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Norway #30: Norway’s Exit Tax Will Harm the Startup Scene, Strise Recognized as Fast Company’s World’s Most Innovative Companies & Völur raised $2.85 million.

By 7 April 2024No Comments4 min read

The proposed iteration of Norway’s exit tax, suggested by Finance Minister Trygve Slagsvold Vedum, entails a heavy 37.8% tax on both realized and unrealized assets, impacting startups significantly. For example a co-founder leaving Norway after having raised a $10 million seed round and holding a 30% share, could face a tax exceeding $1 million. (link) This has sparked uproar in the startup community, with concerns raised over the effect on capital availability and innovation. Additionally, the tax risks would deter international talent and investors, undermining Norway’s appeal as an economy for entrepreneurship and investment.

This leads to founders now questioning “Should I stay or should I go?”. That’s why we’re hosting a special Tech Town Hall with NAST to discuss the challenges and strategize for the 2025 elections. Join us tomorrow at 15:00 at Mesh Youngstorget! (link)

Top News (1-3 on Exit Tax)

  1. Read more on the proposed exit tax by Finance Minister Trygve Slagsvold Vedum here. (link)
  2. Entrepreneurs, investors, and startup ecosystem players react strongly toward the exit tax. (link). More reactions from notable entrepreneurs and investors: Alex Svanevik shared by Michael Jackson (link), Frederik Haga (link), Johan Brand (link), Alexander Woxen (link), Rolf Assev (link), Magne Uppman (link)
  3. Lauri Kokkila, Partner at Finnish Inventure, shares his surprise and disappointment with the exit tax. (link) Finland was faced with the same change and managed to turn it around. (link)
  4. HRH Crown Prince Haakon of Norway, Jan Christian Vestre, Karianne Oldernse Tung and a Norwegian delegation of companies will travel to Northern California to connect with investors and business partners in the US. (link)
  5. Changes to the Second-Hand Trade Act will make it easier for businesses to incorporate used goods into their business models. This is a positive step in the right direction for the transition to a circular economy. (link)
  6. Strise has been recognized as one of Fast Company’s World’s Most Innovative Companies 2024. (link)
  7. 6AM is listed in the 22nd place in the Financial Times list of leading start-up hubs. (link)
  8. Per Einar Dybvik and Kjetil Holmefjord talk about the value of having founders as CEOs for a long time. (link)
  9. Dr.Dropin launched in the UK. (link)
  10. Main takeaways from RunwayFBU’s Think Big Norway conference. (link)

Latest on Funding

🗽 Reddit, the social media platform, debuted in the New York Stock Exchange with a valuation of $6.4 billion. (link)

💻 Ingrid, a Stockholm-based delivery experience platform, raised €21 million in funding led by Verdane alongside Schibsted Ventures. (link)

🚀 Völur, the meat tech startup, raised $2.85 million from Serra Ventures, York IE, Saria, along with existing investors Idékapital, Fusion Fund, and Fortress Fund. (link)

🩺 No Isolation sold Komp to Swedish Abilia for 20 million NOK. (link)

💻 Swipeload, a logistic company, raised 10.3 million NOK and 13 million NOK in debt from existing owners is converted into shares, valuing the company at 83 million NOK. (link)

🔭 Kongsberg Satellite Services buys 70% of Vake, a space startup, becoming the majority owner of the startup. (link)

Latest on Talent

✉️ Former CEO of Boitano, Anne Kristine Lund, becomes the CEO of Webstep. (link)

🤘 Lars Flesland, previously at StartupLab, is now CMO at Svemko. (link)

👩‍💻  Völur’s CEO Robert Ekrem steps down and Ana Turvoll becomes the new CEO. (link)

💻 Former Opera Software top Aneesh Rajaram joins as a new investor at Swipeload. (link)

✍️ Sonia Bains is departing from StartupLab to embark on her own venture, assisting individuals with their visibility on LinkedIn.

📱 Here is Kahoot’s new board. (link)

🤖 Saga Robotics welcomes a new CPO, Damian Flynn, who has experience scaling products that integrate software and hardware together. (link)

🎸 Meet Buzzfond, the fund that is transforming the music landscape in Bergen and how LA artist Elaine Maltezos found support in Bergen’s music landscape. (link)

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