All Funds

Investinor

Trondheim · Founded 2008

Government-backed evergreen fund. Consolidated forvaltningskapital NOK 5.4B + NOK 1.7B øvrig (Q4 2025). 33 employees. 130+ direct investments and 40+ fund commitments across Direkte 2008/2013/2018/2024 and Fond-i-fond 2020/2023 mandates.

Sub-funds:InvestinorDirekteNord-Norge
TechnologyHealthEnergyMarineClimate
AUM
NOK 5.5B
Stage Focus
Seed, Series A, Series B, Growth
Total Deployed
NOK 748M
Estimated Portfolio Value
NOK 26.3B
CompanyFundTime in MarketInvestedValuation at EntryCurrent / Exit ValueSharesStatusSource
Numascale
Deep Tech / HPC · Norway
Investinor
13.3 yr
Series A · 2014
UndisclosedUndisclosedUndisclosed
6 286 928 (0.99%)
Active
Skatteetaten
TelluFirst Check
Digital Health / IoT · Norway
Investinor
13.3 yr
Series A · 2014
UndisclosedUndisclosedUndisclosed
123 086 (11.88%)
Active
Skatteetaten
CardioMechFirst Check
MedTech / Cardiology · Norway
Investinor
12.3 yr
Series A · 2015
NOK 25MNOK 90MNOK 350M
6 673 392 Preference (5.04%)
Active
Strise
Fintech / Compliance AI · Norway
Investinor
11.3 yr
Seed · 2016
NOK 15MNOK 50MNOK 200MActive
Northern.tech Holding
Software / IoT · Norway
Investinor
11.3 yr
Growth · 2016
UndisclosedUndisclosedUndisclosed
199 753 (30.50%)
Active
Skatteetaten
Arctic Well Invest
Oil & Gas / Oilfield Tech · Norway
Investinor
10.3 yr
Growth · 2017
UndisclosedUndisclosedUndisclosed
90 923 Class B (22.65%)
Active
Skatteetaten
VilmerFirst Check
Technology · Norway
Investinor
10.3 yr
Seed · 2017
UndisclosedUndisclosedUndisclosed
500 (2.06%)
Active
Skatteetaten
IntelecyFirst Check
AI / Industrial · Norway
Investinor
10.3 yr
Series A · 2017
UndisclosedUndisclosedUndisclosed
45 241 (0.76%)
Active
Skatteetaten
Nordic Technology Group
Technology · Norway
Investinor
9.3 yr
Growth · 2018
UndisclosedUndisclosedUndisclosed
2 640 290 (3.72%)
Active
Skatteetaten
CUPP ComputingFirst Check
Deep Tech / Computing · Norway
Investinor
9.3 yr
Series A · 2018
UndisclosedUndisclosedUndisclosed
2 488 419 Class C (0.29%)25 580 536 Class B (3.02%)
Active
Well Conveyor
Oil & Gas / Oilfield Tech · Norway
Investinor
9.3 yr
Series A · 2018
UndisclosedUndisclosedUndisclosed
129 838 (4.62%)
Active
Skatteetaten
Friend Software Corporation
SaaS / Cloud · Norway
Investinor
9.3 yr
Growth · 2018
UndisclosedUndisclosedUndisclosed
1 919 267 (0.93%)
Active
Skatteetaten
Chess.com
Gaming / Consumer · USA
Investinor
8.3 yr
Growth · 2019
NOK 150MNOK 1.5BNOK 15.0BActive
Wirescan
Deep Tech / Inspection · Norway
Investinor
8.3 yr
Series A · 2019
UndisclosedUndisclosedUndisclosed
47 450 Class B (11.59%)
Active
SINTEF Venture IV B
Fund Vehicle · Norway
Investinor
8.3 yr
Fund · 2019
UndisclosedUndisclosedUndisclosed
219 000 (25.00%)
Active
Nomono
Deep Tech / Audio · Norway
Investinor
8.3 yr
Series A · 2019
UndisclosedUndisclosedUndisclosed
28 603 (9.19%)
Active
Skatteetaten
Arbaflame
Clean Energy / Biomass · Norway
Investinor
7.2 yr
