Alliance VC raises fund to fuel Nordic tech in AI, climate, and health

Alliance VC has completed the first close of its new fund, Alliance Nordic III, pulling in heavyweight Nordic backers including Telenor, Saminvest, KLP, Investinor, and Smedvig.

The fund is targeting early-stage Nordic startups, with a strong focus on climate tech, digital health, business tools, and fintech. But AI stands at the centre – the VC firm sees it as the defining technology shift of the decade.

"AI is no longer just an enabling technology," the firm says. "It's transforming tools into digital labor and fundamentally shifting how value is created."

Backing early bets

Alliance plans to back 25–30 companies over the coming years, with initial investments ranging from €300,000 to €3 million across pre-seed to Series A.

The firm's secret weapon? Boots on the ground in all four Nordic capitals – Stockholm, Oslo, Copenhagen and Helsinki – plus a partner-led approach that puts founders face-to-face with decision-makers from day one.

Its portfolio already includes some Nordic heavy-hitters: Sanity, 1X, Superside, Xeneta and Boost.ai. With Alliance Nordic III, the firm is doubling down on globally ambitious Nordic startups – aiming to help a new generation scale from the region’s tech hubs to the global stage.