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Dovetail is a venture capital firm founded in 2021 in Norway, operating as a joint venture between Grenir, a family-owned investment firm, and Bakken & Bæck, a technology-driven design studio. The firm focuses on supporting tech-enabled companies that demonstrate commercially proven business models and a clear path to profitability. Dovetail's investment strategy emphasizes a hands-on approach, leveraging the design and engineering expertise of Bakken & Bæck to optimize operations and drive sustainable growth.
Currently, Dovetail manages a portfolio of five companies across various sectors, including logistics, climate, healthcare, and agtech. The firm operates primarily in North America, Europe, and Asia, with a commitment to investing between NOK 30 million and NOK 150 million (approximately $3 million to $15 million) in each opportunity. Dovetail's unique operational model differentiates it from traditional financial investors, as it actively engages with portfolio companies to enhance their strategic direction and operational efficiency.
Dovetail invests in tech-enabled companies that have demonstrated commercial viability and profitability or possess a clear path to achieving it. The firm targets sectors such as logistics, climate, healthcare, and agtech, reflecting a commitment to sustainability and innovation. Investment opportunities typically range from NOK 30 million to NOK 150 million, which translates to approximately $3 million to $15 million. This range allows Dovetail to engage with companies at various stages of growth, particularly Series A, Series B, and growth equity.
The firm seeks to be an active and influential owner, leveraging its design and engineering expertise to add value beyond capital. Dovetail's investment thesis emphasizes hands-on involvement, focusing on businesses where they can make a significant impact on operational efficiency and long-term growth. This approach aligns with their goal of fostering sustainable business practices and supporting companies that are poised for success in the digital landscape.
Dovetail's portfolio includes five notable companies that exemplify its investment focus on tech-enabled solutions:
These companies reflect Dovetail's commitment to investing in sectors that are not only commercially viable but also contribute to sustainability and operational efficiency.
Eirik V. Dahle: Managing Partner at Dovetail, Eirik has extensive experience in venture capital and investment management, focusing on technology-driven companies.
Johan Bakken: Partner at Dovetail, Johan is a co-founder of Bakken & Bæck and brings a wealth of knowledge in design and technology to the firm.
Tobias Bæck: Partner at Dovetail, Tobias has a background in technology and design, contributing to the firm's unique approach to investment.
Codruța Gamulea Berg: Partner at Dovetail, Codruța specializes in operational strategy and has a strong track record in supporting tech-enabled businesses.
To pitch Dovetail, founders should reach out via email at hello@dovetail.no. A well-structured pitch deck is essential, including key information about the business model, market opportunity, and financial projections. Dovetail prefers to see a clear path to profitability and evidence of market validation.
Response times can vary, but founders should expect to hear back within a few weeks. Warm introductions are beneficial, as they can enhance the likelihood of a favorable response.
In August 2023, Dovetail co-invested with Nysnø Climate Investments in Metizoft, a maritime software company focused on climate solutions, in a round totaling 160 million NOK.
Dovetail is also noted for its involvement with Nofence, a Norwegian agtech company specializing in virtual fencing for grazing animals, and 360 Logistics, a third-party logistics provider, both of which are co-investments with Ferd Impact Investing.
As of 2023, Dovetail continues to build its portfolio, actively seeking new investment opportunities in the Nordic retail and tech segments, as listed on Springboard.no.
What are Dovetail's investment criteria?
Dovetail focuses on tech-enabled companies that are commercially proven and either profitable or have a clear path to profitability. They target sectors such as logistics, climate, healthcare, and agtech.
How can I pitch to Dovetail?
Founders can pitch to Dovetail by visiting their website at dovetail.no and using the contact email hello@dovetail.no. A well-prepared pitch deck should include details about the business model, market opportunity, and financial projections.
What makes Dovetail different from other investors?
Dovetail differentiates itself by combining capital with hands-on design and engineering expertise from Bakken & Bæck. This unique approach allows them to actively engage with portfolio companies to optimize operations and drive growth.
What is the typical check size for Dovetail?
Dovetail typically invests between NOK 30 million and NOK 150 million, which is approximately $3 million to $15 million, depending on the specific needs and potential of the company.
What is Dovetail's geographic focus?
Dovetail operates primarily in North America, Europe, and Asia, seeking investment opportunities in these regions that align with their sector focus.
What kind of support can portfolio companies expect?
Portfolio companies can expect hands-on support from Dovetail, including strategic guidance, operational optimization, and access to a network of industry experts, which can significantly enhance their growth trajectory.
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