HomeNorway-Startups10 super promising Norway-based startups to watch this year!

10 super promising Norway-based startups to watch this year!

Norway, one of the richest countries in the world in terms of GDP per capita, home to postcard-perfect landscapes and cited for its high standard of living, often having taken the top spots for the best place to live according to UN’s Human Development Report, is a nation that oozes inspiration and innovation. Looking at its history and cultural identity, and we can easily see how resilience and determination form part of the genetic makeup of this Nordic nation. 

Inspired by its legendary Viking past, Norway is fighting strong in the wider entrepreneurial ecosystem and is icnreasingly seen as a hub for impactful innovation – especially in the FoodTech, GreenTech and ClimateTech verticals. 

It’s a country that benefits from a highly-educated workforce, impressive infrastructure and an enviable quality of life – giving it some of the core ingredients for startup magic. Further, the Norwegian government itself is pushing forward initiatives to help nurture startup culture as an integral part of the economy. It’s part of a wider strategy to move from a remuneration-based oil and gas economy to a more sustainable future based on innovation and new economies. As Norway currently leads the way in sustainability, it’s clearly a plan that’s working. 

Despite the nation being home to just 5.4 million people, its startup ecosystem is growing and showing economic resilience. In 2021, Norway’s venture capital firms invested a total of €1.3 billion – an increase of 150% from the previous year. 

So, we think it’s high time to take a look at what makes Norway sparkle in Europe’s startup community – the early-stage startups that are making impactful changes and showing promising futures. Here, we highlight 10 Norwegian startups, all founded from 2020 onwards and all with an exciting year ahead (in our opinion): 

Breyta: This Oslo-based startup is a powerful and collaborative CRM workspace that aims to accelerate revenue across the entire customer lifecycle. The SaaS startup was founded to tackle the growing problem of data silos, fragmented customer history, poor user experiences, and CRMs catering only to the top of the funnel. Breyta helps companies to create a deeper connection with their customers and create consistent, personalized, in-the-moment experiences across the entire customer journey – which in turn boosts revenue and satisfaction. Founded in 2021, Breyta made it onto our list of the Top 50 B2B SaaS startups in Europe last year and has raised a total of €7.1 million.

Aqualung Carbon Capture: Born in Oslo, Aqualung is on a mission to fight climate change through decarbonisation – namely decreasing emissions and empowering a carbon-free future. Founded in 2021, the startup has developed a patented membrane technology which enables existing energy providers to decrease their carbon footprint. The GreenTech innovators are currently focusing on decarbonising the industrial flue gas and biogas sectors with its safe, absorbent-free and highly compact carbon capture system. As it pushes forward the energy transition, the company has so far raised a total amount of €10.5 million. 

Modulize: One of the biggest sustainability challenges today is how we build. Currently, the construction industry is characterized by high levels of emissions and waste – something Modulize aims to change. Founded in 2020, this Oslo-based startup offers a platform for constructors and manufacturers that provides automated takeoff, cost estimation, collaborative tendering and bid generation all in one place. Modulize helps architects, developers, construction companies and manufacturers to work more connected and maximise the beneficial impact of offsite manufacturing – making construction faster, cheaper and greener. Modulize has raised over €2.5 million to date.

Presail: Founded in 2021, Presail is on a mission to accelerate a safe expansion of web3’s growing investment space. The Oslo-based SaaS startup developed a management platform for community-driven funding in web3 giving customers a single source of truth, and the ability to easily collaborate, manage cap tables, automate vesting schedules, and implement KYC / AML. It allows anyone to come together and raise capital towards a common goal: investing in an early-stage web 3.0 project in return for tokens or pooling funds to bid on a digital asset up for auction. Presail has raised a total of €5.4 million with the latest round closed in September 2022.

Glint Solar: On a mission to accelerate the solar revolution, Glint Solar uses satellite data and machine learning to identify and analyze potential solar project sites – providing fast, valuable and actionable insights to solar development companies. Solar power has numerous benefits and harnessing the power of the sun is one of the most celebrated and promising ways that we can globally reduce our carbon footprint, and safeguard the planet for the future. One problem though – finding the perfect sites. Glint makes solar analysis simple and fast, fueling better solar project development. Founded in 2020, the startup has raised about €4.2 million so far. The energy transition is top of the agenda for investors and governments across Europe this year, so we can expect big things for this innovative team.

Enode: Nordic startup Enode is on a mission to help consumers control their energy consumption, supporting the green energy transition. Founded in 2020, this GreenTech startup is aiming to provide better oversight over energy consumption, giving consumers more control over their energy usage and making it easier for them to go green. It enables energy companies to integrate EVs, thermostats, solar inverters, and other energy hardware directly into their apps – all through a single API. In the context of rising energy costs, and a more green-minded and environmentally-conscious population, more people and businesses are looking to take control of energy consumption. Opting to have better oversight in order to make greener choices, reducing their carbon footprint as well as reducing their monthly energy bills. Enode has now raised over €17.2 million with the latest round closed in November 2022.

Skyfri: This Oslo-based cleantech startup provides a digital platform for solar energy plant owners, in order to automate operations and make maintenance easier. Founded in 2021, the startup is tapping into a growing market that investors are taking an increased interest, and it’s been able to grow at an eye-catching pace. Its plug-and-play solution is streamed in real time in the client’s web browser, giving solar energy providers the oversight they need and want to accelerate their businesses and make processes more streamlined and efficient. In total, Skyfri has raised over €11.5 million. 

Ocean-OasisOcean Oasis: This Oslo-based tech startup is harnessing the power of waves to produce freshwater from the ocean. Leveraging Norway’s unique offshore power, the young firm is developing a novel system for floating renewable desalination of seawater utilizing wave energy. Based on more than 10 years of concept and technology development. This fast-growing startup was founded in 2020 and has raised a total amount of €4.7 million as it tackles a growing global concern – the availability of freshwater. Its innovative technology involves capturing fluctuating wave energy to provide a stable flow of pressurized seawater and produces fresh water with deep ocean water. 

laiout: Founded in 2021, laiout wants to completely change the way floor plans are designed in a way that makes for better outcomes and saves valuable time. Based in Oslo, the construction tech startup has developed a tool that can generate floor plans in milliseconds all while adhering to architectural and regulatory constraints. The AI solution is picking up traction in the proptech sector as architects, property managers and developers alike benefit from its value of it. Since launch, the company has secured about €2.4 million. 

Morrow Batteries: This Oslo-based GreenTech startup is aiming to bring about a more sustainable energy future for the planet through the power of batteries. Founded in 2020, Morrow Batteries offers cost-effective and sustainable battery cells. Given that the sustainable energy transition is making electricity a more widely-used energy source, batteries are being increasingly relied upon – for everything from mobile phones to cars. Morrow Batteries solution is offering a green option for this growing market and we can expect it to have an exciting year. It’s also getting considerable traction in the investment circuit, having already secured over €100 million. 

By the way: If you’re a corporate or investor looking for exciting startups in a specific market for a potential investment or acquisition, check out our Startup Sourcing Service!

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Patricia Allen
Patricia Allen
is the Head of Content at EU-Startups. With a background in politics, Patricia has a real passion for how shared ideas across communities and cultures can bring new initiatives and innovations for the future. She spends her time bringing you the latest news and updates of startups across Europe, and curating our social media.

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