TheFactory DefSec
Backing founders building the technologies that will define tomorrow's defence & security landscape.
A Market in Structural Growth
DefSec encompasses technologies and systems that strengthen a nation's defence, security, and preparedness — from military systems, sensors, and unmanned solutions to cyber and information security, command and control systems (C3/C4ISR), critical infrastructure, and dual-use applications.
The segment is becoming one of the most attractive investment verticals globally. Rising defence budgets, persistent geopolitical uncertainty, and a clear technological shift are driving demand for new, scalable solutions, while dual-use technology opens commercial markets well beyond the traditional defence industry.
The sector is characterised by high technological complexity, security-critical function, strategic importance, and regulatory sensitivity. At the same time, this complexity and high barriers to entry create attractive conditions for early-stage investors with the right expertise and structured access to deal flow.
Overview of companies operating within the Defence & Security Technology segment in Norway as of January 2026
What is TheFactory DefSec?
TheFactory DefSec combines an investment company (SPV), an angel programme, and an accelerator programme to build companies, and give investors structured exposure to the DefSec sector.
1,5-2,5 MNOK
Total Investment Size
Pre-Seed/Seed
Stage
Norway/Nordics
Geography
5%-10%
Ideal Stake
TheFactory DefSec I Investment Company
TheFactory DefSec I is a dedicated investment company (SPV) that invests in selected early-stage Defence & Security Technology companies, primarily sourced from the TheFactory DefSec Accelerator. It gives investors structured and early exposure to a sector defined by high demand and high barriers to entry.
TheFactory DefSec Angel Program
TheFactory DefSec Angel Programme is a structured investment programme for angel investors looking to build specialised expertise within defence and security technology. Together with experienced partners from Norway and abroad, the programme provides the foundational knowledge needed to make informed investments in the sector.
TheFactory DefSec Accelerator Program
TheFactory DefSec Accelerator is a 12-week Nordic accelerator programme for early-stage Defence & Security Technology and dual-use companies. The programme validates companies both technologically and commercially, and serves as the primary source of structured deal flow for the investment company.
Investment Company
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Defence & Security Technology is among the fastest-growing technology segments globally, driven by rising defence budgets, geopolitical uncertainty, and an increasing need for technological modernisation.
Our SPV — TheFactory DefSec I (TFDSI) — provides early exposure to this shift through a curated selection of companies with international growth potential and long-term strategic relevance.
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TFDSI will invest in a varied selection of early-stage companies within the DefSec and dual-use segment. An investment through TFDSI therefore provides exposure to the upside potential of a rapidly growing market — while reducing risk compared to making individual direct investments.
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TFDSI invests primarily in startup and early growth-stage companies within Defence & Security Technology. Portfolio companies are mainly participants in the TheFactory DefSec Accelerator, through which TheFactory has identified strong deal flow of innovative startups for TFDSI to invest in and develop further.
Beyond this, the strategy will be shaped in close collaboration with the investors, who are also encouraged to take an active role as mentors for the portfolio companies. The TFDSI board looks forward to refining and developing the growth strategy together with its investors.
Investment Criteria
Early-stage technology companies within DefSec
High growth potential and a clear competitive advantage
Primarily Nordic companies, with a particular focus on Norwegian participants in the accelerator programme
Investment Terms
Total investment: NOK 1.5 – 2.5 million
Ideal ownership stake: 5 – 10%
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TheFactory DefSec I (TFDSI) is an investment company owned by early-stage investors who actively participate in board governance and strategic decision-making. The investors contribute experience, networks, and sector-specific expertise to drive value creation across the portfolio companies.
TFDSI is administered by TheFactory Asset Management AS (TFAM), a wholly owned subsidiary of TheFactory AS. TFAM works closely with the TFDSI board and its investors on all investment decisions, has no independent mandate to make investments without board and shareholder approval, and follows up portfolio companies in close collaboration with the board and investors.
TFAM is a specialised fund management and advisory firm with an experienced team in early-stage venture capital, based in Norway and authorised and regulated by the Financial Supervisory Authority (Finanstilsynet).
To strengthen investment decisions and the development of portfolio companies, the board is advised by an advisory panel with specialised expertise in the defence and security industry.
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TheFactory Asset Management (TFAM) serves as the administrative entity for the investment company. TFAM is not registered as the manager of TheFactory DefSec I with the Financial Supervisory Authority (Finanstilsynet), as TheFactory DefSec I AS is an SPV and not registered as an AIF fund under the AIFM regulations.
