With a new €32m fund—double the size of its last—and a founder-first, high-volume investment strategy, Startuplab is a central force in Norway’s tech landscape. We sat down with our SaaS and software expert, Vijay Raina, to discuss the implications of this new capital. Our conversation explored Startuplab’s philosophy of backing exceptional founders over specific sectors, drawing lessons from major successes like Kahoot and reMarkable. We also delved into the most promising, and sometimes overlooked, investment areas like AI and life sciences, all while navigating the complex political climate and controversial exit tax that has led some of Norway’s brightest startups to move their headquarters abroad.
Your new €32m fund is twice the size of your last one. How does this increased capital affect your high-volume model of backing 20-25 startups annually, and what specific founder traits do you look for when writing a $500k pre-seed check?
The larger fund size gives us significantly more firepower and flexibility, but it doesn’t fundamentally change our core high-volume, founder-first philosophy. We’re still aiming to back 20 to 25 of the most promising pre-seed teams in Norway each year. What the €32m allows us to do is write those initial $250k to $500k checks with even greater conviction and, crucially, reserve capital for a follow-on investment to maintain our stake. This model is powerful; it gives us the opportunity to back companies where even a “mediocre-plus” outcome can result in a valuation around $2 billion, which is a fantastic result for a pre-seed fund. When we look at founders, we’re searching for that exceptional spark. It’s not just about an idea, but an obsession and a unique insight into a problem. We look for resilience and an unwavering belief, whether they’re a first-time founder or a seasoned serial entrepreneur.
You highlight Kahoot and reMarkable as founder-driven successes. Could you walk us through an early-stage interaction with one of those teams? Please share the specific indicators that convinced you of their potential, even when the idea was just taking shape.
In those early days, it truly was all about the founder. With both Kahoot and reMarkable, the product was still very nascent, but the vision was crystal clear and radiated from the founding team. You could feel their passion. I remember the conversations weren’t just about a smart tablet or a quiz platform; they were about fundamentally changing how people learn and interact with information. The founders weren’t just pitching a company; they were describing a future they were determined to build. That’s the indicator we look for: an unshakeable conviction that goes beyond the slide deck. They had an answer for every question and a deep understanding of their user that convinced us they would find a way to succeed, regardless of the pivots and challenges that are inevitable in any startup journey.
The article notes you see more AI than climate tech deals, yet also call life science an “undiscovered” opportunity in Norway. Can you detail what types of AI applications are most promising right now and what makes the life science sector ripe for investment?
While Norway has clear strengths in climate tech, with significant capital flowing into areas like agritech and maritime tech, our deal flow is currently dominated by AI. We see incredible founders applying AI in novel ways, like our portfolio company Spoor, which uses it for bird monitoring. We remain sector-agnostic because our main goal is to back exceptional founders, and right now, many of them are working in AI. However, the truly “undiscovered” gem in Norway is life science. It’s a sector where the country has a history of producing world-class research and great companies, but it just hasn’t been on the radar for most investors. We’re seeing exciting opportunities in everything from heart and cancer health to new technologies for disease detection. It feels like an untapped market, and we believe getting in early will yield tremendous results.
With prominent startups like 1X and Cognite moving their headquarters over Norway’s exit tax, how does this political instability impact your conversations with founders? What practical steps do you advise them to take to navigate this uncertainty while still building in Norway?
The political situation and the exit tax are, without a doubt, a major topic of conversation. It’s a difficult and frustrating reality. When a high-profile CEO like 1X’s says they “had to move to survive,” it sends a chill through the entire ecosystem. Founders are worried, and rightfully so. They ask us about long-term stability, and it’s a valid concern when even our Nordic neighbors are looking at our tax policies and wondering what on earth we are doing. Our advice is twofold. First, focus on building an undeniable, world-class business. A great company has options. Second, stay engaged but don’t let the political noise paralyze you. We are all actively working behind the scenes, pushing for some form of tax conciliation to create stable, predictable rules. We advise founders to build in Norway, leverage the incredible talent here, and trust that the ecosystem is fighting for a structure that will allow them to thrive in the long run.
What is your forecast for the Norwegian tech ecosystem over the next three years, particularly regarding the country’s ability to create stable tax policies and retain its top-tier tech talent and companies?
My forecast is one of cautious optimism. The raw ingredients for a world-class tech ecosystem are undeniably here—the talent, the innovative ideas, and the capital, as evidenced by our own new fund. We have a proven track record of creating global successes. However, the next three years will be a critical inflection point. The ecosystem’s long-term health is directly tied to the government’s ability to establish stable, competitive tax policies. Everyone is hoping for a conciliation that provides clear, firm lines so that founders and investors can plan for the future with confidence. If we achieve that, I am confident Norway will not only retain its emerging companies but will also continue to punch far above its weight on the global stage. If we fail, we risk a continued exodus of our best and brightest, and that would be a tragic, self-inflicted wound.
