Friar Venture, a regional investment fund managed by Skagerak Capital, has delivered strong results in just 18 months, demonstrating the significant potential of local innovation from Telemark and Vestfold.
Since its inception, Friar Venture has assessed over 120 companies, ultimately selecting 5 promising investments with additional follow-up funding rounds. In total, the fund has contributed to attracting over 116 million NOK of fresh capital—including equity, loans, and grants—with 91 million NOK in pure equity financing.
The impact has been substantial: For every krone Friar Venture has invested, portfolio companies have secured 8.6 kroner in total funding.
One promising company is Norhybrid Renewables AS, based in Herøya, Porsgrunn. Norhybrid recently completed a successful financing round backed by both local and international investors, including Friar Venture, Greenlight group, Grenland Næringsfond, and the global energy player Blue Marine Energia.
"We’re proud to support Norhybrid as they scale their innovative renewable energy solutions internationally. Companies like these demonstrate the kind of ambitious growth potential we look for," says Espen Kjeldsen, Chairman of Friar Venture and Head of Regional Funds at Skagerak Capital.
Norhybrid’s unique compact wind turbines—which produce energy directly where it’s consumed—have gained momentum with recent commercial installations, including a landmark project at Lister Harbour in Farsund and an upcoming deployment for the Norwegian Defence Estates Agency. The company has also secured exciting contracts in England, the Netherlands, and Denmark, highlighting its substantial international potential.
Friar Venture’s portfolio now includes four additional innovative companies from the region: Cemit, Reprice, FastTravel, and LayerOne, all demonstrating scalable international opportunities while anchored in Telemark and Vestfold.
"Our region needs targeted investments to accelerate the green transition. Supporting local companies with global ambitions not only creates economic value but also contributes directly to sustainability," explains Kjeldsen.
The fund has a current investment capital of 85 million NOK, aiming to expand to 150 million NOK. With new local partners, including regional banks and Telemark Utviklingsfond, Friar Venture continues to strengthen its role as a catalyst for regional innovation and growth.
"Our ambition is clear: invest locally, grow globally, and deliver strong returns for our investors and communities," concludes Kjeldsen.
See article about Friar Venture in TA.no here.
Picture by: Edle Eidbo-Hansen