Participated · Equity · Oct 2025

Oda operates a digital grocery marketplace that delivers food and household staples directly to consumers in Norway and, following a November 2023 merger, through Mathem in Sweden. The company combines an online storefront with its own fulfillment and last-mile logistics network to replace traditional supermarket trips. Heavy expansion has generated steep losses, with the holding company posting a –SEK 2.05 billion pre-tax result in 2024 after –SEK 1.6 billion in 2023. Management has launched aggressive cost-cutting, shedding more than 600 positions since the merger and replacing founder Karl Munthe-Kaas as CEO in March 2024. In September 2024 the group placed Mathem into reconstruction to address SEK 600 million of debt, exiting the process in August 2025. Oda has repeatedly tapped shareholders for capital—raising bridge loans and equity injections in 2024 and 2025—and now aims to use fresh funds to reach profitability. Existing bridge loans raised in 2025 are scheduled to convert to equity during a planned refinancing round in autumn 2025.

Participated · Series C · Nov 2023

ZeroAvia is an Everett-based sustainable aviation startup building hydrogen-electric airplane engines designed to eliminate carbon emissions from regional flight. The company’s core product replaces conventional jet fuel propulsion with hydrogen fuel cell powertrains. Its engineering roadmap focuses on certifying these engines for commercial use in small regional aircraft. ZeroAvia continues to refine its technology through ground and flight testing programs. The startup recently secured additional capital to support these efforts. Management stated that the new funds will extend the firm’s operating runway for roughly two years, underscoring the importance of continued investment as it advances toward commercialization.

Led · Series C · Mar 2022

Tibber is a smart digital energy provider and platform that replaces traditional utilities with a mobile app offering real-time analytics to help consumers lower energy bills. The app pairs with smart home hardware and connects independent sustainable energy sources such as solar PV, EV chargers, batteries, and heat pumps to optimize consumption and provide grid load balancing. Founded in 2016, Tibber had reached over 400,000 household customers across Norway, Sweden, and Germany at the beginning of the year. The company’s vision is to make sustainable energy consumption simple and affordable and its mission is to reduce residential energy consumption for European households by 20%. Tibber completed a $100M Series C in March 2022 and recently saw Altor acquire a minority stake via secondary purchases from existing shareholders. Altor’s investment is intended to support Tibber’s expansion within Europe and its goal to become a leading home energy platform. Tibber is a Norway-based smart energy provider offering a real-time energy consumption analytics app and integrations with smart home devices. Its products include smart analysis for households, smart charging for electric cars, and smart heating for connected thermostats. The company plans to use the new funding to significantly bolster its product lineup and launch new products aimed at reducing consumption and increasing home independence from the grid. Tibber has gained traction in Norway, Sweden, and Germany and is targeting The Netherlands as its next market. Since launching in 2016, subscriber numbers nearly quadrupled in 2021 from approximately 120,000 to over 400,000. Financially, Tibber closed a $100 million Series C and has raised $181.5 million to date in a mix of equity and debt. Tibber offers a digital utility service that supplies green energy and an app providing real-time analytics to help households reduce electricity use. Its app pairs with smart-home devices to automate consumption reductions, letting users adjust thermostats and light brightness. The company also offers solutions for electric vehicles. Tibber says it is committed to “not profiting off energy consumption.” Since launch it has signed up over 100,000 paying households across Norway, Sweden and Germany. Its next target market is the Netherlands in 2021. Tibber offers an app and AI bots that automatically buy electricity at the lowest wholesale prices and integrates with IoT devices so users can shift consumption to cheaper hours. The product includes smart-home integrations for electric-car charging, thermostats and smart plugs; Tibber launched a smart charging feature for Tesla and other EVs that it says cuts charging costs by about 20%. The company claims users save an average of 20% on electricity bills through its combination of wholesale prices and device control. Tibber currently powers about 40,000 homes, roughly 25% of which are smart homes connected to Tibber-controlled devices. The team of 21 people operates in Sweden and Norway and the company says it plans to further expand in the Nordics, develop its product and launch in new European markets, including Germany.

Participated · Series A · Nov 2021

Novata offers a technology platform and ESG solution designed to help private-market investors collect, manage, and analyze non-financial data. The platform streamlines data collection, provides benchmarking and analytics, and contextualizes metrics to inform reporting and action. Novata launched commercially in April 2022 and added benchmarking capabilities in November 2022 to enable comparisons against public and private market industry averages. The company reports more than 3,500 private companies contracted to use its platform. Novata positions itself as a neutral, partner-agnostic intermediary to improve ESG transparency and reliability across the private markets. It is structured as a public benefit corporation and is majority controlled by mission-driven organizations and its employees. Novata offers a three-part, open-architecture ESG solution for private markets that includes a streamlined ESG reporting framework, a contributory database, and a secure, fee-based platform for data capture, analysis, reporting and benchmarking. The company positions its framework as free for all companies immediately to leverage, with a paid platform for objective ESG data and benchmarking against private and public peers. Novata was formed in partnership with the Ford Foundation, S&P Global, Hamilton Lane and Omidyar Network and is majority-controlled by mission-driven organizations and its employees. Beta customers are slated to access the platform before the end of the year, with broad access due to launch in early 2022. The company emphasizes an ecosystem approach that brings together non-profit and for-profit sectors to drive impact toward inclusive capitalism. Novata’s founding consortium and approach aim to address fragmentation in private-market ESG standards.