How many investments has Novator made?

Novator has 12 tracked investments, 1 of which have exited, including 1 dated in the last 24 months.

What stage does Novator invest at?

Novator invests at the Seed, Series B, Series C, Growth stages.

What sectors does Novator focus on?

Novator focuses on Sector Agnostic.

Where is Novator located?

Novator is headquartered in Zug, CH.

Does Novator lead rounds?

Novator has led 3 of the 9 rounds where its role is on record.

Novator

Growth equity

Zug · Seed–Growth · 7 people tracked

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Investment thesis

The firm invests across a range of situations spanning traditional private and growth equity through to special situations, including turnarounds of underperforming assets, equity and debt raising, and facilitating exits via M&A or IPO. As part of its value creation approach, it aims to actively support portfolio companies by contributing its resources, networks, and lessons learned and best practices accumulated from current and prior investments.

Invests inSector AgnosticEurope Iceland Latin America London United Kingdom Zug

Source: firm website, verified Aug 3, 2026.

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Stage

Seed–Growth

Zug, CH

Instruments

Equity · Debt

Founded

2004

Tracked investments

Unicorns

Acquisitions

Team · 7 people

from the firm's website

Thor Björgólfsson· Chairman and Founder· Newbury, England, United Kingdomin

Icelandic investor who founded Novator in 2004 after building and selling the Bravo brewing group to Heineken, later diversifying into telecoms and pharmaceuticals. He invests in emerging markets and sustainability initiatives, and is a finance graduate of NYU's Stern School of Business.

Beat Brägger· Strategic Financial Partner

Joined Novator in 2023, overseeing financial management and parts of the group's portfolio. He previously co-founded Piemontana and held CFO positions, with earlier roles at Bain & Company and UBS.

Ingo Eschweiler· Principal· San Francisco, California, United States

Joined Novator in 2018 after working in Morgan Stanley's Investment Banking Division across Frankfurt, Sydney and London on M&A and IPO transactions. He holds an MSc in Management from London Business School.

Anna-Kreeta Rantamaa-Hiltunen· Director· Luxembourg

Joined Novator in 2009 to establish its Luxembourg office, managing legal, financial and regulatory matters for the group's entities. She holds two LL.M. degrees and previously worked in trust and wealth management.

Florian Reich-Rohrwig· CFO· Zug, Zug, Switzerlandin

Chief Financial Officer of Novator since 2021, overseeing the group's financial matters. He previously led a Swiss single family office and held senior roles at another large European family office, starting his career as a Junior Partner at McKinsey.

Kurt Agner· Finance Manager

Joined Novator in 2022 focusing on financial, liquidity and management reporting. A Swiss Certified Expert for Accounting and Controlling with prior experience at a large European single family office and in corporate finance.

Peter Mitchell· Chief Legal Officer· Switzerlandin

Chief Legal Officer of Novator focusing on wealth planning, investment structuring and commercial transactions. He previously worked in trust structuring at Credit Suisse and UBS and in Baker McKenzie's tax and wealth management department.

What they invest in

from 11 of 12 portfolio companies

Consumer ×3Gaming ×3AI & Machine Learning ×2Digital Health ×2Enterprise Software ×2Fintech ×2Healthtech ×2SaaS ×2

HQs:United Kingdom×3Canada×1Germany×1Luxembourg×1United States×1

Investments · 12 tracked

founders shown can be your intro path

By year:2025 · 1 2024 · 1 2023 · 1 2022 · 1 2021 · 1 2020 · 5 2019 · 111 dated

Cazoocazoo.co.ukOct 2020Acquired

Cazoo is a UK online used-car marketplace and classified advertising business, now owned by MOTORS after its 2024 administration.

London, GB

Alex Chesterman(Founder)

Co-investorsAssurant Ventures Autotech Ventures Cherry Ventures DIP Capital Eight Roads Ventures Entrée Capital +15 more

Fabrafabra.com inOct 2020 · $20M

Fabra offers a 3D design editor that lets designers work from product templates to test fits, colors, fabrics, and graphics, then generate tech packs to share with manufacturers.

Advanced ManufacturingConsumerDeveloper ToolsRetail TechSaaSOrmond Beach, US

Nick Manks(Co-founder)inGloria(Co-founder)Luke(Co-founder)

Co-investorsRLC Ventures Asabys Partners Frumtak Ventures January Capital Side Stage Ventures

Klangklang-games.com in 𝕏Jul 2022 · $41M

Klang is a game studio that builds large-scale virtual worlds and online game services, including back-end infrastructure and clients used to access those services.

