Norwegian VC firm Alliance VC announces €40 million close for new fund to back technology leaders from the nordics

Oslo-based VC firm Alliance VC today announced a first close of €40 million for its Alliance Nordic III fund, targeting €100 million in capital commitments to continue to invest in and support the next wave of Nordic-founded global technology leaders.

Alliance Nordic III is backed by a group of Limited Partners, including Saminvest, KLP, Investinor, Smedvig and Telenor.

“Alliance Nordic III doubles down on where we believe the Nordics have the strongest global potential,” said Johan Gjesdahl, Managing Partner at Alliance VC. “We’re targeting companies that combine AI technology with real – world impact.”

Founded in 2001, Alliance VC is an early-stage VC firm investing in technology startups across the Nordic region. The firm is run by a team of venture capitalists, operators and Founders that have helped create billion-euro companies.

With Alliance Nordic III, Alliance VC now has partners based in Stockholm, Oslo and Copenhagen.

Alliance VC is allegedly the only VC firm with team members on the ground in all four major Nordic capitals: Stockholm, Oslo, Helsinki, and Copenhagen. Its six general partners bring more than 15 years of experience each within their local startup ecosystems. Alliance VC is also proud to operate with a partner-first principle: every startup meets with a decision-maker from day one.

According to Alliance VC, they started investing in AI-driven startups “long before AI dominated the headlines“. As the AI revolution continues to drive the most significant technological shift in decades, Alliance VC remains committed to investing in this space.With the launch of Alliance Nordic III, the firm is staying true to its roots – leading seed-stage investments in Nordic startups.

Their mission remains to empower visionary teams to scale globally and lead the next era of innovation.

“The quality and volume of startups across the Nordics has never been stronger and we have a proven track record of investing in breakout companies like 1X, Sanity, and Superside early, and we are excited that the new fund enables us to back even more of them,” says Gjesdahl.

Per the 2024 ‘Nordics Innovation Report’ Dealroom report, the Nordic tech ecosystem is valued ​at €468 billion (16x growth in a decade). With this momentum in mind, Alliance VC is positioned to continue building a portfolio of high performing global winners.

“At Saminvest, we are committed to strengthening the venture ecosystem by supporting long-term, value-driven investors like Alliance VC, ” said Magnus Skåninger, CEO of Saminvest. “Investing once again in Alliance VC reflects the kind of forward-looking strategy and regional expertise we believe is critical to help tech companies scale globally”.

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