Pre-seed fund 2015–2020

The aim of pre-seed capital is to reduce risk by releasing private investment capital to early-phase companies. Pre-seed funding is also intended to promote more rapid growth by supplying competent capital. It will put start-up companies in a better position to obtain more capital themselves during the next financing stage.

The pre-seed fund employs intermediaries who invest and administer ownership on behalf of Investinor. It is these intermediaries that select the companies that shall receive investment funding. The intermediaries include incubators, technology transfer offices (TTOs) and some business angel networks.

The pre-seed fund employs intermediaries who manage the capital and exercise active ownership. They select the companies that shall receive investment funding. The intermediaries include incubators, technology transfer offices (TTOs) and some business angel networks. A precondition for all pre-seed investments is that the companies obtain at least as much capital from outside investors, thus ensuring that the scheme contributes towards releasing risk capital from the private sector.

Who is entitled to pre-seed investment?

  • Norwegian registered, innovative start-up companies with significant growth potential. (For a definition of ‘innovative company’, please refer to the section titled “Target group” below)
  • The company must be younger than five years from its date of registration in the Norwegian Register of Business Enterprises
  • Small or medium-sized non-listed companies

How do we apply?

A start-up company looking to find out if it is entitled to pre-seed investment must contact one or more of the investor groups that manage pre-seed capital from Investinor. Make sure that you are well prepared – with a quality investor presentation. You will find a list of the relevant investor groups below.

Which companies have received pre-seed funding?

  • Companies who've received pre-seed funding per 23.04.2020

    Adline AS
    Adventor AS
    Agdir Drift AS
    Age Labs AS
    AIA Science AS
    Alginor ASA
    AlphaEntrance AS
    Altina AS
    Applied Autonomy AS
    Aristeia AS
    Armoni AS
    BagID AS
    Bagin AS
    Bill Kill AS
    Bio-Me AS
    BlueEye Robotics AS
    Blåfjell Holding AS
    Brudeli Green Mobility AS
    Bygr AS
    Capassa AS
    Capeesh AS
    Cardinor AS
    Catalysts Technologies AS
    Centraflow AS
    C-Feed AS
    Cimon Medical AS
    CityQ AS
    Club United AS
    Createview AS
    Crystallize AS
    Onio AS
    DiggEcard AS
    Digital Group AS
    Dimension 10
    Dimeq AS
    Diwala AS
    Domos AS
    Dyrekassen AS
    Ecofiber Recycling AS
    Effee Induction AS
    Enin AS
    Entire Body AS
    Entrillo AS
    Epiguard AS
    Estro AS
    Eventum Norge AS
    Evva Technologies AS
    Exedra AS
    ExploCrowd AS
    EYR Medical AS
    Fabriscale Technologies AS
    fácil AS
    Fieldmade AS
    Filmgrail AS
    FintechDB AS
    Fonn AS
    Foodback AS
    Friskus AS
    Funzionano AS
    Gobitech AS
    Graphiq Technologies AS
    Headshed AS
    Horde AS
    Ideltechs AS
    Idia AS
    Ignite Procurement AS
    Imerso AS
    Independence Gear AS
    Innovation Garage AS
    Intrava AS
    Inzpero AS
    Iris AI AS
    JET Seafood
    Klimb AS
    Kongsberg Ferrotech AS
    Kvalvik Bluebio
    Kyoto Group AS
    LeadX AS
    Lean Business International AS
    Leieting AS
    Letsip AS
    LiftRoller AS
    Listen AS
    Liverpass DA
    Luminiser AS
    Mattid AS
    Medsensio AS
    MemoScale AS
    Meshcrafts AS
    Mito.AI AS
    Mojob Norge AS
    Moonstone Retreat AS
    MSG Production AS
    Myhere AS
    N2 Agri AS
    No Isolation AS
    Nobesita AS
    Offpad AS
    Oivi AS
    Otovo AS
    Outtt AS
    Pacertool AS
    Paleblue AS
    Parrotplay AS
    Payrest Norge AS
    Pharmasum Therapeutics AS
    Pluvia AS
    Pre Vention AS
    Prediagnostics AS
    Previwo AS
    Prosa Security AS
    Qrrnt AS
    Quantidoc AS
    qWave AS
    Respinor AS
    Restdb AS
    Rock Physics Technology
    SafetyWing AS
    Salmofarms AS
    Sanity AS
    Sea-Lix AS
    Serca Pharmaceuticals AS
    Sharemy3d AS
    Sherpa Education AS
    Simonsen&Simonsen AS
    Skiwo AS
    Smart Crowding AS
    SmartVarsling AS
    Snow Cannon Games
    Soraytec Scandinavia AS
    Soundio AS
    Spiff AS
    Sports Computing AS
    Stalkit Holdning AS
    Superplus AS
    Sustaintech AS
    Synq AS
    Tango Seaweed AS
    Telemotix AS
    Tenklabs AS
    Think Outside AS
    Ticket Co AS
    Tise AS
    Travis AS
    Truegroups AS
    UBIQ Aerospace AS
    Unloc AS
    Urban Gartneren AS
    Verdensvev AS
    Versor AS
    Vev AS
    Vilect AS
    Vio Media AS
    Visavi Technology AS
    Vitir AS
    WAI Environmental Solutions AS
    Wavefoil AS
    Way AS
    Wide Assessment AS
    Wionetic AS
    Xeris AS
    Xplora Technologies AS
    Xvision Software AS
    Joymo AS
    Zegeba AS
    Zeipt AS
    Zelluna Immunotherapy AS
    Zelluna Therapeutics AS
    Ztl Holding AS
    Zu4r Sportswear AS

