For Stavanger-based technology company Kakadu, Unlisted has been there from the very beginning – literally. As customer number one, Kakadu has actively used Unlisted throughout its journey, from early structuring of board compensation to executing capital raisings.
Kakadu was founded in 2020 by Hege Fiskå and Ingvild Erøy Prestårhus, and has developed a platform for digital guidance that helps users master digital services. – “Our vision is to include everyone in the digital everyday life,” says Hege, who is also the CEO.
Based in Stavanger and with six employees, the company has completed two capital rounds and built a robust ownership structure with employees and the board as option holders.
Right from the start-up phase, Kakadu needed to find a smart solution for board fees, which is where Unlisted first came in. – “We had little liquidity, and giving options instead of cash payments became the solution. Unlisted helped us structure this from the start.”
Later, when Kakadu applied for funding from Innovation Norway and needed to show more than just equity, Unlisted suggested using SLIP models – a flexible intermediate solution for structuring future investment. – “There are things you don’t know as an entrepreneur until you’re in it. That’s where Unlisted has been absolutely invaluable.”
The first round of capital was closed in 2023, the second in February 2025. Both times, Unlisted has been central to the process. – “Unlisted helped us with valuation, dilution, investor types and how to convert the SLIP investors. It's about doing things right before the money is in the account.”
Unlisted acted as a sparring partner throughout the process, from strategic assessments to practical implementation. – “We also used lawyers, but only for quality assurance. We did the rough work with Unlisted.”
Through the Unlisted portal, Kakadu has a full overview of the cap table, option program and ownership structure. – “It is incredibly easy to add new investors, and everyone gets access. It provides security and transparency for both employees and investors.”
The fundraising module in Unlisted is an important tool that Kakadu has been waiting for, in addition to being able to simulate different scenarios and get an overview of the consequences of dilution. – “You never know what you don't know, but Unlisted helps you ask the right questions.”
Hege highlights the close dialogue with Unlisted as particularly valuable. – “We get strategic advice that is tailored to us. They know our journey well from day one.”
As the company enters new growth phases, Unlisted will continue to be a key partner. – “Stocks and options are the most precious thing you have as a startup. You have to be in control here and take care of it.”
"We've saved a lot of time and avoided making a lot of mistakes," Hege pointed out about the collaboration with Unlisted. She particularly emphasized the value of the consulting part, since "you don't know what you don't know" when you're starting out. The alternative would have been to use lawyers, which often results in large bills.
Kakadu never considered other platforms. – “Unlisted is the only complete solution that covers the entire process. Other players only do parts of the job. We wanted everything in one place.”
Hege recommends the platform to all startups: – “It's not just about tools, but about having someone to guide you through a complex process.”
Kakadu is looking forward to using Unlisted's new fundraising module, and specifically the subscription form module. – “If I can sit in a meeting, press a button and send out a subscription form directly to the investor – that would be the icing on the cake.”
With Unlisted, Kakadu has gained more than a platform – they have gained a partner in growth. A partnership that started early, and which has been crucial in the company's ability to raise capital, structure ownership and avoid pitfalls along the way.
