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1. TRACXN TOP BUSINESS MODELS REPORT
November 03, 2021
NORWAY TECH

2. Norway Tech - Top Business Models Report Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Contents
NorwayNorway Tech Funding - Overview 3
Top Funded Business Models 4
One pagers 8
Appendix 48
2

3. Norway Tech - Top Business Models Report Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Funding in last 1 year
3
Online Grocery $272M
E-Commerce Enablers $243M
Oil & Gas Tech $150M
Energy Storage Tech $137M
Aquaculture Tech $56.9M
HRTech $42.7M
Y-o-Y Funding
Top Investors by Funding Rounds
Seed
Stage
Y Combinator
Alliance Venture
Sequoia Capital
2
2
1
Early
Stage
Investinor
Norselab
Idekapital
3
2
2
Late
Stage
SoftBank Vision Fund
Insight Partners
Creandum
2
1
1
Funding by Geography
Top Feeds by $ Funding
Top Funding Rounds
$ Funding # Rounds
Oda
(2013, Oslo)
$265M - Series C
Gelato
(2007, Oslo)
$240M - Series D
Cognite
(2016, Lysaker)
$150M - Series B
EnergyNest
(2011, Asker)
$131M - Series D
Proximar Seafood
(2015, Bergen)
$49.3M - Series C
Neat
(2019, Oslo)
$30.0M - Series A
Xeneta
(2012, Oslo)
$28.5M - Series C
Attensi
(2012, Oslo)
$26.0M - Series B
imove
(2018, Bergen)
$22.3M - Series A
Omaken Sports
(2020, Oslo)
$17.6M - Series B
Memory
(2013, Oslo)
$14.0M - Series B
Arxx Therapeutics
(2019, Oslo)
$13.2M - Seed
Oslo (66%)
Lysaker (13%)
Asker (11%)
Bergen (6%)
Trondheim (1%)
Others (3%)

4. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Norway Tech - Top Funded Business Models - last 1 year (1/4)
4
Rank Business Model $ Funding # Rounds Top Funding Round Details
1<> 0 Digital Twin Modelling Software $150M 1 Cognite | $150M | Series B Link
2<> 0 Oil and Gas Analytics Software $150M 1 Cognite | $150M | Series B Link
3-- Sustainable Recirculating Aquaculture Systems $56.9M 3 Proximar Sea.. | $49.3M | Series C Link
4-- Gamification Based Learning $26.0M 1 Attensi | $26.0M | Series B Link
5-- Electric Car Subscriptions $22.3M 1 imove | $22.3M | Series A Link
6-- Social Shopping Networks $18.0M 2 Tise | $11.0M | Series B Link
7-- eSports Player Organizations $17.6M 1 Omaken Sports | $17.6M | Series B Link
8-- Time Tracking $14.0M 1 Memory | $14.0M | Series B Link
9-- Autoimmune Disorders Drugs $13.2M 1 Arxx Therapeutics | $13.2M | Seed Link
10-- Video Conferencing Software $12.0M 1 Whereby | $12.0M | Series A Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

5. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Norway Tech - Top Funded Business Models - last 1 year (2/4)
5
Rank Business Model $ Funding # Rounds Top Funding Round Details
11-- Video Conferencing $12.0M 1 Whereby | $12.0M | Series A Link
12-- Video Conferencing $12.0M 1 Whereby | $12.0M | Series A Link
13-- Sports Team Management Software $11.0M 1 Spond | $11.0M | Series B Link
14-- In App Chatbots $9.0M 1 Cavai | $9.0M | Series A Link
15-- Cross Device Ad Network $9.0M 1 Cavai | $9.0M | Series A Link
16-- Customer Service Chatbots $9.0M 1 Cavai | $9.0M | Series A Link
17▼2
Portfolio Management Solution for Wealth
Managers
$9.0M 1 Exabel | $9.0M | Seed Link
18▲11 Crypto Exchanges $7.1M 1 NBX | $7.1M | Series A Link
19▼3 Music Artist Software Suite $6.4M 1 Nomono | $6.4M | Seed Link
20-- Website Builders $6.1M 1 Vev | $6.1M | Seed Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

6. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Norway Tech - Top Funded Business Models - last 1 year (3/4)
6
Rank Business Model $ Funding # Rounds Top Funding Round Details
21-- White Label Content Publishing Apps $6.1M 1 Vev | $6.1M | Seed Link
22-- Website Builder $6.1M 1 Vev | $6.1M | Seed Link
23-- PEM Electrolyzers $5.9M 1 Hystar | $5.9M | Series A Link
24-- Supercomputers $3.4M 1 Iagon | $3.4M | Seed Link
25-- E-Commerce POS Financing Solutions $3.0M 1 Tillit | $3.0M | Seed Link
26-- White Label Wallet Solutions $3.0M 1 MeaWallet | $3.0M | Seed Link
27▼1 Life Sciences Research Services $2.7M 1 Vectron Bioso.. | $2.7M | Series A Link
28--
B2B E-Commerce > Food & Beverages > Groceries >
Farm Products > Marketplace
$2.3M 1 Dagens | $2.3M | Seed Link
29-- B2B Farm Produce Marketplace $2.3M 1 Dagens | $2.3M | Seed Link
30-- Employer Review Platforms $1.5M 1 Equality Check | $1.5M | Seed Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

7. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Norway Tech - Top Funded Business Models - last 1 year (4/4)
7
Rank Business Model $ Funding # Rounds Top Funding Round Details
31-- Employer Review Platforms $1.5M 1 Equality Check | $1.5M | Seed Link
32-- Protein Microfluidics Instruments $1.2M 1 ClexBio | $1.2M | Seed Link
33-- Applicant Tracking System $1.2M 1 Globus | $1.2M | Seed Link
34-- Microbial Genomics $1.2M 1 Bio-Me | $1.2M | Seed Link
35-- Process Modelling $1.1M 1 ShiftX | $1.1M | Seed Link
36-- Digital Therapeutics for Physiotherapy $933K 1 NeckCare | $933K | Seed Link
37-- Arrhythmia Diagnostic Tests $172K 1 Cardinor | $172K | Seed Link
38-- Paintings and Art Prints E-Commerce $162K 1 Atelier | $162K | Seed Link
39-- Grid Scale Lithium Ion Energy Storage Systems $125K 1 Enode | $125K | Seed Link
40-- Task Management Tools $125K 1 Kitemaker | $125K | Seed Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

8. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Cognite (2016, Lysaker)
$150M - Series B - May 2021
Digital Twin Modelling Software -
Norway
01
8
Back to index
Digital Twin (Aker Solutions)
(# Cos: 15 | $227M)
Development Tools (Cevia Digital)
(# Cos: 2 | $225M)
Modelling (Cognite)
(# Cos: 2 | $225M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$150M (▲100%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$225M
1
-
2
1
Cognite
(2016, Lysaker, $225M)
Cevia Digital
(2020, Asker)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

9. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Cognite (2016, Lysaker)
$150M - Series B - May 2021
Oil and Gas Analytics Software - Norway
02
9
Back to index
Oil & Gas Tech (Aker Solutions)
(# Cos: 109 | $376M)
Tech for Vertically Integrated Players
(Prediktor)
(# Cos: 8 | $230M)
Analytics (Cognite)
(# Cos: 2 | $225M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$150M (▲100%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$225M
1
-
2
1
Cognite
(2016, Lysaker, $225M)
C2FTX
(2016, Langhus)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

10. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Proximar Seafood (2015, Bergen)
$49.3M - Series C - Jan 2021
AquaCon (1996, Oslo)
$7.5M - Series A - Oct 2021
Ecofisk (2018, Nedstrand)
Undisclosed - Seed - Nov 2020
Sustainable Recirculating Aquaculture
Systems - Norway
03
10
Back to index
Aquaculture Tech (Stingray)
(# Cos: 55 | $66.3M)
Sustainable Farming (Proximar Seafood)
(# Cos: 7 | $56.9M)
Recirculating Aquaculture Systems
(RAS) (AquaCon)
(# Cos: 6 | $56.9M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$56.9M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$56.9M
4
-
6
1
AquaCon
(1996, Oslo, $7.5M)
Proximar Seafood
(2015, Bergen, $49.3M)
Nordic Aquafarms
(2013, Fredrikstad)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

11. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Attensi (2012, Oslo)
$26.0M - Series B - Apr 2021
Gamification Based Learning - Norway
04
11
Back to index
HRTech (Memory)
(# Cos: 95 | $157M)
LMS (Attensi)
(# Cos: 11 | $102M)
Gamification Based (Kahoot)
(# Cos: 2 | $99.6M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$26.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$99.6M
2
1
2
1
Kahoot
(2012, Oslo, $67.3M)
Attensi
(2012, Oslo, $32.3M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

12. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Electric Car Subscriptions - Norway
05
12
Back to index
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$22.3M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$22.3M
1
-
1
1
Electric Vehicles (Think Global)
(# Cos: 49 | $174M)
Vehicle as a Service (Ryde Technology)
(# Cos: 14 | $24.9M)
Cars (Move About)
(# Cos: 3 | $24.9M)
Subscription (imove)
(# Cos: 1 | $22.3M)
imove
(2018, Bergen, $22.3M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
imove (2018, Bergen)
$22.3M - Series A - Jul 2021

13. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Social Shopping Networks - Norway
06
13
Back to index
Social Commerce (Aiutrix)
(# Cos: 2 | $25.0M)
Social Network for Shopping (Tise)
(# Cos: 1 | $25.0M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$18.0M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$25.0M
1
-
1
1
Tise
(2014, Oslo, $25.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Tise (2014, Oslo)
$11.0M - Series B - Jul 2021
Tise (2014, Oslo)
$7.0M - Series A - Jan 2021

14. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
eSports Player Organizations - Norway
07
14
Back to index
eSports (Gameflow)
(# Cos: 2 | $17.6M)
Player Organizations (Omaken Sports)
(# Cos: 1 | $17.6M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$17.6M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$17.6M
1
-
1
1
Omaken Sports
(2020, Oslo, $17.6M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Omaken Sports (2020, Oslo)
$17.6M - Series B - Feb 2021

15. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Memory (2013, Oslo)
$14.0M - Series B - Jun 2021
Time Tracking - Norway
08
15
Back to index
Enterprise Collaboration (Pexip)
(# Cos: 60 | $85.9M)
Project Management (Ardoq)
(# Cos: 26 | $33.6M)
Time Tracking (Memory)
(# Cos: 6 | $26.0M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$14.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$26.0M
3
-
6
1
Memory
(2013, Oslo, $20.0M)
Timely
(2013, Oslo, $6.0M)
Busy
(2017, Fornebu)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

16. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Arxx Therapeutics (2019, Oslo)
$13.2M - Seed - Mar 2021
Autoimmune Disorders Drugs - Norway
09
16
Back to index
Immunology (Genetic Analysis)
(# Cos: 4 | $13.2M)
Drugs (Coegin Pharma)
(# Cos: 2 | $13.2M)
Autoimmune Diseases (Arxx
Therapeutics)
(# Cos: 1 | $13.2M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$13.2M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$13.2M
1
-
1
1
Arxx Therapeutics
(2019, Oslo, $13.2M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

17. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Video Conferencing Software - Norway
10
17
Back to index
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$12.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$12.0M
2
-
2
1
Enterprise Collaboration (Memory)
(# Cos: 60 | $85.9M)
Communication (Confrere)
(# Cos: 15 | $43.5M)
Video Conferencing (Huddly)
(# Cos: 9 | $43.5M)
Software (Pexip)
(# Cos: 2 | $12.0M)
Pexip
(2012, Lysaker)
Whereby
(2013, Maloy, $12.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Whereby (2013, Maloy)
$12.0M - Series A - Mar 2021

18. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Whereby (2013, Maloy)
$12.0M - Series A - Mar 2021
Video Conferencing - Norway
11
18
Back to index
Enterprise Video (appear.in)
(# Cos: 3 | $42.0M)
Video Communication (Whereby)
(# Cos: 3 | $42.0M)
Video Conferencing (Huddly)
(# Cos: 3 | $42.0M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$12.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$42.0M
2
-
3
2
Huddly
(2013, Oslo, $30.0M)
Whereby
(2013, Maloy, $12.0M)
appear.in
(2013, Oslo)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

19. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Video Conferencing - Norway
12
19
Back to index
Meeting (Vrex)
(# Cos: 2 | $12.0M)
Video Conferencing (Whereby)
(# Cos: 1 | $12.0M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$12.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$12.0M
1
-
1
1
Whereby
(2013, Maloy, $12.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Whereby (2013, Maloy)
$12.0M - Series A - Mar 2021

20. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Spond (2003, Oslo)
$11.0M - Series B - Sep 2021
Sports Team Management Software -
Norway
13
20
Back to index
Sports Tech (TriEye)
(# Cos: 53 | $40.4M)
Sports IT (RankedIn)
(# Cos: 14 | $17.0M)
Team Management (Spond)
(# Cos: 6 | $17.0M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$11.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$17.0M
1
-
6
1
Spond
(2003, Oslo, $17.0M)
Minfootball
(2011, Oslo)
Rubic
(2014, Hamar)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

21. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
In App Chatbots - Norway
14
21
Back to index
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$9.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$14.0M
2
-
4
2
Customer Service Software (Intelecom)
(# Cos: 18 | $14.0M)
Help Desk (Zisson)
(# Cos: 10 | $14.0M)
Live Chat (Cavai)
(# Cos: 4 | $14.0M)
Virtual Agents (Boost.ai)
(# Cos: 4 | $14.0M)
Boost.ai
(2016, Stavanger, $5.0M)
Cavai
(2018, Oslo, $9.0M)
Banduro
(2018, Oslo)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Cavai (2018, Oslo)
$9.0M - Series A - Aug 2021

22. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Cavai (2018, Oslo)
$9.0M - Series A - Aug 2021
Cross Device Ad Network - Norway
15
22
Back to index
AdTech (Cxense)
(# Cos: 21 | $12.0M)
Ad Network (PlugRush)
(# Cos: 6 | $9.6M)
Cross-Device (Cavai)
(# Cos: 5 | $9.0M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$9.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$9.0M
2
-
5
1
Cavai
(2018, Oslo, $9.0M)
PlugRush
(2007, Bergen)
Webtraffic
(2009, Oslo)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

23. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Cavai (2018, Oslo)
$9.0M - Series A - Aug 2021
Customer Service Chatbots - Norway
16
23
Back to index
Chatbots (Preppio)
(# Cos: 12 | $14.9M)
Industry Agnostic (Cavai)
(# Cos: 5 | $14.0M)
Customer Support (Boost.ai)
(# Cos: 5 | $14.0M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$9.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$14.0M
2
-
5
2
Boost.ai
(2016, Stavanger, $5.0M)
Cavai
(2018, Oslo, $9.0M)
Banduro
(2018, Oslo)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

24. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Exabel (2016, Oslo)
$9.0M - Seed - Mar 2021
Portfolio Management Solution for
Wealth Managers - Norway
17
24
Back to index
Investment Tech (Admincontrol)
(# Cos: 40 | $24.4M)
Wealth Management IT (Quanfolio)
(# Cos: 5 | $23.2M)
Portfolio Management (Exabel)
(# Cos: 1 | $21.0M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$9.0M (▲150%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$21.0M
1
-
1
1
Exabel
(2016, Oslo, $21.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

25. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Crypto Exchanges - Norway
18
25
Back to index
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$7.1M (▲1180%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$9.3M
2
-
5
1
Cryptocurrencies (Arcane)
(# Cos: 32 | $19.3M)
Financial Services (Joystream)
(# Cos: 17 | $19.3M)
Investment Industry (Dune Analytics)
(# Cos: 12 | $19.3M)
Crypto Exchanges (NBX)
(# Cos: 5 | $9.3M)
NBX
(2018, Oslo, $8.7M)
MiraiEx
(2017, Oslo, $556K)
HandleKrypto
(2018, Oslo)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
NBX (2018, Oslo)
$7.1M - Series A - Jan 2021

26. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Nomono (2019, Trondheim)
$6.4M - Seed - Aug 2021
Music Artist Software Suite - Norway
19
26
Back to index
Music Tech (beat.no)
(# Cos: 25 | $15.9M)
Music Artist IT (Soundrop)
(# Cos: 11 | $15.6M)
Diversified (Nomono)
(# Cos: 1 | $9.2M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$6.4M (▲127%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$9.2M
1
-
1
0
Nomono
(2019, Trondheim, $9.2M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

27. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Website Builders - Norway
20
27
Back to index
Application Development Tools (Neptune Software)
(# Cos: 19 | $18.5M)
Website Builders (Vev)
(# Cos: 3 | $6.6M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$6.1M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$6.6M
1
-
3
1
Vev
(2017, Oslo, $6.6M)
TENRIX Dynify
(2010, Notteroy)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Vev (2017, Oslo)
$6.1M - Seed - May 2021

28. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
White Label Content Publishing Apps -
Norway
21
28
Back to index
Tech for Digital Publishers (Escenic AS)
(# Cos: 7 | $6.6M)
White Label Mobile App (Vev)
(# Cos: 1 | $6.6M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$6.1M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$6.6M
1
-
1
1
Vev
(2017, Oslo, $6.6M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Vev (2017, Oslo)
$6.1M - Seed - May 2021

29. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Website Builder - Norway
22
29
Back to index
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$6.1M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$6.6M
1
1
5
1
MarketingTech (Confirmit)
(# Cos: 70 | $30.2M)
Marketing Optimization (Solid Media Group)
(# Cos: 9 | $6.6M)
Conversion Rate Optimization
(TargetEveryOne)
(# Cos: 8 | $6.6M)
Website Builder (Vev)
(# Cos: 5 | $6.6M)
Vev
(2017, Oslo, $6.6M)
TargetEveryOne
(2009, Oslo)
Beard & Fedora
(2015, Land)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Vev (2017, Oslo)
$6.1M - Seed - May 2021

30. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
PEM Electrolyzers - Norway
23
30
Back to index
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$5.9M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$5.9M
1
-
1
0
Energy Storage Tech (EnergyNest)
(# Cos: 39 | $150M)
Hydrogen Refueling (Nel Hydrogen)
(# Cos: 6 | $5.9M)
Hydrogen Generation (Hyon)
(# Cos: 3 | $5.9M)
PEM (Hystar)
(# Cos: 1 | $5.9M)
Hystar
(2020, Oslo, $5.9M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Hystar (2020, Oslo)
$5.9M - Series A - Mar 2021

31. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Supercomputers - Norway
24
31
Back to index
High Performance Computing (Fabriscale)
(# Cos: 2 | $3.4M)
Supercomputers (Iagon)
(# Cos: 1 | $3.4M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$3.4M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$3.4M
1
-
1
1
Iagon
(2017, Hamar, $3.4M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Iagon (2017, Hamar)
$3.4M - Seed - Jun 2021

32. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Tillit (2020, Oslo)
$3.0M - Seed - Feb 2021
E-Commerce POS Financing Solutions -
Norway
25
32
Back to index
E-Commerce Enablers (Gelato)
(# Cos: 32 | $252M)
Payments (Schibsted Payment)
(# Cos: 2 | $3.0M)
Point of Sale Financing (Tillit)
(# Cos: 1 | $3.0M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$3.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$3.0M
1
-
1
0
Tillit
(2020, Oslo, $3.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

33. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
MeaWallet (2013, Sandvika)
$3.0M - Seed - Apr 2021
White Label Wallet Solutions - Norway
26
33
Back to index
Payments (Neonomics)
(# Cos: 30 | $69.2M)
Enablers (Zwipe)
(# Cos: 8 | $49.9M)
Wallets (MeaWallet)
(# Cos: 1 | $5.2M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$3.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$5.2M
1
-
1
0
MeaWallet
(2013, Sandvika, $5.2M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

34. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Vectron Biosoluti.. (2008, Trondheim)
$2.7M - Series A - Jun 2021
Life Sciences Research Services - Norway
27
34
Back to index
Life Sciences Platforms and Tools (ArcticZymes)
(# Cos: 31 | $12.0M)
Research Services (Phoenix Solutions)
(# Cos: 21 | $4.0M)
Diversified (Age Labs)
(# Cos: 17 | $4.0M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$2.7M (▲208%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$4.0M
8
-
17
0
Age Labs
(2017, Oslo, $876K)
Phoenix Solutions
(2013, Oslo, $471K)
ArcticZymes
(2009, Tromsoe)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

35. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
B2B E-Commerce > Food & Beverages > Groceries > Farm
Products > Marketplace - Norway
28
35
Back to index
B2B E-Commerce (Tillit)
(# Cos: 12 | $5.4M)
Marketplace (Dagens)
(# Cos: 1 | $2.3M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$2.3M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$2.3M
1
-
1
0
Dagens
(2020, Oslo, $2.3M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Dagens (2020, Oslo)
$2.3M - Seed - Mar 2021

36. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
B2B Farm Produce Marketplace -
Norway
29
36
Back to index
Online Grocery (Oda)
(# Cos: 17 | $333M)
Marketplace (Dagens)
(# Cos: 1 | $2.3M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$2.3M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$2.3M
1
-
1
0
Dagens
(2020, Oslo, $2.3M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Dagens (2020, Oslo)
$2.3M - Seed - Mar 2021

37. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Employer Review Platforms - Norway
30
37
Back to index
HRTech (Kahoot)
(# Cos: 95 | $157M)
Employer Review (Equality Check)
(# Cos: 1 | $1.5M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$1.5M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$1.5M
1
-
1
1
Equality Check
(2018, Oslo, $1.5M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Equality Check (2018, Oslo)
$1.5M - Seed - Aug 2021

38. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Employer Review Platforms - Norway
31
38
Back to index
Employer Reviews (Equality Check)
(# Cos: 1 | $1.5M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$1.5M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$1.5M
1
-
1
1
Equality Check
(2018, Oslo, $1.5M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Equality Check (2018, Oslo)
$1.5M - Seed - Aug 2021

39. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
ClexBio (2020, Oslo)
$1.2M - Seed - Jul 2021
Protein Microfluidics Instruments -
Norway
32
39
Back to index
Life Sciences Platforms and Tools (Age Labs)
(# Cos: 31 | $12.0M)
Instruments (Genovision)
(# Cos: 6 | $8.0M)
Protein Microfluidics (ClexBio)
(# Cos: 1 | $1.2M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$1.2M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$1.2M
1
-
1
0
ClexBio
(2020, Oslo, $1.2M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

40. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Globus (2017, Oslo)
$1.2M - Seed - Dec 2020
Applicant Tracking System - Norway
33
40
Back to index
HRTech (Kahoot)
(# Cos: 95 | $157M)
Applicant Tracking System (RelinkLabs)
(# Cos: 14 | $1.2M)
Suite (Globus)
(# Cos: 8 | $1.2M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$1.2M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$1.2M
3
-
8
0
Globus
(2017, Oslo, $1.2M)
Webcruiter
(2003, Oslo)
Vilect
(2016, Oslo)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

41. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Bio-Me (2016, Oslo)
$1.2M - Seed - Jul 2021
Microbial Genomics - Norway
34
41
Back to index
Genomics (Age Labs)
(# Cos: 18 | $4.4M)
Applied Genomics (Genetic Analysis)
(# Cos: 11 | $2.0M)
Microbial Genomics (Bio-Me)
(# Cos: 1 | $1.2M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$1.2M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$1.2M
1
-
1
0
Bio-Me
(2016, Oslo, $1.2M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

42. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Process Modelling - Norway
35
42
Back to index
Business Process Management Software (Genus)
(# Cos: 5 | $1.1M)
Process Modelling (ShiftX)
(# Cos: 1 | $1.1M)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$1.1M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$1.1M
1
-
1
0
ShiftX
(2010, Oslo, $1.1M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
ShiftX (2010, Oslo)
$1.1M - Seed - Nov 2020

43. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Digital Therapeutics for Physiotherapy -
Norway
36
43
Back to index
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$933K ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$933K
1
-
1
0
Healthcare IT (CSAM)
(# Cos: 56 | $54.4M)
Value Based Care (Dignio)
(# Cos: 11 | $946K)
Patient Engagement (ExorLive)
(# Cos: 5 | $933K)
Physiotheraphy (NeckCare)
(# Cos: 1 | $933K)
NeckCare
(2007, Oslo, $933K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
NeckCare (2007, Oslo)
$933K - Seed - Feb 2021

44. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Cardinor (2015, Oslo)
$172K - Seed - Mar 2021
Arrhythmia Diagnostic Tests - Norway
37
44
Back to index
Cardiac and Vascular Disorders (CardioMech)
(# Cos: 15 | $26.9M)
In-Vitro Diagnostics (Medistim)
(# Cos: 2 | $922K)
Arrhythmia (Cardinor)
(# Cos: 1 | $922K)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$172K ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$922K
1
-
1
0
Cardinor
(2015, Oslo, $922K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

45. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Atelier (2016, Oslo)
$162K - Seed - Dec 2020
Paintings and Art Prints E-Commerce -
Norway
38
45
Back to index
Art E-Commerce (Fine Art)
(# Cos: 4 | $162K)
Paintings and Art Prints (Kunstportal)
(# Cos: 2 | $162K)
Multi Category (Atelier)
(# Cos: 1 | $162K)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$162K ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$162K
1
-
1
0
Atelier
(2016, Oslo, $162K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

46. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Grid Scale Lithium Ion Energy Storage
Systems - Norway
39
46
Back to index
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$125K ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$125K
1
-
2
0
Energy Storage Tech (Nel Hydrogen)
(# Cos: 39 | $150M)
Energy Storage System (EnergyNest)
(# Cos: 8 | $133M)
Lithium Ion (Grenland Energy)
(# Cos: 7 | $1.6M)
Commercial (Miljobil Grenland)
(# Cos: 4 | $1.6M)
Grid (Enode)
(# Cos: 2 | $125K)
Enode
(2020, Oslo, $125K)
Exarge
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Enode (2020, Oslo)
$125K - Seed - Jan 2021

47. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
Recent Funding Rounds
Kitemaker (2019, Oslo)
$125K - Seed - Jan 2021
Task Management Tools - Norway
40
47
Back to index
Enterprise Collaboration (Pexip)
(# Cos: 60 | $85.9M)
Project Management (Memory)
(# Cos: 26 | $33.6M)
Task Management (UpWave)
(# Cos: 4 | $125K)
Taxonomy
$ Invested in last 1 year in Norway
Tech
Key Stats
# Funding Rounds in last 1 year in
Norway Tech
$125K ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$125K
2
-
4
0
UpWave
(2015, Oslo)
Kitemaker
(2019, Oslo, $125K)
Symphonical
(2006, Oslo)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

48. Norway Tech - Top Business Models Report Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
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50. Copyright © 2021, Tracxn Technologies Limited. All rights reserved.
Norway Tech - Top Business Models Report
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