Swedish venture capital investor Norrsken Foundation has confirmed that its latest Norrsken Evolve fund has successfully raised €57m to be invested in European start-ups.
The fund, which is being spearheaded by three general partners – Johan Attby, Alex Bakir and Rebecka Löthman Rydå – has attracted investments from Swedish state-backed Saminvest, the European Investment Fund and SmartCap Green Fund, funded by the European Union’s NextGenerationEU, as well as tech founders and family offices.
The fund announced its first portfolio companies today, including Bubble Robotics, which specialises in underwater robotic constellations powering infrastructure, ecosystems and climate resilience. It will also invest in FION Energy, which offers industrial battery storage systems aimed at maximising energy cost savings. Another investee company is Jälle Technologies, which specialises in battery waste upcycled into lithium and graphene-like materials.
Rebecka Löthman Rydå, general partner at Norrsken Evolve, commented on the close: “With Europe in the midst of environmental, geo-political and financial turmoil, many feel demoralised. Yet there is a rising wave of pioneers in the fields of science and technology who have the vision to tackle the severe challenges we face head on with groundbreaking solutions. We want to champion these founders by providing them with the capital and support needed to evolve their seedling of an idea into a fully flourished, world-changing business.”
The new fund is an evolution of Norrsken Accelerator, a VC vehicle that has been running since 2021 and has to date invested in 80 start-ups. It aims to invest annually in 20–30 companies in their initial phases of development, providing each with up-front capital of €250k.
