Nordic AI startups gain momentum with Alliance VC's €40M Fund

 Alliance VC today announced a first close of €40 million for its Alliance Nordic III  fund, targeting €100 million in capital commitments. 

Alliance VC is the only venture capital 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, ensuring unique access to investment opportunities across the region. Alliance VC is also proud to operate with a partner-first principle: every startup meets with a decision-maker from day one, ensuring efficient, high-impact conversations from the start. 

Alliance VC 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 that will redefine business and society. The mission remains clear: empower visionary teams to scale globally and lead the next era of innovation. 

“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.” 

“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. 

Alliance Nordic III is backed by a strong group of Limited Partners, including Saminvest, KLP,  Investinor, Smedvig and Telenor —all highly respected investors in the Nordic region. Their support not only underscores confidence in Alliance’s investment strategy but also reinforces the firm’s ability to back the best founders with long-term capital and expertise. 

“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”. 

Lead image: The six Partners: Anders Hallin, Stine Sørensen, Johan Gjesdahl, Henrik Torstensson, Bente Loe & Arne Tonning.