Funding

Norrsken funding news – Venture Capital Firm Norrsken Secures Oversubscribed Second Fund at €320 Million

May 14, 2024 | By Startup Rise EU

Stockholm-based venture capital firm Norrsken a pioneer in impact investing in Europe, secures oversubscribed second fund at €320 million to help entrepreneurs solving the biggest challenges facing humanity.

SUMMARY

  • Stockholm-based venture capital firm Norrsken a pioneer in impact investing in Europe, secures oversubscribed second fund at €320 million.
  • This fund wnable to help entrepreneurs solving the biggest challenges facing humanity.

Stockholm-based venture capital firm Norrsken a pioneer in impact investing in Europe, secures oversubscribed second fund at €320 million to help entrepreneurs solving the biggest challenges facing humanity.

The European Investment Fund (EIF, whose commitment is supported under InvestEU), Folksam, AP1, and other major institutional investors in Europe support the fund's total size of €320 million, which exceeds the initial aim of 250 million. It's Fund II is the biggest early-stage generalist impact fund in Europe based on its completed total.

It is unwavering in its pursuit of exceptional financial returns and concentrates on investing in businesses that are fundamentally changing the world. Norrsken Venture Capital makes investments in the biotech, AI, health, energy, and climate technology sectors. To date, Norrsken VC has made investments in more than 50 firms, including the unicorns Einride, 1KOMMA5°, and Northvolt.

Niklas Adalberth, General Partner of the fund and founder of Norrsken Foundation, said: “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.”

The fund has stringent standards that evaluate effect and sustainability across the whole investment process, from proposal screening and due diligence to transaction structuring and exit. These standards are connected to the United Nations Sustainable Development Goals (SDGs).

Read also - Pitchdrive funding news – Venture Capital firm Pitchdrive Secures it’s Third Fund of €40 Million

As an Article 9 or "dark green" fund, Norrsken VC is also in compliance with the EU's Sustainable Financial Disclosures (SFDR) law, which states that all of its investments have a clear social or environmental impact purpose.

Tove Larsson, General Partner of Norrsken VC, commented: “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.”

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Supported by over 50 LPs, the Norrsken VC II fund seeks both impact and financial rewards. AP1, Folksam, Saminvest, KfW Capital, and the Ireland Strategic Investment Fund (ISIF) are a few examples of institutional investors. Additional financial supporters comprise of Investcorp-Tages, BMW, SEB-Stiftelsen, Nordea, and Credit Suisse (which has since merged with UBS Group). Azeem Azhar is among the prominent business people and unicorn entrepreneurs who finalise the fund.

David Frykman, General Partner of the Norrsken VC, added: “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, said: “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, commented: “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.”

About Norrsken VC

Norrsken VC, the non-profit Norrsken Foundation's venture capital arm, Norrsken VC, was founded in 2017 by four aspiring impact investors. Their goal is to increase funding available to entrepreneurs creating profitable ventures.

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