Kistefos

Kistefos A.S. is a privately owned investment firm based in Oslo, Norway, established in 1989. It specializes in fund of funds and direct investments, focusing on early-stage companies, build-ups, growth capital, rescue financings, and buyouts. Kistefos targets investments ranging from NOK 10 million to over NOK 100 million, aiming for significant ownership stakes. The firm operates across various sectors, including offshore, shipping, banking, financial services, real estate, information technology, and telecommunications. Kistefos adopts an opportunistic approach, engaging with companies of different sizes and life-cycle stages. It plays an active role in supporting management teams and founders, leveraging internal resources to enhance long-term value creation. The firm typically exits its investments within three to seven years.

Ola Beinnes Fosse

CFO

Hege Galtung

Managing Director, AS Holding

Tom Olav Holberg

Investment Director

Gunnar Jacobsen

Investment Director

Bengt Rem

CEO

Christen Sveaas

Owner, Board Member and Executive Chairman

Lars Petter Utseth

Investment Manager

Kristian Fredrik Kværner Huseby

Investment Director

16 past transactions

Semine

Series B in 2022
Bilagos AS, founded in 2015 and headquartered in Kristiansand, Norway, specializes in SEMINE, an advanced accounting automation software that leverages artificial intelligence and robotics for the digitalization of accounting processes. The software employs machine learning and deep learning techniques to analyze invoice contents, offering insights and suggestions for accounting entries. With a dedicated research and development center in southern Norway and a sales office in Oslo, the company has expanded its operations to include subsidiaries in Kerala and Bengaluru, India. SEMINE has gained recognition as one of the fastest-growing startups in the Nordic region, securing significant investment and partnerships with major corporations, including Microsoft, Sopria Steria, and KPMG Digital. The platform aims to enhance automation and real-time reporting in accounting, moving away from traditional retrospective methods. As of its commercial launch, the company has successfully onboarded numerous well-known brands, highlighting its potential to revolutionize accounting practices for its clients.

bluesheets

Seed Round in 2022
Bluesheets is an accounting company that specializes in providing an AI-based data extraction platform. Its software-based approach means as the business grows. It also specializes in the fields of Fintech and SaaS. The company was founded in 2020.

Surer

Seed Round in 2021
Surer is a cloud-based web platform to solve inefficiencies within the insurance industry. The platform helps intermediaries work with clients and insurers with greater speed and efficiency through automation.

bluesheets

Seed Round in 2021
Bluesheets is an accounting company that specializes in providing an AI-based data extraction platform. Its software-based approach means as the business grows. It also specializes in the fields of Fintech and SaaS. The company was founded in 2020.

Semine

Series B in 2021
Bilagos AS, founded in 2015 and headquartered in Kristiansand, Norway, specializes in SEMINE, an advanced accounting automation software that leverages artificial intelligence and robotics for the digitalization of accounting processes. The software employs machine learning and deep learning techniques to analyze invoice contents, offering insights and suggestions for accounting entries. With a dedicated research and development center in southern Norway and a sales office in Oslo, the company has expanded its operations to include subsidiaries in Kerala and Bengaluru, India. SEMINE has gained recognition as one of the fastest-growing startups in the Nordic region, securing significant investment and partnerships with major corporations, including Microsoft, Sopria Steria, and KPMG Digital. The platform aims to enhance automation and real-time reporting in accounting, moving away from traditional retrospective methods. As of its commercial launch, the company has successfully onboarded numerous well-known brands, highlighting its potential to revolutionize accounting practices for its clients.

