Viking Venture backs House of Control

The deal sees founder and CEO Lasse Sten retain an 18.33% stake in the business.

The VC's investment will be used to accelerate HoC's expansion within the Nordic market; from the company's home in Norway and into Denmark, Sweden and Finland.

Viking's investment in HoC the firm's first since acquiring specialist IT provider EcoOnline in December last year and follows its penchant for investing in Nordic IT-focused companies.

Company
House of Control is a provider of cloud-based SaaS that allows companies and public entities to maintain oversight and control of assets, contracts and agreements, as well as other liabilities.

The company has clients in 60 countries and claims NOK 150bn worth of assets are monitored through its product, Complete Control.

In 2014, HoC had revenues of NOK 39m and EBITDA of NOK 15m. It is headquartered in Høvik, near Oslo, and has offices in Denmark, Sweden and the US.

People
Erik Hagen is the managing partner of Viking Venture and worked on the deal alongside partner Jostein Vik. Lasse Sten is the founder and CEO of House of Control.

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• Topics
• Nordics
• Expansion
• Technology
• Norway
• Viking Venture A/S