Call for Proposals: Mobilising Capital for Nordic Growth and Scale-ups

Key information

About the call

Nordic Innovation is seeking proposals for Nordic projects that improve and enables access to capital for growth companies and scale-ups, and that contribute to a more integrated financing ecosystem in the Nordics. Proposals may offer new solutions to practical company-level needs, investor engagement, new financing pathways or system-level barriers that limit Nordic companies’ ability to scale across borders. 

The call supports Nordic collaboration, capacity-building, investor engagement and ecosystem integration.  

The selected proposals will be funded through the programme Nordic Growth & Capital Attraction, which aims to strengthen Nordic companies’ international opportunities and access to financing. The programme contributes to the Nordic Vision 2030, which states that the Nordic region should become the most sustainable and integrated region in the world by 2030. 

There will be information webinar organized on this call on 14 October at 13:00-14:00 CEST. This will be announced separately at Nordic Innovation’s web page. 

Background 

The scaleup capital challenge is well addressed in several EU and Nordic level reports and discussion, including the report on State of the Nordic Innovation Ecosystem. where every Nordic country reports a growth and scaling capital gap. 

The Nordic region has strong innovation environments, internationally competitive companies, advanced research and technology communities, experienced investors and significant pools of long-term capital. Still, many promising Nordic companies face challenges when moving from start-up to scale-up – and in particular accessing scaleup and growth capital. National markets and investment fund sizes are small, investor networks are often organised nationally, and larger growth-financing rounds can be difficult to secure within the region – making ownership to drift away early from the region. 

At the same time, the Nordic region has an opportunity to make better use of its combined strengths. Stronger cross-border cooperation can for instance improve the visibility of Nordic deal flow, connect companies with a broader investor base, create new investment vehicles and funds, and help to mobilise private and long-term capital towards innovative companies with high growth potential. 

Improving scale-up financing is important for Nordic competitiveness, industrial renewal, high-value jobs and long-term value creation.  

The call is intended to complement existing initiatives and programmes by supporting Nordic cooperation and ecosystem integration.  The call is aiming to support project  activities that enables national organisations and efforts  to create increased value when activities are carried out on a Nordic level.

Funding and co-financing 

• Nordic Innovation has allocated NOK 6 000 000 to this call for proposals.  

• The funding sought per project can be in the range of NOK 1 000 000 – 3 000 000 (with total project budget of NOK 2 000 000 – 6 000 000, respectively).  The funding will be given in the form of a grant.  

• Public project grants, including funding from Nordic Innovation, shall not exceed 50% of total project costs. 

• Nordic Innovation requires a minimum of 50% co-funding from project participants.    

• Co-funding can be in the form of direct funding (capital) or in-kind contributions (working hours). The composition of the co-funding must be demonstrated in the proposal.     

• The co-funding requirement of 50% applies to the project as a whole and not to individual partners. However, each partner must have a minimum of 10 % co-funding.   

• The total share of any in-kind contributions must be reasonable and well-balanced.    

• Nordic Innovation can freely choose to split the total amount of NOK 6 000 000 between several projects. Nordic Innovation reserves the right to modify allocated budget, or not to award any funding under this call.  

Activity description 

Projects should demonstrate clear Nordic value-add in addressing the scale and growth capital challenge. Examples of activities include: 

• Set up Nordic cooperation models or shared investor frameworks that help scale-ups, fund managers and long-term capital actors meet and work across borders. 
• Develop concrete financing concepts, such as co-investment models, fund-of-funds ideas, institutional investor platforms or growth-equity structures, that can be further tested or mobilised. 
• Mobilize institutional capital by developing shared Nordic approaches, investment cases or dialogue formats that make scale-up investment opportunities easier to assess and engage with. 
• Create deal-flow maps, investor networks or market overviews that give investors a clearer view of Nordic growth opportunities. 
• Help Nordic companies prepare for larger funding rounds through financing strategies, pitch materials and investor-readiness support. 

