Led · Equity · Mar 2026

Monil has built a hardware-software system that replaces physical fences with GPS-controlled collars, allowing farmers to guide grazing animals digitally. In 2025 the company more than quintupled its sales revenue to over NOK 64 million (total operating income NOK 66.5 million) from NOK 12 million the prior year. Rapid scale-up is still costly: the 2025 net loss was NOK 46.3 million, roughly flat year-over-year, as the firm invests in commercialization. Management attributes the negative cash flow to its early commercial phase but expects a path to profitability. To support growth the company raised nearly NOK 100 million in new equity during 2025 and believes the cash runway is now sufficient for its plans. Monil established a wholly owned U.S. subsidiary, Monil Inc., in November 2025 to spearhead international expansion. Headcount rose to 30 full-time equivalents in 2025, driving personnel expenses from NOK 22 million to NOK 31 million. Tech investor Geir Førre, through his vehicle Firda AS, remains the largest shareholder with a 47.8 % stake.

Led · Equity · Aug 2025

Airthings produces radon and indoor air-quality measurement devices. The company reported revenue of $7.7 million in Q2, an 11% year‑over‑year decline, and said results were negatively affected by increased U.S. tariffs. Management has launched a strategic review and is exploring a possible sale of its Business segment while planning a capital raise. It has announced plans to cut the workforce by 35% in the second half of 2025 and will stop providing revenue guidance for the next quarter given macroeconomic volatility. Discussions with a consortium led by Firda are underway to arrange new financing. The company is pursuing a rights-structured equity transaction and has signaled that a proposal to seek delisting from Oslo Børs will be an integrated part of the intended transaction.

Participated · Series B · Jan 2023

Hystar develops advanced PEM electrolyser systems for large-scale green hydrogen production, offering containerized units in 1–5 MW sizes and modular designs that can scale to plants up to 1 GW. Its product portfolio includes Vega™ and Mira™ electrolyser lines, with Orion comprising constellations of Vega, Mira, or combinations for larger deployments. The systems use the company’s patented PEM technology concepts aimed at making green hydrogen production more accessible across applications. Hystar plans to use the new capital to scale up commercial operations and enter new markets. The company is led by CEO Fredrik Mowill and is headquartered in Oslo, Norway. Financially, Hystar completed a $26M Series B to support its commercialization efforts.