Business

Family sell real estate business and launch new investment office

With a liquidity event after the sale of a real estate business, the next-generation family members have recently launched an investment office focused on impact, but also potential unicorn-valued mainstream businesses.  

Called Wallcross and owned by Norway’s Pay family, the investment office says it “was founded with the aim to scale new tech-based cost disruptors and develop an exciting legacy investment portfolio.” The name Wallcross comes from the family’s commitment to rehabilitate ex-prisoners back into society. The family has supported Norway’s Red Cross in these efforts. 

But Wallcross is also interested in the sharper end of the business world and recently invested alongside a group of Swedish family offices in a Series C deal worth $190 million for Instabox, a parcel locker company. Family Capital covered the details of the deal in a recent article. The latest round puts Instabox in unicorn territory.

Run by siblings Andreas and Ingrid Brunborg Pay, Wallcross was set up a few years after their father Espen Pay sold the family-owned real-estate group, Urbanium Gruppen, the family’s erstwhile real estate development company.

Venture investing isn’t new to the Pays. While they still controlled Urbanium Gruppen, they backed a number of startup ventures. These now form the bulk of Wallcross’s investment portfolio.

Previous investments were made into companies such as Porterbuddy, a parcel delivery business, Lovart, a sustainable fisheries business, Nordic Unmanned, a drone services business, and Unite Living, a residential rental platform. Instabox is the first new venture under the Wallcross umbrella. 

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