What can be funded?

  • Pre-seed investments are intended for innovative companies that are preparing for growth. They must also:

    • on the basis of an assessment carried out by an external expert, be able to demonstrate that they will develop products, services or processes that are new or significantly advanced compared with the most recent (state-of-the-art) products, etc. within their respective sector, and which entail a technological or industrial risk, or
    •  have incurred research and development costs that constitute a minimum of 10% of total operating costs during at least one of the last three years prior to pre-seed investment or, in the case of a start-up company with no previous accounts, in updated auditor-verified part-year accounts.
    • Notification shall be provided to the company receiving investment that the financing is sourced from Investinor’s pre-seed fund.
    • The company receiving investment shall, on receipt of the funding, be no older than five years from its date of registration in the Norwegian Registry of Business Enterprises.
    • Investments from the pre-seed fund may range from NOK 500,000 to NOK 3 million for each company.
    • Equity invested by private companies must be no less than the investment amount sourced from the pre-seed fund. Pre-seed investment and co-investment from private investors shall constitute components of the same share issue. A pre-seed manager may invest up to 50% of the private co-investment funds.
    • Private equity (co-investment) that forms part of this share issue must be sourced from independent investors, i.e. not from the company’s founders or employees.
    • A pre-seed manager is not entitled to own more than 50% of the company in which it invests.
    • Innovative foreign start-up companies with Norwegian subsidiaries may be accepted for funding provided that investment is made in the Norwegian subsidiary, which is providing jobs and economic activity in Norway.
    • Companies in which investment is made shall neither be listed nor ‘large’, as defined in the EEA agreement’s state support regulations.
    • No investments may be made in companies that are in ‘difficulties’, as defined in the EEA agreement’s state support regulations and Article 18 (a-d) of the  General Block Exemption Regulation (GBER).
    • The company that receives investment must be ‘innovative’, as defined in the EEA agreement’s state support regulations.
    • On the date on which it is made, an investment must be considered to have a profitable potential exit strategy after a reasonable time. It shall be possible to document assessments linked to the investments.


  • At least 50% of the investment amount shall be sourced from independent investors. What is an independent investor? 
    An independent investor is an investor that is neither an employee nor a founder of the company.

    Can other funding instruments be regarded as independent private investors? 
    Yes, provided that the fund in question invests under commercial terms and conditions and assumes responsibility for its investments, it can be regarded in this context as an independent private investor. In such cases, it makes no difference whether the capital held in the fund is derived from private or public sector sources.

    Can co-investment funds be raised by crowdfunding? 
    Yes, provided that the capital is obtained legally, Investinor stipulates no other requirements regarding how capital is raised. It is important that the company puts in place an effective strategy for ensuring short- and long-term funding, and for the type of owners it wishes to attract.

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