Growth · 2019
UndisclosedUndisclosedUndisclosed
18 322 356 (8.30%)
Active
Skatteetaten
Kezzler
SaaS / Track & Trace · Norway
Investinor
6.9 yr
Growth · 2019
UndisclosedUndisclosedUndisclosed
9 444 442 (10.71%)
Active
Skatteetaten
EYR MedicalFirst Check
MedTech / Optics · Norway
Investinor
7.3 yr
Series A follow-on · 2020
UndisclosedUndisclosedUndisclosed
107 703 Class C (14.36%)53 333 Class A (7.11%)38 220 Class B (5.10%)
Active
JoymoFirst Check
Sports Tech / Streaming · Norway
Investinor
7.3 yr
Series A follow-on · 2020
UndisclosedUndisclosedUndisclosed
62 405 (13.82%)37 629 Preference (8.34%)11 496 Class A (2.55%)
Active
Pickatale
EdTech / Digital Books · Norway
Investinor
7.3 yr
Series A · 2020
UndisclosedUndisclosedUndisclosed
746 790 (6.23%)
Active
Skatteetaten
3D Perception
Computer Vision / AI · Norway
Investinor
7.3 yr
Series A · 2020
UndisclosedUndisclosedUndisclosed
4 199 014 (20.13%)
Active
Skatteetaten
CUPP Computing
Deep Tech / Computing · Norway
Investinor
7.3 yr
Series B · 2020
UndisclosedUndisclosedUndisclosed
2 488 419 Class C (0.29%)25 580 536 Class B (3.02%)
Active
Calluna PharmaFirst Check
Biotech / Pharma · Norway
Investinor
7.3 yr
Series A · 2020
UndisclosedUndisclosedUndisclosedActive
AXIF 3
Fund Vehicle · Norway
Investinor
7.3 yr
Fund · 2020
UndisclosedUndisclosedUndisclosed
432 477 Class B (45.99%)
Active
AXIF 2
Fund Vehicle · Norway
Investinor
7.3 yr
Fund · 2020
UndisclosedUndisclosedUndisclosed
61 830 Class B (19.82%)
Active
Skagerak Capital IV
Fund Vehicle · Norway
Investinor
7.3 yr
Fund · 2020
UndisclosedUndisclosedUndisclosed
41 236 363 (18.74%)
Active
Hadean Capital II
Fund Vehicle · Norway
Investinor
7.3 yr
Fund · 2020
UndisclosedUndisclosedUndisclosed
5 000 000 Preference (4.23%)
Active
Core Equity Fund I
Fund Vehicle · Norway
Investinor
7.3 yr
Fund · 2020
UndisclosedUndisclosedUndisclosed
300 000 Class C (3.83%)
Active
Investinor Nord-Norge AS
Fund Vehicle / Regional · Norway
Investinor
7.3 yr
Direct · 2020
UndisclosedUndisclosedUndisclosed
3 030 (100.00%)
Active
Skatteetaten
Investinor Direkte AS
Fund Vehicle · Norway
Investinor
7.3 yr
Direct · 2020
UndisclosedUndisclosedUndisclosed
1 000 (100.00%)
Active
Skatteetaten
Investinor Indirekte I AS
Fund Vehicle · Norway
Investinor
7.3 yr
Direct · 2020
UndisclosedUndisclosedUndisclosed
1 000 (100.00%)
Active
Skatteetaten
Investinor Indirekte II AS
Fund Vehicle · Norway
Investinor
7.3 yr
Direct · 2020
UndisclosedUndisclosedUndisclosed
1 000 (100.00%)
Active
Skatteetaten
Såkorninvest Midt-Norge AS
Fund Vehicle / Seed · Norway
Investinor
7.3 yr
Direct · 2020
UndisclosedUndisclosedUndisclosed
604 887 (100.00%)
Active
Skatteetaten
Cimon Medical
MedTech / Robotics · Norway
Investinor
7.3 yr
Series A · 2020
UndisclosedUndisclosedUndisclosed
231 689 Class A (23.67%)
Active
Skatteetaten
Hadean Capital I
Fund Vehicle / Life Science · Norway
Investinor
7.3 yr
Fund · 2020
UndisclosedUndisclosedUndisclosed
