Invesdor kicks off Norway’s equity-crowdfunding market with 3 successful cases in 2016
In February 2016, Invesdor became the first licensed equity-crowdfunding platform to launch in Norway.
Invesdor’s first year of helping Norwegian companies raise funding resulted in three successful funding rounds: Cloud Solutions AS in March, Bad Norwegian AS in August and Kitemill AS in December.
The most recent of the three, Kitemill, raised NOK 6.4m with its equity offering thus becoming the largest equity crowdfunding campaign in Norway to date. All three of the successful campaigns received cross-border investments from outside of Norway, most notably from Finland, Sweden and Germany.
“The economy in Norway is changing rapidly,” says Peter Moore, Equity director Norway at Invesdor. “I have seen big changes within just twelve months and am very impressed with the quality of companies I’ve been in contact with. Norway has many interesting growth stories just waiting to be told.”
However, currently digital fundraising in Norway is small. “The finance ecosystem needs to change with the economy. Currently it is all closed networks, manual and traditional – in many ways similar to what we saw in Finland three years ago,” says Moore. “We are going to digitalise it.”
There is demand for leaner and more outward-looking ways of fundraising amongst growing young companies. For Kitemill, the developer of a kite-based energy generation solution, the Invesdor campaign was the first experience with digital fundraising. “We are really pleased with the success of our campaign on Invesdor’s platform,” says Thomas Harklau, CEO of Kitemill AS. “It has been a very exciting process and we learnt a lot during the whole thing. We are now looking forward to executing our plans in 2017.”