Norwegian early-stage venture firm RunwayVC has announced the first close of its second fund at €40 million. This new fund will target promising startups in industrial AI, robotics, and autonomous systems. The firm is backed by a powerful coalition of industrial and financial investors, signaling confidence in its specialized strategy.
Strategic Backing from Industrial Giants
Aker, the sole limited partner in the firm's first fund, continues as a cornerstone investor in Fund II. It is now joined by industrial heavyweights including Halliburton, Aker BP, and Aker Solutions. This investor base provides portfolio companies with invaluable access to expertise, customers, and real-world operating environments.
The fund also attracted capital from institutional investors such as KLP, Norway’s largest pension company, and the state-owned Investinor. This diverse group is rounded out by Norwegian industrial families and experienced technology and finance investors. Their involvement expands the network and market insight available to the founders RunwayVC supports.
Building on a Successful Foundation
RunwayVC's first fund established a strong track record, investing in 24 companies and achieving two exits since 2022. Its portfolio companies have collectively raised more than NOK 2 billion in subsequent external capital. This performance demonstrates the viability of its investment thesis in a demanding sector.
The firm's model emphasizes integrating industrial access directly into the investment process from the beginning. This approach has proven beneficial for portfolio companies like OTee and AirHub, which leveraged connections within the Aker ecosystem. The strategy helps validate technology and accelerate commercial opportunities for early-stage startups.
A Focused Strategy for Industrial Transformation
With Fund II, RunwayVC plans to make approximately 20 new investments over the next three to five years. Initial checks will typically range from NOK 5 to 10 million, with a primary focus on opportunities in Norway and the Nordics. The firm will also selectively consider investments in other parts of Europe and the United States.
The core investment thesis centers on the convergence of digital technology with physical industry. RunwayVC believes this shift will create the next wave of global tech leaders by supporting founders developing solutions for real-world industrial challenges. The focus is on creating meaningful improvements in productivity, safety, and efficiency.
Inaugural Investments Signal Future Direction
The fund has already deployed capital into its first two companies, starting with Minerva Humanoids. This startup is developing rugged humanoid robots designed to operate in dangerous and demanding industrial settings. The investment highlights RunwayVC's commitment to backing ambitious hardware and robotics ventures.
The second investment, HIVE Autonomy, is a Norwegian company developing a Physical AI platform to make existing industrial machines autonomous. This complements the Minerva investment by addressing the vast installed base of current industrial equipment. These companies showcase the fund's dual focus on new and existing industrial assets.
The €40 million first close of Fund II positions RunwayVC to deepen its impact on the industrial technology landscape. By combining venture capital with unparalleled industrial expertise, the firm is well-equipped to nurture the next generation of innovators. This new fund underscores the growing importance of technology in transforming traditional industries for an automated future.