Sondo Capital Research
Investment Thesis
Sondo Capital is an Oslo-based pre-seed and seed fund investing 2-6 MNOK in early-stage teams with a link to Norway. Founded in 2021/2022 by Henrik Hatlebrekke and Kjetil Holmefjord, two Bergen-raised operators who had worked together since 2017, the firm backs technically strong founders building products with real market pull, regardless of sector. Sondo positions itself as a generalist early-stage fund rather than a thematic one: its portfolio spans developer tools, fintech, energy, security, health, robotics, and consumer software. The unifying filter is a Norwegian or Nordic founder connection combined with global ambition.
Sector Focus
Sondo does not publish a narrow sector thesis. Its ~34-company active portfolio reflects broad early-stage generalist investing:
- Developer tools and infrastructure (Installer, Midio, Unleash, Dune)
- Enterprise software and AI agents (Strise, Reliable, Fronted, Two)
- Fintech and B2B payments (Two)
- Security and compliance (Heist, Strise)
- Energy (Skye)
- Health (Hemi)
- Robotics/hardware (Tundra Drone)
- Marketing/AI tooling (Catchwise, Starflow, Lightsonic)
- Productivity and workflow software (Tana, Riff, Ordinary Objects)
Stage Focus
Sondo invests almost exclusively at pre-seed and seed. Public commentary from the fund's 2022 launch described a target of 30-40 companies over three years, and the firm continues to make both first checks and selective follow-ons into existing portfolio companies' later rounds (e.g., participating rather than leading in Riff's 2025 Series A).
Check Size
The firm publishes a check size range of 2-6 MNOK (roughly $190K-$580K) per investment. Some early press coverage referenced a slightly lower NOK 1-5m range at the fund's 2022 launch, suggesting the range has crept up modestly over time.
Lead Tendency
Mixed. Sondo has led pre-seed rounds outright (e.g., Mimir, July 2026) and also plays a supporting/participating role alongside other lead investors in larger syndicates (e.g., Fairsight's pre-seed alongside Skyfall Ventures and Futurum, and Riff's Series A led by Northzone).
Recent Activity
Sondo operates at least two vehicles, Sondo Fund 1 AS and Sondo Fund 2 AS (per its SFDR disclosures), and reports being an active investor with new checks written within the last 12 months. Recent confirmed activity includes leading a $600K pre-seed in Oslo-based AI customer-ops startup Mimir (July 2026) and participating in Riff's (formerly Databutton) $16M/€14M Series A led by Northzone (October 2025).
Portfolio Highlights
Notable names in the active portfolio include Tana (AI-native workspace), Dune (blockchain analytics), Enode (energy device APIs), Strise (AML/KYC for enterprise), Riff/Databutton (AI app builder), Two (B2B BNPL/invoicing), Unleash (open-source feature flags), and Spare (transit/mobility). The portfolio is heavily Norway- and broader-Nordic-weighted, with a number of companies that have since raised Series A/B rounds from larger international funds (Northzone, Global Founders Capital).
Team
- Henrik Hatlebrekke, General Partner & Co-Founder: Co-founded Sondo in 2021; previously Chairman of Beta Mobility; based in Oslo.
- Kjetil Holmefjord, General Partner & Co-Founder: Co-founded Sondo alongside Hatlebrekke, whom he has known since secondary school in Bergen; built the fund partly out of an earlier newsletter/community effort before institutionalizing it as a fund.
- Edvard Engesæth, Venture Partner: Miami-based; co-founder of Nurx (YC W16); joined Sondo as Venture Partner in May 2022, helping the firm's US and healthcare-adjacent network.
Decision Process
Small-partnership structure: two General Partners plus one Venture Partner. Decisions appear to run through the two GPs as a partnership rather than a formal investment committee, consistent with the fund's small size and high-touch, generalist model.
Founder Preferences
Sondo's own language emphasizes 'technically strong founders that combine a great product with a real market pull in a massive market' (Henrik Hatlebrekke, on the Mimir investment). The firm favors founders with a genuine link to Norway, whether by nationality, residence, or team origin, even when the company's ambitions and customer base are global.
Geographic Focus
Norway-anchored with a broader Nordic and international lens: the firm explicitly seeks 'teams with a link to Norway' rather than requiring Norwegian incorporation or a Norway-only customer base. Portfolio companies operate across Europe and, in some cases, the US.