TheFactory DefSec Fund II
Fund at a glance
15MNOK
Target Raise
Norway
Geography
AIF
Fund Type
2026
Vintage
Open
Fund Status
Early stage tech
Investment Focus
Screening
Investment Status
Defence, security & dual-use tech
Core Sectors
Open to new subscriptions
New Investors
TheFactory DefSec Fund II
The
DefSec Fund II is now fundraising. The fund targets middle-market companies across Norway, focusing on buyouts and growth equity investments that support operational improvement, market expansion, and digital transformation. Investment size typically ranges from €20 million to €150 million per platform, with flexibility for follow‑on investments.
Key investment themes
Investment themes guide capital toward structural trends such as aging populations, climate transition, and digitization, helping investors capture long-term growth beyond short-term market cycles.
“We believe the best early-stage investments are built through access, insight and active ownership — not capital alone.”
From ecosystem to investment
TheFactory Norway Fund I was created on the back of TheFactory’s experience as one of Norway’s pioneering startup and accelerator environments.
Our position in the Nordic startup ecosystem has given us access to a broad pipeline of founders and investment opportunities. Companies are evaluated based on the quality of the team, market opportunity, scalability, technology and potential for international growth.
The fund takes an active approach to ownership, working closely with founders and management teams while leveraging TheFactory’s broader network of investors, industry partners and experienced entrepreneurs.