Welcome to
TheFactory Defence & Security Tech
TheFactory DefSec is a specialized initiative focused on innovative companies developing technology for defense, security, and dual-use applications.
What is TheFactory DefSec?
TheFactory DefSec: Accelerator
For founders – by founders. TheFactory DefSec Accelerator is a 12-week accelerator program designed for the most ambitious and exciting founders from Norway within defense and security technology.
TheFactory DefSec: Angel Investors
Together with a number of renowned early-stage investors, TheFactory is establishing TheFactory Angels IX AS — an investment company that will invest in the top founders participating in the accelerator program.
TheFactory DefSec: Angel program
Investing in defense and security technology requires specialized expertise. Together with our strong partners from Norway and abroad, the angel investors will gain essential foundational knowledge of the defense and security industry.
With a new specialized accelerator program, investment company, and investor program, TheFactory positions itself as a leading catalyst for DefSec — Defence & Security Technology — and future security innovation with a focus on dual-use.
What is Defence & Security Technology (DefSec)?
Defence & Security Technology (DefSec) is an umbrella term for technologies, solutions, and systems that strengthen a nation’s defense capability, security, and preparedness. The concept covers both traditional defense technologies and modern security-related innovations, extending well beyond classical military technology.
DefSec includes technologies such as:
military systems, sensors, and weapons platforms
surveillance, intelligence, and situational awareness
autonomous and unmanned systems (air, land, sea, and underwater)
cyber and information security
command-, control-, and communications solutions (C3 / C4ISR)
critical infrastructure, resilience, and societal security
dual-use technologies applicable in both civilian and military contexts
What characterizes the DefSec sector is that the technology is typically:
security-critical — addressing threats to the state and society
high-tech / deep tech — often involving advanced hardware, software, AI, and systems integration
regulation-sensitive — subject to export controls and geopolitical considerations
strategic — supporting national sovereignty, allied cooperation, and operational capability
The term is increasingly used by investors, innovation environments, and public authorities to describe an expanded ecosystem that includes both traditional defense contractors and emerging technology companies delivering solutions in security, preparedness, and digital protection.
Below is an overview of companies operating within the Defence & Security Technology segment in Norway as of January 2026;
TheFactory DefSec Angels I
TheFactory DefSec Angels I AS
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DefSec — Defence & Security Technology — is now one of the most attractive investment verticals globally, driven by rising defense budgets, geopolitical shifts, and a strong transition toward modern, technology-driven capabilities. The segment is expected to deliver solid double-digit annual growth in the coming years.
Through our specialized DefSec SPV — TheFactory DefSec Angels I (TFDSA) — and accelerator program, investors gain direct exposure to carefully selected Nordic companies offering scalable, dual-use-ready solutions with international market potential.
TFDSA provides early access to high-quality deal flow in a sector characterized by strong demand, high barriers to entry, and increasing capital inflows.
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An investment through an SPV (TFDSA) provides investors with diversification into a non-traditional, rapidly growing industry, offering exposure to a portfolio of carefully selected early-stage companies with varying business models. Together, this creates significant upside potential while reducing risk compared to making individual direct investments.
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TheFactory DefSec represents a unique investment opportunity to back qualified and carefully selected ventures at the intersection of defense, security, dual-use, and technology.
By investing through an SPV, investors gain unique exposure to Nordic startups and scale-up companies with significant growth potential within the defense and security industry — one of the fastest-growing technology segments globally.
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TheFactory DefSec Angels I AS (TFDSA) will invest in early-stage companies within DefSec — defense and security technology — typically at the pre-seed and seed stages.
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Investors in TFDSA will jointly define a focused investment strategy, resulting in investments in startup and early growth-stage companies, primarily in the Nordic region, participating in the TheFactory DefSec Accelerator.
TheFactory has identified strong deal flow of innovative technology companies within DefSec that TFDSA can invest in and help develop. The board of TFDSA looks forward to refining and further developing the growth strategy together with the company’s investors.
Investment criteria:
Early-stage technology companies within DefSec — Defence & Security Technology — with significant growth potential and a clear competitive advantage.Investment size:
NOK 1.5–2.5 million totalGeography:
Primarily the Nordics, with a focus on Norwegian companies participating in the accelerator programOwnership & governance:
TheFactory Asset Management AS handles all administrative matters, while the investment strategy of the SPV is defined by the investors in TFDSA.TFDSA investors will be encouraged to take an active role as mentors for the portfolio companies, with an ideal ownership stake of 5–10%.
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Investment company: TheFactory DefSec Angels I AS (TFDSA)
Company type: An investment company owned by early-stage investors, with active participation in both board governance and strategic decision-making.
