Oslo-based StartupLab’s Founders Fund has established its second fund, which aims to invest 70 million Norwegian crowns ($8.5 million) into 50 early stage startups.
The fund, which includes many of Norway’s most successful entrepreneurs, has supported 23 companies since it was founded in 2013.over the past three years.
“We are now launching our second fund, where an even larger community of resourceful people will contribute to boost Norwegian talents,” said Tor Bækkelund, a partner at StartupLab. “With Founders Fund II, our ambition is to invest in 50 new startups over the next few years. So far we have already invested in six interesting companies.”
The fund invests widely in early stage tech, focusing on entrepreneurs – those who show the ability to make a lot out of a little. A requirement to be considered for investment from Founders Fund is that you wish to work from StartupLab for a minimum of three months. Currently, StartupLab consists of 70 startups in its network at Oslo Science Park, and pivot the Lab with 20-30 companies a year.
“At the same time, choosing the correct investor is of great importance for the entrepreneurs. For this reason, we wish to work with the companies for a certain amount of time before investing. This reduces the risk for both parties and contributes to a shared starting point for such an important collaboration,” Bækkelund said.
Founders Fund II has invested already in Diffia, Exabel, GameStones, Hold, Immence and Imerso. The investors in Founders Fund II include Jon Tetzchner, Are Traasdahl, Eilert Hanoa, Geir Førre, Kjell Inge Røkke, Øystein Moan, Erik Bakkejord, Gunnar Evensen, Karl-Christian Agerup, Kim Daniel Arthur, Per Otto Wold, Tom Arnøy.