One in three Norwegian unicorns created in 2021 by myself

Norway’s tech sector has passed by rapid boost within the previous 300 and sixty five days, consolidating the Nordic country’s situation as an rising European tech hub


Printed: 24 Nov 2021 15: 42

The Norwegian tech sector has considered rapid boost over the previous 300 and sixty five days, with the cost of funding rounds doubling and three in 9 of the nation’s unicorn companies being created in 2021 by myself, technology funding firm GP Bullhound has stumbled on.

Basically based on the firm’s Norway tech exchange listing, the gradual-stage fundraising of Norwegian tech corporations jumped from $357m in 2020 to $783m in 2021 – even though this became largely pushed by sizable rounds from instrument company Gelato ($240m), industrial instrument-as-a-provider startup Cognite ($150m) and e-commerce firm Oda ($141m).

All three companies reached unicorn station – meaning a billion-greenback valuation – in 2021 off the support of these funding rounds.

Attributable to the expansion, the Norwegian tech sector has raised a total of $2.2bn over the previous decade, striking it consistent with countries of a identical size, alongside side Finland ($2.9bn) and Denmark ($3.6bn).

By comparison, Scandinavian neighbour Sweden, which has produced tech companies alongside side Spotify and Klarna, has raised $10.3bn within the identical time.

Basically based on GP Bullhound, a vital part contributing to the expansion of Norway’s tech ecosystem is its capability to redeploy a crew with vital engineering and technical abilities from the oil and fuel sector into tech.

“Historically, the Norwegian financial system has been dominated by the offshore sector,” said GP Bullhound accomplice Daniel Lilliehöök. “On the opposite hand, because the country transitions from its dependence on oil, vital native and international capital has flowed into the technology sector, capitalising on a highly educated crew and resulting in a huge selection of successful corporations, alongside side several unicorns.”

Analyst Gustav Nilsson added: “Norway has efficiently leveraged data in legacy sectors to plan one of the vital most attention-grabbing European corporations in niche verticals.”

In April 2021, Computer Weekly reported that Norway’s agricultural technology (agritech) startups had been rising after taking advantage of heaps of funding adjustments made in latest years.

Lars Petter Blikom, CEO of Farmable, to illustrate, said the snowballing of innovation and digital instruments in agritech companies would possibly maybe possibly be attributed to an rising selection of incubators, accelerators, investors and corporations coming out of Norway.

Within the Oslo station by myself, 2,200 startups and almost 200 scaleups maintain emanated from the ecosystem. Extra importantly, this deluge now caters for a broader vary of sectors and use cases.

Attributable to the manufacturing and passe offer chains are no longer a huge share of the commercial panorama in Norway – with the oil, fuel and maritime sectors taking centre stage as a exchange – the country’s tech sector has also had a uncommon heart of attention on building recordsdata superhighway of things (IoT) options.

“IoT alternatives bear heaps of assorted technology and interfaces,” said Anders Elbak, analysis director at IDC. “The technology created is frequently for a neatly-liked approved and requires collaboration between corporations that can in another case compete. This selection of collaboration is great extra neatly-liked within the Nordics than in assorted places, and it’s typically what’s vital for IoT alternatives.”

Innovations in IoT-enabled predictive maintenance, to illustrate, maintain been led to by the dominance of oil and fuel in a rustic stout of remote, rural areas which will most definitely be refined and dear to fetch admission to.

“The details speaks for itself. Norway is becoming a vital participant within the Nordic tech ecosystem, and is catching up with assorted indispensable European tech hubs,” said Lilliehöök and Nilsson in a joint commentary.

“Where there are sizable options and entrepreneurship, investors will observe – Norway is proving that it goes to plan and scale spectacular technology companies. The future is shimmering, and at GP Bullhound we’re contented that Norway is determined to damage by as one of the thrilling tech markets in Europe.”

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