Stockholm-based Norrsken VC has announced the closing of its second fund, Norrsken VC Fund II, at €320 million, surpassing its initial target of €250 million. This makes it the largest early-stage generalist impact fund in Europe.
The fund is backed by almost 50 limited partners (LPs) that seek both impact and financial returns. These investors include institutional backers like AP1, Folksam, Saminvest, KfW Capital, and the Ireland Strategic Investment Fund (ISIF), as well as major firms like Credit Suisse, Investcorp-Tages, BMW, and SEB-Stiftelsen. Notable individual investors like Azeem Azhar also support the fund.
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Focus on Impact Startups
Norrsken VC plans to use this fund to invest in over 30 impact startups that aim to address some of the world’s greatest challenges. Niklas Adalberth, General Partner of the fund and founder of the Norrsken Foundation, states, “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.”
Commitment to Sustainable Goals
The fund is aligned with the United Nations Sustainable Development Goals and the EU’s Sustainable Financial Disclosures regulation. It invests in companies with a clear environmental or social impact objective and focuses on sectors including climate tech, energy, biotech AI, and health tech.
Driving Global Change
Tove Larsson, General Partner of Norrsken VC, highlights the fund’s unique position: “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.” She emphasizes the urgency of investing in innovations for a more habitable world, particularly as the planet has exceeded six of nine Planetary Boundaries.
Impact Through Investment
Norrsken VC is a leader in early-stage impact venture capital in Europe. Born from the Norrsken non-profit impact ecosystem, it connects founders with the capital, knowledge, and network they need to make saving the world their business. Norrsken VC runs independently from the Norrsken Foundation and is managed by a team of experienced investors and startup operators.
With the closure of this oversubscribed fund, Norrsken VC is well-positioned to continue its mission of supporting entrepreneurs and companies that strive to make a significant positive impact on society and the environment.
