Key Takeaways
- • RunwayVC, an Oslo-based early-stage investor, secured a €40 million first close for its second fund, marking its first institutional capital raise beyond founder Aker.
- • Fund II targets pre-seed to Series A companies in industrial AI, robotics, automation, and autonomous systems, with typical check sizes of €500,000 to €1 million per deal.
- • New limited partners include Halliburton, Aker BP, Aker Solutions, KLP (Norwegian pension provider), Investinor (state-backed), and Norwegian industrial families, with Aker retaining anchor position.
- • Approximately 70% of RunwayVC's portfolio is concentrated in Norway and the Nordics, with remaining exposure across Europe including companies like WSense and Telgea.
- • Founder Tor Bækkelund emphasized the firm's thesis that industrial AI represents a generational technology shift that will spawn the next wave of global technology companies.
Summary
RunwayVC, the Oslo-based venture capital firm founded in 2021 by Tor Bækkelund and backed by billionaire Kjell Inge Røkke's Aker holding company, has reached a €40 million first close for its second fund. The milestone represents a significant expansion of the firm's capital base and marks the first time RunwayVC has opened its cap table beyond its original single backer. Fund II will invest in pre-seed to Series A stage companies across industrial AI, software, robotics, automation, and autonomous systems—sectors the firm views as undergoing a fundamental technological transformation.
The new fundraising round attracted a diverse group of institutional and strategic limited partners. Halliburton, the oil and gas services giant, joined alongside Aker BP and Aker Solutions, both subsidiaries of the Aker holding company. Additional institutional backing came from KLP, Norway's largest pension provider, and Investinor, the state-backed investment vehicle. The firm also secured commitments from several Norwegian industrial families. Aker maintained its position as the principal LP, demonstrating continued confidence from the original backer. This structure represents a shift from RunwayVC's first fund, which was capitalized solely with 300 million Norwegian kroner from Aker, a setup that Bækkelund noted allowed the team to deploy capital quickly while building track record before institutional fundraising.
RunwayVC typically leads or co-invests in first institutional rounds ranging from €500,000 to €1 million, with follow-on capital sourced separately. The firm's portfolio is heavily concentrated in Nordic markets, with approximately 70% of investments in Norway and the broader Scandinavian region, while the remaining 30% spans other European markets. Portfolio companies include WSense and Telgea, reflecting the firm's focus on industrial technology applications.
Bækkelund characterized the current environment as a pivotal moment for industrial technology, stating that "we are in the middle of a technology shift in industry, which will lead to the next generation of global technology companies." Fund II's larger capital base positions RunwayVC to increase deployment velocity and capital intensity per deal, strengthening its ability to support portfolio companies through subsequent funding rounds and enabling deeper conviction bets within its core thesis.
The new fundraising round attracted a diverse group of institutional and strategic limited partners. Halliburton, the oil and gas services giant, joined alongside Aker BP and Aker Solutions, both subsidiaries of the Aker holding company. Additional institutional backing came from KLP, Norway's largest pension provider, and Investinor, the state-backed investment vehicle. The firm also secured commitments from several Norwegian industrial families. Aker maintained its position as the principal LP, demonstrating continued confidence from the original backer. This structure represents a shift from RunwayVC's first fund, which was capitalized solely with 300 million Norwegian kroner from Aker, a setup that Bækkelund noted allowed the team to deploy capital quickly while building track record before institutional fundraising.
RunwayVC typically leads or co-invests in first institutional rounds ranging from €500,000 to €1 million, with follow-on capital sourced separately. The firm's portfolio is heavily concentrated in Nordic markets, with approximately 70% of investments in Norway and the broader Scandinavian region, while the remaining 30% spans other European markets. Portfolio companies include WSense and Telgea, reflecting the firm's focus on industrial technology applications.
Bækkelund characterized the current environment as a pivotal moment for industrial technology, stating that "we are in the middle of a technology shift in industry, which will lead to the next generation of global technology companies." Fund II's larger capital base positions RunwayVC to increase deployment velocity and capital intensity per deal, strengthening its ability to support portfolio companies through subsequent funding rounds and enabling deeper conviction bets within its core thesis.
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