How the banking crisis and interest rates are challenging entrepreneurs

Antler founder and CEO Magnus Grimeland interviewed by Dagens Næringsliv

Rike Döpp Bergérus

VP, Global Head of Communications
May 4, 2023
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“Banking crisis and interest rates challenge entrepreneurs”—Antler founder and CEO, Magnus Grimeland, and partner TC Høiseth spoke to Norway’s leading financial newspaper Dagens Næriningsliv about the funding landscape and how Antler supports founders. The focus was on product-market fit, keeping costs low, ensuring runway, and having a solid business plan. While it might be harder to find funding right now, Magnus and TC believe great new ideas and growth opportunities exist.

The article opens with Radu Achihai, co-founder of second-life battery storage startup Evyon, who recently raised 70M NOK, explaining how they planned their fundraising to raise fuel growth and reach a positive cash flow. Radu explains, “I am glad we raised more money than necessary when we see how some banks have run into problems.”

DN reporter Jacob Trumpy then sat down with Magnus and partner TC, to zoom in on the investor side. 

Magnus says that financing growth companies through debt has become increasingly expensive. His long-standing belief is that early-phase companies should not rely on debt financing and it has been reinforced by this development.

Magnus suggests that many companies are currently undergoing a “repricing process,” largely due to the higher cost of debt financing. He also believes that it is healthy for individual investors to take their time in making investment decisions, even if this means delaying entry into new fund structures.

According to TC, large venture capital investors should invest through economic cycles and recognize that many successful unicorns have emerged from difficult times. Notably, US and European investors are increasingly looking towards the Nordics for sustainable and renewable energy investment opportunities.

Moving the article's focus back to Evyon, reporter Jacob Trumpy notes that the founders of the battery company are now under pressure to demonstrate that the recent influx of funding from a variety of international investors, including Antler, as well as Skagerak Energi (which is owned by Statkraft), can generate a profitable return.

“Our goal is to reach a three-digit million in turnover this year, and reach positive cash flow at the start of 2024”, says co-founder Radu Achihai.

Read the full article on Dagens Næringsliv here.

Rike Döpp Bergérus

VP, Global Head of Communications

Rike founded and scaled a Communications agency, leading brand launches, public relations, and crisis management. She secured the so-called "New Nordic" designers as clients and organized over 60 shows annually in Paris, New York, and Berlin. Expanding the agency to five offices across Europe and the US, the company represented clients such as H&M, Zalando, Scotch & Soda, 24Sèvres, and Mercedes-Benz. Rike sold the agency in 2019.

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