We’re excited to share that we’ve successfully completed the first close of our new fund, Alliance Nordic III, backed by leading Nordic LPs including Saminvest, KLP, Investinor, Smedvig, and Telenor. The new fund enables us to reinforce our commitment to back the next wave of Nordic-founded global technology leaders.

Press enter or click to view image in full size

Investing in the value creation unleashed by the AI revolution

For the last two decades, the dominant technology forces were mobile and cloud, which combined with the SaaS business model, have dramatically improved capabilities, efficiency, and productivity across industries. We’ve historically invested in companies building products and services riding this technology wave.

To us, AI is no longer just an enabling technology. AI is replacing entire workflows, transforming tools into digital labor, and fundamentally shifting how value is created. AI is shaping up to be the most significant technology shift in decades, promising to be as important as the Internet or the semiconductor.

We see this reflected in our past investments. For many years Alliance VC has invested in companies using AI across areas like business productivity, climate and energy, digital health and fintech. The typical AI investment involves machine learning applied to business problems, yet in the last three years startups have shifted to building generative AI-driven products.

While AI is driving change and gaining a new wave of attention, we see it as a natural extension and amplification of the trend we’ve long backed: technologies that deliver impact, productivity, and transformation through software and data.

We expect AI to be the core thread running through most of our future investments, like it already is for the majority of our current portfolio companies.

Press enter or click to view image in full size

Our strategy: Back Ambitious Nordic Founders Early

We believe the best way to invest in the future is to partner with ambitious founders solving big problems using powerful technology in potentially large markets.

This means that we try not to limit ourselves to which founders we meet, rather we look at all startups coming out of the Nordic countries.

However, we are especially interested in, and have historically made the most investments in, the areas of business efficiency, climate and energy, fintech and digital health. All areas where the Nordics have ambitious entrepreneurs and strong ecosystems.

Among the thousands of Nordic startups being founded every year, we are setting out to invest in 25–30 of them over the next few years. Not all startups are the same, so we don’t expect all our investments to look exactly the same. But we believe that our initial investment will typically be €1–2 million, in a range of €300,000 to €3 million, across pre-seed, seed and Series A.

With that in mind, our intent and strategy is to remain agile, as that will best allow us to serve ambitious founders that are creating the future.

Our Approach: Partner-Led, Founder-First

The partners at Alliance VC combine a long investment track-record with successful operational and entrepreneurial experience over the last 15+ years. This brings together the best of ‘experienced managers’ with the best of ‘emerging managers’.

Alliance VC is the only firm with team members in all four major Nordic capitals Stockholm, Oslo, Copenhagen, and Helsinki, and we are proud to have deep local roots and global experience from firms like Spotify, Kry, Lifesum, Stardoll, Skype and Radiobotics.

We lead with a partner-first approach: where we strive to ensure that every founder meets a decision-maker from day one. This is based on our own experience as founders raising venture capital. We want to be able to move fast, stay close, and commit to being a high-value sparring partner from seed to scale. We are proud to be working with founders from e.g. 1X, Sanity, Superside, Hemby, Xeneta, Boost.ai and many more.

Why Now and Why the Nordics?

The Nordic startup ecosystem is on fire. Valued at $552 billion it has grown 16x in the past decade, according to the 2024 Dealroom Nordics Innovation Report. Many of the companies behind this growth are well-known, like Spotify, Klarna, Supercell, Kahoot, and Unity. And a new generation of founders are currently building startups that we believe will become even bigger.

With the growth of AI applications powering products and services, from business tasks like patent writing to humanoid robots, we see the Nordics being well-placed to leverage traditional strengths in building startups with the almost limitless possibilities of AI. This can be seen across Sweden, Denmark, Norway and Finland in the wave of new startups built by founders with bigger ambitions than ever before.

At Alliance VC, we see this moment as a generational opportunity and will focus where we believe the Nordics have the strongest global potential and especially on companies that combine AI technology with real-world impact.

Looking Ahead

Alliance Nordic III is more than a new fund. It’s a continuation of our commitment to partner with founders from the Nordics to scale globally and shape the future. As AI transforms every industry and the Nordics step into the global spotlight, we’re here to fuel and to support the new generation of builders.