount of startup funding, with the company raising $59.6 Million from a total of seven investors. This investment shows that there is seeming justification for this business model and the management team has had their quality attested to through these investments. This company is one of the best Norway startups.

3. reMarkable

Year Founded: 2013

HQ: Oslo, Norway

Size: 101-250

Founder(s): Magnus Wanberg

reMarkable is a software and consumer electronics startup that was founded in 2013 and is currently based in Oslo, Norway. They are known for their own writing tablet which is incredibly thin, to the point where it feels like paper. This makes for an authentic experience, even if you're writing on a screen.

The unique product offering provided by reMarkable has led to the company getting a nice amount of investment to further its development. So far, reMarkable has raised a total of $24 Million, from a duo of investors. One of these includes the American VC firm, Spark Capital. This cements the company as a very exciting and interesting Norwegian startup.

4. Xeneta

Year Founded: 2012

HQ: Oslo, Norway

Size: 51-100

Founder(s): Patrik Berglund, Thomas Sorbo, Vilhelm K. Vardoy

Xeneta is a logistics software startup that was founded in 2013 and is currently based in Oslo, Norway. Their systems pull pricing data from a number of sources so that users can easily manage and track their freight spending. This helps companies to make sure that they aren't getting ripped off by their freight provider and it also helps them to find better deals for their logistical requirements.

So far, Xeneta has managed to gain a significant amount of startup funding, especially for a company in Norway. To date, the SaaS startup has managed to raise a total of $57.2 Million from a group of seven investors. The latest of these funding rounds was actually carried out earlier in June 2021, showing that the business is still seeking further support to drive its ambitions to become one of the best startups in Norway.

5. Norwegian Block Exchange

Year Founded: 2017

HQ: Oslo, Norway

Size: 11-50

Founder(s): Katoshi Dolzhenko

Norweigan Block Exchange is a blockchain and fintech startup that was founded in 2017 and is currently based in Oslo, Norway. The company provides one of the premier cryptocurrency exchange, custodian, and payment systems in Norway, having been founded at the start of the cryptocurrency boom of 2017.

Despite the fact that many companies and investors are still skeptical of cryptocurrencies, NBE has managed to secure funding from a venture capital firm. This investment totaled a respectable 60 Million Krona from Pareto Securities at the start of this year, showing that cryptocurrency exchanges can get backing, even in Norway,

6. Urban Sharing

Year Founded: 2018

HQ: Oslo, Norway

Size: 11-50

Founder(s): Axel E. Bentsen, Johan Høgåsen-Hallesby, Liisa Andersson

Urban Sharing is a transport software startup that was founded in 2018 and is currently headquartered in Oslo, Norway. Since being founded in 2018, the company provides useful and easy-to-use solutions to help companies manage their vehicle fleets and drivers to ensure that all services run smoothly and within the time frames required.

Urban Sharing has seen both its business model and product offering validated by a pair of investors that have pledged a total of 93 Million Krona to the company. This funding round occurred during 2018 and as it stands, they have not tried to attract further funding since. Despite this, that doesn't mean that it can't change in the future.

7. iMove

Year Founded: 2018

HQ: Bergen, Norway

Size: 11-50

Founder(s): Hans Kristian Aas, Gunnar Birkenfeldt

iMove is a transport and SaaS startup that was founded in 2018 and is currently based in Bergen, Norway. The company's offering is based on their SaaS solution, which provides easy mobility and vehicle subscription solutions, without the hassle. As a part of their solution, they also Whitelabel their vehicle subscription software to other companies that wish to do the same thing.

iMove has not made many movements in terms of attracting investment, despite the fact that the company successfully managed to raise $2 Million during its one and only funding round in December 2019. The fact that the company has not attracted recent investment does not mean that the company is any less exciting than some of the other options on this list. In fact, it's probably one of the best Norway startups.

8. ZTL Payment Solution

Year Founded: 2018

HQ: Oslo, Norway

Size: 11-50

Founder(s): Andreas Bjerke

ZTL Payment Solution is a B2B fintech startup that was founded in 2018 and is currently headquartered in Oslo, Norway. Their help companies with their own tailored payment solutions, their own technology makes their payment solutions far more advanced and easy to use than other payment solution providers that are currently on the market. This has been a driving factor in the company's earlier success.

