Swedish Norrsken Foundation commits €300 Million To Support European Startups

The funding will come from Norrsken’s combined resources, including Norrsken VC, Accelerator, and Launcher. All investments will follow criteria aligned with the UN Sustainable Development Goals (SDGs), ensuring that impact and sustainability are considered at every stage—from deal screening and due diligence to structuring and exit.

In an open letter undersigned by all funds (which you can read in full here), the Norrsken Partners said: “We’re living through the most profound shift since the Industrial Revolution. But this time, the engine of change isn’t steam. It’s godlike intelligence. Artificial intelligence is the most powerful tool humanity has ever created. Yet, so far we are mainly using it to optimise clicks and automate emails. Helpful, yes. But we’ve barely scratched the surface of what this technology can do. AI is not just another productivity boost, it’s a real chance to fix what truly matters.”

The firm provides early-stage funding, mentorship, and access to a global expert network, aiming to deliver both strong financial returns and meaningful social or environmental impact.

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This vision drives Norrsken’s latest move: a €300 million commitment to support AI-for-good startups through its VC, Launcher, and Accelerator funds. The goal is to back European startups using AI to solve major global challenges—once seen as too complex or costly—across sectors like climate, food, health, education, and society.

“We can’t afford to make the same mistake twice,” Norrsken states, referencing the environmental fallout of past industrial growth. “Let’s not move fast and break things this time. Let’s move fast and fix things.” With the right support, Norrsken believes the next wave of trillion-euro companies won’t just be technologically advanced – they’ll be the ones solving humanity’s most urgent problems.

According to Norrsken VC, AI startups attracted over €94.8 billion in venture capital in 2024, accounting for nearly one-third of all global VC investment. It’s one of the fastest and most intense capital surges in tech history—sending a clear message: AI is reshaping the world.

But much of this funding still flows into productivity tools and convenience apps. Norrsken believes the real opportunity lies in using AI to tackle the world’s biggest challenges—from climate change to healthcare and food security.

Having seen past tech waves—from the rise of the internet and mobile apps to SaaS and ClimateTech—Norrsken recognizes the familiar pattern: short-term hype is often overestimated, while long-term impact is underestimated.

They caution that 80% of AI startups today may not last. The remaining 20% will be those solving real-world problems, transforming entire industries, and creating long-term value.

AI now has the power to optimize energy grids, accelerate drug discovery, detect diseases early, and revolutionize biology. It can enable precision farming, reduce food waste, and scale virtual healthcare to relieve stressed medical systems.

Startups like Juna.ai, Quadrivia, Submer, and Evroc from the Norrsken portfolio are already showing what’s possible—whether it's making heavy industry more efficient, streamlining healthcare workflows, or cutting the carbon impact of AI infrastructure. These pioneers are just the beginning of a much larger, impact-driven movement.

About Norrsken Foundation

Founded in 2017 by Klarna Co-founder Niklas Adalberth, Norrsken VC is part of the wider Norrsken Foundation, focused on supporting purpose-driven entrepreneurs building impactful businesses—especially in areas like climate, health, and education.