Friar Venture is a regional investment fund with a flexible mandate, focused on technology companies headquartered in Vestfold and Telemark. The fund is managed by Skagerak Capital, currently Norway’s most active investment firm, with around NOK 1.5 billion under management.
2025 has been Skagerak Capital’s strongest year to date, with four company exits valued at approximately NOK 4 billion, delivering strong returns to investors.
“Access to risk capital is absolutely critical if good ideas are to grow into viable companies,” says Espen Kjeldsen, managing director of Friar Venture.
“The recapitalisation of Friar Venture sends a clear signal that entrepreneurship and innovation in Vestfold and Telemark are being prioritised. There are many strong technology environments here, but without capital, growth simply stops.”
Read more about Friar Venture.
Active fund, capital-efficient portfolio
Since its launch 24 months ago, Friar Venture has assessed more than 150 companies, invested in six new businesses and completed nine follow-on investments. The portfolio now represents NOK 39 million in annual recurring revenue (ARR), NOK 62.5 million in total turnover and around 70 employees. Altogether, the companies have raised more than NOK 143 million in funding.
“This demonstrates Friar Venture’s highly active and capital-efficient investment approach, delivering a multiple of 10.3 for every krone invested,” says Kjeldsen. “We invest early and work closely with companies to support their continued growth.”
As of 31 December 2025, the fund stands at NOK 113 million. Contributors include Sparebanken Norge, the Sparebankstiftelsen Sparebanken Norge, Telemark Utviklingsfond and Skagerak Sparebank, which plays a significant role. At the same time, Skagerak Capital is launching Fund V, aiming to raise NOK 600 million from investors by 2026.
Norhybrid expands and recruites
One of the companies receiving follow-on investment is Herøya-based Norhybrid Renewables AS. The company has developed Europe’s only mobile, modular energy solution combining solar, wind and battery technology.
With increasingly strict CO₂ requirements across the Norwegian public sector, Norhybrid is working with partners in construction, infrastructure and defence.
Norhybrid has recently been selected by Forsvarsbygg for the Maks Mobil Kraftpakke project, where it will develop a mobile hybrid energy solution based on its proprietary wind turbine technology.
“We are proud that Forsvarsbygg has chosen Norhybrid for this project. It is a strong validation of the work our team has done to push renewable innovation forward,” says CEO Carl Ivar Holmen.
“This project reflects what drives us at Norhybrid: flexible, resilient, dual-use clean energy that can be deployed wherever the mission is. From defence and emergency response to construction and industry, the future belongs to modular solutions that deliver power anywhere, anytime.”
Challenge raising capital
Holmen also highlights the challenges of raising capital in the renewable energy sector.
“The capital market for renewable energy is limited, especially for early-stage companies. We are therefore very grateful for the financing from Friar Venture,” he says.
“This support, combined with other funding, allows us to enter new markets and recruit the expertise we need to grow.”
Text/photo: Tone Brekke tone.brekke@hipark.no
AI-assissted translation.
