Skyfall Ventures Research
Investment Thesis
Skyfall Ventures is an Oslo-based early-stage venture capital firm founded in 2016, with an investing history stretching back to 2014. The firm's core thesis centers on backing founders who believe in paradigm-shifting breakthroughs — the kind that require tectonic shifts in market dynamics, technology, or customer behavior. As co-founder Espen Malmo has stated: "AI represents a fundamental platform shift, reshaping how companies build products, scale and compete." The firm sees AI-driven cost reduction in innovation as enabling small teams to disrupt incumbents at unprecedented speed.
Skyfall's philosophy is captured in three principles: "Think big. Be fearless" (backing founders with huge ambitions taking major risks), "Founders lead. We support" (founder-led approach with active, hands-on support), and "Move fast. Push for urgency" (speed as a competitive advantage).
Stage Focus
Skyfall invests at the earliest stages — pre-seed and seed — often becoming the first institutional investor before product-market fit or even before a product exists. They explicitly state "it's never too early" to engage. While primarily a pre-seed/seed investor, they also participate in late-seed and early growth rounds, often as follow-on investors in their own portfolio. Their requirement of at least one technical co-founder reflects their belief that software-led companies with deep technical DNA are best positioned to achieve paradigm-shifting outcomes.
Check Size
Initial tickets are typically around NOK 5 million (~$450K), with the total investment capacity per company scaling up to €5 million. Based on recent investments, Skyfall has led rounds ranging from €1.7M (Starflow pre-seed, Oct 2024) to leading tranches in $6.8M total rounds (Sonair, Oct 2024), with their lead checks typically in the $1–2M range for initial investments. As part of larger follow-on rounds they participate as an existing investor, writing proportional checks.
Geographic Focus
Skyfall focuses exclusively on the Nordic region, primarily Norway, but also investing across Sweden, Denmark, Finland, and Iceland. They specifically target "Nordic early-stage companies built around a strong software component" and require at least one technical co-founder on the founding team. This Nordic focus gives them proprietary access to a high-quality but under-covered startup ecosystem, with lower valuations than comparable US or UK deals.
Sector Focus
Skyfall takes a broadly sector-agnostic approach across multiple high-growth technology verticals:
AI / Developer Tools: A dominant recent theme. Portfolio includes Riff (AI app building — raised $16M Series A from Northzone Oct 2025), Parahelp (AI support agent), We Are Learning (AI courseware), Sloyd (3D AI object generation), and Deckmatch (AI investment co-pilot).
Energy / Climate Tech: Strong Nordic energy thesis tied to the region's deep energy expertise. Key investments include Enode (energy hardware APIs connecting EVs and solar systems), Starflow (intelligent home energy management, pre-seed Oct 2024), and Otovo (solar panel marketplace, IPO on Oslo Stock Exchange 2021).
Blockchain / Crypto / Web3: Early movers in Nordic crypto, reflecting Espen Malmo's blockchain background since 2012. Portfolio includes Nansen (blockchain analytics backbone), Firi (largest Nordic crypto exchange), Spring (web3 investment platform), and Januar (crypto-native fiat accounts).
Cybersecurity / Compliance: Growing focus area. Strise (AML/KYC SaaS for financial institutions), Cybret AI (autonomous cybersecurity, Dec 2025 investment), Pistachio (social engineering security training), and Convier (financial crime risk monitoring).
Robotics / Hardware: New theme with Fund III. Physical Robotics (upper-body humanoid robots for manufacturing and healthcare) and Sonair (3D ultrasonic sensors for autonomous mobile robots, $6.8M total Oct 2024, Skyfall led).
Enterprise SaaS / B2B: Vev (frontend builder platform), Cardboard (SaaS subscription management, €1.9M seed Aug 2024, Skyfall led), Optio Incentives (employee equity management), Kosli (automated compliance for software development), and Prepp (employee onboarding).
Marketplaces / Consumer: Tise (Nordic fashion resale, acquired by eBay Sep 2025 for ~$130M), Oda (Norway's online grocery unicorn, acquired by SoftBank 2021), GamerPay (in-game item marketplace, acquired by Social First Nov 2025).
Fund History and AUM
Skyfall has raised three funds:
- Fund I: NOK 70 million (~$6.5M), launched 2020
- Fund II: NOK 250 million (~$24M), announced 2021
- Fund III: NOK 400 million (~$38M), launched early 2026, targeting 20–30 companies
With the close of Fund III, Skyfall surpassed NOK 1 billion ($100M+) in total assets under management. The firm's previous funds ranked in the top 10% globally within their respective vintage years, delivering an average annual return of 31.5% since 2014. Fund III was already active with its first investment at the time of the announcement.
Investment Team
Espen Malmo (Managing Partner & Co-founder): Master's in cybersecurity and data communication from NTNU and UCLA. Bitcoin/blockchain expert since 2012/2013; wrote his thesis on blockchain. Has evaluated over 10,000 startups across Skyfall's history. Personally led investments in Riff, Firi, Parahelp, and Starflow.
Jon Kåre Stene (Partner & Co-founder): Former COO at Oda (Norway's first unicorn), scaling it from inception to 500+ employees. Eight years at Schibsted in digital transformation and strategy. Portfolio focus spans logistics, enterprise software, bioinformatics, and gaming.
Preben Songe-Møller (Partner & Co-founder): Founded Ibistic (B2B SaaS) and Sprint Consulting. Early Oda backer. Generalist investor focused on AI-driven transformation across consumer platforms, HR tech, energy tech, cybersecurity, and robotics. Led the Cardboard and Starflow investments.
Cecilie Skjong (Investment Manager): Former Director of Corporate Development at Aize (industrial SaaS). Five years at McKinsey consulting on strategy and technology. M.S. from NTNU and MIT in engineering/industrial economics. Specializes in industrial tech, AI, and energy tech.
Portfolio Highlights and Exits
Notable portfolio exits:
- Tise (acquired by eBay, Sep 2025) — valued at ~$130M; Nordic fashion resale marketplace with 2.5M+ users across the Nordic region
- Oda (acquired by SoftBank, 2021) — Norway's first unicorn, pioneered online grocery delivery
- Otovo (IPO, Oslo Stock Exchange, 2021) — digital marketplace for solar panel installation
- GamerPay (acquired by Social First, Nov 2025) — in-game item marketplace with $50M+ total trade value
- Nabobil (acquired by Getaround, 2019) — pioneered P2P car rental in Norway
Active portfolio standouts: Enode (energy hardware API underpinning EV/solar integrations across Europe), Nansen (crypto analytics platform known as the "backbone for blockchain data"), Strise (AML/KYC compliance platform for European financial institutions), and Riff (AI app builder that raised a $16M Series A from Northzone in October 2025).
Lead Tendency and Decision Process
Skyfall typically leads early-stage rounds, taking the first institutional check role and setting the terms. Their partnership model means investment decisions flow through the three co-founding partners collectively. The investment manager assists in deal origination and analysis. Given their focus on being first-in, they are proactive about term negotiation.
Post-Investment Support
Skyfall provides hands-on operational support: early hiring assistance, fundraising strategy and introductions to later-stage investors (Northzone, Global Founders Capital, Creandum, Y Combinator), go-to-market planning, and strategic guidance. They are particularly valuable for Norwegian founders navigating the path from Oslo to international markets, leveraging their co-investor network built over a decade in the Nordic ecosystem.