Stockholm-based Norrsken VC has closed its second fund at €320 million, exceeding its initial target of €250 million. The fund is backed by a range of investors, including institutional investors like Folksam, AP1, and the European Investment Fund (EIF), as well as others such as Credit Suisse, BMW, and Nordea. Specializing in impact investing, Norrsken VC looks for startups that can generate strong financial returns while making a positive impact on society and the environment. The funding will be used to invest in startups across Europe, particularly focusing on sectors like climate tech, energy, biotech AI, and health tech, aiming to support visionary founders and create companies that benefit 1 billion lives.
Norrsken VC is a prominent European venture capital fund focused on impact investing, launched in Sweden in 2017 as part of the Norrsken Foundation. They specialize in funding startups that tackle significant global issues while also aiming for substantial financial growth. As an SFDR Article 9 or “Dark Green” fund, Norrsken VC ensures that each investment contributes to at least one of the 17 Sustainable Development Goals (SDGs). They actively support their portfolio companies in defining, measuring, and expanding their impact. Norrsken VC stands out for its results-oriented approach, backing the top 1% of startups in the impact sector, which includes several unicorn companies. They differentiate themselves by prioritizing collaboration over individual recognition and advocating for a model that combines financial success with positive societal impact.
Niklas Adalberth, General Partner of the fund and founder of Norrsken Foundation, states, “Our long-term vision is to see every dollar invested globally as a net positive for people and planet. With Norrsken VC II we aim to find, back and empower force of nature founders, and set them on a path to build impact unicorns – companies that positively impact 1 billion lives.”
Tove Larsson, General Partner of Norrsken VC, says, “While more funds have joined the sector since our inception, it remains relatively uncrowded, with less than 1% of global capital dedicated to impact investments. Urgency is evident as we’ve exceeded six of nine Planetary Boundaries, underscoring the need for investments in innovations for a more habitable world. We’ve openly shared our investment philosophy, urging fellow impact investors to adopt it and thrive. With our second fund, we’re committed to finding the best impact founders in the DACH region.”
David Frykman, General Partner of the Norrsken VC, states, “We’re overwhelmed and thrilled to be closing this oversubscribed fund. This surge in interest validates our belief in the impact + return model we’ve helped establish here in Sweden. With our new fund, we’ll double down on our native market while simultaneously looking across Europe for visionary founders who share our passion for creating a better future. We’re looking for disruptors tackling climate change through innovative energy solutions, alongside advancements in health, responsible AI, and adaptation strategies.”
Ylva Wessén, CEO of Folksam, comments, “With this close of a €320 million oversubscribed fund, we know we’re not alone in believing in the potential of Norrsken VC to drive positive change in addressing global challenges through innovative and impactful entrepreneurship.”
Marjut Falkstedt, Chief Executive of EIF, says,, “Our relation with Norrsken VC goes back to their first fund, and we’re happy to once again partner up in support of sustainable and socially responsible investments, this time with the backing of the InvestEU programme. In line with the EIF’s priorities in terms of making sure that impactful European businesses have access to the finance they need, Norrsken VC’s impact investing is a great asset in the European VC landscape.”
Agate Freimane, General Partner of Norrsken VC, commented, “Climate is now the number one biggest vertical in European VC, and for good reason. What sets Norrsken VC apart is our unwavering Article 9 commitment. This means sustainability isn’t a checkbox, it’s the investment thesis. This, combined with our deep expertise and proven track record, makes us a magnet for the world’s most inspiring mission-driven founders. For us, impact isn’t optional, it’s our shared bottom line.”
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