1 014 636 Preference (10.26%)
Active
Skatteetaten
Alliance Venture Spring as
Technology · Norway
Investinor
7.3 yr
Seed · 2020
UndisclosedUndisclosedUndisclosed
217 391 304 (41.57%)
Active
Proventure Seed Ii as
Technology · Norway
Investinor
7.3 yr
Seed · 2020
UndisclosedUndisclosedUndisclosed
182 867 521 (40.19%)
Active
Sã…korninvest Midt-norge as
Real Estate · Norway
Investinor
7.3 yr
Direct · 2020
UndisclosedUndisclosedUndisclosedActive
Sarsia Seed Fond Ii as
Fund Vehicle / Holding · Norway
Investinor
7.3 yr
Direct · 2020
UndisclosedUndisclosedUndisclosed
97 826 087 (23.55%)
Active
Skagerak Capital Iii as
Fund Vehicle / Holding · Norway
Investinor
7.3 yr
Direct · 2020
UndisclosedUndisclosedUndisclosed
117 391 307 (42.50%)
Active
Water Linked
Maritime / Underwater Tech · Norway
Direkte
7.3 yr
Series A · 2020
UndisclosedUndisclosedUndisclosed
5 412 (25.56%)
Active
Quarterly Report
Numascale Holding
Deep Tech / HPC · Norway
Direkte
7.3 yr
Growth · 2020
UndisclosedUndisclosedUndisclosed
159 303 905 (25.11%)
Active
Skatteetaten
Spinchip Diagnostics
MedTech / Diagnostics · Norway
Direkte
7.3 yr
Series A · 2020
UndisclosedUndisclosedUndisclosed
236 031 (20.29%)
Active
Skatteetaten
Dele Health Tech
Digital Health · Norway
Direkte
7.3 yr
Series A · 2020
UndisclosedUndisclosedUndisclosed
9 760 330 (16.71%)11 828 010 Preference (20.25%)
Active
Skatteetaten
Rayvn
SaaS / Emergency Management · Norway
Direkte
7.3 yr
Series A · 2020
UndisclosedUndisclosedUndisclosed
1 974 017 (14.55%)
Active
Quarterly Report
Pluvia
CleanTech / Water · Norway
Direkte
7.3 yr
Seed · 2020
UndisclosedUndisclosedUndisclosed
17 218 (12.89%)
Active
Skatteetaten
Curida Holding
Pharma / Healthcare · Norway
Direkte
7.3 yr
Growth · 2020
UndisclosedUndisclosedUndisclosed
326 704 Class B (3.42%)1 016 612 (10.65%)317 116 Class A (3.32%)
Active
Quarterly Report
Shoreline
Maritime / SaaS · Norway
Direkte
7.3 yr
Series A · 2020
UndisclosedUndisclosedUndisclosed
1 735 705 (9.05%)
Active
Skatteetaten
ScoutDI
AI / Drone Inspection · Norway
Direkte
7.3 yr
Series A · 2020
UndisclosedUndisclosedUndisclosed
39 594 (6.67%)
Active
Skatteetaten
Chip Nanoimaging
Deep Tech / Nanoimaging · Norway
Nord-Norge
7.3 yr
Series A · 2020
UndisclosedUndisclosedUndisclosed
8 750 (13.13%)
Active
Skatteetaten
ZTL Payment Solution
Fintech / Payments · Norway
Investinor
6.2 yr
Series A · 2020
UndisclosedUndisclosedUndisclosed
845 750 (4.36%)
Active
Skatteetaten
TouchNetix
Deep Tech / Sensors · UK
Investinor
5.9 yr
Series A · 2020
UndisclosedUndisclosedUndisclosed
11 166 (4.42%)
Active
Skatteetaten
Farmforce
AgriTech / SaaS · Norway
Investinor
5.7 yr
Series A · 2020
UndisclosedUndisclosedUndisclosed
155 424 Class B (4.37%)684 486 Class A (19.23%)
Active
AXIF 5
Fund Vehicle · Norway
Investinor
6.3 yr
Fund · 2021
UndisclosedUndisclosedUndisclosed
147 589 Class B (48.90%)
Active
AXIF 4
Fund Vehicle · Norway
Investinor
6.3 yr
Fund · 2021
