Milestone: More than 400 companies in Nysnø’s fund portfolio

Nysnø began investing in early-stage funds in 2019, with the Bergen-based seed fund Sarsia Seed as its first investment. Six years later, Nysnø has invested in a broad portfolio of funds, committed substantial capital, and contributed growth financing to more than 400 companies to date.

– This is an exciting development, and the portfolio includes many potential high-growth companies, says Lars Hvam, Investment Director for Funds at Nysnø Climate Investments.

Selected companies showing positive development

Hvam highlights ten underlying portfolio companies that have demonstrated particularly interesting progress recently:

• Vårgrønn – an offshore wind company that was recently awarded a development area at Utsira Nord and is well positioned in several European projects.
• Palmetto – a U.S.-based solar energy company delivering strong results despite regulatory uncertainty in the market.
• 1X – develops humanoid robots and earlier this year launched commercial sales of its first robot, NEO.
• Harbinger – develops electric commercial vehicles and has recently raised significant capital in a Series C round, while also securing important commercial contracts.
• BioMarine – delivers technology solutions to the aquaculture industry, including underwater lighting, and is demonstrating solid progress.
• Nofence – the agritech company completed the largest agritech transaction in Europe in 2025 and has shown strong operational development.
• Nornorm – works with reuse and the circular economy through a subscription-based furniture model and has secured new financing for continued growth.
• Disruptive Technologies – develops sensor technology and is showing good momentum through new contracts and applications.
• OpenSolar –delivers digital and AI-based solutions for the solar industry and has recently launched new technology targeting professional users.
• Lovable – a fast-growing software company that has achieved significant revenue growth in a very short period of time.

 Six years of fund portfolio building

Since its first fund investment in 2019, Nysnø has assessed investment opportunities in close to 650 funds and completed 23 fund investments, with the possibility of additional commitments before year-end. Through targeted efforts, Nysnø has built a broad and diversified fund portfolio with exposure to a wide range of sectors and technologies within climate and sustainability. During this period, the early-stage fund ecosystem has developed significantly.

– The ecosystem has moved in the right direction, with clear growth both in the number of funds and in assets under management, says Hvam.

Development of the Norwegian fund ecosystem

According to Nysnø’s analyses, the Norwegian fund ecosystem has shown clear positive development since the mid-1990s. The number of new active ownership funds has increased from an average of four per year in the period 1996–2017 to sixteen per year from 2018 to 2024. Climate and sustainability funds have been a key driver of this growth: around 40 percent of funds established since 2018 are dedicated climate funds, compared to only 6 percent previously.

– There has been a significant development, and Nysnø has contributed to mobilising capital towards climate funds. At the same time, we see that the focus on climate has shifted somewhat recently, which underlines the importance of long-term investors in this field, says Hvam.

– To further develop the Norwegian fund ecosystem, it is crucial that established managers succeed and deliver returns to their investors. This requires long-term, solid investors with a willingness to take risks. Nysnø plays a role in the interaction between private and public capital and has a clear ambition to be a long-term anchor investor in funds with documented climate impact, year after year.

Current fund strategy

Nysnø’s fund strategy is closely linked to its direct investment activities. The funds must operate in or from Norway and have a mandate that contributes to reducing greenhouse gas emissions.

– A key principle is to invest consistently over time, a so-called vintage strategy. This reduces risk and makes the portfolio more resilient, says Hvam.

Nysnø primarily invests in funds with a clear climate focus, a documented strategy, and the ability to deliver competitive returns. Around half of the fund investments are in first-time funds, and nearly 90 percent are either first-time funds or new strategies from established managers.

The goal is to complete 3–5 new fund investments annually. In 2025, Nysnø has committed to two new funds, bringing the total fund portfolio to 23 funds. The team is working well, and additional commitments may be made before year-end.