Investments

Companies we have backed. Select a company to read the full story.

Venture & growth

Acoustic sensor on a tripod in a field, with a drone in the sky

Protecting societies

Social - defence / life saving

Turning sound into intelligence.

Acoustic sensor arrays and AI — an «acoustic camera» for security and counter-drone.

Squarehead Technology
Desktop monitor showing Intellitech’s data-sharing steps

Democratizing customer experience

Social - transparency of data

Open finance for insurance.

Consent-based sharing of insurance data — quotes in seconds, not forms.

Intellitech

Climate - Sustainable aviation fuel

Building the software infrastructure
for sustainable aviation fuel.

Chooose

Aircraft wing above islands and mountains at sunset
First investment
2019
Stage at entry
Seed
Follow-up investments
One round
Current stage
Series B -> C
Ownership
3%
Revenue 2025
MNOK 270
Employees
55
Constantia role
Chair (Christian)
Main shareholders
BP, Temasek Genzero, Shell

CHOOOSE develops software to help reduce emissions from transportation, particularly aviation. The key focus is a platform for Sustainable Aviation Fuel (SAF). Leading companies in commercial aviation and freight uses Chooose platform to operate and scale their SAF programs, and to advance voluntary and compliance carbon initiatives.

CHOOOSE connects airlines, fuel producers, registries and corporate customers across the value chain. The software manages environmental attributes and documentation, allowing customers to document emissions reductions, as it calculates emissions from air travel and other forms of transportation.

Customers and main partners include American Airlines, Delta, BA, Air France/KLM, Quantas, Cathay Pacific, Air Canada and Flexport.

Constantia sees CHOOOSE as well positioned to benefit from the growing importance of SAF and the digital infrastructure required to support the transition to lower-emission aviation.

Social - Grassroots sports

Software managing
sports organisation.

Spond

Phone showing the Spond app beside a football pitch where a team is training
First investment
2018
Stage at entry
Early stage
Follow-up investments
3 rounds
Current stage
Series B -> C
Ownership
1%
Revenue 2025
MNOK 137
Employees
70
Constantia role
Exec Chair, interim CEO, Chair, Board member (Christian)
Main shareholders
Verdane (PE)

SPOND is seeking to become a global digital B2C platform for grassroot sports – covering communications, scheduling, membership administration and payments with a very low barrier to adoption.

Spond’s app has become international and is now used by more than 5 million coaches, club administrators, group leaders, parents and children across most European countries and also in the US and Australia. In Norway, nearly everyone who «touches» sports depend on SPOND, with more than 1,2 million users.

The Spond app is free for users; the business model relies on payment fees, advertising and fund raising campaigns.

As Spond increasingly is becoming a payments and administration platform for the entire club ecosystem, Constantia sees an opportunity to become an important part of the global digital infrastructure of grassroot sports.

Social - Health

Training made simple
and accessible.

Evo Fitness

Evo neon sign above a gym floor
First investment
2009, co-founding investor
Stage at entry
Start-up
Follow-up investments
Several rounds
Current stage
Mature
Ownership
5%
Revenue 2025
MNOK 330
Employees
20 + 200 self employed PTs
Constantia role
Chair, BoD member (Christian)
Main shareholders
Karbon Invest (PE), Torkap AS

EVO’s initial strategy was based on the founders freshly developed software system «Credlock», which enabled a total disruption of the previous «analogue» business systems of the Fitness industry and a strong competitive position for EVO with a very low fixed cost and flexible business model. This allows for building small fitness centers (compact fitness) close to customers' home.

EVO operates nearly 100 centers around Norway with modern high quality training equipment, a staff free concept allowing members to come and go without a staffed reception. The concept is based on individual training. Members can access any gym, and supplement their own training with PT guidance. The gyms are open all year from 5am to midnight.

EVO makes training simple, efficient and accessible, membership is flexible with options to terminate or freeze.

Constantia AS have exited once in 2021, and re-invested with Karbon Invest and other founding investors.

Social - defence / life saving

Turning sound into intelligence.

