Kjetil Holmefjord, partner at Sondo Capital and author of the On Norwegian Tech: newsletter, has written a detailed review of what happened in Norway in 2024 including how much was invested in 2024.
He tracked 189 announced funding rounds with 13.4 billion NOK invested (up from 9.3 billion NOK in 2023). Of that a little bit more than 8 billion NOK went to four companies (including 4 billion NOK to a data center company). This shows the weakness of looking at aggregate numbers when one is trying to understand the health of segments like pre-seed, seed, and Series A.
This is not unique to Norway, as the success of megarounds in Northvolt and other Vargas related companies in the last couple of years has skewed Swedish fundraising statistics. The power law is everywhere in startup land!
Kjetil’s review goes much deeper and gets into what types of companies were funded, who investors were and some thoughts on focusing his energy to make Norway a better place to build startups.
