In Norway, there’s a pre-seed funding crunch, where punishing exit taxes and a brain drain to the US are killing off early tech dreams and forcing founders to beg for cash. The Oslo- and Bergen-rooted accelerator StartupLab fights back with its full-stack setup of incubation, acceleration, and direct investments.
Today, it just closed a €32m fifth fund, issuing $250k–$500k checks to 20–25 startups a year for 8–10% stakes. Backed by KLP, Investinor, Nysnø (with NOK 30m earmarked for climate tech), Ferd, Telenor, OBOS, and over 70 alumni from Northzone and Kahoot, this fund is twice the size of the previous one.
Targeting “mediocre-plus” outcomes scaling to $1bn+ valuations
Founded in 2012 by Gisle Østereng and Jørgen Veiby, StartupLab grew out of a simple payback urge to the scene that gave rise to Kahoot and reMarkable. Their mission centres on empowering exceptional founders through hands-on support, workspaces, and networks, regardless of sector, while the vision targets “mediocre-plus” outcomes scaling to $1bn+ valuations in a high-volume model.
Motivated by Norway’s innovation potential stifled by capital gaps, they prioritise first-time and serial entrepreneurs to build a self-sustaining Nordic tech engine. StartupLab’s tech-agnostic approach leverages a trifecta of services: an incubator for 110+ residents, a 3-month accelerator with elite mentors, and StartupLab Ventures for pre-seed bets in AI, climate, energy, fintech, hardware, and life sciences.
The VC has corporate pilots via ties to Telenor, on-site housing that blends community and deal flow, and follow-on reserves, differentiating from sector-locked rivals such as Innovation Norway, Alliance Ventures, and Mesh. Unlike these, StartupLab’s founder-first, high-velocity model has accelerated 500+ founders, yielding standouts like Photoncycle (energy recycling) and Spoor (AI bird detection, post-$8m Series A)
What’s next?
With the €32m fund running through 2028, StartupLab plans 20–25 investments annually, allocating half to climate-focused investments under Nysnø’s influence while expanding life sciences and AI probes.
Efforts include tax policy advocacy to curb outflows, deeper serial-founder bets, amplified corporate partnerships to scale, and portfolio follow-ons targeting exits that rival Kahoot.
