Norrsken Foundation Closes €125M Impact Venture Fund

Norrsken VC: A Rising Force in Impact Investing

Approximately four years ago, the Norrsken Foundation, a social impact organization, initiated a modest investment program. This program deployed around €30 million of capital provided by Klarna co-founder Niklas Adalberth.

From Program to Independent Firm

This initial undertaking has since evolved into a standalone impact investment firm, known as Norrsken VC. Sources close to the firm indicate that it is nearing the completion of its inaugural independent investment fund – a €125 million ($149 million) vehicle.

The fund’s primary objective is to invest in startups dedicated to addressing the world’s most pressing challenges, as highlighted on the firm’s official website.

Requests for comment regarding the firm’s fundraising activities sent to Norrsken VC have not yet received a response.

Impressive Early Investments

Despite its youth, Norrsken VC has already demonstrated a knack for identifying promising ventures. The firm was an early investor in Northvolt, a battery manufacturer that recently secured a substantial $14 billion order from Volkswagen for its electric vehicle batteries.

Focus on Electrification

Electrification represents a significant investment theme for the firm. Norrsken VC’s portfolio includes companies pioneering advancements in this field.

• Heart Aerospace, developing electric plane technology.
• Einride, focused on autonomous electric vehicles.
• Nortical, specializing in battery monitoring and data management.

Einride recently achieved another milestone, with reports suggesting it is on the verge of securing $75 million in additional funding, alongside exploration of a potential SPAC transaction.

A Broader Trend in Sustainable Investing

Norrsken Foundation’s early investment activities foreshadowed a growing trend of climate and sustainability-focused investment. This surge in interest is evident across venture capital, public markets, and among entrepreneurs seeking solutions for transitioning away from fossil fuels.

This investment philosophy extends to energy efficiency, exemplified by the firm’s investment in Submer, a designer and developer of energy-efficient data centers.

Addressing Waste and Improving Food Systems

Beyond electrification and efficiency, Norrsken VC is actively working to mitigate waste and enhance efficiency within the food supply chain. This constitutes a major focus area for the firm’s current portfolio, with several promising startups emerging.

Investments in this sector include:

• WeFarm and Ignitia, focused on agricultural innovation.
• Olio, Matsmart, and Whywaste, tackling consumer food waste.

Healthcare and Wellness

While climate and sustainability represent the largest investment opportunity, Norrsken VC also considers healthcare and wellness. Winningtemp, a startup offering employee mental health monitoring and support, exemplifies this aspect of their investment strategy.

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