Magnus Carlsen starts a new chess company

Posted On: April 28, 2023

Chess

Magnus Carlsen, Norwegian Chess and technology company Iterate have entered into a partnership to develop Fantasy Chess.

In the image from left: Kjell Madland, Anders Haugeto, Henrik Carlsen, Magnus Carlsen, Benedicte Westre Skog, Linn Eriksen Photo taken by: Julie Hrncirova / Abrakadabra

Jan Khur

– I’ve seen how technology helped revolutionize the sport of chess. At the same time, we are only in the early stages of what opportunity can create. Now I’ll be able to go back to travel and get my ideas and input forward, and I’ve engaged with Norway’s leading environment for entrepreneurship. The goal is for us to be able to spread the sport of chess to new markets and environments, said Magnus Carlsen in a message.

Fantasy Chess is developed at the US company Pawn, which is owned by Magnus Carlsen, Norway Chess and technology company Iterate at equal stakes. The game will be available via beta launch during this year’s Norwegian Chess tournament in Stavanger at the end of May.

Magnus Carlsen was previously an entrepreneur. In 2012, he started Play Magnus, which was sold to Chess.com in 2022. Now he’s about to embark on a new entrepreneurial adventure.

– I was personally involved in the design and development of Fantasy Chess together with the teams at Norwegian Chess and Iterate. “Our inspiration is the Fantasy Premier League, and its ambition is to engage chess fans around the world,” said Carlsen.

Technology company Iterate is in charge of product development. Iterate which started in 2007 has 90 employees and turnover of NOK 90 million. The company started as a consulting firm in 2007, but has gradually changed business to also developing and investing in new companies. Since the beginning of the business, Iterate has shares in 32 new startup companies.

This is Iteration

Iterate started in 2007 as a consulting firm. In 2016, they changed the direction of the company to grow too

and invest in new companies (start-ups). This led to Iterate starting a new company rather than turning a profit.

Since the beginning of the business, Iterate has shares in 18 new startup companies, including Woolit, Vake, Flow

Technology, Dagens. They recently sold their ownership interest in Porterbuddy. Recently, they have also developed their own

software tools mainly for start-up companies, but also purchased by more mature companies. these tools

sold as a service (SaaS).

Founders Anders Haugeto and Kim Ophus Leskovsky and managing director Rune Larsen hold the majority ownership positions in Iterate.

A number of other employees hold ownership positions. Among its external shareholders is Charles Adler, one of its founders

Global crowdfunding success Kickstarter, as well as a number of other IT profiles. In March 2022, investment firm Aars left

with NOK 100 million on the ownership side, and has since become a strategic partner to the company.

– The secret behind success with digital products is building teams across multiple environments. Our coders, designers, and product managers have a solid track record of assisting startups and established companies, both with incubation, scaling, and further development. This creates a product culture where we are always looking for new ideas, encouragement and constellations. We couldn’t have had a better partner than Magnus Carlsen. Together with him and Norwegian Chess, we hope to create a unique product for the sport of chess, said Anders Haugeto, chairman and co-founder of Iterate.

Since 2013, Norwegian Chess has hosted a Norwegian Chess tournament in Stavanger, which has attracted the best players from around the world. The company is also involved in developing the sport of chess through several initiatives.

– Since the beginning of 2013, we have had the goal of challenging the sport of chess by thinking new things and creating a bigger audience for chess. From confessional boxes to armageddon to turning chess into a compelling TV product and sponsorship object, we’ve been pioneers in a relatively conservative sport. Therefore, we see it as a unique opportunity to bring together Magnus Carlsen and Iterate, who are also pioneers in their fields. Together, we will create a whole new experience for chess fans old and new alike.

About Norwegian Chess

Norwegian Chess is owned by the US Tower company and founded by Kjell Madland. Together with Benedicte Westre Skog, he, through Norwegian Chess, pioneered the commercialization of chess as a TV sport. The aim is to conceptualize the Champions League with the world’s best chess players and show chess on live national TV. Furthermore, the goal is to make chess a sponsor object. Norwegian Chess has contributed to challenging the game of chess with new time controls, Armageddon, recognition boxes, Games and other concepts that have made Norwegian Chess one of the most prestigious tournaments in the world. Elite players queue up for invites and get recognized around the world.

Furthermore, Norwegian Chess has organized a business conference, the Norway Summit, which attracts international businessmen from all over the world. They share knowledge about the smart next steps in business and society. Norwegian Chess is based in Stavanger.

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