As is normally the case with fintech startups that have a lot to offer, the team at ZTL has managed to secure a respectable amount of startup funding. In only three years, the company has managed to raise a total of $9.3 Million. The company has been active in the investments market in recent times, with them last raising money in November 2020.

9. CHOOOSE

Year Founded: 2017

HQ: Oslo, Norway

Size: 11-50

Founder(s): Andreas Slettvoll 

CHOOOSE is an eco-friendly software startup that was founded in 2017 and is currently based in Oslo, Norway. They provide solutions to help businesses of all sizes to integrate measures to help with climate change into their business processes. With their software, businesses can adapt to comply with regulations, in a number of different locations and scenarios.

The eco mission of this Norweigan startup has led to the company getting outside funding from a trio of investors. So far, the company has managed to raise $4.9 Million in funding since being founded four years ago. In the future, as issues surrounding climate change get more publicity, it won't be surprising to see the company continue to grow in the future.

10. The Future Group

Year Founded: 2013

HQ: Oslo, Norway

Size: 11-50

Founder(s): Bård Anders Kasin, Jens Petter Høili 

The Future Group is an augmented reality and broadcasting startup that was founded in 2013 and is currently based in Oslo, Norway. The company is making a name for itself by providing real-time augmented reality content with cinematic quality. The market for augmented reality has steadily expanded in recent years and TFG is one of the finest examples of an AR company in the whole country.

So far, the technological solution provided by The Future Group has attracted the eyes of four different investors. In total, these investors have decided to part with a total of $46.9 Million to further the development of the business. This funding will go a long way to making their offering even stronger in the coming years.

11. Heaten

Year Founded: 2020

HQ: Mandal, Vest-Agder, Norway

Size: 1-10

Founder(s): Geir Robstad, Harald Nes Rislå, Ken Roger Lisø 

Heaten is an energy efficiency startup that was founded last year and is currently based in Mandal, Norway. The company provides solutions for industrial businesses. Their solutions help to make the process of industrial heating a lot less carbon-intensive, which in turn will help businesses to reduce their greenhouse gas emissions. This is more important than ever at a time where climate change is one of the biggest hot-button topics out there.

Despite only being founded last year, Heaten has already managed to attract outside investment, with the company raising 30 Million Krona, with the most recent being found during the company's Seed Funding round in June 2021. With this recent funding, it is likely that the business will try to further expand its operations in the coming year.

12. Bookis

Year Founded: 2016

HQ: Oslo, Norway

Size: 11-50

Founder(s): Arne-Morten Willumsen, Lasse Brurok 

Bookis is a Norweigan book and e-commerce startup that was founded in 2016 and is currently based in Oslo. The company's offering centers around the operation of its online book store platform. Another benefit is that the company provides direct author compensation, meaning authors will get more money from the proceeds of their books than they would normally.

To date, Bookis has managed to attract outside investment from a trio of investors to the tune of 79.5 Million Krona. These investments primarily came from VC firms, although there was a solitary angel investor also involved in the project.

13. Skyfri

Year Founded: 2017 

HQ: Oslo, Norway

Size: 11-50

Founder(s): Murshid M. Ali, Petter S. Berge, Pratik Ghoshal

Skyfri is a clean technology startup that was founded in 2017 and is currently based in Oslo, Norway. The company provides software to help renewable energy plants to become more competitive by increasing their revenue and decreasing money lost on things like downtime. As a result of this asset management, automation and maintenance are primary features. As it stands, the company is currently in the process of updating its website.

Skyfri has recently made its first move into the market for investment, with the company having raised $500,000 closer to the start of June 2021. This investment shows that Skyfri has the potential to be one of the best Norwegian startups around.

14. Tibber

Year Founded: 2016 

HQ: Førde, Sogn og Fjordane, Norway

Size: 101-250

Founder(s): Daniel Lindén, Edgeir Aksnes

Tibber is a Norweigan energy supply startup that was founded in 2016 and is currently based in Forde, Norway. The company is an energy supplier that works primarily through its mobile and online apps. This isn't all though, as the company has ambitions to try to decrease the energy spending of people in Europe by 20%.

It should come as no surprise that with the strength of the business offering and the management team, the company has managed to attract outside investment. Eight investors have decided to put their money into Tibber, which created a collective total of $81.5 Million. This came from a mix of venture capital firms and angel investors.