Gaming

Ívar Emilsson(Founder)inOddur Snær Magnússon(Founder)Mundi Vondi(Founder)Oddur Magnusson(Founder)Steve Wozniak(Founder)Ulrich Kaminski(Founder)

Co-investorsBitkraft Esports Ventures Makers Fund Mosaic Ventures New Life Ventures Northzone Roosh Ventures +6 more

Nord Securitynordsecurity.com inSeries B · Sep 2023 · $100M

Nord Security provides online privacy and security solutions on a global scale, helping to address cybercrime and data protection issues for people worldwide.

ConsumerCybersecurity

Eimantas Sabaliauskas(Founder)Tom Okman(Founder)Tomas Okmanas(Founder)

Co-investorsBaltCap Burda Principal Investments Zinal Growth Partners General Catalyst Warburg Pincus

Novatornovator.luJun 2021

Novator is an investment holding company that invests in business portfolios across telecoms, pharmaceuticals, and emerging markets in Central and Eastern Europe, Latin America, and Iceland.

Climate TechCloud ComputingEnterprise SoftwareFintechSector AgnosticLuxembourg, LU

Thor Björgólfsson(Chairman and Founder)in

Co-investorsLondon Venture Partners Ubisoft

Numannuman.comSeries B · Jul 2025 · $33.5M

Numan is a UK-based, CQC-regulated online healthcare provider offering personalised medical treatments, diagnostics, and clinical coaching for metabolic health, hormonal balance, and longevity.

Digital HealthDirect to ConsumerHealthtechLongevityWellness & FitnessUK, GB

Sokratis Papafloratos(Founder)

Co-investorsAnthemis Venture Big Pi Ventures Colle Capital Partners VNV Global Vostok New Ventures White Star Capital+1 more

Olive Technologiesolive.app in 𝕏Sep 2020

Olive provides technology evaluation services to streamline the process of assessing and comparing solutions.

AI & Machine LearningEnterprise SoftwareFintechSaaSVancouver, CA

Co-investorsC2 Ventures Techstars Active Capital Chicago Ventures

Rebagrebag.comFeb 2019

Rebag is an online marketplace for luxury designer goods, including handbags, accessories, watches, jewelry, apparel, and shoes with options to buy and sell pre-owned items.

Circular EconomyE-commerceMarketplaces

Charles Gorra(Founder)in

Co-investorsAcurio Ventures Angel Capital Management Crosslink Capital FJ Labs Founder Collective General Catalyst +7 more

Sidekick Healthsidekickhealth.com in 𝕏Oct 2020 · $20M

Sidekick develops digital therapeutics (DTx) programs for people with chronic conditions such as oncology, cardiovascular, metabolic, and inflammatory diseases, using gamification, behavioral psychology, and behavioral economics to improve health outcomes.

AI & Machine LearningDigital HealthHealthtechWellness & Fitness

Co-investorsKickstart Innovation Asabys Partners Frumtak Ventures

Steel City Interactivesteelcityinteractive.co.uk 𝕏May 2024 · $18.8M

Steel City Interactive is an independent video game studio that developed 'Undisputed', a boxing simulation game created in collaboration with figures and organizations across the boxing industry.

GamingSheffield, GB

Ash Habib(Founder)Asif Habib(Co-founder)Asad Habib(Co-founder)

TIER Mobilitytier.app in 𝕏

TIER operates a shared electric micromobility service (e-scooters and related vehicles) available in over 400 cities across Europe and the Middle East.

CleantechConsumerMobility & TransportationBerlin, DE

Lawrence Leuschner(Founder)in Henri Moissinac(Founder)inMatthias Laug(Founder)Julian Blessin(Founder)

Co-investorsConny & Co.Ethos VC Evli Growth Partners FJ Labs Grazia Equity GmbH Imagination Capital +13 more

Zwiftzwift.comSep 2020 · $450M

Zwift is an indoor cycling and training app that connects to smart trainers and dedicated smart bikes, letting cyclists ride, train, and compete virtually with others.

GamingHardwareSports Tech

Eric Min(Founder)inAlarik Myrin(Founder)Jon Mayfield(Founder)Jon Mayfield Eric Min(Founder)Scott Barger(Founder)

Co-investorsCauseway Partners Highland Europe Hiro Capital Pale Fire Capital True.Amazon Alexa Fund +3 more

Portfolio news

latest coverage across their companies

Top 5 Zwift Videos: Alpe du Zwift, Zwift vs IRL, and Zwift Racing League | Zwift Insider

Zwift · zwiftinsider.com · Aug 19, 2026

Frequently asked questions

How many investments has Novator made?: Novator has 12 tracked investments, 1 of which have exited, including 1 dated in the last 24 months.
What stage does Novator invest at?: Novator invests at the Seed, Series B, Series C, Growth stages.
What sectors does Novator focus on?: Novator focuses on Sector Agnostic.
Where is Novator located?: Novator is headquartered in Zug, CH.
Does Novator lead rounds?: Novator has led 3 of the 9 rounds where its role is on record.

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