Four cornerstone investors in the company were allocated shares for NOK 205 million (£17.2 million/$22.3 million/€18.9 million) with these being the American asset manager Luxor Capital, DNB Capital Management, TIN Fonder and TD Veen.

Additionally, Investinor AS was allocated shares representing nine per cent of the primary offering, working out at around NOK 27 million (£2.27 million/$2.93 million/€2.49 million).

"We are extremely excited and proud of being able to welcome highly competent and strong investors to join our mission," said co-founder and chairman of the Board of Directors of the Play Magnus Group, Anders Brandt.

"This investment will allow the company to continue spreading chess to a wider audience and delivering the best experiences and opportunities for chess fans and professionals."

Play Magnus Group brings online chess to fans worldwide under sites such as Chess 24, CoChess and Chessable.

"The market is growing, and we are in an early phase which requires further investments," said chief executive of Play Magnus Group, Andreas Thome.

"We will invest heavily in technology development in the future and the company does not rule out further acquisitions.

"We will build on the success of the 2020 World Chess Tour and further develop this to its full potential.

In August 2020, Play Magnus had more than three million registered users across its platforms and approximately 35,000 monthly paying customers worldwide.

Play Magnus has listed its shares of the company on Merkur Market, with the first day of trading coming yesterday (October 8).