How we help your company go from interesting to investable

'We have had Innovation Norway with us throughout our journey, from the first grant that enabled us to take the leap to the innovation loans that allowed us to make major technological advances. This has been crucial to our growth while retaining more ownership in Norway,' says Zivid CEO Thomas Embla Bonnerud.

When the company began developing its advanced 3D camera technology, there was no guarantee it would succeed in building a global growth company from Norway. The technology required substantial investment, and the journey from research prototype to industrial-scale production was both costly and time-consuming. Zivid also develops deep-tech products, which require significant time and resources.

'That is when our funding opportunities become absolutely crucial,' says Bonnerud.

His story shows what companies need to do today to become 'investable'. It is no longer just about technology or the team, but about credibility, the funding mix and the ability to reduce risk before investors make their decision.

'Investors want validation. They want to see plans that stand up to scrutiny, markets that respond and financing structures that enable capital to be used effectively. As private capital becomes more selective, our role as a risk-sharing partner becomes even more important,' says our Director of Financing, Leon Bakkebø.

We provide funding that unlocks private capital and makes businesses more attractive to investors – from early validation through to scaling. Our loans, financial guarantees and grants are designed to complement the market where it falls short, not replace it.

And every year, we see the same pattern: Public-sector loans and grants often give a project the push it needs to cross the threshold and enter investors’ comfort zone. In 2025, every krone we contributed was matched by NOK 1.20, mainly from private finance providers.

Our EVP of Financing sees this as a clear sign that the funding instruments are working:

- Value is created when we combine our funding solutions with private capital. Our goal is always to bring more professional partners on board as owners or funders, and to help projects through the 'final stretch' towards a clear yes from the bank or investors.

For companies like Zivid, being investment-ready means having the space to build. In the early years, almost all capital goes into development. They need to industrialise products, build production capacity and establish international sales channels before revenue can really take off. Our funding for working capital and technological development enables companies like Zivid to grow on their own terms.

This is valuable to investors. A company with the resources to work systematically, that has tested its technology and market, and shared the risk with a partner like us, appears much more mature and scalable. This inspires confidence – not only in the investment decision itself, but also in how the capital will be used.

This view is shared by Investment Director at Investinor, Christian Wolff-Skjelbred, who is responsible for Investinor's seed capital mandate. A seed fund is an equity fund comprising both public and private capital that invests in innovative companies with significant value creation potential.

He says the results from Investinor's seed mandates and our funding instruments point to an ecosystem that is working as intended: Public capital is used strategically to reduce risk, unlock private capital and build companies that create jobs, generate revenue and deliver long-term value.

Another company that has received both funding and advisory from us through several stages of development to reduce risk and strengthen its ability to grow internationally is Water Linked.

The company makes advanced underwater operations simpler, more affordable and more precise – and is now attracting major industrial investors. It has developed its own Underwater GPS technology and sensors such as DVL and 3D sonar for customers in aquaculture, robotics and autonomous vessels.

In recent years, the company has strengthened its organisation, moved into new premises and launched products ready for the global market. This has made Water Linked attractive to investors such as Equinor Ventures and Investinor, both of which invested after following the company closely and seeing clear signs of a technological edge and strong execution capabilities.

As CEO Torstein Skogseth puts it:

'We have gone from being an innovative technology company to one that is genuinely changing how subsea operations are carried out. The support we have received along the way has been crucial in enabling us to bring the technology all the way to market.'

For Norway, this means that more technology companies can grow here at home, drawing on Norwegian expertise and ownership, rather than having to raise capital abroad at an early stage and lose control of their journey. As access to capital tightens and global competition for talent and technological breakthroughs intensifies, this matters more than ever.

Becoming investment-ready is therefore not about polishing an investor presentation. It is about building a solid foundation: proven demand, a well-considered funding strategy with a flexible funding mix, and a credible plan for scaling. Our role is to strengthen this foundation with informed capital where the market alone falls short but the potential is significant. Bakkebø puts it this way:

- We fund projects that would not otherwise be realised. Where others have to say no, our involvement can make the difference, making Norwegian companies more attractive to private investors.