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The Venture Codex

Overview

Invests in high-potential, internationally oriented Norwegian companies.

Founded

2008

Deals · 12mo

2

Stage focus

Series A

Geographic focus

Norway
United States

Sector focus

Enterprise Software
Semiconductor
Venture Capital

Investment portfolio

57rounds
NAMEDATESIZE
Muybridge
May 2026Led
$16 MSeries A
Heimdall Power
Mar 2026Led
$8 MOther Equity
Sonair
Sep 2025Participated
$6 MOther Equity
Planktonic
Aug 2025Participated
$3 MOther Equity
Two
Jul 2025Participated
$15 MOther Equity
Actithera
Jul 2025Participated
$76 MSeries A
Tribune Therapeutics
Mar 2025Participated
$27 MSeries A
Heimdall Power
Jul 2024Participated
$25 MSeries B
Curida
Apr 2024Participated
$23 MOther Equity
Particula
Jan 2024Participated
$25 MSeries B
Calluna Pharma
Jan 2024Participated
$82 MSeries A
Intelecy
Jun 2023Participated
$4 MOther Equity
Muybridge
May 2026Led
$16 MSeries A
Heimdall Power
Mar 2026Led
$8 MOther Equity
Sonair
Sep 2025Participated
$6 MOther Equity
Planktonic
Aug 2025Participated
$3 MOther Equity
Two
Jul 2025Participated
$15 MOther Equity
Actithera
Jul 2025Participated
$76 MSeries A
Tribune Therapeutics
Mar 2025Participated
$27 MSeries A
Heimdall Power
Jul 2024Participated
$25 MSeries B
Curida
Apr 2024Participated
$23 MOther Equity
Particula
Jan 2024Participated
$25 MSeries B
Calluna Pharma
Jan 2024Participated
$82 MSeries A
Intelecy
Jun 2023Participated
$4 MOther Equity
57
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Deal Distribution

Investinor: 57 funding rounds are recorded in the selected participation categories.All available history.
Investinor: 57 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed01
Series A56
Series B23
Series C+11
Other Equity1225
Debt01

Monthly Deal Activity

Investinor: 57 deals are recorded across 200 months.All available history.
Investinor: 57 deals are recorded across 200 months. All available history
MonthDeals
Mar '102
Apr '103
May '100
Jun '101
Jul '100
Aug '102
Sep '102
Oct '100
Nov '101
Dec '100
Jan '110
Feb '110
Mar '110
Apr '111
May '110
Jun '110
Jul '111
Aug '110
Sep '110
Oct '110
Nov '110
Dec '110
Jan '121
Feb '121
Mar '120
Apr '120
May '122
Jun '120
Jul '121
Aug '120
Sep '120
Oct '121
Nov '120
Dec '121
Jan '130
Feb '130
Mar '130
Apr '130
May '130
Jun '130
Jul '130
Aug '130
Sep '131
Oct '131
Nov '130
Dec '130
Jan '140
Feb '142
Mar '140
Apr '140
May '140
Jun '140
Jul '140
Aug '140
Sep '140
Oct '140
Nov '140
Dec '141
Jan '150
Feb '151
Mar '150
Apr '150
May '150
Jun '150
Jul '150
Aug '150
Sep '151
Oct '151
Nov '150
Dec '150
Jan '160
Feb '160
Mar '161
Apr '160
May '161
Jun '160
Jul '161
Aug '161
Sep '160
Oct '160
Nov '160
Dec '160
Jan '170
Feb '170
Mar '170
Apr '170
May '170
Jun '170
Jul '170
Aug '170
Sep '170
Oct '170
Nov '170
Dec '170
Jan '181
Feb '181
Mar '180
Apr '180
May '180
Jun '180
Jul '180
Aug '180
Sep '180
Oct '181
Nov '180
Dec '180
Jan '190
Feb '191
Mar '190
Apr '190
May '190
Jun '190
Jul '190
Aug '190
Sep '190
Oct '190
Nov '190
Dec '190
Jan '200
Feb '200
Mar '200
Apr '200
May '200
Jun '200
Jul '200
Aug '201
Sep '200
Oct '200
Nov '200
Dec '200
Jan '210
Feb '210
Mar '211
Apr '210
May '210
Jun '212
Jul '210
Aug '211
Sep '210
Oct '212
Nov '210
Dec '210
Jan '220
Feb '220
Mar '220
Apr '221
May '220
Jun '221
Jul '220
Aug '220
Sep '220
Oct '220
Nov '220
Dec '220
Jan '230
Feb '230
Mar '230
Apr '230
May '230
Jun '231
Jul '230
Aug '230
Sep '230
Oct '230
Nov '230
Dec '230
Jan '242
Feb '240
Mar '240
Apr '241
May '240
Jun '240
Jul '241
Aug '240
Sep '240
Oct '240
Nov '240
Dec '240
Jan '250
Feb '250
Mar '251
Apr '250
May '250
Jun '250
Jul '252
Aug '251
Sep '251
Oct '250
Nov '250
Dec '250
Jan '260
Feb '260
Mar '261
Apr '260
May '261
Jun '260
Jul '260
Aug '260
Sep '260
Oct '260

