Participated · Debt Financing · May 2026

Nscale builds and operates vertically integrated AI data centers, controlling everything from renewable energy sourcing and facility construction to the compute stack and orchestration layer. Backed by Nvidia, the company is developing ‘Stargate Norway,’ an installation targeting 100,000 Nvidia GPUs by the end of 2026 with OpenAI as an initial customer. In October it also partnered with Microsoft and Dell to deploy roughly 200,000 Nvidia GPUs across four data centers in Europe and the U.S. The firm positions itself as a low-cost, green alternative for AI compute, pledging to reuse waste heat and invest in local skills and infrastructure. Its latest funding round values the company at $14.6 billion, placing it among Europe’s few AI decacorns. Nscale plans to use the new capital to accelerate build-outs in Europe, North America and Asia while expanding its engineering and operations teams. The company has hinted at a possible IPO as early as this year to further bolster its capital base. High-profile board appointments—including Sheryl Sandberg, Susan Decker and Nick Clegg—underscore its growing prominence.

Participated · Debt Financing · Jan 2023

Otovo USA is a Houston, TX–based home power services provider led by CEO John Berger. The company closes the reliability gap by combining real-time equipment monitoring, rapid repairs, dependable power supply, and grid rewards into one seamless service. Its power partner model unites retail electricity, energy service (O&M), and grid trading through a cloud-connected Virtual Power Plant. Offerings encompass solar systems, batteries, standby generators, EV chargers, load managers, and other power generation and management systems. The service is currently available in the Texas market and the company plans to expand across America. Otovo USA raised $4M+ to expand operations and development efforts. Founded in Oslo in 2016, Otovo is a marketplace for residential solar and battery installations active in 13 markets. It uses proprietary technology to analyse a home and an automatic bidding process to find the best price and installer. The company has sold and completed over 20,000 solar energy projects across Europe. Otovo has raised €40M in a private shares placement aimed at providing a path to profitability by growing sales volume, optimising operational costs, and monetising subscription assets. Shares in the placement were allocated to existing shareholders including Axel Johnson Group via AxSol, the Norwegian state climate fund Nysnø, housing developer Obos, and Å Energi. In conjunction with the equity raise the company will carry out a repair issue of up to 17.4 million shares at the same price and restructure its options programme for key employees. Otovo operates a marketplace that sells and installs residential solar panels and batteries, matching homeowners to installers via proprietary technology and an automatic bidding process. The company has sold and completed over 11,000 solar energy projects and is active in 13 markets. Otovo plans to build a large portfolio of solar subscription assets and to own and operate distributed power plants composed of rooftop solar and battery installations. The firm recently raised a mix of debt and equity to finance construction of subscription assets and expand its asset portfolio. Management expects the combined assets to amount to roughly 80–105 MW and for the market cap to be approximately €300 million when the financing is fully utilized. Otovo previously announced an intention to uplist from Euronext Growth to the Oslo Stock Exchange, though that uplisting was postponed due to the recent equity issue. Otovo operates a marketplace for residential and commercial solar and battery installations, using proprietary technology to analyse homes and an automatic bidding process to match customers with installers. The company is currently active in seven European markets and plans to add six more within 12–18 months. It is based in Oslo and has a market capitalization of approximately €200 million. Since 2016 Otovo says it has sold and completed more than 6,000 solar systems across Europe. In Q4 2021 the company reported a 223% year‑over‑year rise in sales and a 173% year‑over‑year increase in revenue. With the new capital the company also plans to uplist from Euronext Growth to the Oslo Stock Exchange within 12 months. Otovo operates a digital platform that sells solar panels, simplifies installations, and compares the costs of dozens of local installers quickly. Founded in 2016, the company buys back any excess energy produced and notes its panels generate clean energy for 25 years. Otovo has grown in Nordic markets and was the winner of the Oslo Innovation Award 2018. The startup plans to use lessons learned in Norway and Sweden to expand further into Europe, targeting sunnier southern markets with higher electricity prices. To support that European expansion, Otovo recently raised €10.5 million from KLP Liv / KLP AksjeNorge and Nysnø. Investors framed the investment as part of a long-term strategy to accelerate the green transition.

Participated · Equity · Apr 2020

Nordic API Gateway provides a platform that enables access to financial data and account-to-account (A2A) payments for banks and their customers. The company’s open banking system offers extensive coverage of personal and business accounts across the Nordics and is already live in the UK, the Netherlands, Poland and the Baltics. Launched in 2016, Nordic API Gateway is headquartered in Copenhagen, Denmark. The company raised €4.6M in funding to support its growth. Management intends to use the funds to expand the business’ reach and further develop its product offering. It also plans to raise a larger round to launch broader European growth.

Led · Equity · Dec 2018

Spiir is a Danish fintech company that operates a personal finance management app and the Nordic API Gateway. Its Nordic API Gateway already provides unified API access to both personal and business accounts from all Nordic banks. The company aims to build leading PSD2 infrastructure in the Nordics to enable third-party innovation on top of banking data. Soon it plans to include a novel way to initiate payments directly from account to account. In 2018 Spiir raised €8.5 million in total, including a recent €5.2 million strategic investment from DNB and Danske Bank. The company says the funding will make it possible for others to innovate on top of banking data ahead of PSD2's full roll-out.