Gelato was upgraded to unicorn status after raising $240M in a Series D funding round led by Insight Partners. Overall, $265M was invested across 8 funding rounds in Norway in August 2021. The report provides details on the top funded companies, new investors, business models receiving funding, and potential companies of interest identified by analysts. It also lists recent acquisitions and news in the Norway tech sector.

1. TRACXN MONTHLY REPORT
AUGUST 2021
NORWAY TECH

2. Norway Tech - August 2021 Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Contents
2
Norway Tech Snapshot 3
Investment Snapshot 4
List of Funding Rounds 5
New Investors 6
Top Funded Business Models - last 1 year 7
New Analyst Picks 8
Acquisitions 10
Recent News 11

3. Norway Tech - August 2021 Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Norway Tech Snapshot – August 2021
Norway Tech: Snapshot – August 2021
Note : "Investors" refers to "Institutional Investors" only
3
$265M
3
Overall Geo Stats
8
1
15
10
5
Funding Rounds $ Invested Analyst Picks
Gelato Upgraded to
UNICORN
New Investors
Redpoint Ventures
Insight Partners
Series A+ rounds Active Investors IPOs Acquisitions
Galleon Embedded
Computing#@
Top Funding Rounds Top Markets Top Investors Top Cities
Monthly Leader Board
Oslo
(4 Rounds, $258M)
Trondheim
(1 Rounds, $6.4M)
$240M - Series D
Gelato (2007, Oslo, $240M)
$9.0M - Series A
Cavai (2018, Oslo, $9.0M)
$8M - Series A
Dune Analytics (2018, Oslo, $10M)
$6.4M - Seed
Nomono (2019, Trondheim, $9.2M)
Insight Partners
(1 Investments)
Dawn Capital
(1 Investments)
Redpoint Ventures
(1 Investments)
Union Square Ventures
(1 Investments)
E-Commerce Enablers
Gelato
Brands Tech
Customer Service Software
Cavai
AdTech
Market Size
Companies Covered 2,295
Funded Companies 768
Total Funding $3.2B
Funding in last 12 months $1.3B
Top Exits
IPOs 30
Acquisitions 206
Company Stage
Unicorns 3
Soonicorns 5
Minicorns 57
Editor Picks 273
Series A+ 167
Series C+ 41
Acqui-Hires 2
Deadpooled 128
Top Cities
Oslo (277 Rounds, $2.0B)
Trondheim (55 Rounds, $113M)
Top Investors
Investinor (50 Investments)
StartupLab (35 Investments)

4. Norway Tech - August 2021 Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Investment Snapshot
Investment Snapshot of Norway Tech as of August 2021
Norway Tech: Investment Snapshot
4
# Rounds
$ Funding
Investment Trend Top Investments (August 2021)*
Gelato
(2007, Oslo, $240M)
$240M - Series D Insight Partners
Cavai
(2018, Oslo, $9.0M)
$9.0M - Series A Idekapital
Dune Analytics
(2018, Oslo, $10.0M)
$8.0M - Series A Union Square Ventures
Nomono
(2019, Trondheim, $9.2M)
$6.4M - Seed
Equality Check
(2018, Oslo, $1.5M)
$1.5M - Seed Alliance Venture
*Shows only the lead Investors

5. Norway Tech - August 2021 Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
List of Funding Rounds
List of Funding Rounds in Norway Tech in August 2021
Norway Tech: List of Funding Rounds
Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+), PE
5
LATE STAGE
$240.0M - Series D
Gelato (2007, Oslo, $240.0M)
SaaS solution for on-demand printing
Insight Partners, SoftBank Vision Fund, SEB, Dawn
Capital, Goldman Sachs Asset Management, and 3
more
EARLY STAGE
$8.0M - Series A
Dune Analytics (2018, Oslo, $10.0M)
Ethereum-based analytics for cryptocurrencies
Union Square Ventures, Dragonfly Capital, Redpoint
Ventures, Multicoin Capital
EARLY STAGE
$9.0M - Series A
Cavai (2018, Oslo, $9.0M)
Developer of conversational advertising solutions for
brands and agencies
Investinor, Idekapital, FirstPartyCapital
SEED STAGE
$1.5M - Seed
Equality Check (2018, Oslo, $1.5M)
Online platform offering anonymous reviews about
workplace
Alliance Venture, Antler
SEED STAGE
$6.4M - Seed
Nomono (2019, Trondheim, $9.2M)
AI enables software and hardware solutions for music
recording

6. Norway Tech - August 2021 Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
New Investors
List of New Investors in Norway Tech in August 2021
Norway Tech: List of New Investors
6
Investor Company Info Round Amount Round Name
Redpoint Ventures
538 portfolio companies | US focused seed, early and growth stage VC firm
Dune Analytics
Ethereum-based analytics for cryptocurrencies
$8.00M Series A
Insight Partners
601 portfolio companies | VC & PE firm investing in multiple sectors
Gelato
SaaS solution for on-demand printing
$240M Series D
SEB
49 portfolio companies | Commercial bank
Gelato
SaaS solution for on-demand printing
$240M Series D
Union Square Ventures
304 portfolio companies | VC firm investing globally
Dune Analytics
Ethereum-based analytics for cryptocurrencies
$8.00M Series A
SoftBank Group Corp
75 portfolio companies | Diversified conglomerate operating across multiple
sectors
Gelato
SaaS solution for on-demand printing
$240M Series D
Dragonfly Capital
29 portfolio companies | Venture capital fund focused on multiple sectors
Dune Analytics
Ethereum-based analytics for cryptocurrencies
$8.00M Series A
Goldman Sachs Asset Management
27 portfolio companies | Investment bank & investment management firm
Gelato
SaaS solution for on-demand printing
$240M Series D
Multicoin Capital
35 portfolio companies | Cryptocurrency hedge fund
Dune Analytics
Ethereum-based analytics for cryptocurrencies
$8.00M Series A