Squarehead Technology

Acoustic sensor on a tripod in a field, with a drone in the sky
First investment
2015
Stage at entry
Early stage
Follow-up investments
2 rounds
Current stage
Growth -> Series B
Ownership
2,3%
Revenue 2025
MNOK 135
Employees
55
Constantia role
N/A
Main shareholder
Industrikapital

Squarehead is a deep-tech company developing advanced acoustic sensor systems combined with AI. Its core technology consists of large microphone arrays that work like an «acoustic camera» allowing the system to determine where sounds originate and distinguish relevant sounds from background noise.

The company’s main markets have historically been security – but its drone detection capabilities and counter-drone systems have opened a significant market opportunity in the current geo-political environment. Squarehead has consequently also developed acoustic C-RAM capabilities, detecting rockets, artillery and mortar fire through their acoustic signatures.

The company has lately won significant contracts with not only the Norwegian Armed Forces but also with several significant NATO partners.

Constantia believes Squarehead is well positioned to benefit from the growing demand for counter-drone and passive sensing technologies.

Social - transparency of data

Open finance for insurance.

Intellitech

Desktop monitor showing Intellitech’s data-sharing steps
First investment
2017, in its predecessor Tribe AS
Stage at entry
Early stage
Follow-up investements
3 rounds
Current stage
Growth
Ownership
6%
Revenue 2025
MNOK 7
Employees
6
Constania role
Board member
Main shareholders
Analytika AS, Bryn Invest

Intellitech AS is a Norwegian technology company founded in 2016 and based in Oslo. The company builds open finance infrastructure for the insurance industry.

Its platform enables secure, consent-based sharing of insurance data. With the customer’s consent, existing policy details are retrieved digitally. Quotes can then be delivered in seconds instead of through long manual forms. IntelliSale gives insurers and brokers instant access to a customer’s insurance overview.

Intellitech HUB is a FAPI-based platform connecting market participants to one standard. Both products are aligned with the EU’s forthcoming FiDA regulation. The result is lower costs, stronger competition and a simpler customer experience.

Intellitech serves Norwegian customers today and is expanding across the Nordics and Europe. Constantia sees the combination of regulatory change, open data and digital distribution as a potentially powerful driver of change in insurance and Intellitech is well positioned to take advantage of these developments.

Social - Edtech

Teaching kids to love learning math.

Eduplaytion

Child playing the Numetry maths game on a tablet
First investment
2021
Stage at entry
Seed
Follow-up investments
3 rounds
Current stage
Operational
Ownership
1%
Revenue 2025
MNOK 1
Employees
5
Constantia role
Chair / BoD member (Christian)
Main shareholder
Vigmostad & Bjørke Forlag

Eduplaytion is an EdTech company that combines education, gaming and technology to make learning more engaging and efficient for children. Its flagship product is Numetry aimed at children 8-12 years. It is designed to make learning more interactive, motivating and game-like.

The product achieved significant adoption in Norway, but the company did not ultimately reach the scale required to build a sustainable business.

Constantia was a long-term investor and board participant. Following the company's subsequent scaling down, Constantia concluded that the remaining commercial opportunity did not justify further investment.

E-commerce - Logistics

Logistics real estate in greater Oslo area.

Logcap Oslo

Aerial view of logistics warehouses beside a motorway
First investment
2022
Ownership
1%
Follow-up investments
Yes
Revenue 2025
MNOK 330
Managed by
Oro
Main shareholders
Partners Group, Zurich

LogCap is a real estate investment platform focused on last-mile logistics, warehousing and light industrial properties in the Greater Oslo region.

The investment thesis is based on a long-term structural imbalance between limited supply of well-located industrial and logistics space and growing demand, driven by urbanisation, e-commerce and the increasing need for efficient and resilient supply chains.

LogCap seeks to create value through active ownership, development and professional asset management, combining the acquisition and optimisation of individual properties with the benefits of a scaled portfolio.

The platform has grown from its initial portfolio into a substantial portfolio of properties strategically located around Oslo. As of June 2026, LogCap owns 32 properties.

Constantia invested in LogCap in 2022 as part of its long-standing interest in real estate development and active ownership.

Technology - mobile internet

Browser pioneering the mobile internet era.

Opera Software

Opera web browser on mobile
First investment
1999
Stage at entry
Seed / Early stage
Follow-up investments
Yes
Ownership position
1%
Final exit
2013
Revenue
MUSD 600
Company stage at exit
Mature / listed on Nasdaq
Constantia role
Chair (Christian)
Location
Oslo

Opera was founded in 1995 and has become one of Norway’s most successful software companies; revenues exceeding MUSD 600, market cap MUSD 2.000 on Nasdaq – based on its heritage of browser development.

