Our companies
Telenor Group is a leading telecommunications company, bringing its connectivity services to millions of customers across the Nordics and Asia.
Telenor Amp
Telenor Amp is Telenor Group’s platform for scaling innovative businesses and managing strategic investments. Our mission is to amplify growth by combining entrepreneurial agility with Telenor’s global reach, technology expertise, and trusted brand. As both a corporate investor and industrial partner, we focus on opportunities where Telenor’s strengths can make a difference. We invest alone and alongside partners, with a disciplined approach to portfolio management and actively seek the best ownership for each asset. Our ambition is to foster innovation and create sustainable value in businesses adjacent to our telecommunication core.
Our vision
We aim to be the preferred partner for ambitious Nordic technology companies, helping them scale internationally while creating sustainable value for all stakeholders. Through our investments, we contribute to shaping the future of digital services while delivering strong returns.
Our portfolio
Our current portfolio comprises 17 carefully selected investments valued at approximately NOK 11 billion. These investments span wholly and partially owned companies, each chosen for their growth potential and strategic fit with Telenor's vision for the future.
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The Portfolio in Telenor Amp
Download portfolio overview and NAV (as of Q4 2025)
The portfolio of companies in Telenor Amp consists of a mix of companies adjacent to Telenor core business with variances in size, maturity and business models. Telenor aims to manage the portfolio for maximum long term value creation for Telenor. The portfolio consists of unlisted investments and is followed up on fair value regularly to monitor performance in each company and keep focus on long-term value creation.
In assessing the fair value of these unlisted investments we adhere to IFRS 13 and the International Private Equity and Venture Capital Valuation Guidelines (IPEV). We use valuation methods that private market investors use when valuing companies in connection with investment decisions. This typically means multiples of revenue or operating profit such as EBITDA or EBIT. Discounted cash flow models and recent transactions are used for support when considered a more suitable method based on available data.
Valuation multiples are calibrated against publicly listed companies with similar business models, financial profiles and end-markets. Valuations are made on historical numbers and multiples unless deemed less relevant than forward looking numbers. Financials are based on unaudited numbers.
Over 3 billion NOK
generated through exits
150 million NOK
invested in new companies
450 million NOK
invested across the portfolio
Solid track record of value creation
Since our establishment in 2020, we have demonstrated our ability to build and realize value through active portfolio management.
Notable transactions include:
The successful sale of Telenor Satellite to Space Norway
The strategic divestment of our stake in Working Group Two to Cisco
Combined transaction value of approximately NOK 3 billion
Our investment focus
We actively seek partnerships with innovative companies, particularly in:
Internet of Things (IoT)
Cybersecurity
Communication software
Digital solutions
Recent investments in promising ventures like LastBot, Plaato, and Sensorita showcase our commitment to fostering innovation while generating both strategic and financial returns.
Our partnership approach
What sets us apart as an investment partner:
Deep industry expertise from Telenor's global operations
Long-term investment perspective
Stable financial backing
Extensive corporate network
Proven track record in scaling technology companies
