The importance of "soft funding"
Just in time for Christmas we learned that 3 of our portfolio companies were awarded major grants from the Research Council of Norway. Visavi
and Wellstarter were awarded IPN-funding of 25 MNOK in total.
"We are grateful to the Research Council for this contribution that will be well spent on developing new technologies and products that will reduce CAPEX and OPEX, increase production and improve HSE for the oil and gas industry.
ProVenture regard this funding as a recognition of the quality of the innovative work that is being performed in our companies and we encourage all our portfolio companies to explore possibilities within soft funding. R&D-funding in combination with equity from Norwegian seed and early phase funds provide a solid basis for the development of Norwegian startups into successful international exporters of leading edge technology", states David Lysne, Managing Partner in ProVenture. Congratulations!