UndisclosedUndisclosedUndisclosed
147 369 Class B (48.28%)
Active
AXIF 7
Fund Vehicle · Norway
Investinor
6.3 yr
Fund · 2021
UndisclosedUndisclosedUndisclosed
132 891 Class B (44.17%)
Active
AXIF 6
Fund Vehicle · Norway
Investinor
6.3 yr
Fund · 2021
UndisclosedUndisclosedUndisclosed
93 599 Class B (17.34%)
Active
NorseLab Feeder Fund I
Fund Vehicle · Norway
Investinor
6.3 yr
Fund · 2021
UndisclosedUndisclosedUndisclosed
10 000 000 (37.37%)
Active
Snö True North
Fund Vehicle · Norway
Investinor
6.3 yr
Fund · 2021
UndisclosedUndisclosedUndisclosed
6 109 822 Class A (34.00%)
Active
Skyfall Ventures Fund I
Fund Vehicle · Norway
Investinor
6.3 yr
Fund · 2021
UndisclosedUndisclosedUndisclosed
123 243 Preference (18.24%)65 729 (9.73%)
Active
Kongsberg Pre-Såkorn Fond 1
Fund Vehicle · Norway
Investinor
6.3 yr
Fund · 2021
UndisclosedUndisclosedUndisclosed
7 625 000 Class A (14.44%)
Active
Momentum II
Fund Vehicle / Holding · Norway
Investinor
6.3 yr
Fund · 2021
UndisclosedUndisclosedUndisclosed
178 966 Class C (10.81%)
Active
StartupLab Founders Fund IV
Fund Vehicle · Norway
Investinor
6.3 yr
Fund · 2021
UndisclosedUndisclosedUndisclosed
10 000 000 Class A (6.65%)
Active
Sondo Fund 1
Fund Vehicle · Norway
Investinor
6.3 yr
Fund · 2021
UndisclosedUndisclosedUndisclosed
9 000 000 Class A (6.42%)
Active
Sandwater Fund I
Fund Vehicle · Norway
Investinor
6.3 yr
Fund · 2021
UndisclosedUndisclosedUndisclosed
1 080 599 Class A (2.12%)
Active
Kongsberg Pre-sã…korn Fond 1 as
Fund Vehicle / Holding · Norway
Investinor
6.3 yr
Direct · 2021
UndisclosedUndisclosedUndisclosedActive
Bioenvision
Biotech / Oncology · Norway
Direkte
6.3 yr
Series A · 2021
UndisclosedUndisclosedUndisclosed
165 913 (39.21%)
Active
Skatteetaten
Xsens
Deep Tech / Motion Capture · Norway
Direkte
6.3 yr
Series A · 2021
UndisclosedUndisclosedUndisclosed
157 461 Class B (20.40%)
Active
Skatteetaten
Timely
SaaS / Time Tracking · Norway
Direkte
6.3 yr
Series A · 2021
UndisclosedUndisclosedUndisclosed
128 587 Class A (16.57%)
Active
Skatteetaten
Ocean Space Acoustics
Maritime / Deep Tech · Norway
Direkte
6.3 yr
Series A · 2021
UndisclosedUndisclosedUndisclosed
2 701 900 (16.06%)
Active
Skatteetaten
Vilmer
Technology · Norway
Direkte
6.3 yr
Seed · 2021
UndisclosedUndisclosedUndisclosed
3 765 (15.55%)
Active
Skatteetaten
Dagens Mothership
Media / Content · Norway
Direkte
6.3 yr
Series A · 2021
UndisclosedUndisclosedUndisclosed
60 477 (12.96%)
Active
Skatteetaten
PoLight
Optics / Sensors · Norway
Direkte
6.3 yr
IPO · 2021
UndisclosedUndisclosedUndisclosed
13 724 267 (10.59%)
Active
Skatteetaten
Intelecy
AI / Industrial · Norway
Direkte
6.3 yr
Series A · 2021
UndisclosedUndisclosedUndisclosed
399 100 Preference (6.72%)545 057 (9.18%)
Active
Skatteetaten
LayerOne
Technology / Other · Norway
Direkte
6.3 yr
Seed · 2021
UndisclosedUndisclosedUndisclosedActive
Quarterly Report
ONiO
Software / IoT · Norway
Direkte
6.3 yr
Seed · 2021
