Europe’s startup ecosystem just got a powerful boost with a new fund designed to back mission-driven founders who want to change the world.
Norrsken Evolve, the investment arm tied to the Stockholm-based Norrsken Foundation, has successfully closed the first round of its maiden €57 million fund.
This marks a major milestone in the effort to scale companies working on impactful and sustainable solutions.
Who’s Backing the Fund
The list of limited partners (LPs) supporting the fund is impressive.
Big names like Saminvest, the European Investment Fund, and SmartCap Green Fund — which is fueled by the European Union’s NextGenerationEU program — are all in.
Alongside institutional players, several tech founders and family offices have also joined.
Notably, Taavet Hinrikus and Sten Tamkivi’s investment firm Skaala has come on board, further strengthening the investor pool.
To expand its reach, Norrsken Evolve will also be extending programming into Kasvuhoone, the newly established Nordic hub for tech innovation in Tallinn, Estonia.
Building on the Accelerator’s Track Record
The new fund builds directly on the success of the Norrsken Accelerator, which has been running since 2021.
That accelerator has already supported 80 startups, giving them a platform to grow.
Now, with Norrsken Evolve, the model is evolving.
Early-stage impact-driven companies will not only receive access to the program led by Funda Sezgi but also benefit from an initial €250,000 investment.
On top of that, Norrsken Evolve has the ability to continue investing in the best-performing startups to fuel their long-term growth.
The Vision: Resilience and Sustainability
At its core, Norrsken Evolve is about empowering entrepreneurs who are working on global challenges with sustainable solutions.
The fund focuses on sectors that can drive real change — biotechnology, supply chain innovation, renewable energy, security, as well as health and bio tech.
By targeting resilience and sustainability, the fund is positioning itself as a catalyst for Europe’s next wave of high-impact innovation.
The First Wave of Portfolio Companies
The fund has already backed a diverse set of companies that reflect its mission:
- Aiomics: Transforming Europe’s medical records into actionable insights.
- Atmospheric AI: Using artificial intelligence to strengthen global supply chains.
- Bubble Robotics: Developing underwater robotic systems to support ecosystems and climate resilience.
- Chain Bioreactor: Producing 3D-printed bio-reactors for innovative biotech use.
- FION Energy: Delivering industrial-scale battery storage to cut energy costs.
- Humla: Creating a hands-free AI platform for medical professionals.
- Jälle Technologies: Upcycling battery waste into lithium and graphene-like materials.
- New Dawn Bio: Engineering biotech solutions to grow wooden products in final form.
- Super6: Pioneering supercapacitor technology for clean energy applications.
- TetraxAI: Building AI-powered platforms for safer energy transition infrastructure.
What Comes Next
With its first close completed, Norrsken Evolve is set to expand its support for founders across Europe who are working on scalable, sustainable, and world-changing ideas.
The combination of strong backers, experienced leadership, and a clear mission makes the fund a strong new force in Europe’s innovation landscape.
The big question now is how far these first portfolio companies can go — and what kind of impact the next wave of founders will create with Norrsken Evolve’s backing.