While TFAM is responsible for providing administrative and corporate secretarial services — including general fund administration such as NAV calculations, monitoring through the technical platform EDDA, accounting, and preparation of financial statements — the board remains the highest decision-making authority and is the sole body authorised to make investment decisions on behalf of the investors.
Angel Program
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For angel investors, the programme offers a structured 10–12 week journey providing in-depth insight into DefSec, direct access to 6–8 selected startups, and participation in a professional investment process where you help select the final investment targets.
You will take part in the Investor Kick-Off, expert-led sessions, and speed-dating meetings with the companies, before jointly selecting the 3–4 startups to receive investment at Pitch & Selection Night on April 16. You then follow the progress of the portfolio companies through to Demo Day on June 25 via scheduled workshops and ongoing support.
The programme delivers curated deal flow, reduced risk through an SPV structure, and a clear framework for angel investing in defence technology.
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January 30 – Investor Info Meeting I
February 6 – Investor Info Meeting II
February 27 – General Assembly
March 23 – Opening Day
April 9 – Speed Dating with Startups
April 16 – Pitch & Selection Night
May 27 - Defence Technology Day
June 25 – Demo Day
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March 23 – Intro with the Angels & Opening Day
Intro with the Angels – Defence Tech
Introduction to defence tech as an investment area
Market landscape, trends, and drivers
Ethics, export control, and dual-use
Defence needs and the role of the ecosystem
Opening Day
Introduction to the programme and its structure
Presentation of the startups
Introduction to the Armed Forces and relevant stakeholders
Keynote from a prominent speaker
April 9 – The Defence Industry & Speed Dating with Startups
Investing in the defence industry
Market dynamics, regulatory risk, and export requirements
Time-to-market and adoption challenges
Evaluating team and technology
One-to-one sessions between investors and startups
April 16 – Pitch & Selection Night
Startups pitch to the investors
Direct feedback from the angel investors
Investors indicate investment interest
Selection of 3–4 startups for investment
May 7 – From Pilot to Real-World Use: The Path to Operational Defence Tech
The transition from pilot project to operational deployment
Decision-making processes and key stakeholders across different phases
Requirements for functionality, security, and stability before scaling
Learning and iteration based on user experience
Date TBA – How Defence Tech is Evolving
How technology is changing practices and ways of working in the Armed Forces
Insights from ongoing and recent conflicts
The interplay between commercial and military markets
The emergence of next-generation defence tech solutions
June 25 – Demo Day
Social closing event and celebration of the programme
Open to founders, investors, partners, and mentors
August (TBA) – Investor Day
Guest of Honour in a live podcast
Participation from external investors and founders from other programmes
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To finance the programme, the investment company retains 10% of the investment you make. This means participation does not require a separate programme fee — the cost is integrated into the investment process. The amount covers legal and administrative expenses, organisation of the programme, workshops, expert-led sessions, and follow-up of the portfolio companies through to Demo Day.
Accelerator Program
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TheFactory DefSec Accelerator is a 12-week programme for Nordic early-stage DefSec and dual-use startups developing technology addressing real military needs. The programme is designed to support growth, technology development, and commercial maturation within the defence and security sector.
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The programme connects companies directly with defence stakeholders across the Nordics, NATO environments, and in particular Ukraine, where technologies can be piloted under real-world conditions. Startups receive support in technology development, security and export control, business model development, and access to capital — as well as mentorship from defence, industry, and investor communities. The goal is to build companies that deliver real operational impact while scaling into international growth businesses.
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The accelerator serves as a structured gateway to a curated selection of early-stage DefSec and dual-use companies. For investors, this provides access to a quality-assured pipeline of companies that are better prepared for further financing and long-term value creation.