UndisclosedUndisclosedUndisclosed
509 (0.92%)
Active
Quarterly Report
EYR Medical
MedTech / Optics · Norway
Investinor
5.2 yr
Series A · 2021
UndisclosedUndisclosedUndisclosed
107 703 Class C (14.36%)53 333 Class A (7.11%)38 220 Class B (5.10%)
Active
Fonn
Maritime / SaaS · Norway
Investinor
5.2 yr
Series A · 2021
UndisclosedUndisclosedUndisclosed
97 607 Preference (27.46%)
Active
Joymo
Sports Tech / Streaming · Norway
Investinor
4.9 yr
Series A · 2021
UndisclosedUndisclosedUndisclosed
62 405 (13.82%)37 629 Preference (8.34%)11 496 Class A (2.55%)
Active
Hemispherian
Deep Tech / Navigation · Norway
Investinor
4.9 yr
Seed · 2021
UndisclosedUndisclosedUndisclosed
1 272 (3.71%)
Active
Skatteetaten
Calluna Pharma
Biotech / Pharma · Norway
Investinor
4.9 yr
Series B · 2021
UndisclosedUndisclosedUndisclosedActive
CardioMech
MedTech / Cardiology · Norway
Investinor
4.7 yr
Series B · 2021
UndisclosedUndisclosedUndisclosed
6 673 392 Preference (5.04%)
Active
AXIF 8
Fund Vehicle · Norway
Investinor
5.3 yr
Fund · 2022
UndisclosedUndisclosedUndisclosed
158 616 Class B (49.00%)
Active
AXIF 9
Fund Vehicle · Norway
Investinor
5.3 yr
Fund · 2022
UndisclosedUndisclosedUndisclosed
147 710 Class B (48.98%)
Active
AXIF 10
Fund Vehicle · Norway
Investinor
5.3 yr
Fund · 2022
UndisclosedUndisclosedUndisclosed
113 339 Class B (37.74%)
Active
AXIF 11
Fund Vehicle · Norway
Investinor
5.3 yr
Fund · 2022
UndisclosedUndisclosedUndisclosed
81 522 Class B (27.17%)
Active
StartupLab Founders Fund V
Fund Vehicle · Norway
Investinor
5.3 yr
Fund · 2022
UndisclosedUndisclosedUndisclosed
1 200 000 Class A (12.67%)
Active
Skyfall Ventures Fund II
Fund Vehicle · Norway
Investinor
5.3 yr
Fund · 2022
UndisclosedUndisclosedUndisclosed
19 028 (0.61%)228 332 Preference (7.37%)
Active
Sarsia Fond III
Fund Vehicle · Norway
Investinor
5.3 yr
Fund · 2022
UndisclosedUndisclosedUndisclosed
4 191 115 Class A (6.80%)
Active
SINTEF Venture VI
Fund Vehicle · Norway
Investinor
5.3 yr
Fund · 2022
UndisclosedUndisclosedUndisclosed
21 224 (2.00%)
Active
Tellu
Digital Health / IoT · Norway
Direkte
5.3 yr
Series A · 2022
UndisclosedUndisclosedUndisclosed
150 347 (14.51%)
Active
Skatteetaten
Dignio
Digital Health · Norway
Direkte
5.3 yr
Series A · 2022
UndisclosedUndisclosedUndisclosed
745 088 (13.76%)
Active
Skatteetaten
Ignite Procurement
SaaS / Procurement · Norway
Direkte
5.3 yr
Series A · 2022
UndisclosedUndisclosedUndisclosed
719 956 (10.10%)
Active
Skatteetaten
Sensibel
MedTech / Sleep Tech · Norway
Direkte
5.3 yr
Series A · 2022
UndisclosedUndisclosedUndisclosed
214 589 (4.29%)387 579 Class A (7.74%)134 068 Class B (2.68%)
Active
Skatteetaten
Actithera Group
Health / Biotech · Norway
Direkte
5.3 yr
Venture · 2022
UndisclosedUndisclosedUndisclosedActive
Quarterly Report
Kongsberg Ferrotech
Energy / Technology · Norway
Direkte
5.3 yr
Venture · 2022
UndisclosedUndisclosedUndisclosedActive
Quarterly Report
Tribune Therapeutics