Sector Breakdown

Investinor: Hardware & Robotics is the largest displayed sector by deal count (17 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

Investinor: Hardware & Robotics is the largest displayed sector by deal count (17 deals). All available history
SectorDeals
Hardware & Robotics17
Clean Energy & Sustainability15
Networks, Cloud & Communication15
Health & Life Sciences12
Enterprise Software11
Data, Analytics & IT8
Manufacturing8
E-Commerce & Retail7
Real Estate & Construction6
Marketing & Advertising6
Space & Frontier Tech5
Fintech5
Transportation & Logistics4
Media & Entertainment4
AI & Machine Learning3
Developer Tools3
Food & Agriculture2
Travel & Hospitality1
Cybersecurity & Privacy1
Consumer & Lifestyle1
Crypto & Blockchain1
Professional Services1

Deal Size Distribution

Investinor: 57 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

Investinor: 57 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M13
$5M-$10M16
$10M-$25M20
$25M-$50M6
$50M-$100M2
$100M-$250M0
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

Investinor: Europe has the largest recorded deal count among the displayed regions (49 deals).All available history.

Top 4 of 4 regions; European countries are grouped as Europe.

Investinor: Europe has the largest recorded deal count among the displayed regions (49 deals). All available history
RegionDeals
Europe49
United States5
United Arab Emirates2
01641
Investinor: 20 co-investors are shown, with Alliance Venture sharing 10 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

Investinor: 20 co-investors are shown, with Alliance Venture sharing 10 recorded deals. All available history
Co-investorShared deals
Alliance Venture10
Viking Venture8
Sarsia6
Equinor Ventures5
Industrifonden5
ProVenture5
Hafslund4
Eviny Ventures3
Idekapital3
Lyse3
Northzone3
NRP Zero3
Antler2
Arkwright X2
Canica2
Concentric2
Energy Ventures2
Hadean Ventures2
Innovestor2
Jebsen Asset Management2

Investment Strategy

Investinor: Led accounts for 35% and participating for 65% of round participation.All available history.
Investinor: Led accounts for 35% and participating for 65% of round participation. All available history
CategoryDeals (count)Share (%)
Led2035%
Participating3765%
Investinor: Single-lead accounts for 45% and co-led for 55% of lead dynamics.All available history.
Investinor: Single-lead accounts for 45% and co-led for 55% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead945%
Co-led1155%

Team

Ann-Tove Kongsnes

Investment Director

Egil Garberg

Investment Associate

John-Arne Hørløck

Investment Associate

Otto Frøseth

Investment Director

Pål Breiland

Investment Manager

Ronny Vikdal

Investment Director

Stig Andersen

Investment Director