Skyfall Ventures launches Fund III after ranking among the best-performing venture funds globally, reaching NOK 1 billion ($100m) under management
The Skyfall team: Preben Songe-Møller, Espen Malmo, Cecilie Skjong, og Jon Kåre Stene.
Skyfall Ventures, a leading Norwegian early-stage venture capital firm focused on pre-seed and seed investments in the Nordics, today announced the launch of Skyfall Fund III, its third fund with a target size of NOK 400 million ($40m). The fund is already active and has made its first investment.
With the launch of Fund III, Skyfall surpasses NOK 1 billion ($100m) in assets under management, marking a significant milestone for the Oslo-based firm.
Since 2014, Skyfall has backed companies that have gone on to define or reshape their categories. To date, the firm has invested in more than 50 companies and completed five exits, including Oda (sold to SoftBank), Otovo (IPO) and Tise (acquired by eBay).
This long-term approach has translated into strong and consistent performance. Over more than a decade of investing, Skyfall has delivered an average annual return of 31.5%, and both Skyfall Fund I (2020 vintage) and Skyfall Fund II (2022 vintage) rank in the top 10% of venture funds globally within their respective vintages, based on performance benchmarks from Carta¹.
Today, Skyfall’s portfolio includes a number of fast-growing technology companies, such as Firi (the leading crypto exchange in the Nordics), Enode (API infrastructure connecting electric vehicles and devices with software), Riff (AI-native software enabling agentic workflows through conversational interfaces), Parahelp (AI-powered customer support solution), Starflow (energy management system unifying solar, home batteries and EV charging), Physical Robotics (humanoid robotics technology), and Take Take Take (the “Strava for chess,” combining AI coaching, elite commentary and social gameplay).
According to Skyfall, the conditions that enabled these outcomes are now amplifying, creating a new and unusually attractive window for early-stage investing.
“We believe we are entering a new phase of company creation,” says Espen Malmo, Co-founder and Managing Partner at Skyfall Ventures.
“AI represents a fundamental platform shift, reshaping how companies build products, scale and compete. At the same time, the cost of innovation has collapsed, giving small, highly focused teams capabilities that previously required massive organizations.”
Advances in AI, cloud infrastructure and developer tooling have dramatically reduced the capital and time required to build technology. As a result, small startups are now positioned to challenge incumbents across most industries, compressing years of company-building into months.
Skyfall also points to strong momentum in Norway specifically, building on an already strong Nordic ecosystem more broadly. A growing number of successful scale-ups and exits have strengthened the founder pool and increased ambition among entrepreneurs, while continued interest from leading international venture firms has validated the region.
“The Norwegian tech ecosystem has reached critical mass,” Malmo says.
“Successful exits are recycling capital and experience back into new companies. You now have repeat founders, deep technical talent and global ambition from day one — and that flywheel is starting to compound.“We believe we are entering a new phase of company creation,” says Espen Malmo, Co-founder and Managing Partner at Skyfall Ventures.
Skyfall Fund III will continue the focus on pre-seed and seed-stage investments, backing companies at the very beginning of their journey. The fund is designed to invest in a total of 20–30 companies.
For media inquiries:
Espen Malmo, Managing Partner & Co-founder
Skyfall Ventures
Email: espen@skyfall.vc
Phone: +47 452 06 811
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