Quantfolio in a NOK 70 million equity deal led by Storebrand.

Quantfolio, a Bergen, Norway-based developer of a SAAS for banks, announced completing a funding round closed at NOK 70 million ($7.9M).

The money was raised locally from investors from Norway, led by Storebrand, which contributed with 90% of the amount. Other investors include Sbanken, Skagen fund founders Åge Westbø and Filip Weintraub. The company says it is valued at NOK 200 million ($22.6M) post money.

Quantfolio, founded in 2015 by CEO Helge Hannisdal and Jan Åge Skaathun, develops and sells “AI-in-a-box” components for banks & wealth managers with a digitial presence. The company works with customers including Sbanken and Avanz and unprofitably produced sales of NOK 6 million ($700k) in 2021. It last raised NOK 15M from Link VC and angel investors in 2020.