The Norwegian tech company Play Magnus AS has raised NOK 126 million ($13.5 million) in a private placement financing round.

Through the private placement backed by existing investors including MP Pensjon PK and Myrlid AS, the Norwegian venture fund Investinor and Swiss Cape Capital AG have each acquired approximately 7% ownership stakes in the company.

Anders Brandt, Chairman at Play Magnus said: “To have two investors as big and exciting as Cape Capital and Investinor come on board confirms that the decisions we made last year, by merging Play Magnus and chess24, and buying Chessable, were strategically correct.

“Now we have the muscle we need to really tap into the commercial opportunities in this enormous market.”

“Investinor has both the capital and expertise needed to help Norwegian companies out into the world, and we look for companies that can become world leaders in their field. We believe Play Magnus has a unique position and a clear potential to take a large share of the global online chess market,” says Investinor Investment Director Patrick Sandahl.

After the private placement, Carlsen holds around 16 per cent of the shares in Play Magnus through the company MagnusChess.