Kistefos

Kistefos A.S. is a privately owned investment firm based in Oslo, Norway, established in 1989. The firm specializes in both fund of funds and direct investments, focusing on early-stage ventures, growth capital, rescue financing, and buyouts. Kistefos targets investments ranging from NOK 10 million to over NOK 100 million, aiming for significant ownership stakes across diverse sectors such as offshore, shipping, banking, financial services, real estate, information technology, and telecommunications. The firm's investment strategy is opportunistic, allowing it to engage with companies at various life-cycle stages and geographies. Kistefos actively collaborates with management teams and founders, providing substantial resources to foster long-term value creation. Investments are typically exited within a three to seven-year timeframe.

Alexander Adamov

Investment Manager

Erlend Bondø

CFO

Erik Borgen

Investment Director

Nishant Fafalia

Investment Manager

Alexander Farooq

Investment Manager

Hege Galtung

MD

Cato Halsaa

Investment Director

Tom Olav Holberg

Investment Director

Christian Holme

Investment Director

Gunnar Jacobsen

Investment Director

Henning Eskild Jensen

CEO and MD

Bengt Rem

CEO

Kristian Fredrik Kværner Huseby

Investment Director

Nils Are Karstad Lysø

Chief Financial Officer

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 Singapore in 2017, dedicated to investing in exceptional individuals and innovative technology startups with the potential to become defining companies of the future. With a presence in major entrepreneurial hubs across six continents, including London, New York, Singapore, and Sydney, Antler has invested in and assisted in the creation of over 200 startups, with a notable 40% having at least one female co-founder. The firm focuses on supporting startups from inception, facilitating team formation, and validating business models, while also providing a capital pathway for growth through to Series C funding. Antler's approach emphasizes long-term relationships with portfolio companies, reflecting its commitment to nurturing early-stage businesses across diverse markets, including initiatives in regions such as Eastern Africa.

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 is an open platform for global trade finance powered by distributed ledger technology. The platform provides financial institutions, businesses, lenders and technology providers with a smarter, more connected, and more secure platform for facilitating the movement of goods, assets, and credit around the world in support of global trade.

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 was founded in 2007 as the world's first company with a platform for interactive mobile live video broadcasting and is a leading supplier in the live video segment. In late 2019, Bambuser launched a new flagship product that enables live shopping directly on the brand's website. Live Video Shopping is the first of its kind outside of Asia and is today used by some of the world's largest brands and e-commerce companies. Bambuser is listed on the Nasdaq First North Growth Market and is headquartered in Stockholm.

Kappa Bioscience

Venture Round in 2009
Kappa Bioscience AS develops and produces vitamin K2 as menaquinone-7. The company develops vitamin K2 for the food supplement and the fortified food market. It offers K2VITAL, a vitamin K2 product; microencapsulated DELTA for stability in mineral formulations; K2VITAL, MK-7 for food supplement and fortified food application; and MCC powder, MCT oil, DEX powder, and SF oil products. The company offers its products to food supplement and fortified food business manufacturers. It provides its products through distributor in Norway and the United States. Kappa Bioscience AS was founded in 2006 and is based in Oslo, Norway.

Bambuser

Seed Round in 2008
Bambuser was founded in 2007 as the world's first company with a platform for interactive mobile live video broadcasting and is a leading supplier in the live video segment. In late 2019, Bambuser launched a new flagship product that enables live shopping directly on the brand's website. Live Video Shopping is the first of its kind outside of Asia and is today used by some of the world's largest brands and e-commerce companies. Bambuser is listed on the Nasdaq First North Growth Market and is headquartered in Stockholm.

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.