Let´s do startup investing together!

We have all read stories about investors making fortunes from investing in startup companies. It might seem easy, but building a strong investment portfolio is hard work in any investment category, and startup investing is no different.

By joining the Angel Challenge™ you get to work closely together with 20 other investors for 2 months learning startup investing by doing it. During eight weekly evening sessions, you will learn how to screen a startup, manage the due diligence process and close your first investment. By the end of the program you will have completed a real investment and have gained the knowledge and network to start building your investment portfolio.

If you are ready for the fun of startup investing, we are excited to see you join the next Angel Challenge™ and learn startup investing by doing it.  


About the Angel Challenge™ Program


Angel Challenge™ is a workshop based program for Angel investors and startups. For a series of evening workshops over two months 20 Angel investors work closely together analysing 20 promising startups. The startups are competing for their attention, and final investment.

The participating investors, both experienced and new to angel investing, set aside 50 000 NOK each upon entering the Challenge. During the program they work together in groups, selecting and helping the 5 finalist startups become a winning investment case, before voting for a single winner at the Angel Challenge™ Finale day.

Overall investor participation criteria

 • Want to share experiences on Angel Investing in Norway

 • Has 50 000 NOK to invest, and more in the future

 • Want to gain access to early stage startups

 • Available to participate in the program activities

Overall startup participation criteria

 • Company at early-revenue stage

 • Dedicated team

 • Can show some validation in their market

 • Early version of product is launched

 • Registered company

Participation Fee

The investor participation fee is NOK 10.000,- eks.mva. per investor in addition to the NOK 50.000,- Investment. The participation fee and the funding from Angel Challenge’s sponsors covers the cost of the program. 100% of the investment will go to the winner.

Program Structure


Below is the program structure for the Angel Challenge™ Program. Note that the content and order of the workshops might change slightly dependent on speakers and participants. Times are also approximate and might change from program to program. Investors are also expected to spend some time before and between the workshops on relevant activities that will be facilitated by the organisers.

For exact schedule and dates for your program, please see here.


STAGE 1 - SELECTION- for investors and 20 qualified startups

Kick off day   

09:30 - 16:00.                 Startup kick off day                        - Investors are mentors

17:00 - 20:30.                  Investor only kick off evening    - How to pick a winner

20:30 - 23:00.                 Investor only networking


Selection days - (Two following days/evenings)

Selection evening 1:

17:00 - 00:00                  20 startups pitching                        - investors select 10


Selection Day 2: 

09:30 - 16:00                  Startup lectures and feedback    - Lectures and mentoring

16:30- 20:30                   Q&A with 10 startups                    - investors select 5 finalists


STAGE 2 - WORKSHOPS - for investors and the 5 finalist startups


16:30-20:30                    Workshop 1                  - Growing with investments

16:30-20:30                    Workshop 2                  - Metrics and the investment journey

16:30-20:30                    Workshop 3                  - IPR and Due Diligence

16:30-20:30                    Workshop 4                  - Valuation and portfolio management

16:30-20:30                    Workshop 5                  - Exciting and Company scaling



17:30-23:00                    Angel Challenge™ Finale



The Selection Process

STAGE 1 - from 20 to 5


Sorting of all applications

The organising team in Angel Challenge™ will sort out applications that comply with the basic Angel Challenge™ Application Criteria.

Relevant applications will be available for the investors to read and rank based on criteria from Angel Challenge™. A maximum of 20 startups are invited to meet the investors.


Meeting the Startups

During the kick-off day, investors are invited to meet and mentor the invited startups.


Pitching days

       20 selected startups are invited to pitch for the investor panel

       The investors have read the applications before the pitching day

       5 startups will be selected for stage 2 by voting


STAGE 2 - from 5 to 1


       The 5 finalists will take part in the program and the workshops together with the investors.

       At the time of the Finale, the investor group has then spend 5 evening workshops with the 5 finalists to evaluate them as investment cases.

       One winner will receive the full investment at the finale day.





Minimum requirements for program to start

Following requirements have to be met before the program may start:

-        15 investment commitments

-        15 startups


       Angel Challenge™ as the organiser retains the right to at any time cancel the program in its entirety both before and during the program. By such an incident the program fee and investment sum will be returned.

       Angel Challenge™ as the organiser retains the right to disqualify and exclude an investor for participating in the program at any time before and during the program. By such an incident the investment sum will be returned.


       Each participating investors has one vote in each selection process

       An investor must be present to vote

       In order to vote at the finale, an Investor must be present at minimum 30% of the workshops.

       If two or more startups have equal number of votes and this prevents selection, a revote will be taken on the startups in question

       An investor is disqualified to vote for startups where they have ownership or other strong personal stakes.



To participate the investor signs the “Angel Challenge™ Investor Participant Agreement”. The Investor Partner Agreement is a binding document that give the right to participate in the respective Angel Challenge™ program.




Join Angel Challenge™