This Tuesday the champion of the first edition of Angel Challenge was crowned.
It was a close race between five great startups, but as the evening reached it´s peak, Thomas Berglund, lead investor, announced Socius as the winner. Not only do they receive the investment of 1.3M NOK(€140 000), but also 26 investors with tons of experience on the team.
The investors deliberation is as follows:
“The winner has a strong team, the company is entering into an already existing global market with a new innovative service and solution.
There is always a risk with investments but throughout the program the winner has listened to the advice from the investors and turned some of those into good progress during a short 7 week period.
The winner has also proved its execution ability during the program, both signing customers and gaining investments.
Like all investors we would like to have good return on our investments and we believe the winning company is well positioned for a future profitable growth and success”
The winner takes it all
Socius provides tools that allow media to control social media and adopt the best content. Applications include expanding articles with content from the public, adopt micro content from its own reporters and running content marketing and competitions together with advertisers. Among their customers are publishers Conde Nast in the US, and Germany-based Axel Springer.
As per the value of Angel Challenge for Socius, Daniel Butler, CEO and co-founder says
"The Angel Challenge program has lead us to focus on the customers where we give the biggest value, and has helped us sharpen our communication to both investors, partners and customers. As the angels have pushed us on all sides of our business we are in a much stronger position to scale internationally in 2016."
This round of Angel Challenge is over, but it will not be the last. A separate company will be established to expand Angel Challenge to include
2 programs in Oslo Mars & September
2-3 Mini programs outside of Oslo
Angel Challenge Alumni – Investor Network
Coordinate Deal Flow
Events & Activities
What does this mean?
Claes Mikko Nilsen from FiBAN pointed out Finland´s success in building angel networks driven by former entrepreneurs. Norway does not have a strong angel network, but in a time with big changes in the largest industries it is needed.
We need more private capital that also comes with competence and experience to help new entrepreneurs establish and scale innovative companies. The network from Angel Challenge is a good foundation for building an active and vibrant angel community in Norway, and by building on our success with the first edition, we want to facilitate the growth of such a strong Norwegian angel network.