"Venture capital in Norway is dead," is how Brain Weisberg of betaFUND the new Norwegian seed fund, started by the founders of Trolltech and Kelkoo, starts off our call. "Despite an obsession with disrupting other industries, VC's haven't changed their own business model since before the dot-com boom of the 90s. And their poor investment performance and lack of support of modern entrepreneurs are two symptoms of a larger problem."
Weisberg points to few big problems with the investment scene in Norway. For instance, the average initial investment in a company is around 10 mNOK (€1.23 million) which is a pretty high average, no matter if a beer in an Oslo pub will set you back €10. Additionally there isn't a lot of smart money. If you were to run profiles on the average VC in Norway, most would come from the financial or government support scene, not the technical or startup scene, which somewhat limits their creativity, or mentoring opportunities.
As a result, Weisberg can quote crazy sounding facts, such as since 2010, no Norwegian investor invested in a Norwegian company's seed round according to the Norwegian Venture Capital Association. The NVCA's data is spotty, and there is no data out for 2013, but realistically if there were a perfectly active ecosystem there should be a number of blindingly obvious seed rounds to include in their data.