ProVenture and Investinor back Ace Oil Tools

Norway's business growth fund, Investinor, invested NOK 12m, although ProVenture did not disclose the size of its contribution.

With the new investors on board, Ace Oil Tools will focus will be on promoting the use of its products – so-called "stop collars" for piping, used in the oil & gas industry.

The investment is the first made through ProVenture Seed II, the VC's second fund. Shell joined as an investor in the fund when it held a second close on NOK 522.5m in early January.

Company
Founded in 2012, Ace Oil Tools is based in Randaberg, north of the Norwegian oil capital Stavanger.

The company employs three people and had revenues of NOK 7.38m in 2013, according to publicly available information.

People
Senior partner Terje Eidesmo worked on the deal for ProVenture. Lasse Hetland is the CEO of Ace Oil Tools.

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• Topics
• Nordics
• Expansion
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• Norway