News
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January 27 2025
Grieg Kapital looks back at an active 2024.
2024 has been an exceptionally active year for Grieg Kapital. Paal Espen Johnsen began his role in April as the new Chief Investment Officer of Grieg Maturitas and executive chair of the board at Grieg Kapital. There has been high activity across several portfolio companies, which have seen positive development throughout the year, and Grieg Kapital made four follow-up investments to support further growth. At the same time, Grieg Kapital welcomes Grieg Connect to its portfolio, a leading software company within the Grieg Group that is growing rapidly in the Nordic market.
Grieg Kapital also welcomed two new part-time employees to the team, complementing their studies at the Norwegian School of Economics with real-life working experience from the thrilling world of venture capital.
The Nordic venture investment landscape was characterized by a mix of resilience, strategic shifts, and adaptation to evolving global economic conditions. Amid economic uncertainty and a tightening of capital markets, Nordic venture investors focused on driving operational efficiency, prioritizing profitability, and supporting startups with clear paths to sustainable growth. This shift reflected broader global trends, where venture capital became more selective, emphasizing robust business models and long-term value creation.
2024 was a year characterized by growth and continuous development in Grieg Kapital’s portfolio. Several of our portfolio companies reached major milestones, while others continued the journey towards becoming successful scale-ups.
Remora successfully secured a financing round of NOK 80 million, strengthening its financial foundation for future growth. The company has demonstrated impressive commercial traction, highlighting its market potential and innovative capabilities.
In 2024, Rayvn demonstrated robust commercial and technical development, highlighting its commitment to excellence and innovation. The company also hosted its renowned Symposium at Grieghallen, reinforcing its role as a key industry leader.
Ignite achieved significant commercial growth and technical development in 2024, showcasing its progress and innovation. The Ignite platform was relaunched in a new format in the fall, with great improvements and with more value easily accessible to its customers. Additionally, the company successfully hosted a procurement summit, further strengthening its industry presence and stakeholder engagement.
OSAC appointed a new CEO and Chairperson, marking a significant milestone in its leadership evolution. The company also successfully launched PingMe version 1.5 at NorFishing 2024, showcasing its latest advancements to industry stakeholders. Precision fishing has never been more available.
In Portalo, Vegard Bøe took over the role as CEO in March 2024 and has since strengthened the team with three new hires. Together, they have further developed the value proposition for foundations and delivered an ARR growth of over 300% compared to the previous year.
Over the past two years, CFeed has struggled with algae production but resolved the issue this year, achieving stable production once again. Grieg Kapital supported CFeed in expanding the factory and made a follow-up investment together with the main owner, Kaltroco.
Rensefiskgruppen has sold Austevoll Rensefisk, one of its three remaining facilities. The company has significantly strengthened its financial position over the course of the year. After some challenging years, the company is now profitable following the successful sale of two facilities, led by Grieg Kapital.
Proximar began harvesting its first fish at its facility in Japan in 2024, achieving an industry-leading superior share and significant price premium over the Norwegian salmon price. The company has faced some startup challenges with the facility but is on track to reach full production by mid-2025.
Last year was also one for making new acquaintances and we welcomed Grieg Connect to the portfolio.
In 2024, Grieg Kapital assumed full ownership of Grieg Connect, integrating the company into its portfolio. This move marks a significant development for Grieg Connect, which will now benefit from Grieg Kapital’s extensive expertise and resources in scaling innovative businesses. Grieg Kapital has served as the chair of Grieg Connect since 2023 and remains confident that, together, we will continue to deliver significant value to both customers and other stakeholders.
Grieg Connect is a leading technology company specializing in innovative solutions for maritime and logistics industries. With a strong focus on digitalization, the company provides advanced tools to optimize operations, enhance efficiency, and ensure seamless connectivity. Renowned for its commitment to sustainability and innovation, Grieg Connect continues to set benchmarks in delivering reliable and forward-thinking services. Grieg Connect is experiencing significant growth and has established a strong position in the market. Over the past year, the organization further strengthened its leadership team with the appointment of a new CEO and CFO.
In 2024, Grieg Kapital announced a significant increase in funding to further bolster its investment capabilities in exciting new growth companies within aquaculture, ocean technology, and B2B software. This increased capital injection will allow Grieg Kapital to accelerate its focus on early-stage and growth-stage investments, while also providing greater resources for the companies within its portfolio.
Throughout the year Grieg Kapital visited Slush, NASF, Venturekonferansen and many other events. We hosted presentations and gatherings at our offices in Bergen and consciously expanded our network. We actively worked on increasing both the quality and magnitude of our Dealflow and we made numerous company visits all over the Nordics.
2025 has started well and we look further into the new year with optimism and excitement. Grieg Kapital is well funded and positioned to capture good investment opportunities. Do not hesitate to reach out if you have an interesting investment proposition to dealflow@grieg.no.
Grieg Kapital’s investment strategy is to invest where we can contribute actively with the Grieg Group’s longstanding history of business development. We invest in early stage and growth companies that can participate in the megatrends related to creating more sustainable protein production, scalable technology and digitalization.
