Norwegian early-stage investment house Alliance Venture has pulled in NOK510m ($82m) in an oversubscribed fundraise for a new IT-focused investment vehicle.
Alliance has held a first and final close for Alliance Venture Spring thanks to LP investors including Telenor and Opera Software.
The fund’s largest backer is the Norwegian state through Innovation Norway, which contributed NOK 250m according to Alliance.
Managing partner Jan-Erik Hæreid said, “We are proud and happy that the fund was oversubscribed so soon after the subscription offer went out.
“We are also very satisfied that so many competent investors are participating as LPs.
“We have established a network of former IT entrepreneurs and managers that will use their experience to support the fund.”
The Oslo-based fund will make investments across Norway with a focus on early-stage IT companies.
Alliance said the vehicle could be used to make investments internationally, but will mainly invest in Norwegian companies.
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