Pre-seed fund 2015–2020

Adline AS
Adventor AS
Agdir Drift AS
Age Labs AS
AIA Science AS
Alginor ASA
AlphaEntrance AS
Altina AS
Anteo
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
Dynaspace
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
Minipro
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
ORIVO 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
ProWellPlan
Qrrnt AS
Quantidoc AS
qWave AS
Respinor AS
Restdb AS
Rock Physics Technology
SafetyWing AS
Salmofarms AS
Sanity AS
Sea-Lix AS
SeaSmart
Sensario
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
TERP AS
Remarkable
Think Outside AS
Ticket Co AS
Tise AS
Tjommi
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
Vizda
WAI Environmental Solutions AS
Wavefoil AS
Way AS
WellMend
Wide Assessment AS
Wionetic AS
WiSub
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

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.