Semine

Series A in 2021
Bilagos AS, founded in 2015 and headquartered in Kristiansand, Norway, specializes in SEMINE, an advanced accounting automation software that leverages artificial intelligence and robotics for the digitalization of accounting processes. The software employs machine learning and deep learning techniques to analyze invoice contents, offering insights and suggestions for accounting entries. With a dedicated research and development center in southern Norway and a sales office in Oslo, the company has expanded its operations to include subsidiaries in Kerala and Bengaluru, India. SEMINE has gained recognition as one of the fastest-growing startups in the Nordic region, securing significant investment and partnerships with major corporations, including Microsoft, Sopria Steria, and KPMG Digital. The platform aims to enhance automation and real-time reporting in accounting, moving away from traditional retrospective methods. As of its commercial launch, the company has successfully onboarded numerous well-known brands, highlighting its potential to revolutionize accounting practices for its clients.

Semine

Seed Round in 2020
Bilagos AS, founded in 2015 and headquartered in Kristiansand, Norway, specializes in SEMINE, an advanced accounting automation software that leverages artificial intelligence and robotics for the digitalization of accounting processes. The software employs machine learning and deep learning techniques to analyze invoice contents, offering insights and suggestions for accounting entries. With a dedicated research and development center in southern Norway and a sales office in Oslo, the company has expanded its operations to include subsidiaries in Kerala and Bengaluru, India. SEMINE has gained recognition as one of the fastest-growing startups in the Nordic region, securing significant investment and partnerships with major corporations, including Microsoft, Sopria Steria, and KPMG Digital. The platform aims to enhance automation and real-time reporting in accounting, moving away from traditional retrospective methods. As of its commercial launch, the company has successfully onboarded numerous well-known brands, highlighting its potential to revolutionize accounting practices for its clients.

Antler

Venture Round in 2020
Antler is a global early-stage venture capital firm founded in 2017 in Singapore, focusing on identifying and investing in exceptional individuals and early-stage technology companies with the potential to become industry leaders. With offices across six continents, including major entrepreneurial hubs such as London, New York, Singapore, and Sydney, Antler supports startups from inception through to growth stages, investing primarily at the pre-seed level and continuing through Series C. The firm has invested in over 200 companies since its inception, with a notable emphasis on diversity, as 40% of these startups have at least one female co-founder. Antler facilitates the formation of complementary co-founder teams, validates business models, and provides a robust platform for scaling, positioning itself as a long-term partner to the startups it supports.

Semine

Funding Round in 2018
Bilagos AS, founded in 2015 and headquartered in Kristiansand, Norway, specializes in SEMINE, an advanced accounting automation software that leverages artificial intelligence and robotics for the digitalization of accounting processes. The software employs machine learning and deep learning techniques to analyze invoice contents, offering insights and suggestions for accounting entries. With a dedicated research and development center in southern Norway and a sales office in Oslo, the company has expanded its operations to include subsidiaries in Kerala and Bengaluru, India. SEMINE has gained recognition as one of the fastest-growing startups in the Nordic region, securing significant investment and partnerships with major corporations, including Microsoft, Sopria Steria, and KPMG Digital. The platform aims to enhance automation and real-time reporting in accounting, moving away from traditional retrospective methods. As of its commercial launch, the company has successfully onboarded numerous well-known brands, highlighting its potential to revolutionize accounting practices for its clients.

TradeIX

Series A in 2018
TradeIX Ltd. is a company that specializes in developing an open platform called TIX Platform for trade finance, which is powered by distributed ledger technology. This decentralized platform allows clients to integrate it with their existing systems, facilitating connectivity through application programming interfaces (APIs). TIX Platform consists of four main components: TIX Apps, which offer customer-facing solutions; TIX Developer, which provides APIs and software development resources; TIX Composer, an orchestration engine for managing trade finance rules and smart contracts; and TIX Core, an open infrastructure for global trade. The platform enhances trade finance operations by enabling secure data storage, automated contract enforcement, and asset verification. TradeIX collaborates with banks, corporates, and ERP providers, helping financial institutions and investors access trade flows to generate revenue opportunities. Established in 2016, TradeIX is headquartered in Cork, Ireland, with additional offices in Dublin, London, and Singapore.