Opera has built a substantial global user base of 288 million MAUs from revenue models based on its desktop and mobile browsers. The revenue models include areas like cashback, subscriptions, VPN services, news and other digital products.

We joined the company as Chair in 1999 as the 5th person on the team, later invested, chaired for 7 years including a stock listing in Oslo. As investor we had our final exit in 2013.

Real estate

Twenty years of active ownership.

Hovedstaden Eiendomsselskaper

White brick factory building with a chimney beside a river
First investment
2004, co-founding investor
Stage at entry
Start-up
Follow-up investments
Yes, in projects
Ownership position
15%
Final exit
2022
Constantia role
Exec chair, Chair
Main shareholders
Bryn Eiendom, Vedal, Br. Jensen
Location
Oslo

Alongside its technology and growth investments, Constantia has invested selectively in real estate for more than 20 years, with a focus on active ownership and development.

Working with experienced real estate partners, Constantia has participated in the redevelopment of commercial properties, residential development and the acquisition, regulation and sale of real estate. Projects have included the redevelopment of Akersveien 26 for Statistics Norway, Mølleparken 2 for the Arts Council Norway and Monster, and the development of approximately 100 apartments at Haslum in Bærum.

In addition we acquired, regulated, built and sold a number of commercial real estate buildings as well as residential properties.

LogCap represents a continuation of this approach: long-term ownership, active value creation and a focus on properties where Constantia sees structural demand and development potential.

Social & Climate

Impact at scale, in frontier markets.

ResponsAbility

Woman carrying a sack on her head along a rural path
First investment
2015
Stage at entry
Growth
Follow-up investments
Yes
Ownership position
0,5%
Final exit
2022, company sold to M&G
Assets under management
USD 5,8 billion
Employees
250
Company stage at exit
Mature
Constantia role
Vice Chairman

ResponsAbility is the world’s largest impact investment asset manager specialising in private-market investments in emerging markets.

Founded in 2003, the company provides debt and equity financing to financial institutions, businesses and funds in poor countries, seeking to combine attractive financial returns with measurable social and environmental impact. Its investment activities focus particularly on financial inclusion, climate finance and sustainable food.

Today, responsAbility manages approximately USD 5.9 billion across around 70 countries and is part of M&G Investments. We helped grow the AuM from 1 to 3,5 bln USD during our Board participation.

Climate - solar

Rebuilding solar after the crash.

Sun Energy

Solar panels in a field at sunset
First investment
2009, co-founding investor
Stage at entry
Start-up
Follow-up investments
Yes
Ownership position
18%
Final exit
2013, wind down
Company stage and exit
Closed down
Constantia role
Board member
Main shareholders
Founders
Location
Norway / Germany

Sun Energy was founded following the «crash» in the European solar industry around 2008/09 due to massive overinvestments supported by government incentives that vanished over time.

The idea was to find established factories in the solar value chain which could be cheaply bought or rented in order to continue production and help re-establish the credibility of the industry.

The company succeeded in renting a huge wafer facility in Germany and for some years profitably manufactured and sold high quality wafers. The shareholders received a significant return in the form of dividend during the rental period making the investment successful.

Climate

Net zero, stress-tested.

Zerolytics

Laptop on an office desk showing an emissions and financial-impact dashboard
First investment
2022, co-founding investor
Stage at entry
Start-up
Ownership position
3%
Final exit
2025, closure and payback of part investment
Employees
10
Company stage at exit
Closed down
Constantia role
Board member (Christian)
Main shareholders
Firda, RunwayFBU, NaMa
Location
Oslo

Zerolytics’ mission was to help investors, banks and asset owners assess whether companies’ net zero commitments were actually credible – and what it would take to improve, thus enabling clients to assess climate risk as an investment and financial issue rather than simply an ESG exercise.

The company developed «financial digital twins» models linking a company’s emission trajectory to the financial consequences of achieving its climate targets.

Despite strong technology and an attractive proposition, Zerolytics ultimately concluded that changes in the market for ESG and climate-related financial products had reduced the opportunity to build a sufficiently attractive independent business. The company subsequently decided to wind down and return remaining capital to investors.