2020: Launch of a venture fund

Shifter wrote about Blommenholm Industrier as a startup investor in an article 02.07.20. Read the original article here (in Norwegian) or a short summary in English below.

In 2020, Blommenholm Industrier launched an early-stage venture fund with 10 mNOK available for Norwegian entrepreneurs. The main focus is investments within media, technology and internet platform models.

Why launch a venture fund for early-stage startups?

– Blommenholm Industrier is the largest owner in Schibsted, and we believe this will make us a better owner with increased knowledge about the market. Secondly, we want to help bring forward businesses within the media sector. Also, there are few early-stage investors, says Terje Seljeseth, chief analyst in Blommenholm Industrier.

How much will each company receive in funding?

– The early-stage venture fund consists of MNOK 10, and the size of each investment is approximately MNOK 0,5-1. With the current capital we are able invest in approximately 10-15 startups, says Seljeseth.

What are your investments so far – and why?

– Our first investment was in shAIRskills, a startup who enables sharing of employees between businesses, says Seljeseth.

Will Blommenholm Industrier act as an active investor?

– It depends. We are an early-stage investor and will typically not enter the board but work closely with the company in other ways. We will share our knowledge and previous experiences, says Seljeseth.

Schibsted already invest through Schibsted Growth. Why is there a need for additional funding?

– We will find startups outside Schibsted’s scope. Schibsted focuses on more evolved businesses than what lies within the mandate of our venture fund. What we find may of course be attractive to Schibsted in the next phase, says Seljeseth.