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Viking Growth, formerly known as Viking Venture, is a prominent venture capital firm established in 2001 and headquartered in Trondheim, Norway, with an additional office in London. The firm has evolved from a broad venture capital approach to a specialized focus on scale-up growth investments in Nordic B2B SaaS companies. As of 2026, Viking Growth manages over NOK 4.4 billion (approximately $400 million) in assets.
The firm has a total portfolio of 50 companies, with 19 actively generating a combined annual recurring revenue (ARR) of NOK 4 billion. Viking Growth has consistently ranked among Norway's top venture capital firms, recognized for its targeted investment strategy and successful exit track record.
Notable milestones include a rebranding to Viking Growth in February 2025, reflecting its refined focus on the Nordic B2B software sector. The firm has achieved over 20 exits since its inception, demonstrating a strong commitment to supporting companies with significant international growth potential.
Viking Growth specializes in investing in Nordic B2B software and SaaS companies that are in the scale-up stage. The firm targets companies with a revenue or contracted annual recurring revenue (ARR) between €2 million and €15 million. This focus on documented growth and international market potential distinguishes Viking Growth from other investors.
The firm typically engages in growth equity investments, taking active minority positions and securing board seats to provide strategic guidance. Viking Growth emphasizes support in commercial strategy, hiring, and international expansion, ensuring that portfolio companies are well-positioned for success in competitive markets.
Geographically, Viking Growth concentrates its efforts in Europe, particularly the Nordic region, where it identifies high-potential software companies. The firm’s investment strategy is designed to bridge the funding gap for companies that have achieved product-market fit but are not yet at the Series B stage.
Viking Growth's active portfolio consists of 19 companies, each demonstrating strong growth potential in the B2B SaaS sector. Notable portfolio companies include:
The combined ARR of these companies is NOK 4 billion, showcasing the firm's commitment to supporting high-growth potential businesses.
Erik Fjellvær Hagen — Managing Partner. Erik co-founded Viking Growth and has extensive experience in venture capital, focusing on B2B software investments.
Jostein Vik — Partner. Jostein is a co-founder of the firm and has a strong background in technology investments.
Eivind Bergsmyr — Partner. Eivind brings expertise in scaling software companies and has been instrumental in several successful exits.
Joar Welde — Partner. Joar specializes in operational excellence and supports portfolio companies in their growth journeys.
Hege Kristine Kvitsand — Partner & CFO. Hege oversees financial operations and strategic planning for the firm.
Additional team members include Investment Directors Martin Sjøhaug Eriksen, Andreas Davies Sandbu, and Eirik Brænd Hjelmeland, along with Ingvild Farstad, Head of Operational Excellence, and Anders Løe, Head of Investor Relations.
To pitch Viking Growth, founders should visit their website at vikinggrowth.com. It is recommended to include a comprehensive pitch deck that outlines the business model, growth metrics, and market potential. Viking Growth prefers warm introductions but will also consider direct applications through their website.
Response times can vary, but founders should expect to hear back within a few weeks after submission. Clear and concise communication is essential to capture the firm's interest.
In March 2026, Viking Growth announced the exit of Tamigo, which was sold to Accel-KKR. This follows the sale of Xait to Main Capital Partners in July 2025. In November 2024, Penneo received an all-cash public takeover offer from Visma, further highlighting the firm's successful exit strategy.
Viking Growth has maintained a consistent exit cadence, achieving over 20 exits since its founding in 2001, with a recent trend of 1-2 exits per year. The firm continues to actively invest in promising companies, with a deployment pace of approximately 2.6 deals per year.
What are Viking Growth's investment criteria?
Viking Growth focuses on Nordic B2B software and SaaS companies that are in the scale-up stage. They look for companies with a revenue or contracted annual recurring revenue (ARR) between €2 million and €15 million, emphasizing documented historical growth and significant international expansion potential.
How can I pitch to Viking Growth?
Founders can pitch to Viking Growth through their website at vikinggrowth.com. It is advisable to include detailed information about your business model, growth metrics, and market potential in your pitch deck.
What makes Viking Growth different from other investors?
Viking Growth specializes in the often underfunded scale-up stage of B2B SaaS companies, providing not just capital but also strategic support in areas such as commercial strategy and international expansion. Their active minority positions and board involvement ensure alignment and guidance.
What is the geographic scope of Viking Growth's investments?
The firm primarily invests in the Nordic region, focusing on companies based in Norway, Sweden, Denmark, and Finland. Their London office supports portfolio companies expanding into English-speaking markets.
What is the average check size for investments?
Viking Growth typically invests between $2 million and $15 million per round, with an average round size of approximately $10.3 million.
What is Viking Growth's post-investment involvement like?
Viking Growth takes an active role in its portfolio companies, often securing a board seat to provide strategic guidance and support. They assist with hiring, commercial strategy, and international expansion efforts.
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