“This is a significant strengthening of Investinor, and we will immediately put it to use to support Norwegian businesses. We are already experiencing an influx of inquiries from funds and companies that need funding to get through the crisis. This gives us bigger muscles and makes it possible to help even more growth companies”, says Terje Eidesmo, CEO of Investinor.
The government’s crisis package contains a number of measures aimed specifically at start-ups and growth companies, including NOK 1 billion of new capital for Investinor.
“It is good to see the government responding so quickly to support entrepreneurs and growth companies, who now feel that the access to capital has dried up completely. In recent years, Investinor has built a well-functioning system for investing in Norwegian start-ups and growth companies, and we are working closely with private investors whom we now will be mobilising. This expertise, combined with the skills of our new team members onboarding from Innovation Norway, will be very valuable. We know the market and companies well and work closely with investors across the country. As such, we are able to quickly distribute capital in an effective manner”, says Eidesmo.
Additional capital for fund of fund investments and matching
Investinor receives additional funding to take on an even greater role as a countercyclical buffer during the crisis. The government allocates the extra capital to Investinor’s new mandate for matching and fund of fund investments. In the 2020 budget, Investinor has already been assigned NOK 142 million for the new mandate, and the government proposes to increase the allocations by NOK 1 billion in 2020.
“It is reassuring for start-ups and growth companies to know that Investinor stands ready with capital and expertise. We can support private venture and start-up funds by providing money immediately. In addition, we have been in dialogue with a number of start-ups and growth companies over a long period. Here we are able to step in directly with the necessary investments”, says Eidesmo.