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I work at Sondo Capital, investing in startups at pre-seed and seed stage. This is a newsletter of what I've found most noteworthy in Norwegian tech the past two weeks. Feel free to forward this email to someone you believe will like it. If it's been forwarded to you, click here to subscribe. /Kjetil

Funding news: 
Enode, an API for making energy apps, has raised €15M in a round led by Creandum. Link

NoFence, a virtual fence for livestock, has raised 130MNOK in a round led by Sandwater and Ferd. Link ($)

Evyon, maker of battery energy storage systems, has raised 70MNOK. Link

Debt collection software Kravia has raised 41MNOK from existing shareholders. Link ($)

KYC platform Strise has raised €3.3M in a round led by Curiosity.vc, with participation from Sondo and others. Link

Compliance automation software Kosli has raised $3.1M in a round led by Heavybit. Link

Völur, sustainable meat optimization, has raised $3M in a round led by Fusion Fund. Link

Bus travel booking platform Sharebus has raised 14MNOK from existing shareholders. Link ($)

Solar panel company Over Easy has raised 13.5MNOK from Hafslund, Stratel, Eidsiva, Aura, and others. Link ($)

No-code industrial AI company Intelecy has raised 11MNOK from Aidiom, Butterfly Venture, Investinor, Skagerak Capital, and others. Link

Safeback, avalanche survival gear, has raised 10MNOK from Skigutane, Kari Traa, EGD Capital, and others. Link

Digleefy, software for team-building, has raised 3MNOK from Sagene Tech Ventures, TRK Group, Martin Kværnstuen, Thomas Falck, and others. Link

StartupLab announced its most recent accelerator batch of 7 companies, investing 1-3MNOK into each of the participating companies: Convier (software for detecting financial crime), Cohere XR (VR solution for workshops), Proptly (project management for contractors), Testnor (testing of electric vehicles), Infraspace (software for planning infrastructure projects), Li-tech (sensors for detecting flammable batteries), and Selah Sleep (a sleep-enhancing alarm clock). Link

Antler also announced its most recent accelerator batch, with 5 companies receiving an investment from them: Sustie (sustainable shopping support), Relynk (API for commercial building data), Powely (software for green hydrogen production), Skoog (advanced carbon offsetting), and Leyr (enabling access to medical data). Link

White-label rental software Sharefox has raised an undisclosed amount from Bring Ventures. Link

Apias, a charging cable that disconnects when your phone is fully charged, has raised an undisclosed amount from Jakob Hatteland. Link ($)

Øgreid has acquired 40% of the shares in process optimization company Amitec. Link ($)

Snow monitoring company ThinkOutside has been acquired by Mitta Group for an undisclosed amount. Link

Other notable stories:
Mesh-founder Anders Mjåseth asking for a startup-focused interest group; an "Association for Norwegian Tech Startups". Link


Brønnøysundregistrene (the Norwegian company register) has opened up an "office" in the "decentralized metaverse game" Decentraland. Might make sense to be forward-leaning, but might also be a bit troublesome, as argued by Eivind Trædal hereLink ($)

Online grocery store Oda announced they're laying off 70 employees. Link

What Norway-based investors mostly focus on: 1) climate/ESG and 2) "digitalization". Link ($)

Story on venture debt in Norway. Not really that prevalent as of now, but things might be changing. Link ($)

Beer brewing machine Apparatus did 41MNOK in revenue last year. Link ($)
E-commerce store DressMykid did 29MNOK in revenue last year. Link ($)

From abroad: 
60 Minutes clip on anger in social media. It's mostly a story you've heard before; more polarizing views are amplified, but the interesting part here is the explicit call for more government regulation. (also how TikTok/Douyin is regulated in China). It's crazy to think back on how tobacco was allowed everywhere 20 years ago, and it's interesting to think about what things we'll have similar perspectives on 20 years from now. On my top three list, you find the lack of sugar regulation, the lack of climate change efforts, and the lack of social media regulation. Link

Pros and cons of being a second-time founder. Experience is nice, but you also have higher expectations and more to lose. Link

Kyle Harrison on how to think about market sizes, and the opportunities that can come with having different perspectives about this. Link

Daniel Heinemeier Hansson on “why they’re leaving the cloud”. While the Basecamp founders are known for being provocative (and often don’t represent broad views), I find this an interesting take now that cash is becoming more expensive. Several products that have had very nice margins in the “age of abundance” might find themselves being pushed as their customers look for cost reductions. Not saying this will happen for cloud services specifically, but I’m certain some companies will discover that a lower price can be a real lever for growth in the coming period. Link

Facebook's "red book", or what someone claim is the "best startup culture book ever written". Interesting read. Link

Climate crisis tracker: The atmosphere is filling up with CO2. We must avoid a level of 450 parts per million. Current level: 416.2ppm (12 months ago: 414.5ppm, likely to exceed the target in 8-13 years).

Disclaimer: Enode and Strise are Sondo portfolio companies. I have indirect ownership in Evyon, Intelecy, and Völur through prior fund investments.

On a different note, I'll be at Slush next week. Let me know if you're there and would like to meet up! 

Like this? Please subscribe here, and go ahead share it with your friends. And if you have feedback, stories I've missed etc - send them to me on Twitter or as a reply to this email!






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Kjetil Holmefjord · Gaustadalleen 21B · Oslo, Oslo 0349 · Norway