Nalik Ventures: Building a stronger Greenland together

Exciting developments are happening in Greenland, creating new opportunities for industry, trade and tourism to flourish. With vast experience and experts in its field, this successful venture capital company offers everything new start-up companies, budding entrepreneurs and more established businesses may need to prepare for changes ahead.

Nuuk-based Nalik Ventures is a 2022 merger between Greenland Holding, Greenland Venture and Innovation Greenland. It facilitates business development for new ideas and start-up companies, helping to increase growth, affluence and prosperity, and it firmly believes that strong businesses are the foundation of a strong society.

With CEO Thomas ‘Tyt’ Mogensen, who was headhunted in 2023, the company has made strides forward, implementing changes and preparing tactics for a successful tomorrow. “We are well on our way to establishing new strategies,” he explains, which is somewhat modest as the company has supported more than 400 start-up companies and entrepreneurs between February and September this year alone.

Thomas ‘Tyt” Mogensen, CEO

Understanding and meeting needs

“It’s integral to my strategy to work closely together with Self-Governance Institutions and local governing bodies in Greenland, so we get a thorough understanding of the industry and the business and know what is happening around the country,” Tyt explains. In order to support local and national interests and economic growth, the company needs to know what is going on in the south as well as the north. “Even though this is one country, the industry and the needs are completely different in the north and in the south.”

From support and counselling to loans and training, it is crucial that Nalik Ventures meets the needs of each business and idea. The company strives to find the most suitable support, and the advice and financial provisions are tailor-made to suit the individual needs of every business and entrepreneur. Only in this way can the team provide the best tools for each company to continue growth and development.

“We offer loans or can work with investors to raise the capital needed,” says Tyt. Nalik Ventures can shoulder some of the risk, as an alternative to banks, or can go in as an investor partner with a bank or third party. “We do this for a set period of time. When we have made a profit and the business has grown, we part ways and let the business continue to grow on its own.”

Developing competence

The level of advice and support offered by Nalik Ventures is extensive. The company helps with new business ideas, micro-loans and financial support to up-start businesses, as well as product development to more established companies, like tour operators or businesses in the tourism industry, where it has proven successful and wants to grow.

“One of our main aims is to develop competence,” Tyt says. Nalik Ventures administers funds provided by the European Union specifically for developing skills and competency. In a bid to offer advice, financial backing and training to eligible businesses in Greenland, it has created an experienced, travelling team. “We send experts to remote areas of the country, including lawyers, accountants, and insurance brokers.”

This is crucial in a country the size of Greenland, where the population is spread out. “We run courses to help set up a business from budgeting to expenses, to marketing and so on,” says Tyt. These courses are held in various locations, where people can attend in person, and Nalik Ventures follows up with consolidating videos made available for participants on the online platform. “We recently hosted a course in Sisimiut, which was a great success,” he says. “And we aim to reach all parts of the country.” The courses cover all aspects of starting a business and giving entrepreneurs the necessary tools to continue growing and developing.

Exciting times ahead

“We must remember that our every day and the things we take for granted may be unique experiences for others,” Tyt reflects. This is particularly relevant when considering the current tourist boom and growing interest in the country and its unique culture.

With no less than three new airports being built in Greenland, the first of which is due in November 2024, more visitors will come to experience the wilderness, the culture, the landscape and the people here.

This is a game-changer for tourism in Greenland, making the country more accessible, and will have a huge impact on tourism and industry in general. This will bring with it many challenges and opportunities, and Nalik Venture has a strategy and vision in place to ensure both local and national businesses and entrepreneurs can prepare for the changes ahead.

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