Inside Oslo’s Investor Scene: Grit, Guts, and Global Potential

“Startup funding in Norway dropped in 2024”, reports Shifter, the Norwegian startup news outlet. Sound like a red flag?  It’s not. Look closer, and you’ll see an ecosystem growing up, not slowing down. For investors, that means real opportunity and long-term upside.

Pre-seed and seed-stage investor Kjetil Holmefjord (Sondo), growth-stage investor Adele Unneberg (Sandwater), and climate investor Dinesh Ganesan (ArcTern Ventures) took a seat on the Oslo Innovation Week couch to share what investors are really looking for. From passion and grit to bold visions and smart planning, here’s what these Oslo-based investors are chasing. 

Big visions

Oslo’s startup scene has loads of potential, but it’s still struggling to build steady momentum.

“We would benefit from bigger ambitions, more startup-friendly taxes and option rules, and more hardcore dedicated founders,” Kjetil, General Partner at Sondo, says. 

The hunger’s there, but it hasn’t yet turned into  a shared, consistent force across the ecosystem. 

“We see pockets of desire for innovation and entrepreneurship but not consistently across verticals, age groups, skill sets,” Dinesh, Investor at ArcTern Ventures, adds. 

Founders here are highly technical, driven, and more globally minded than ever. But the local ecosystem? It’s still missing deep pockets,especially when it comes to seed and Series A funding. For international investors, that could mean better deals, stronger valuations, and a real chance to help shape the next wave of Nordic tech.

So, what’s next? Dinesh thinks Oslo’s got the potential to go head-to-head with Stockholm and Copenhagen, in startup numbers, exits, and returns. But only if the capital shows up.

Returns take time, but the groundwork's already there 

Norway’s startup scene is still young. And liquidity events aren’t happening left and right yet. But that’s exactly why now might just be the smartest time for long-term investors to jump in. Talent’sstrong, IP’s solid, and it doesn’t cost a fortune to play a meaningful role.

“It's a relatively nascent ecosystem, which brings challenges in terms of exposure and access to capital, but it's great to see the growth trajectory and increasing number of success stories that are putting Oslo on the map,” says Adele, Investment Manager at Sandwater. 

From passive to proactive

If there’s one thing investors need to hear, it’s this: Norway doesn’t need more cheerleaders. It needs bold partners. Europe’s innovation infrastructure is being rebuilt, and Norway is central to that blueprint. 

“Things are going in the right direction, so I hope they continue in that direction,” Kjetil says.

For investors with vision and the nerve to back bold ideas, Oslo is stepping up. The climate tech groundwork’sin place, ambition's growing, and now’s the time to be part of what comes next.

"Good people can be motivated by building a big company," he says, meaning that the right motivation often goes beyond just the short-term goals. It’s about creating something lasting, something that will make a real impact. 

Adele, Investment Manager at Sandwater, highlights what drives her team:

"Passion can also be a good sort of early indicator of grit and willingness to stick with the problem in tough times," Adele says. This type of determination is essential when navigating the ups and downs of building something meaningful. 

Why Oslo?

More founders are building with purpose — not just for profit, but for long-term impact.

“I'd like to see Oslo become a place that can accommodate the full scale-up journey for a variety of founders, technologies and business models, with access to capital, talent and a generally supportive environment that makes it attractive to build your business here,” she says. 

Oslo’s door is wide open. Valuations are fair, ambitions rising, and there’s a growing urgency to deliver. If your portfolio is all about global resilience, deep tech and sustainable returns, it’s time to look north.

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