Line2

Series A in 2009
Line2, Inc. offers a cloud-based business phone service that enables users to manage calls and texts across multiple devices, including smartphones, tablets, and computers. Founded in 2006 and headquartered in San Francisco, California, Line2 provides a simple app solution to add a second line, allowing users to separate business and personal communications. The service operates without the need for additional hardware, setup, or cancellation fees. Line2 features several plans, including unlimited texting and inbound calling, outbound minutes, and options for call forwarding and screening. It also supports group calling and offers low international rates. As a subsidiary of j2 Global, Inc., Line2 aims to meet the needs of small businesses by providing a professional phone line that accommodates a mobile workstyle.

Bambuser

Seed Round in 2009
Bambuser AB, founded in 2007 and headquartered in Stockholm, Sweden, specializes in live streaming technology. The company develops solutions that enable live video broadcasting from mobile devices and webcams over the Internet. Its flagship product, Live Video Shopping, allows brands and e-commerce companies to sell products and engage with customers directly on their websites, marking a significant innovation in the live shopping space outside of Asia. Bambuser also offers a one-to-one live video shopping service for personalized customer interactions and a software development kit (SDK) that enables clients to create custom mobile live video experiences. The company has established strategic partnerships to enhance its offerings, including collaborations to integrate live video shopping into physical retail environments.

Kappa Bioscience

Venture Round in 2009
Kappa Bioscience AS specializes in the development and production of vitamin K2, specifically menaquinone-7, marketed under the K2VITAL brand. Founded in 2006 and based in Oslo, Norway, the company focuses on the food supplement and fortified food sectors, providing a range of products including K2VITAL MK-7, microencapsulated DELTA for enhanced stability, and various delivery forms such as MCC powder and MCT oil. Kappa Bioscience aims to facilitate the adoption of vitamin K2 in the market by ensuring high purity, effective synthesis, and a secure supply chain. The company operates globally through its subsidiary, Kappa Ingredients GmbH, which manages sales and distribution. Kappa's innovations, particularly in the synthesis and microencapsulation of vitamin K2, position it as a key player in the nutraceutical ingredients market, catering to dietary supplement manufacturers and brands seeking to improve health outcomes related to bones, joints, and cardiovascular health.

Bambuser

Seed Round in 2008
Bambuser AB, founded in 2007 and headquartered in Stockholm, Sweden, specializes in live streaming technology. The company develops solutions that enable live video broadcasting from mobile devices and webcams over the Internet. Its flagship product, Live Video Shopping, allows brands and e-commerce companies to sell products and engage with customers directly on their websites, marking a significant innovation in the live shopping space outside of Asia. Bambuser also offers a one-to-one live video shopping service for personalized customer interactions and a software development kit (SDK) that enables clients to create custom mobile live video experiences. The company has established strategic partnerships to enhance its offerings, including collaborations to integrate live video shopping into physical retail environments.

Promon

Venture Round in 2008
Promon AS, founded in 2006 and based in Oslo, Norway, specializes in developing and selling security software designed for businesses that manage sensitive information. The company offers a suite of application security solutions, providing integrated service protection products for online service providers to safeguard web services such as online banking, CRM/ERP systems, public services, and e-commerce platforms. Additionally, Promon delivers integrated application protection products to various software application providers, ensuring the security of sensitive data and maintaining application integrity across a range of sectors, including banking, ERP/CRM systems, gaming, and communication software.

OstomyCure

Venture Round in 2007
OstomyCure AS is a Medical Technology company with a headquarter in Oslo, Norway. The company develops a revolutionary technology called Transcutaneous Implant Evacuation System, The TIES® System. The TIES® Continent Ileostomy System, is a titanium implant solution with a lid intended to replace a conventional ileostomy. It allows a more carefree life for patients who suffer from inflammatory bowel diseases such as Crohn´s disease, Ulcerative colitis, multiple cancer or other related diseases that need the removal of the colon (large intestine). The TIES® System is the result of several years of research combined with the latest 3D manufacturing technology, developed and produced in accordance with regulatory standards to ensure safety for the patients.
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