Norwegian startups raised a combined NOK 612 million in the third quarter of 2026, according to Shifter's emissions database. That was 84% below the NOK 3.87 billion recorded in the same quarter of 2025. The number of registered rounds fell from 34 to 19. These figures describe the market as a whole; they do not represent one company's financing round.
Two unusually large biotech rounds lifted the year-earlier comparison: Artbio raised NOK 1.3 billion and Actithera NOK 750 million. Without those rounds, Norwegian startups raised NOK 1.82 billion in the third quarter of 2025. Shifter also reports that the median round declined from NOK 45 million to NOK 20 million year on year.