Norselab has invested NOK 500 million through its first venture fund - making it the largest first-time venture fund out of Norway.
Norselab’s first fund, Meaningful Equity I, has invested a total of NOK 500 million in 16 growth companies with a net-positive impact through their core products or services. Now the investor reveals plans for new fund initiatives.
Long-term positive capital returns and net positive impact
Norselab’s first growth fund, Meaningful Equity I, had raised NOK 700 million at the final close earlier this year. This makes it the largest first-time venture fund out of Norway. The fund’s investors include the Norwegian government arm Investinor, Norwegian and US family offices, and several prominent tech founders. The fund aims to create long-term positive capital returns and net positive impact through investments and extensive involvement in a portfolio of meaningful technology companies.
- We launched our first fund assuming that impact and technology would become key market drivers. We have invested at a high pace over the last 18 months, with the deal flow significantly accelerated by the pandemic, says Yngve Tvedt, Chief Investment Officer at Norselab.
Since the fund's launch, Norselab has become one of the most active Norwegian venture investors, with 16 investments in growth companies that create a positive impact through their core products or services. The fund’s portfolio includes companies like Carrot, Antec, and Farmable, and spans powerful impact themes like circularity, renewables, and sustainable food systems.
The companies in the portfolio are all rapidly growing tech companies ready for international scaling, with a typical Norselab investment ranging between NOK 20 and 30 million.
Launching new fund initiatives centered around impact
Drawing on the positive results from its first fund, Norselab plans to launch several new fund initiatives, with a second venture fund set to launch in early 2022. The impact investor aims for a significantly larger second fund.
All Norselab initiatives revolve around the core concept that has become Norselab’s trademark: meaningfulness. Along with its impact approach, one of Norselab’s most significant differentiating factors is its legacy as a co-founder:
- We have several team members that have been on entrepreneurial journeys themselves. This gives us an advantage when we meet founders, as we have had our skin in the game and know what’s important to them, Tvedt explains.
The second venture fund will invest in tech companies in the same investment phase as the first fund. Themes of particular interest to the investor are urban tech and sustainable food systems.
- The companies we invest in must contribute to a more sustainable future, Tvedt concludes.