Desired results should mirror the activities. Depending on the project, proposals should aim to deliver, for example, one or more of the following: 

• More integrated Nordic financing pathway or cooperation models involving scale-ups, fund managers and long-term capital actors 

• Better visibility of Nordic deal flow, capital needs and investment opportunities for pension funds, institutional investors and other capital providers 

• Financing concepts, institutional investor platforms or growth-equity structures ready for further development, mobilisation or piloting 

• Stronger mobilisation of institutional capital towards Nordic scale-up companies or funds 

• Stronger relationships between Nordic companies, funds and relevant private, institutional, pension, European or international investors 

• Clearer financing strategies and improved investor readiness among scaleups 

• Tailored financing pathways, investor engagement or ecosystem cooperation in sectors with a documented Nordic scale-up financing gap. 

Projects may address the scale-up capital challenge across sectors or focus on a particular industry or technology area where applicants can demonstrate a specific financing gap and a clear rationale for Nordic cooperation. 

Who can apply? 

A consortium partners headed by a Nordic project leader. The project partners can be:  

• Cluster or ecosystem organisations  

• Private, public or institutional investors  

• Companies  

• Innovation institutions  

• Consultancies  

• Higher education institutions  

• Public sector actors  

Investor or financing-sector participation is strongly encouraged. Where such actors are not consortium partners, applicants should provide credible evidence of their commitment to participate in the proposed activities.

Eligibility 

50 % co-funding  

The funding provided by Nordic Innovation must be matched or exceeded by co-funding from the project partners. Co-funding can be provided as in-kind contributions, i.e. working hours.    

Participation of at least three Nordic countries   

The project must be carried out by a consortium of at least three partners from three different Nordic countries.   

De Minimis aid obligations   

Under EU law, an undertaking may receive State Aid of up to EUR 300 000 over a three-year period (de minimis aid). Since Nordic Innovation is financed by the five Nordic governments, our grants are divided into five parts when calculating State Aid. As such, only 20% of a grant count towards the de minimis limit for any one country. Each grant recipient must declare and register its State Aid upon signature of contract. 

Eligible costs 

Working hours, travel costs, meeting costs, communication, external services. Nordic Innovation's approved hourly rate 2024.pdf

Evaluation criteria  

All proposals will be evaluated according to the following criteria:   

Impact (30%)  

• How will the project contribute to improved access to capital for Nordic growth companies, scale-ups and funds? 

• How does the project formulate concrete goals and create measurable results, such as stronger investor engagement, better deal-flow visibility, increased investor readiness, or new financing pathways? 

• How will the project contribute to sustainable Nordic growth, competitiveness, and the Nordic Vision 2030? 

Relevance and Nordic added value (30%)  

• How does the project address a documented capital-access, scale-up financing, or ecosystem-integration challenge in the Nordic region? 

• How is the project relevant to Nordic Innovation’s mission, the Nordic Growth & Capital Attraction programme and the specific aims of this call? 

• How does the project complement existing national, Nordic, European or private financing initiatives without duplicating them? 

• How does the project build on relevant existing knowledge, networks, platforms, investor relations or earlier Nordic cooperation? 

• What is the Nordic added value of carrying out the project at Nordic level rather than at national or regional level? 

Consortium competence and capacity (25%)  

• How are the consortium members relevant to capital attraction, scale-up financing and Nordic ecosystem integration, and what does each partner add to the project? 

• How are relevant companies, investors, fund managers, pension or institutional capital actors, and ecosystem organisations involved in the project? 

• How are different parts of the Nordic region represented, and how will the consortium ensure practical cross-border implementation? 

Communications and exit strategy  (15%) 

• How are the activities and results of the project planned to be communicated? 

• How does the project aim to continuity after the funding period from Nordic Innovation has ended? (if applicable) 

Evaluation 

All eligible proposals will be evaluated by Nordic Innovation against the evaluation criteria. 

Submission and deadline 

Please attach in PDF format: 

• A project plan with key milestones/activities (e.g. Gantt chart or similar)   

• CVs for the main project participants   

• Signed letters of intent from all consortium members (template is provided)  

Please note that length restrictions apply throughout the application form. 

Deadline for asking questions regarding the call for proposals is Friday 30 October 2026. Replies will be published on an ongoing basis on the call website.
Questions must be sent to both contact persons e-mail.