Administration: TFDSA is administered by TheFactory Asset Management AS (TFAM), a wholly owned subsidiary of TheFactory AS. TFAM works closely with the investors and the board of TFDSA and does not have an independent mandate to make investments without approval from the board and shareholders.
Portfolio management: The portfolio companies are actively supported by the management team at TFAM, in close collaboration with the TFDSA board and its investors. TFAM is a specialized fund management and advisory firm with an experienced team in early-stage venture capital. The management team is based in Norway and is authorized and regulated by the Norwegian Financial Supervisory Authority (Finanstilsynet).
The company leverages the investors’ experience, sector expertise, and networks to drive value creation across the portfolio.
In addition, the board is advised by an advisory panel with specialized expertise in the defense and security industry.
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TheFactory Asset Management AS (TFAM) will serve as the administrative entity for the investment company. TFAM is not registered as the manager of TheFactory DefSec Angels I AS with the Norwegian Financial Supervisory Authority (Finanstilsynet), as TheFactory DefSec Angels I AS is an SPV and not registered as an AIF fund under the AIFM regulations.
While TFAM is responsible for providing administrative and corporate secretarial services — including general fund administration (such as NAV calculations, monitoring through the technical platform EDDA, accounting, and preparation of financial statements) — the board remains the highest decision-making authority. The board is the sole body authorized to make investment decisions on behalf of the investors.
Is this right for you and your company?
TheFactory DefSec Angel Program
TheFactory DefSec Angel Program
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DefSec — Defence & Security Technology — is now one of the most attractive investment verticals globally, driven by rising defense budgets, geopolitical shifts, and a strong transition toward modern, technology-driven capabilities. The segment is expected to deliver solid double-digit annual growth in the years ahead.
Through our DefSec investment company and accelerator program, investors gain direct exposure to carefully selected Nordic companies offering scalable, dual-use–ready solutions with international market potential. The investment company provides early access to high-quality deal flow in a sector characterized by strong demand, high barriers to entry, and increasing capital inflows.
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For angel investors, the program offers a structured 10–12 week journey providing in-depth insight into DefSec, direct access to 6–8 selected startups, and participation in a professional investment process where you help select the final investment targets.
You will take part in the Investor Kick-Off, expert-led sessions, and speed-dating meetings with the companies, before jointly selecting the 3–4 startups to receive an investment at Pitch & Selection Night on April 9. You then follow the progress of the portfolio companies through Demo Day on June 18 via scheduled workshops and ongoing support.
The program delivers curated deal flow, reduced risk through an SPV structure, and a clear, structured framework for angel investing in defense technology.
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January 30 – Investor Kick-Off
Camp 1 – Introduction to defense tech (date within the same period)
Camp 2 – Startup speed dating (date within the same period)
April 9 – Pitch & Selection Night
April 23 – Mentor Day
June 18 – Demo Day
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Angel investors pay a participation fee of NOK 20,000. However, the first cohort receives a 50% discount, bringing the price to NOK 10,000 per investor.
Is this right for you and your company?
TheFactory DefSec Acccelerator
TheFactory DefSec Accelerator
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DefSec — Defence & Security Technology — is now one of the most attractive investment verticals globally, driven by rising defense budgets, geopolitical shifts, and a strong transition toward modern, technology-driven capabilities. The segment is expected to deliver solid double-digit annual growth in the years ahead.
Through our DefSec investment company and accelerator program, investors gain direct exposure to carefully selected Nordic companies offering scalable, dual-use–ready solutions with international market potential. The investment company provides early access to high-quality deal flow in a sector characterized by strong demand, high barriers to entry, and increasing capital inflows.
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TheFactory DefSec Tech Accelerator is a 12-week Nordic program designed to help early-stage DefSec and dual-use startups develop, test, and scale technologies that address real military needs.
The program connects companies directly with defense stakeholders across the Nordics, NATO environments, and in particular Ukraine, where technologies can be piloted under real-world conditions. Startups receive support in technology development, security and export control, business model development, and access to capital, as well as mentorship from defense, industry, and investor communities. The goal is to build companies that deliver real operational impact while scaling into international growth businesses.
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We operate with a standard accelerator fee of 30% of the investment amount, subject to a clear price cap: no startup pays more than NOK 300,000. This means that if the investment size would normally result in a higher fee under the 30% model, the cost is capped at NOK 300,000 regardless.
TheFactory DefSec Angels I AS
Board and initiators
Experience:
CEO and founder of TheFactory. Ingar has held 50+ board positions across startups, investment companies, and funds.
Since founding TheFactory in 2015, Ingar has led the company’s investment activities, completing close to 100 investments.