7. Norway Tech - August 2021 Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Top Funded Business Models - last 1 year
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.
7
Rank Business Model $ Funding # Rounds Top Funding Round
1 -- Digital Twin Modelling Software $225M 2 Cognite | $150M | Series B
2 -- Oil and Gas Analytics Software $225M 2 Cognite | $150M | Series B
3 -- Construction Project Management Software $54.0M 1 Volue | $54.0M | Series C
4 -- Grid Management Solutions $54.0M 1 Volue | $54.0M | Series C
5 -- Sustainable Recirculating Aquaculture Systems $49.3M 2 Proximar Sea.. | $49.3M | Series C
6 -- Gamification Based Learning $26.0M 1 Attensi | $26.0M | Series B
7 -- Electric Car Subscriptions $22.3M 1 imove | $22.3M | Series A
8 -- Social Shopping Networks $18.0M 2 Tise | $11.0M | Series B
9 -- eSports Player Organizations $17.6M 1 Omaken Sports | $17.6M | Series B
10 -- Time Tracking $14.0M 1 Memory | $14.0M | Series B

8. Norway Tech - August 2021 Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
New Analyst Picks (1/2)
Interesting Companies identified by Analysts in Norway Tech in August 2021
Norway Tech: Analyst Picks
8
Upgraded to UNICORN
Gelato (2007, Oslo, Undisclosed, Unattributed)
SaaS solution for on-demand printing
Tellef Thorleifsson, SEB, SoftBank Group Corp and 5
other Investors
Upgraded to MINICORN
Dune Analytics (2018, Oslo, $2.0M, Seed)
Ethereum-based analytics for cryptocurrencies
Redpoint Ventures, Multicoin Capital, Union Square
Ventures and 1 other Investors
Upgraded to MINICORN
Cavai (2018, Oslo, $9.0M, Series A)
Developer of conversational advertising solutions for
brands and agencies
FirstPartyCapital, Idekapital, Investinor and 1 other
Investors
Upgraded to MINICORN
Equality Check (2018, Oslo, Undisclosed, Seed)
Online platform offering anonymous reviews about
workplace
Alliance Venture,Antler,Unconventional Venturesand
Added to Editor's Pick
Tillit (2020, Oslo, $3.0M, Seed)
Provider of checkout solution for B2B businesses
Visionaries, Sequoia Capital, nFront Ventures and 2
other Investors
Added to Editor's Pick
Globus (2017, Oslo, $1.2M, Seed)
Provider of an AI and SaaS based staffing and
recruitment management solutions for healthcare
industry
StartupLab,Norway Health Techand
Added to Editor's Pick
InfoTiles (2016, Stavanger, $1.6M, PE)
Data solutions for enterprises
Lyse,ProVenture Managementand
Added to Editor's Pick
Elton (2021, Oslo, Unfunded)
App-based platform to find nearby electric vehicle
charging stations

9. Norway Tech - August 2021 Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
New Analyst Picks (2/2)
Interesting Companies identified by Analysts in Norway Tech in August 2021
Norway Tech: Analyst Picks
9
Added to Editor's Pick
Arcane (2019, Oslo, Unfunded)
Financial solutions for Bitcoin and digital assets
Tjuvholmen Groupand
Added to Editor's Pick
Nornir (2006, Oslo, Unfunded)
Provider of IoT development kits

10. Norway Tech - August 2021 Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Acquisitions
List of Acquisitions in Norway Tech in August 2021
Norway Tech: Acquisitions
10
Acq. Date Company Acquirer Deal Size
16 Aug 2021
Galleon Embedded Computing(2009, Oslo)
NAS devices, data recorder systems, and servers

11. Norway Tech - August 2021 Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Recent News (1/2)
Recent News in Norway Tech in August 2021
Norway Tech:News
11
Exit News
.
● Spectra acquires Galleon Embedded Computing Evertiq
.
People News
.
● Tomra names Tove Andersen chief executive Plastics in Packaging
.
Regulatory News
.
● Norway still considering to intervene against DNB’s acquisition of Sbanken
poandpo.com

12. Norway Tech - August 2021 Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Explore more on Tracxn
Explore more about Norway Tech on Tracxn Platform
Norway Tech: Explore more on Tracxn Platform
12
Companies
Recent Companies Covered
Funded Companies
Editor's Pick
Soonicorn Club
SaaS Companies in Norway
AI Companies in Norway
Fintech Companies Norway
Consumer Digital in Norway
Company Due Diligence
Detailed profile of Oda
Competitors of Gelato
Cap Tables of Cognite
Investment Activity
Recent Investments
Investment Trend of last 10 years
Mega Investments Rounds
Investors
Most Active Investors
Most Active Angel Investors
Unicorn Investors
Exits
IPO'd Companies
Recent Acquisitions
Most Active Acquirers
Recent Acquihires
News & Events
Recent News
News on People
News on Unicorns
Upcoming Events
Library
Recent Reports
Tracxn Blog
Global Sector Landscape

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