15. SafetyWing

Year Founded: 2017

HQ: Palo Alto, California, USA

Size: 11-50

Founder(s): Hans Nyvold Kjellby, Sarah Beyahte Sandnes, Sondre Rasch 

SafetyWing is a Norweigan insurance technology startup that has relocated to sunny California and was actually founded in 2017. The company aims to make insurance products available to self-employed gig workers across Europe. This is especially critical at a time whereby everyone seems to be talking about freelancers and employee rights. Having access to insurance will make it much less stressful for these workers than finding insurance normally would be.

So far, SafetyWing has managed to convince a large number of investors to part with their money, specifically nine investors. This has cumulated in the company gaining $12.1 Million in startup funding in the four years that they have been operating. This was achieved from a mix of angel investors and venture capital firms.

16. nLink

Year Founded: 2012 

HQ: Sogndal, Rogaland, Norway

Size: 1-10

Founder(s): Halvor Gregusson, Håvard Halvorsen, Jørn Sandvik Nilsson, Konrad Fagertun 

nLink is a robotics startup that was founded in 2012 and is currently operating from Sogndal, Norway. They are focused on creating robots to help automate and improve safety within the construction sector, which despite steady improvements, is still an incredibly dangerous industry to be in. This is why using robots to carry out certain tasks would decrease the risks for users.

So far, nLink hasn't actively sought out a large amount of startup funding since being founded nine years ago. To date, the company has managed to gain funding from a single investor, and considering this took place in 2017, some more financial backing could be coming sooner than you think.

17. Unacast

Year Founded: 2014

HQ: New York, USA

Size: 11-50

Founder(s): Kjartan Slette, Thomas Walle Jensen 

Unacast is an advertising and data startup that was founded in 2014 and has escaped Norway, for the big city of New York in the USA. The data platform itself helps business owners and managers to identify patterns and see whether there are things that could be improved at the company as a whole.

Unacast has already managed to receive investment from a group of eight investors, pooling their money together to cumulatively $35.1 Million. Similar to other businesses on this list, investment was achieved through a mixture of angel investors and venture capital firms.

18. ListenAS

Year Founded: 2012

HQ: Oslo, Norway

Size: 1-10

Founder(s): Snorre Vevstad 

ListenAs is a healthcare start that was founded in 2012 and is currently based in Oslo, Norway. Despite the small size of the team, the company is on a mission to stand out in the industry and they do this by providing specialists, software hardware, and other mediums for communication. This is an increasingly important startup as we know now that we should make an effort.

So far, ListenAS has only managed to raise investment from a single investor, during 2013. This means that the company has not sought out investment for a long time. Of course, this could very likely be because the company does not actually wish to seek any more funding in this way.

19. Eyr

Year Founded: 2016 

HQ: Oslo, Norway

Size: 11-50

Founder(s):  Karl Martin Lind

Eyr is a healthcare technology startup that was founded in 2016 and is currently headquartered in Oslo, Norway. The company operates an app that gives doctors a digital solution for providing prescriptions and medical consultancy services. This has led to the company receiving extensive success and admiration from what I've heard about the industry as a whole.

So far, this healthcare startup has managed to raise a healthy amount of startup funding In 2020, the company managed to raise 50 Million Krona from an investor to further the growth and development of the business as a whole.

20. BluEye Robotics

Year Founded: 2015

HQ: Trondheim, Sor-Trondelag, Norway

Size 11-50

Founder(s): Christine Spiten 

BluEye Robotics is a robotics startup that was founded in 2015 and is currently working from Trondheim. The company itself specializes in creating drones that can be used to explore locations underwater. These drones are created by the company itself and they are then sold on to buyers across the world.

So far, investors have clearly been impressed by the drones that the company is currently offering. So far, the company has managed to raise 51 Million Krona and with that money, it is very likely that their underwater drones will continue to increase in value as they are further developed and built upon.

21. Villoid

Year Founded: 2015 

HQ: Oslo, Norway

Size: 11-50

Founder(s): Jarle Snertingdalen, Jeanette Dyhre Kvisvik, Karin Kaellman 

Villoid is an e-commerce platform and startup that was founded in 2015 and is currently based in Oslo, Norway. Their mobile app makes the process of looking for specific items a lot quicker and much more convenient than we may have done so previously. This also helps designers to connect with new customers in the long term.

So far, Villoid has managed to attract a very respectable amount of funding, with the company making $7.3 Million from a quartet of investors. There were a few angel investors involved, although the investor name that stood out the most was 500 Startups.

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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