RunwayVC Secures €40 Million for Second Fund Focused on Innovative Technologies
RunwayVC, which was previously known as RunwayFBU, has successfully raised an initial €40 million for its second investment fund. This fund will target early-stage companies, particularly in the fields of industrial AI, robotics, software, and automation.
The fund, established in Oslo in 2021 by Tor Bækkelund and billionaire Kjell Inge Røkke, who chairs Aker, is making headlines not just for its significant funding but also for expanding its investor base. Previously, Aker was the sole backer, but now, for the first time, RunwayVC is welcoming investments from other partners.
According to Bækkelund, “We are witnessing a technology revolution in industry that is set to launch the next wave of global tech firms. With our second fund, we can provide even stronger support to companies that will shape this shift.”
The first fund proved that RunwayVC’s strategies and ambitions resonated well, encouraging other industrial firms to join in. With Fund II, the team welcomed new investors, including Halliburton and several notable Norwegian industrial families, while Aker remains the primary supporter.
Jeff Miller, Halliburton’s CEO, expressed confidence in the future: “We believe that advancements in AI and automation will enhance operational efficiency, and we look forward to partnering with RunwayVC in tackling complex challenges.”
With a keen eye on the changing landscape, Øyvind Eriksen, CEO of Aker, noted the impact of technology in the industry, emphasizing the need for venture capital to connect with Norwegian enterprises.
Investment Strategy Focused on Expertise and Action
Sagar Chandna, the firm’s senior partner, highlighted RunwayVC’s strategy, which is built on three key areas: achieving connectivity through Internet of Things (IoT) technology, intelligence to manage systems effectively, and robotics to perform tasks. The team actively seeks founders with hands-on industry experience, ensuring that investments are made in companies that understand the challenges they face.
The investment team at RunwayVC consists of five members who focus on raising initial funding between €500,000 and €1 million, with further rounds arranged as needed. About 70% of these investments are concentrated in Norway and the Nordic region, while the remainder includes companies across Europe, such as WSense and Telgea.
Since launching Fund I in 2022, RunwayVC has already made 24 investments and has announced two exits, showcasing successful partnerships that have drawn over two billion kroner in external funding. Fund II aims to support around 20 investments over the next three to five years.
A Unique Business Model with Direct Connections
One notable aspect of RunwayVC’s approach is that its limited partners also function as potential customers for the portfolio companies. This structure parallels corporate venture models, such as Emerald Technology Ventures. However, what differentiates RunwayVC is its foundation as a family-controlled holding company, rather than a purely strategic corporate entity.
The recent investments in Minerva Humanoids and HIVE exemplify this method. Minerva Humanoids is working on cutting-edge robotic solutions for hazardous environments, while HIVE specializes in transforming existing machinery into autonomous systems. With backing from investors like Volvo and Telenor, HIVE is already making strides in the market.
As global venture funding for physical AI has surged dramatically, reaching $47.4 billion in the first half of 2026, RunwayVC sees Europe positioned to lead in developing core technologies for humanoid robots. However, questions remain about whether the overlapping interests of partners offer competitive advantages or limit deal availability to select networks.
Overall, RunwayVC’s latest moves showcase a commitment to fostering innovation while strengthening ties within the industrial sector.
