How Zefyr powers Norway’s film and TV industry

Bergen-based investment fund Zefyr is driving audiovisual production in southern and western Norway, balancing cultural growth with commercial returns, says CEO Magnus Thomassen.

Bergen-based media investment fund Zefyr is a key financial player in Norway’s audiovisual production landscape, allocating between NOK 25 million and NOK 35 million (US$2.37m to US$3.32m) annually to film, television, and game development. As the largest regional fund of its kind, Zefyr aims to strengthen the industry in southern and western Norway while managing government grants to support production in these areas.

With total capital of approximately NOK 50 million, Zefyr has made significant contributions to the sector. Over the past five years, the fund has invested more than NOK 133 million and distributed NOK 83 million in grants. According to its own calculations, Zefyr delivered a net return of 8.3% in 2023. Since its establishment in 2016, the fund says it has supported 246 audiovisual productions, generating NOK 733 million in economic impact for the regions where it operates.

Zefyr operates as a hybrid entity, combining public and private capital. It was formed through the merger of two regional funds, Fuzz and Filmkraft Fond, and is owned by Bergen Municipality and Rogaland County Municipality. The fund maintains collaboration agreements with counties and municipalities across its operational area.

Zefyr’s investment approach is commercially driven, with a focus on projects that demonstrate strong revenue potential relative to risk. “We invest but, at the same time, we depend on making money on our portfolio. That means we will consider all projects with an income potential that is proportionate to risk,” says Zefyr CEO and copyright lawyer Magnus Thomassen.

The fund’s portfolio includes a diverse range of productions. Recent investments include feature films such as Stepsisters (2025), Spermageddon (2025), Armand (2024) and Victoria Must Die (2024). In television, Zefyr has supported RIP Henry (2023) for Viaplay, as well as State of Happiness S2 (2022) and Rykter S2 (2022) for NRK.

More recently, it committed NOK 800,000 to Heajastallan: A Sámi Wedding (8×30’), an NRK drama produced by Mer Film, Tordenfilm, and Forest People, with REinvent International Sales handling distribution. Additionally, Zefyr has allocated NOK 1 million to Nordisk Film Production’s Murder in Sogn, a contemporary crime drama set to air in 2026 on Norway’s TV2 and multiple European broadcasters.

While Zefyr primarily supports Norwegian-based projects, it is increasingly open to international collaborations. “The projects do not have to be 100% Norwegian, depending on how one defines that. In principle, we want Norwegian-based projects, but in recent years, we have looked at projects that are not necessarily based only here,” says Thomassen. However, the core portfolio remains focused on productions with Norwegian producers, particularly those within the fund’s regional remit.

In terms of content, Zefyr does not prioritise specific genres but maintains a strong focus on feature films and, to a lesser extent, computer games. “We also consider TV shows, but we think the income potential for investors is a bit limited,” Thomassen notes. While the fund does not categorically exclude any genre, it typically avoids serialised television productions due to financial considerations.

Zefyr recently adjusted its grant application process to improve accessibility for producers. Previously, grants were awarded through two annual application rounds, but following industry feedback, Zefyr now processes applications on an ongoing basis. Applications for grants under NOK 100,000 and international coproduction grants can now be submitted year-round.

“After an assessment of resource use, we concluded that such a change is appropriate. Ongoing processing of grant schemes could make producers’ everyday lives easier by ensuring that the instrument system is more aligned with the dynamics and flow of the industry,” the company stated. Applications are reviewed at all six annual Zefyr board meetings, with processing times typically ranging from four to eight weeks.

Producers interested in securing Zefyr funding should begin by submitting a formal inquiry. According to Thomassen, the most effective approach is to send an initial letter outlining the project, followed by a detailed pitch deck. “Include a clear description of the project and the team, a financing plan, sales estimates, and preferably a waterfall plan that clarifies sales and revenue potential,” he advises.

As Norway’s audiovisual sector continues to evolve, Zefyr remains a critical investment vehicle, balancing cultural and economic priorities while fostering regional growth in film, television and gaming.