“Oslo has changed a lot over the last 15 years – for the better”
Investor Johan Gjesdahl argues that this is the right time to invest in Oslo – and enjoys the stunning scenery surrounding the city.
“There’s been a steady flow of interesting startups in Oslo and Norway over the last 7-8 years. And the quality of founders and ideas has been – and still is – improving. There’s a lot of pollination going on, and we see a critical mass of founders and employees who know from their experience what great looks like.”
Johan Gjesdahl has been a Partner at Alliance VC for more than a decade, and has invested in startups for even longer. Among Norway’s larger venture capital investors, the company has offices inStockholm, Copenhagen and Helsinki, but their headquarter is located in Oslo.
“Our team consists of a great mix of operators who have founded businesses not too long ago, and people like myself, who went from operator to investor a while back. Our focus is early-stage tech startups in the Nordics, and we’ll typically lead or co-lead seed rounds“, says Johan.
A cultural shift
At the height of the dotcom era, which coincided with what may have been the historical peak of venture funding, Johan turned his focus to startups and investments – as one of the first team members at a tech startup in London, and then as an investor with a broad background in Norway.
“There’s been a lot of changes in Oslo over the past 15 years. Exciting things were happening back then as well, but many of the people I met insisted that they were inventors. They kept to themselves, and they were very protective about their ideas, fearing someone would steal them”, Johan says, quickly adding:
“I may be exaggerating slightly. But there’s definitely been a shift in the culture. There are a lot of teams right now who are great at pitching their idea, consisting of people who could have worked anywhere, many of them coming from top companies and bringing that experience into their startups. Because building something is what they are passionate about and just have to do.”
The right balance
Although Johan Gjesdahl is less than thrilled about some aspects of Norway’s business regulations, such as the latest iterations of the exit tax, he sees it as – hopefully – a temporary obstacle rather than a permanent fixture.
And there are other things to tip the scale in favor of taking your business to the Norwegian capital, he argues.
“Actually, this is a great time to consider investing in Oslo. After 2021 things have normalized, and the balance between talented people, great ideas and a healthy flow of money seems pretty good at the moment. Oslo will never be Silicon Valley, but there are a lot of exciting things happening”, says Johan.
Nature and city life
Another aspect of Oslo that makes the city stand out globally, is its combination of a thriving cultural scene and stunning Marka area with forests and hills just outside of the city centre.
“I used to think Oslo was for the particularly interested. But anybody who loves nature will be attracted to our city. It’s really nice when people tell me how much they appreciate living here”, says Johan.
As for himself, Johan loves to go running or skiing in Marka, depending on the season.
“I’m kind of traditional in that sense. When it comes to city life, what I enjoy the most is eating out and meeting friends for drinks and food”, he says.
Startups to watch
When we ask Johan Gjesdahl about some of his and the Alliance VC team’s favorite Norwegian startups to watch, his answer is enthusiastic and wide-ranging.
“From our own portfolio, I would point to rising stars such as 1X, Tana, TouchNetix, and Unleash. More mature startups in our portfolio include Sanity, Superside, and Xeneta, while Newcode.ai, reTyre and Databutton are companies I find interesting.”
“However, this is just the tip of the iceberg. We have a lot of other great startups in our portfolio, and there are a number of exciting cases that we have a keen eye on as well.”