Funded Biotechnology Startups in Norway
The 20 rounds on this page span January 2021 through July 2025, with the highest concentration of activity in 2024.
The 20 rounds on this page span January 2021 through July 2025, with the highest concentration of activity in 2024. Oslo dominates — 14 of the 20 entries are headquartered there, covering companies from Actithera and Calluna Pharma to Zelluna Immunotherapy and Oncoinvent. The two largest disclosed raises are Calluna Pharma's $82M Series A (January 2024) and Actithera's $76M Series A (July 2025), with OptiNose's $55M round in May 2024 ranking third.
Outside Oslo, funded companies appear in Trondheim (CardioMech, Biosergen AS), Tromsø (Lytix Biopharma), Bergen (BerGenBio), Ålesund (Hofseth BioCare), and Fornebu (IDEX). Thirteen of the 20 rounds carry a Series Unknown classification, distinct from the two labeled Series A raises, two Seed rounds, and the post-IPO structures used by BerGenBio and Nordic Nanovector. Oncology and immunotherapy are a recurring focus, with Zelluna Immunotherapy, NEC OncoImmunity, Oncoinvent, Targovax, and Nordic Nanovector all working in cancer-related indications.
Most recent rounds
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Frequently asked
What are the largest recent rounds among Norwegian biotech companies in this dataset?
The three largest disclosed rounds are Calluna Pharma's $82M Series A (January 2024), Actithera's $76M Series A (July 2025), and OptiNose's $55M round (May 2024). All three are Oslo-based.
Where are most of these funded Norwegian biotech companies headquartered?
Oslo accounts for 14 of the 20 entries, including both Series A companies — Actithera and Calluna Pharma. Trondheim appears twice (CardioMech, Biosergen AS), while Bergen, Tromsø, Ålesund, and Fornebu each account for one company.
Which round structures appear in this data beyond standard venture rounds?
Beyond the two labeled Series A rounds and two Seed rounds, the dataset includes Post-IPO Debt (BerGenBio, Bergen, $10M, October 2022), Post-IPO Equity (Nordic Nanovector, Oslo, $100K, March 2022), and a Pre-Seed round (Hemispherian, $100K, January 2021). The remaining 13 entries carry a Series Unknown classification.
What therapeutic focus areas come up most often in this set of funded companies?
Oncology and immunotherapy form the most visible cluster — Zelluna Immunotherapy, NEC OncoImmunity, Oncoinvent, Targovax, Lytix Biopharma, and Nordic Nanovector all operate in cancer-related indications. CardioMech (cardiac devices, Trondheim) and NEXT Biometrics and IDEX (biometric fingerprint technology, Oslo and Fornebu) represent other niches present in the data.
How active was Norwegian biotech funding in 2024 and into 2025?
Nine rounds closed during 2024 in this dataset, including five between October and December — NEXT Biometrics, Biosergen AS, Oncoinvent, Lytix Biopharma, and Age Labs. Five rounds are recorded in 2025, led by Actithera's $76M Series A in July, which is the largest single raise among all 20 entries shown.
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