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Telenor Group is a leading telecommunications company, bringing its connectivity services to millions of customers across the Nordics and Asia.

Telenor Amp

Telenor Amp manages a portfolio that are related to our core activities on an asset-by-asset basis. The companies will either be developed to their full potential with partners, or divested. Over time the portfolio will be focused on developing leading service positions in Internet-of-Things (IoT), security and other adjacent high-growth areas where Telenor believes it can add value as an owner based on our deep communications service provision expertise.

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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.

Portfolio Companies

Telenor Connexion

Telenor’s wholly-owned subsidiary, Telenor Connexion, is a dedicated and specialised IoT unit. Building on more than 20 years of experience, Telenor Connexion provides global IoT connectivity and cloud services to enterprises with large fleets of connected devices, as well as third-party service providers.

Telenor Cyberdefence

Telenor Cyberdefence is a cloud-born Managed Security Service Provider focused on the Nordic markets, delivering modern, automated and scalable services through their 24x7 Security Operations Center. Telenor Cyberdefence brings cutting edge expertise of the native cloud stack and cyber resiliency supported by their experienced cyber security consultants.

Telenor Linx

Telenor Linx leverages Telenor’s global connectivity platform to drive new growth in core technologies and open additional revenues beyond connectivity in adjacent businesses, predominantly with digital players.

Telenor Maritime

Telenor Maritime is a worldwide partner for communication in the maritime industry, providing ships and offshore installations with connectivity and on-board IoT services through satellite, radio link and cellular networks.

Alliance Venture

Alliance VC is a Nordic venture capital firm investing in early-stage tech companies with offices in Oslo, Stockholm and Helsinki. Alliance has helped create billion-dollar companies. With a solid track-record, combining experience and personal networks, Alliance is dedicated to being super-agile, helpful and responsive towards founders.

Bldng.AI

Bldng.AI is a leading property-tech company, with cloud-based IoT solutions, connecting buildings online. This enables real-time insights for building owners, tenants and employees, ultimately leading to a better understanding of how to use the buildings in a better way.

Carousell

Carousell is a classifieds marketplace that makes selling as easy as taking a photo, buying as simple as chatting. Carousell started in Singapore and is now present in eight markets across Southeast Asia.

FJ Labs

FJ Labs is an early-stage venture investor focused on online marketplaces and network effects businesses. FJ Labs has backed over 900 companies globally, including Alibaba, Betterment, Coupang, Delivery Hero, Fanduel and Flexport, and has been directly engaged in building companies such as AdoreMe, Letgo, Properly and Rebag.

Gintel

Gintel develops and markets powerful, carrier-grade Cloud PBX platforms to mobile network operators and mobile virtual network operators, allowing them to deliver compelling unified communication services to their business customers. Gintel’s solutions are proven to grow revenue and designed to scale efficiently. Telenor owns 45% of the company’s shares, with Verdane being the second largest shareholder.

KNL

KNL is a tech company specializing in beyond line-of-sight communication solutions. Our software-defined radios are tailored for modern military and security operations, ensuring fast and reliable data links in diverse environments globally.

Omny

Omny will develop software that helps secure industrial operators and critical infrastructure, such as oil and gas producers, energy suppliers, public sector actors and hospitals.

Shapemaker

Shapemaker uses automation and advanced technologies to revolutionise the design and analysis process of telecommunications infrastructure. Based on extensive industry expertise, Shapemaker’s solutions dramatically reduce the time required for structural calculations, an innovation that will lead the way to a greener, digital infrastructure.

Strex

Strex provides payment and customer dialogue services to Norwegian businesses, primarily within media, transport, donation, mobile content and information services. The main payment instrument is the invoice issued by the mobile operators to their respective customers. Telenor owns 49% of the company, the remaining shares are owned by Telia and Ice.

Tellu

Tellu is a welfare technology company, developing services that help simplify the everyday lives of employees in home care services, institutions, hospitals and care homes. The goal is to provide the best possible patient security and independence.

Whereby

Whereby provides the easiest way to connect over video, with no app or software download required. Connect with anyone, anywhere with zero hassle.