What Investinor does

Investinor AS is a Norwegian state-owned evergreen venture capital investment company established in 2008 and headquartered in Trondheim, with a secondary office in Oslo. The company operates under the Norwegian Ministry of Trade, Industry and Fisheries (Nærings- og Fiskeridepartementet) and manages approximately 7.1 billion NOK in assets (Q4 2025), deployed across 81 direct portfolio investments and 14 seed funds that together reach over 900 companies. As of Q4 2025, Investinor employs 33 people and works with 60 recurring co-investors, having together mobilized 40 billion NOK into Norwegian startups and growth companies.

The firm deploys capital through three primary channels: direct equity investments in Norwegian startups and growth companies spanning stages from pre-seed to expansion; a fund-of-funds seed scheme that has channeled 2 billion NOK into 14 seed funds, which have invested in 222 startups with private investors matching krone-for-krone (an 11.8x multiplier); and a government-mandated 200 million NOK allocation for early-stage companies in northern Norway. The portfolio spans health technology, fintech, biotechnology, energy and cleantech, maritime/subsea robotics, imaging technology, and software, with notable holdings including Heimdall Power (grid optimization, deliveries in 20+ countries), Two (B2B payments infrastructure), Tribune Therapeutics (fibrotic disease therapies), Muybridge (software-defined cameras for sports broadcasting), and Kongsberg Ferrotech (underwater robotics).

Investinor's business model is that of a state-owned evergreen investment company: returns come from capital appreciation and exit proceeds rather than management fees charged to portfolio companies. The company invests both directly and through fund-of-funds vehicles, typically co-investing with private investors and other institutional investors. In 2024, Investinor achieved a record exit year, selling stakes in 16 portfolio companies for 864 million NOK and generating an annual result of 392 million NOK with approximately 9% return on invested capital. Three of the firm's funds rank in the top quartile of European venture funds. Recent exits include SpinChip Diagnostics, sold to bioMérieux for approximately 1.6 billion NOK in January 2025, and Dignio, acquired by Summa Equity in January 2026.

Name

Investinor

Legal name

Investinor AS

Website

https://investinor.no

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Investinor AS is a Norwegian state-owned evergreen venture capital firm managing approximately 7.1 billion NOK in assets across 81 direct portfolio companies and 14 seed funds. It invests from pre-seed to expansion in Norwegian startups spanning healthtech, fintech, biotech, cleantech, and software sectors alongside 60 co-investors.

Ownership category

akta.pro rank

Headquarters

HQ city

Trondheim

HQ country

Norway

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Investment Returns: Investinor generates returns through capital appreciation and exit proceeds from its portfolio companies. In 2024, the company achieved record exits selling stakes in 16 companies for 864 million kroner with annual results of 392 million and nearly 9% return on invested capital.
2. Portfolio Company Dividends: Returns generated from dividend payments and profit distributions from portfolio companies and funds

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Investinor AS is Norway's state-owned evergreen venture capital investment company that invests capital directly into Norwegian startups and growth companies, and indirectly through a fund-of-funds program channeling money to 14 seed funds. It provides growth capital, co-investment opportunities, and government-backed seed schemes to help Norwegian companies scale to become world-leading. It does not sell a commercial product or SaaS platform; its core offering is capital investment, portfolio management, and co-investment services alongside private investors.

Product overview

Investinor AS is Norway's state-owned venture capital investment company. It does not offer a commercial product or SaaS platform in the traditional sense; its core offering is capital investment, portfolio management, and co-investment services alongside private investors. The company manages approximately 7.1 billion NOK in assets under management (as of Q4 2025), invests in Norwegian early-phase and growth companies through direct investments, fund-of-funds structures, and seed/venture matching schemes. Its portfolio spans sectors including health technology, fintech, biotech, energy technology, maritime, forestry, and software. The company also provides co-investment opportunities, manages government-backed seed schemes, and facilitates capital raises for portfolio companies. Notable portfolio companies and exits referenced in the source data include Dignio (welfare technology, acquired by Summa Equity), SpinChip Diagnostics (sold to bioMérieux for ~1.6B NOK), Heimdall Power (grid sensors and software), Muybridge (software-defined camera technology), Kongsberg Ferrotech (autonomous underwater robotics), Two (B2B payments infrastructure), and Tribune Therapeutics (biotech).

Differentiator

Problem solved

Functional benefit

Products and services

• Direct Investment Program
• Fund-of-Funds Seed Scheme
• North Norway Regional Investment Mandate
• 3K6 Skoginvest Forestry Fund

Quantifiable outcome

• 11.8x multiplier on seed scheme investments, generating 24.3 billion NOK from 2 billion NOK original investment
• +3 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability1 record

Feature1 record

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Tesi (Finnish Industry Investment): Finnish state-owned investment company operating evergreen funds across venture and growth stages, with a mandate similar to Investinor's: mobilize private capital into Finnish startups. Directly comparable in structure (state-owned, evergreen, fund-of-funds and direct) and Nordic regional context.
• Saminvest: Swedish state-owned venture capital investor that channels capital through fund-of-funds structures and direct investments into Swedish growth companies. Highly comparable to Investinor in mission, geographic focus (single Nordic country), and evergreen structure.
• Vækstfonden (Danish Growth Fund): Danish state-owned investment fund providing equity and loans to Danish growth companies from early stage to expansion. Directly comparable to Investinor as a state-backed investor supporting a single Nordic country's innovation ecosystem.
• KfW Capital: German state-owned fund-of-funds focused on venture and growth capital, channeling public capital alongside private co-investors into German tech startups. Directly comparable to Investinor's fund-of-funds model and state-backed mission.
• CDP Venture Capital: Italian state-backed venture capital operator managing multiple funds investing in Italian startups from seed to growth. Comparable to Investinor in mission (develop national innovation ecosystem) and fund-of-funds structure.
• Nysnø Klimainvesteringer: Norwegian state-owned green investment vehicle established in 2017 to invest in renewable energy and climate-focused companies. Closest Norwegian peer to Investinor, sharing state ownership and Norwegian market focus but narrower climate mandate.

Broad incumbents

• Bpifrance: French state-owned investment bank providing financing, guarantees, and equity investments across the entire business lifecycle. Comparable in state ownership and innovation mandate, but much larger scale and broader scope than Investinor's VC focus.
• European Investment Fund (EIF): EU-level fund-of-funds providing equity, debt, and guarantee instruments to support European SMEs and innovation. Investinor has a strategic relationship with EIF (CEO spoke at Investinor's 2026 Venturekonferansen), and EIF operates a comparable fund-of-funds model at the European scale.

Others

• NATO Innovation Fund (NIF): NATO-backed venture fund investing in deep-tech and dual-use technologies across allied nations. Investinor co-invested with NIF in Kongsberg Ferrotech, positioning the two as complementary strategic partners rather than direct competitors.
• Innovasjon Norge: Norwegian government's innovation agency, which previously owned Investinor before 2013. The two organizations retain complementary roles in Norway's innovation ecosystem, with Innovasjon Norge providing advisory and grant services and Investinor delivering equity capital.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Investinor
• LinkedInlinkedin.com/company/474941
• Xx.com/investinorAS

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments123 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Investinor