Family HoldingPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 22 SOURCES

Kistefos

Also known as Kistefos AS

Oslo private investment company owned by Christen Sveaas, est. 1998; holds controlling stakes in finance, offshore, shipping and tech companies and invests from venture to mature stage in Europe.

USEFUL FOR Fund managers raising capital · Founders · Business owners seeking a long-term partner · Co-investors

Private investment company of Christen Sveaas. Not the Kistefos Museum and sculpture park he founded, nor the sister company AS Kistefos Træsliberi (est. 1889).

Family & background

FAMILY: Sveaas (Christen Sveaas)
WEALTH ORIGIN: Industry (AS Kistefos Træsliberi, est. 1889 by Anders Sveaas) and investments
HEADQUARTERS: Oslo, Norway
FOUNDED: 1998
OUTSIDE CAPITAL: No — own capital only

Investment approach

SECTORS: Fintech Industrial & Manufacturing Software & SaaS Real Estate & PropTech HealthTech Biotech & Life Sciences
GEOGRAPHY: Europe
STAGES: SeedGrowthBuyout
ROUTES: Companies (own capital) · Funds (as LP)
STRATEGIES: Direct investmentsVenture capitalPrivate equityReal estate
LATEST DEAL: PaperShell · Dec 2025

Overview

Kistefos AS is a private investment company owned by Christen Sveaas, who is its Executive Chairman; it was established in 1998 when he gathered his investment companies into one group. It manages a diversified portfolio in offshore, shipping, financial services, technology and real estate, with investments ranging from venture capital and start-ups to mature companies, mainly in Europe, and describes its mandate as pragmatic and opportunistic with flexibility on sector, geography, ticket size and holding period. Its active portfolio page lists majority stakes such as Advanzia Bank (64.3%), Western Bulk (68.1%), NextGenTel (100%), Bitpro (72.1%) and Fixa (90.2%), plus a Ventures & Scale-ups category. In 2025 it acquired 100% of the fund manager Holberg Fondsforvaltning, and in December 2025 it took part in PaperShell's SEK 150 million funding round.

Investment thesis

Creates value through active ownership on the back of influential ownership stakes, board representation and a strong focus on operational and strategic activities, across companies from start-ups to mature businesses, aiming for a balance between cash-flow generating investments and early-stage investments with high potential.

Holdings & investments (19)

Advanzia BankNOTABLE
Fintech · Majority stake (64.3%)
Western BulkNOTABLE
Industrial & Manufacturing · Majority stake (68.1%)
NextGenTelNOTABLE
Majority stake (100%)
Holberg Fondsforvaltning
Fintech · since 2025
PaperShell
Industrial & Manufacturing · since 2025
Defibrio
HealthTech · since 2025 · Minority stake (16%)
Fixa
Software & SaaS · since 2022 · Majority stake (90.2%)
Bitpro
Software & SaaS · since 2019 · Majority stake (72.1%)
Antler Innovation
since 2018 · Minority stake (6.8%)
SEA1 Offshore
Industrial & Manufacturing · Majority stake (51.83%)
Oslo Airport City
Real Estate & PropTech · Minority stake (30.9%)
Viking Supply Ships
Industrial & Manufacturing · Majority stake (80.65%)
Instabank
Fintech · Minority stake (23.7%)
Morrow Bank (formerly Komplett Bank)
Fintech · Minority stake (19.9%)
Previwo
Food & Agriculture · Majority stake (71.9%)
Seram Coatings
Industrial & Manufacturing · Minority stake (19.6%)
Rucoria
Software & SaaS · Minority stake (36.5%)
Diffia
HealthTech · Minority stake (49.7%)
Ostomycure
HealthTech · Majority stake (65.6%)

People

Gunnar Jacobsen
Investment Director · source
Karianne Melleby
Investment Director · source
Mads Helmich Pedersen
Investment Manager · source
Senny Munthe-Kaas
Investment Manager · source
Henriette Gjefle
Investment Analyst · source
Mathias Dokkan-Thorsen
Investment Manager · source
Otto Moltke-Hansen
Investment Manager · source
Ulrik Mannhart
Investment Manager · source
Fredrik Lindholm
Investment Analyst · source
Tine Forgaard Drage
Investment Analyst · source
Christen Sveaas
Executive Chairman and Owner · source
Bengt A. Rem
CEO · source
Ola Beinnes Fosse
CFO · source
Malene Manheim
Group Finance Manager · source
Ragnhild Wiborg
Member of the Board since 2014 · source
Tom Ruud
Member of the Board since 2010 · source
Kristin Haram Førde
Member of the Board since 2024 · source
Christoffer Hernæs
Member of the Board since 2024 · source

Frequently asked questions

Kistefos is a family holding based in Oslo, Norway, founded in 1998.

Kistefos invests on behalf of the Sveaas (Christen Sveaas) family (Industry (AS Kistefos Træsliberi, est. 1889 by Anders Sveaas) and investments).

Kistefos invests its own capital into companies and in third-party funds as an LP. Its stated asset mix includes direct investments, venture capital, private equity and real estate.

Kistefos invests at Seed, Growth and Buyout stages in Fintech, Industrial & Manufacturing, Software & SaaS, Real Estate & PropTech, HealthTech and Biotech & Life Sciences.

Key people at Kistefos include Christen Sveaas (Executive Chairman and Owner), Bengt A. Rem (CEO), Ola Beinnes Fosse (CFO) and Gunnar Jacobsen (Investment Director).

Kistefos's holdings and investments include Advanzia Bank, Western Bulk, NextGenTel, Bitpro, Fixa, SEA1 Offshore, Holberg Fondsforvaltning and Oslo Airport City, among others.

The most recent publicly reported investment by Kistefos is PaperShell, announced in Dec 2025.

No. Kistefos invests its own capital and does not raise money from outside investors.