Investment Update - Q3 2020

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Photo: Jan Khur

Published by Oslo Business Region, 13 November 2020

Let's take a look at startup investments in Norway for Q3 2020, defined as private minority investment excluding grants.

We at Oslo Business Region track these numbers because we see it as an essential performance indicator of Oslo startup ecosystem.

This year has been strange, to say the least. But there’s always something going on to explain either declining or increasing investment activities. Usually it’s best to just look at the numbers and let them speak, and then take the economic climate into the analysis when providing context.

Q2 2020 saw 62 deals in Norway for a total amount of $176.49M, up from 34 deals ($81.37M) in Q1. Strong growth in the midst of a pandemic. In Q3 the number of deals went slightly down to 48, but it added up to $176.91M invested. These are remarkably strong figures for a period of heightened financial unrest, and it’s up 71% compared to same quarter last year.

The Nordic perspective: Q3 gave us an interesting combination of deals and total amount raised. The number of deals in Q3 was 206, the lowest in 5 years across the Nordics. However, the amount of $1.88B raised is by far the highest ever. A clear sign of maturing deals and stronger growth ambitions supported by an ecosystem of investors and entrepreneurs that commands global attention.

Thank you to Kjetil Holmefjord from StartupLab and Nordic9 for bringing facts and analysis to the public debate.