Discover if this is a suitable investor for your startup. If they are we'll make a warm introduction for free. Otherwise, we'll connect you with matching investors.
CodeLab Capital is a Nordic-based holding company that supports technology entrepreneurs in scaling their businesses. Originally founded as Patientsky Group AS, the organization has pivoted to a Nordic B2B SaaS roll-up strategy. This transition allows CodeLab Capital to provide strategic guidance, funding, and access to a robust network, aiming to foster sustainable growth and create a positive global impact through its investments.
As of 2026, CodeLab Capital operates with a portfolio of six notable companies and is publicly listed on Euronext Growth under the ticker CODE. The firm focuses on acquiring majority or significant minority stakes in profitable or near-profitable small SaaS companies, particularly in the healthcare IT and occupational health sectors. The organization emphasizes a Norway-first approach while also considering broader Nordic opportunities.
CodeLab Capital's commitment to the technology sector is evident in its investment strategy, which targets companies with the potential to shape the future. The firm has established itself as a key player in the Nordic technology ecosystem, leveraging its expertise to drive growth and enhance operational efficiency across its portfolio.
CodeLab Capital primarily invests in technology companies, with a strong emphasis on Software as a Service (SaaS) and mobile applications. The organization seeks to support profitable or high-growth small SaaS businesses in the Nordic region, particularly those that can contribute to a better world. The firm’s investment strategy focuses on acquiring and supporting companies that demonstrate potential for sustainable growth.
The typical check size for investments ranges from NOK 10 million to NOK 40 million in annual recurring revenue (ARR). CodeLab Capital is particularly interested in sectors such as healthcare IT, cloud infrastructure, and fintech. The organization looks for founders who are committed to driving innovation and have a clear vision for their companies. Deal structures often involve majority or significant minority stakes, allowing CodeLab Capital to provide substantial strategic guidance and operational support.
CodeLab Capital's portfolio includes six notable companies, primarily in the SaaS sector:
These companies reflect CodeLab Capital's focus on the healthcare sector and its commitment to supporting technology-driven solutions that enhance operational efficiency and patient care.
Anton Lorenz Bondesen: CEO of CodeLab Capital, Anton has a background in technology investments and has led multiple successful acquisitions in the SaaS sector.
Christoffer Mathiesen: Chief Financial Officer, Christoffer brings extensive financial expertise and has been instrumental in managing the firm's investment strategies and financial operations.
To pitch CodeLab Capital, founders should use the contact form available on their website. A comprehensive pitch deck is essential, including details on the business model, market analysis, and financial forecasts. The firm typically responds within a few weeks, and warm introductions are preferred but not mandatory.
In May 2025, CodeLab Capital acquired Kuba Norge AS for NOK 20 million, focusing on HSE/OHS compliance SaaS with an ARR of NOK 12.5 million and 1,500 customers.
In October 2025, the firm announced the acquisition of 50% of Cloudya AS for NOK 5 million in CodeLab shares, targeting a rapid growth trajectory from zero to NOK 23 million ARR.
In March 2026, CodeLab Capital signed a non-binding term sheet for a 100% acquisition of an unnamed Norwegian OHS services provider, further expanding its portfolio in the occupational health sector.
What are CodeLab Capital's investment criteria?
CodeLab Capital invests in profitable or near-profitable small SaaS companies, particularly in the Nordic region. The firm focuses on sectors such as healthcare IT, cloud infrastructure, and fintech.
How can I apply or pitch to CodeLab Capital?
Founders can reach out through the contact form on the CodeLab Capital website. A detailed pitch deck outlining the business model, market opportunity, and financial projections is recommended.
What makes CodeLab Capital different from other investors?
CodeLab Capital operates as a publicly listed holding company, allowing for a unique investment model that focuses on acquiring majority stakes in companies. This structure enables them to provide significant operational support and strategic guidance.
What is the geographic scope of CodeLab Capital's investments?
The firm primarily focuses on Norway but is open to broader Nordic opportunities, particularly in the technology sector.
What is the typical check size for investments?
CodeLab Capital typically invests in companies with an ARR ranging from NOK 10 million to NOK 40 million, aligning with their focus on profitable or high-growth businesses.
What kind of post-investment involvement can portfolio companies expect?
CodeLab Capital provides strategic guidance, access to a vast network, and financial support aimed at driving growth and enhancing operational efficiency for its portfolio companies.
All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks, and brands does not imply endorsement.