Norrsken Evolve launches €57M fund to back "impact tech"

Norrsken Foundation has launched Norrsken Evolve, a new €57 million pre-seed fund aimed at backing startups working "at the intersection of impact, resilience, and scalability".

The fund will target early-stage founders across Europe building solutions in sustainability, deeptech and infrastructure critical to the continent’s long-term resilience.

The initiative represents a natural evolution of Norrsken Accelerator, the foundation’s existing early-stage programme launched in 2021. Norrsken Evolve will not only offer €250,000 in upfront capital, double the Accelerator’s previous standard, but will also enable follow-on investments in top-performing companies.

The fund will be led by General Partners Johan Attby, Alex Bakir, and Rebecka Löthman Rydå. Its limited partners (LPs) include high-profile institutional backers such as Saminvest, the European Investment Fund, and SmartCap Green Fund (supported by the EU's NextGenerationEU programme), as well as notable private investors including Taavet Hinrikus and Sten Tamkivi’s firm, Skaala.

This new vehicle arrives at a time when Europe’s tech ecosystem is grappling with broader macroeconomic uncertainty. While VC investment across the continent dipped in recent quarters, impact-focused funds - particularly those at the pre-seed and seed stages - have shown relative resilience, driven by the EU’s green agenda and strategic emphasis on deeptech and industrial sustainability.

“With Europe in the midst of environmental, geo-political and financial turmoil, many feel demoralised. Yet there is a rising wave of pioneers...with groundbreaking solutions. We want to champion these founders,” said Rebecka Löthman Rydå, General Partner at Norrsken Evolve.

The fund is structured around intensive, in-person "sprints" designed to support early-stage founders through the most critical phases of product and company development. This hands-on approach is paired with access to Norrsken’s extensive network of mentors, operators, and investors.

“When we launched Norrsken Accelerator four years ago, our mission was clear: to build a pipeline of emerging impact-tech unicorns... We've proven the model works. Now, with the €57m Norrsken Evolve fund... we're doubling down,” said Funda Sezgi, co-CEO of Norrsken Foundation and co-founder of the original Accelerator.

The fund will invest in 20–30 companies annually, with a thematic focus spanning renewable energy, healthtech, robotics, AI infrastructure, biotech, and next-generation materials.

Norrsken Evolve’s first ten portfolio companies, announced alongside the fund’s debut, reflect this broad theme:

• Aiomics – AI engine converting Europe’s medical documentation into actionable data
• Atmospheric AI – Platform making global supply chains transparent through physical-world AI
• Bubble Robotics – Underwater robotics for infrastructure, ecosystems, and climate resilience
• Chain Bioreactor – 3D-printed bioreactors for scalable biotech manufacturing
• FION Energy – Smart industrial battery storage to cut energy costs
• Humla – Wearable AI platform for hands-free clinical use
• Jälle Technologies – Battery waste-to-materials upcycling startup
• New Dawn Bio – Grows wood-alternative materials 10,000x faster than trees
• Super6 – High-power supercapacitor tech for clean energy use
• TetraxAI – AI platform for accelerating energy transition infrastructure

The fund will also expand its activities beyond Stockholm into Tallinn, Estonia, where it will run programming out of Kasvuhoone, a newly launched tech hub that aims to become a centre for Nordic innovation.