Experience:
Steffen has more than 25 years of experience in the Armed Forces and extensive experience investing in startups.
He currently works at PwC and holds a Master’s degree in Technology Management.
Steffen is an expert in cybersecurity.
Experience:
Christian is an active early-stage investor and mentor with extensive experience at the intersection of technology and business models, particularly within B2B, defense, security, and dual-use. He is active in European startup ecosystems and angel networks, combining investments with strategic advisory roles for innovative growth companies.
Experience:
Geir is a technology-driven advisor with deep experience at the intersection of business value and technological development, with a particular focus on scaling, due diligence, and strategic transformation. He currently leads a highly skilled team at Vector Software and is passionate about helping organizations turn change and complexity into competitive advantage.
Our partners
Haavind Law Firm
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Haavind is one of Norway’s leading law firms. We are a full-service firm, advising many of the country’s largest companies.
Haavind will be a key strategic partner in the TheFactory DefSec program. As one of Norway’s leading legal environments within business law, Haavind will contribute specialized insight and legal expertise tailored to the Defence and Security Technology sector.
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Through the program, companies gain access to legal advisory services covering areas such as contract law, regulatory frameworks, security, and data protection — enabling them to scale faster, more securely, and in compliance with applicable regulations both nationally and internationally.
Sparebank1 Sør-Norge
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SpareBank 1 Sør-Norge is one of Norway’s largest banks and serves as TheFactory’s main partner in connection with GründerAcademy — the largest accelerator program in the Nordics.
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SpareBank 1 Sør-Norge provides banking services to entrepreneurs.
Ponte
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Ponte is among Norway’s most skilled grant and funding application specialists. They prepare applications for Innovation Norway, the Research Council of Norway, the EU, NATO, and more.
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Ponte will help founders prepare funding applications that secure non-dilutive (soft) funding for their company.
About TheFactory
Our team has extensive experience identifying and investing in early-stage technology companies ahead of significant growth potential. Our unique combination of capital, accelerator programs with knowledge sharing, mentorship, and strong corporate networks helps companies scale faster.
Since its founding in 2015, TheFactory has invested in nearly 100 early-stage companies and achieved six exits. In 2019, TheFactory was awarded Best Accelerator / Incubator in the Nordics by the Global Startup Awards and has since evolved into a leading early-stage investor and venture builder in the Nordic region.
Advisory Board
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Cristobal Alonso
El Patron, early-stage B2B serial investor (450+ investments), serial entrepreneur (three-time CEO), and growth driver, as well as a professional keynote speaker, global leader, bestselling author, and basketball player. The ultimate “make it happen” person.
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Cathrine Lagerberg
Cathrine is an expert in dual-use, strategic risk, and security, with more than 20 years of experience spanning the oil and gas industry, the Armed Forces, intelligence, and consulting.
She advises senior executives and decision-makers on strategic risk and threat assessments across both the public and private sectors, nationally and internationally. With a background in engineering and defense, she works actively to strengthen security awareness and protect Norwegian technology, industry, and R&D.
Administrasjonen
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Ingar S. Bentsen
CEO THEFACTORY
CHAIR OF THE BOARD, THEFACTORY ASSET MANAGEMENT
Ingar@thefactory.no / LinkedInIngar founded TheFactory in 2015 and has since built the company to a team of six employees, investing more than NOK 30 million through TheFactory’s funds across 72 early-stage companies. In addition, he organized the acquisition of Angel Challenge and its portfolio of 24 companies. He is deeply committed to shaping the future of business, and in 2019 he received the award “Ecosystem Hero of the Year” from the Nordic Startup Awards for his contributions to Norway’s entrepreneurial ecosystem.
Ingar holds ongoing, active board positions in the portfolio companies and serves as CEO of TheFactory AS, as well as Chair of the Board of TheFactory Asset Management AS.
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Pia Merkesdal
COO THEFACTORY
Pia has been actively involved in Norway’s entrepreneurial ecosystem since 2002, contributing to the development of companies such as 123Tele, Mobilshop, Mobizz, and NetNordic Norway through early 2017/18.
She subsequently joined TheFactory as Head of Administration and has since served as COO at TheFactory, as well as a board member in several of TheFactory’s investment companies.
Pia is also a board member of TheFactory Asset Management AS.
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Simon Ruud
CEO THEFACTORY ACADEMY
simon@thefactory.no / LinkedIn
Simon is a former competitive alpine skier and currently serves as CEO of TheFactory Academy AS, our program operations arm.
He is the Program Director for the TheFactory DAST Accelerator (DASTA) and Sportstech Academy, and is also responsible for screening and selecting companies for the programs.
Simon has a strong market overview and a keen understanding of which companies align with our programs and fund strategy.