Health / Biotech · Sweden
Direkte
5.3 yr
Venture · 2022
UndisclosedUndisclosedUndisclosedActive
Quarterly Report
Two
Software / Fintech · Norway
Direkte
5.3 yr
Venture · 2022
UndisclosedUndisclosedUndisclosedActive
Quarterly Report
Vesteraalens Invest
Regional Investment / Holding · Norway
Nord-Norge
5.3 yr
Direct · 2022
UndisclosedUndisclosedUndisclosed
30 667 (6.88%)
Active
Skatteetaten
AXIF 12
Fund Vehicle · Norway
Investinor
4.3 yr
Fund · 2023
UndisclosedUndisclosedUndisclosed
26 163 Class B (8.70%)
Active
Investinor Skog AS
Fund Vehicle / Forestry · Norway
Investinor
4.3 yr
Direct · 2023
UndisclosedUndisclosedUndisclosed
30 000 (100.00%)
Active
Skatteetaten
Fjord Invest Sørvest
Fund Vehicle / Regional · Norway
Investinor
4.3 yr
Direct · 2023
UndisclosedUndisclosedUndisclosed
65 120 000 (99.24%)500 000 Class B (0.76%)
Active
Skatteetaten
Calluna Pharma Poolco as
Health / Biotech · Norway
Investinor
4.3 yr
Series A · 2023
UndisclosedUndisclosedUndisclosed
5 380 603 Preference (15.38%)740 000 (2.12%)
Active
Fjord Invest Sã˜rvest as
Real Estate · Norway
Investinor
4.3 yr
Direct · 2023
UndisclosedUndisclosedUndisclosedActive
3K6 Skoginvest
Forestry / Timber · Norway
Direkte
4.3 yr
Direct · 2023
UndisclosedUndisclosedUndisclosed
3 749 999 Class B (22.73%)3 675 000 Class A (22.27%)
Active
Skatteetaten
Heymat
Consumer Tech / Home · Norway
Nord-Norge
4.3 yr
Series A · 2023
UndisclosedUndisclosedUndisclosed
8 000 (18.18%)
Active
Skatteetaten
Testnor
Technology / Testing · Norway
Nord-Norge
4.3 yr
Seed · 2023
UndisclosedUndisclosedUndisclosed
12 000 (9.68%)
Active
Skatteetaten
Lifeness
Digital Health · Norway
Nord-Norge
4.3 yr
Series A · 2023
UndisclosedUndisclosedUndisclosed
13 756 Preference (7.10%)9 167 (4.73%)
Active
Skatteetaten
Investeringsfond for Nordvest-Russland og Øst-Europa
Fund Vehicle / Regional · Norway
Investinor
3.3 yr
Direct · 2024
UndisclosedUndisclosedUndisclosed
1 (100.00%)
Active
Skatteetaten
Investinor Nord-Norge II AS
Fund Vehicle / Regional · Norway
Investinor
3.3 yr
Direct · 2024
UndisclosedUndisclosedUndisclosed
1 000 (100.00%)
Active
Skatteetaten
Investeringsfond For Nordvest-russland og Øst-europa as
Real Estate · Norway
Investinor
3.3 yr
Direct · 2024
UndisclosedUndisclosedUndisclosedActive
Keenious
EdTech / AI Research · Norway
Nord-Norge
3.3 yr
Seed · 2024
UndisclosedUndisclosedUndisclosed
666 (13.39%)
Active
Skatteetaten
Vesterålen Havbruk
Aquaculture · Norway
Nord-Norge
3.3 yr
Growth · 2024
UndisclosedUndisclosedUndisclosed
781 961 (2.01%)
Active
Skatteetaten
Vesterã…len Havbruk as
Technology · Norway
Nord-Norge
3.3 yr
Series B · 2024
UndisclosedUndisclosedUndisclosedActive
Showing 115 investments · Valuations are estimates based on public data and last known rounds

Fund Shareholders (LPs)

Direct owners of this fund vehicle · 1 shareholders · Data: 2024

ShareholderOwnership %Shares
Nærings- og Fiskeridepartementet
100.000%
295 175ordinære