Norway Startup Ecosystem

Quick Snapshot

• Record Funding in 2024: Startups raised NOK 8 billion (~€700 million), a 30% increase from 2023.
• Key Cities: Oslo leads the ecosystem, with Bergen, Trondheim, and Stavanger growing in sectors like cleantech, healthtech, and AI.
• Public Listings: Two startups went public in 2024, raising a combined NOK 1.5 billion (~€130 million) on the Oslo Stock Exchange.
• Top Sectors: Cleantech, healthtech, aquatech, fintech, deep tech.
• Green Tech Boom: Over NOK 3 billion raised in climate and sustainability startups.
• Government Support: Programs from Innovation Norway and Nysnø Climate Investments offer grants, loans, and mentorship.
• Digital Strength: Norway has 90% 5G coverage and ranks high in EU digital performance.
• Talent & Scaling Challenges: Gaps in late-stage funding, tech talent shortages, and regional brain drain remain key hurdles.

Norway’s Startup Growth

Norway’s startup ecosystem has experienced strong and steady growth, especially in the last few years. In 2024, startups raised a record NOK 8 billion (~€700 million), reflecting a 30% year-over-year increase. This growth is being driven by rising investments in sectors like cleantech, healthtech, aquatech, and AI/deep tech. While Oslo remains the main startup hub, other cities like Trondheim, Bergen, and Stavanger are also gaining attention.

Supportive government programs, strong digital infrastructure, and a national push for sustainability have played major roles in fueling this growth. However, challenges like limited access to late-stage funding and talent shortages still need to be addressed for continued momentum. Overall, Norway is becoming an increasingly attractive location for startups focused on technology, sustainability, and global impact.

Notable Startups

Here are some standout Norwegian startups that are shaping the country innovation landscape :

Cleantech & Sustainability

• Freyr Battery – Sustainable battery cell production.
• Otovo – Solar energy marketplace for homes.
• Wastefront – Turns rubber waste into biofuels.
• Ocean Sun – Floating solar power systems.
• Aker Carbon Capture – Industrial carbon capture tech.

AI & Deep Tech

• Spacemaker – AI for smarter building design.
• No Isolation – AV1 robot to fight social isolation.
• Iris.ai – AI assistant for scientific research.

Healthtech

• Dignio – Remote health monitoring platform.
• CheckWare – Digital mental health assessments.
• CardioMech – Minimally invasive heart repair tech.

Aquatech

• Blue Lice – Non-toxic lice control in fish farms.
• AquaCloud – Aquaculture data and analytics platform.

Fintech

• Vipps – Norway’s leading mobile payment app.
• Zwipe – Biometric payment card solutions.
• Settle Group (Auka) – Mobile banking infrastructure in Europe.

Key Challenges

• Not enough big-stage funding: Startups often find it hard to raise larger investments (like Series B or C) from local investors.
• Hard to grow bigger: High taxes and limited rewards (like stock options) make it tough for startups to scale and keep top employees.
• Shortage of tech talent: There aren’t enough skilled workers in areas like AI, cybersecurity, and deep tech.
• Uneven growth across regions: Most startup activity happens in Oslo, while cities like Bergen and Trondheim lose talent and attention.

Conclusion

Norway startup ecosystem is growing steadily, powered by strong government support, digital infrastructure, and a clear focus on sustainability and green innovation. Cities like Oslo, Bergen, and Trondheim are becoming key players in sectors such as cleantech, healthtech, aquatech, and deep tech. While there are still challenges like limited access to late-stage funding, talent shortages, and regional imbalances Norway has laid a solid foundation for long-term growth. With continued investment in innovation, better support for scaling companies and efforts to attract global talent, Norway is well-positioned to become a leading startup hub in the Nordics and beyond.