Skagerak Capital Research
Overview
Skagerak Capital is a Norwegian early-stage venture firm based in Kristiansand (Vest-Agder), with offices in Porsgrunn and Stavanger. It was founded in 2006 (Trym Skeie and Erik Edvard Tønnesen) and merged with Maturo Kapital in 2016. The firm manages roughly NOK 1.2 billion (about USD 115M, per its 2023 Finansavisen feature) across a main venture fund and regional funds: Agder Seed, First Seed and Friar Venture (Telemark and Vestfold, launched Dec 2023). In December 2025 it announced the launch of its fifth fund, the largest to date.
Investment Thesis
The firm invests in Nordic companies with positive impact and growth potential, specialising in the intersection of AI and climate technology. It names three verticals: ocean technology, property/urban technology and resource efficiency. Historically it has also been a long-time investor in AI-enabled B2B SaaS. It tracks avoided CO2 emissions across the portfolio (27,202 tons annually, adjusted for ownership, per the website) and runs an ESG framework and SFDR disclosures.
Stage Focus
Early stage. The approach page says it backs companies with proven product-market fit and potential to scale globally, then supports them through a hands-on scale-up model (commercialisation, go-to-market, organisation). Regional funds cover seed-stage companies in Agder, Telemark and Vestfold. No explicit stage or check-size figures are published, so none are recorded.
Lead Tendency
Partners take active board seats and chair boards (for example Andreas Eskeland chaired Sharebox; André Berg Edvardsen sits on several SaaS boards). The portfolio pages name a Skagerak lead partner per company, which suggests it often leads or anchors rounds. It also participates in larger syndicates (1X Technologies Series A led by Tiger Global with OpenAI and Sandwater). Recorded as both.
Recent Activity
- April 2026: invested in Tenix (electric bus fleet software, 1,600+ eBuses supported in Norway).
- April 2026: invested in Piscada (AI proptech for building operations and energy).
- January 2026: hosted the NEO launch celebration for 1X Technologies with Alliance, EQT and Sandwater.
- December 2025: three exits in three months with combined enterprise value above NOK 4 billion, and launch of Fund V.
- August 2025: Semine acquired by Rydoo (backed by Eurazeo).
- May 2025: OptoScale sold to Insight Partners.
- March 2025: VesselMan sold to Marcura, the fourth exit of 2024 per the firm.
- July 2024: Sharebox exit.
- July 2024: Cemit (railway maintenance AI) added via Friar Venture.
Portfolio Highlights
The portfolio page lists about 49 companies, including 1X Technologies (humanoid robotics, formerly Halodi), Tunable (digital nose gas sensing), Semine, OptoScale, VesselMan, Sharebox, Intelecy, Piscada, Tenix, Cemit, sensiBel, Decisions, Stellai, Nanopower Semiconductor and Norhybrid. No stage or round information is stated per company on the page.
Team
- Terje Berg-Utby, Partner and managing partner. Joined 2006. PhD in venture capital governance (NTNU), MIT Sloan visiting fellow.
- André Berg Edvardsen, Partner and managing partner. Joined 2007. B2B SaaS, former CFO.
- Espen Kjeldsen, Partner. Maturo Kapital partner from 2005. Industrial and technology investments, based in Porsgrunn.
- Andreas Eskeland, Partner. Joined 2016. AI and climate tech, ex-EY.
- Tone Kvåle, joined 2020. Investment analysis and active ownership.
- Nina Hunsager Framås, joined 2025. Portfolio strategy and board work, ex-Morrow Batteries and EY.
- Karoline Hegreberg Yuzer, joined 2023. Finance, compliance and reporting, Stavanger.
- Trym Skeie, co-founder, adviser and Chair of the Board.
- Erik Edvard Tønnesen, co-founder, adviser and board member. Stepped down as managing partner in January 2023.
Decision Process
Partnership model with named lead partners per deal. Decision timeline is not published.
Founder Preferences
Ambitious founders building companies with measurable positive impact, proven traction and global ambition. Warm introductions are not stated as required; the site invites contact directly.
Geographic Focus
Nordic, with a strong Norway tilt, especially Agder, Telemark and Vestfold through the regional funds. Some European companies also appear in third-party profiles.