Over the past three months, Skagerak Capital has successfully exited three portfolio companies with a combined enterprise value exceeding NOK 4 billion. Building on this momentum, Skagerak Capital is now launching its fifth fund, which is the largest fund to date.
With three successful exits in just three months – including two from its fourth fund (SC IV) – Skagerak Capital has already returned more than the committed capital to its investors, only five years after the fund’s first closing. The exits mark a new phase Skagerak Capital raises its fifth fund to invest in and scale the next generation of technology companies.
“It is highly satisfying to be able to return more than the committed capital to our investors already after five years, while still holding a strong and valuable portfolio. We have proven our strategy,” says André Edvardsen, managing partner at Skagerak Capital.
The new fund, Skagerak Capital V (SC V), builds on the proven strategy of its predecessor (SC IV), which ranks among the top 10% of VC funds globally in terms of returns. The first closing of SC V amounts to NOK 400 million, with capacity for additional growth given the strong deal flow.
Several of the prevous largest and most experienced institutional investors – including KLP, Skeie Technology, Sørlandets Kompetansefond, Sparebanken Norge, Sparebankstiftelsen Sparebanken Sør, and Investinor – have invested in the new fund. In addition, Nysnø Klimainvesteringer has joined as a new investor.
“We are very pleased that our long-term investors continue to back us and the model we have built over time. At the same time, we are delighted to welcome Nysnø Klimainvesteringer on board, which strengthens our capacity and anchoring within climate-driven technology development,” says Andreas Eskeland, Partner at Skagerak Capital.
The transition from SC III to SC IV marked a strategic shift for Skagerak Capital – from primarily early-stage and seed investments to a clear growth capital profile. SC IV has focused on B2B companies in AI and climate technology with annual recurring revenue (ARR) of NOK 10–30 million, supporting them to scale more than 10x before exit.
In 2024 alone, four Skagerak portfolio companies were recognized by Deloitte as some of Norway’s fastest-growing technology companies, underscoring the fund’s ability to identify and build growth champions.
“We invest in forward-looking technology companies that have proven their value proposition and customer willingness to pay. In these companies we deploy both time and capital to drive rapid, healthy growth, making them attractive to both financial and strategic buyers. This has been a clear success factor in SC IV,” says Terje Berg-Utby, Managing Partner at Skagerak Capital.
In addition to its core strategy, the firm also selectively invests in breakthrough technology companies with hardware components. One example is Tunable, a company pioneering MEMS- and infrared spectroscopy-based real-time multigas analysis, particularly targeting industrial and shipping-related emission reduction. an other example is 1X Technologies, a world-leading developer of humanoid robotics backed by a powerful international investor base. This provides exposure to next-generation deep tech, while the majority of capital is allocated to scaling high-growth software and AI companies.
Private capital availability in the Norwegian VC market is currently lower than in previous years, resulting in less competition for the most promising investment opportunities. At the same time, Norway and the broader Nordic region are developing globally leading technologies in areas such as AI, energy, software, and advanced industry.
“This environment creates excellent opportunities for us to enter high-quality companies with strong growth potential. It makes investment in new technology and the next generation of Nordic companies particularly attractive,” says Andreas Eskeland.