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March 23 – Opening Day
Introduction to the programme
Presentation of the startups
Introduction to the Armed Forces and relevant stakeholders
Keynote from a prominent speaker
March 24 – Funding & Pitching Day
Funding journey: from early stage to growth
Overview of relevant financing opportunities
Pitch training and structuring the investor narrative
April 9 – Angel Day
One-to-one meetings between startups and angel investors
April 15 – Legal Day
Preventive security: information, personnel, physical, and digital security
Dual-use and export control
Patents, NDAs, confidentiality, and contracts
One-to-one sessions with lawyers from Haavind
April 16 – Pitch & Selection Night
6–8 startups pitch to the investors
Selection of 3–4 companies to receive investment
Remaining companies are not taken forward in the investor process
April 21 – Mentor Speed Dating
Introduction to the mentor and mentee roles
Mentor Summit
Mentor speed dating between startups and mentors
April 30 – Investor Readiness
Further development of the investor deck
Sharpening the pitch and key messages
May 7 – Meet the Partners
Introductions to partners
Dialogue on collaboration and agreements
One-to-one meetings between partners and startups
Social closing event
May 12 – Defence Industry 101
Introduction to the defence industry value chain
Procurement processes in the defence sector
Collaboration with primes and established players
May 21 – Security 2.0
Initiating supplier security clearance
Practical data security and technical infrastructure
Historical and strategic context
June 3 – International Opportunities
NATO DIANA
Ukraine-related initiatives
EU funding and instruments
Access to allied defence markets
June 4 – Testing & Demo
Prototype testing
Operational feedback from users
Meetings with operational environments
Testing and validation of use cases
June 24 – Demo Day Preparations
Pitch coaching
Refinement of presentations and results
June 25 – Demo Day
Presentations and demos from startups
Open to investors, partners, and mentors
Social closing event
August (TBA) – Investor Day
Guest of Honour
Live podcast
Participation from investors
Our Track Record
Before launching the fund, TheFactory built a strong foundation through several investment vehicles known as TheFactory Norway Fund, TheFactory Ventures, TheFactory Sportstech Fund, and TheFactory Angels - formerly FintechAngels. Together, these companies have:
Invested in 80+ Startups
Achieved 6 Exits
Delivered Strong Value Development Overall
TheFactory ecosystem has brought together 60+ angel and early-stage investors who share a passion for helping founders accelerate — while making smart, value-adding investments. For each accelerator programme, a dedicated investment company is established, managed by TheFactory AS, which holds a 22.5% ownership stake in each.
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One of Norway's leading law firms, contributing specialized legal expertise tailored to the DefSec sector.
Partners
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One of Norway's largest banks and a key partner in TheFactory's programmes.
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Norway's leading grant and funding specialists, preparing applications for Innovation Norway, the Research Council, the EU, NATO, and more.
Ingar S. Bentsen
Experience: CEO and founder of TheFactory. Ingar has held 50+ board positions across startups, investment companies, and funds. Since founding TheFactory in 2015, he has led the company's investment activities, with close to 100 investments completed.
Board & Initiators
Steffen Olsen
Experience: Steffen has more than 25 years of experience from the Armed Forces, working at the intersection of leadership, technology, and knowledge development. During this time, he has contributed to establishing a range of new capabilities within knowledge-intensive and security-critical organisations. Alongside this, he has built extensive experience as an angel investor, mentor, and board member in SMEs and early-stage startups. Steffen currently works as a consultant.
Christian Wig
Experience: Christian is an active early-stage investor and mentor with extensive experience at the intersection of technology and business models, particularly within B2B, defence, security, and dual-use. He is active in European startup ecosystems and angel networks, combining investments with strategic advisory roles for innovative growth companies.
Geir Egil Myhre
Experience: Geir is a technology-driven advisor with deep experience at the intersection of business value and technological development, with a particular focus on scaling, due diligence, and strategic transformation. He currently leads a highly skilled team at Vector Software and is passionate about helping organisations turn change and complexity into competitive advantage.
Advisory Board
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Cristobal Alonso
El Patron, early-stage B2B serial investor (450+ investments), serial entrepreneur (three-time CEO), and growth driver, professional keynote speaker, global leader, bestselling author, and basketball player. The ultimate "make it happen" person.
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Cathrine Lagerberg
Cathrine is an expert in dual-use, strategic risk, and security, with more than 20 years of experience spanning the oil and gas industry, the Armed Forces, intelligence, and consulting.
She advises senior executives and decision-makers on strategic risk and threat assessments across both the public and private sectors, nationally and internationally. With a background in engineering and defence, she works actively to strengthen security awareness and protect Norwegian technology, industry, and R&D.
Ingar S. Bentsen
CEO / TheFactory
Management
Pia Merkesdal
COO / TheFactory
Simon Ruud
CEO / TheFactory Academy
Marius Woldvik
Program Director / TheFactory
Baard Røthe
Program Manager / TheFactory
We would be happy to tell you more about TFDSI philosophy.