Norselab raises $10M from TD Veen and Arendals Fossekompani ASA in order to make startups investments in Norway.

Norway Connection
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Norselab, an Oslo, Norway-based startup incubator, announced securing NOK 80M ($9.5M) in fresh capital investment.

The backers include TD Veen and Arendals Fossekompani ASA and money will be used to double the operational team in order to invest in 3-4 industrial technology companies every year.

TD Veen was established by Tor Dagfinn Veen in 1986. Arendals Fossekompani ASA is a power and investment group listed on the Oslo Stock Exchange operating hydro power stations and holding a portfolio of both industrial and financial investments.

Norselab was established in 2015 by Yngve Tvedt and Christian Lundvang, and later added Norwegian private investor Aksel Lund Svindal on the team.

The company typically co-founds companies together with tech-savvy talents and industry experts, while providing both the operational and financial resources that make it considerably easier to go from startup to a fast-growing and robust company.

Between 2015 and 2018 Norselab invested in companie including Documaster, Disruptive Technologies or Megacool, and has raised external investments for portfolio companies amounting NOK 700M.

Following this investment, Norselab's onwers are as follows:

Yngve Tvedt & Trine Lise Novsett: 38.3%
Christian Lundvang: 14.4%
Aksel Lund Svindal: 7.7%
TD Veen AS: 6.7%
Arendals Fossekompani: 6.7%
Ståle Løvbukten: 5.1%
Kjetil Jansrud: 1.2%
Bjørn Olaf Svindal & Simen Lund Svindal: 1%.