Norrsken Evolve launches 57-million-euro fund to support European impact technology startups
18 August 2025
The Norrsken Foundation has launched a new pre-seed investment fund, Norrsken Evolve, with a total size of 57 million euros. The fund focuses on startups operating “at the intersection of impact, resilience, and scalability”.
The fund focuses on future technologies
Norrsken Evolve invests in early-stage founders across Europe who are developing solutions in sustainability, deep tech, and infrastructure that are critical to Europe’s long-term resilience. The fund focuses on renewable energy, health tech, robotics, AI infrastructure, biotechnology, and next-generation materials – sectors that venture capital often avoids due to their long development cycles.
“At a time when Europe is in the midst of environmental, geopolitical, and financial turmoil, many feel demotivated. But a new wave of pioneers with groundbreaking solutions is emerging. We want to support these founders,” said Rebecka Löthman Rydå, Managing Partner at Norrsken Evolve.
The fund offers more initial capital
The new initiative is a natural evolution of the Norrsken Accelerator program, which the fund launched in 2021. Norrsken Evolve now provides initial capital of 250 000 euros, twice the standard offer of the previous accelerator program. In addition, the fund can make follow-on investments in the best-performing companies.
The fund is managed 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 the SmartCap Green Fund (backed by the EU's NextGenerationEU programme), as well as notable private investors, including Taavet Hinrikus and Sten Tamkivi's company Skaala.
Intensive “sprints” to support founders
The fund is structured around intensive, personalized “sprints” designed to support early-stage founders during the most critical phases of product and company development. This hands-on approach is combined 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 create a pipeline of future impact-tech unicorns… We have proven that the model works. Now, with the Norrsken Evolve fund worth 57 million euros… we are doubling down,” said Funda Sezgi, co-founder of Norrsken Foundation and co-founder of the original accelerator program.
The first portfolio companies have already been selected
The fund invests in 20–30 companies per year. Norrsken Evolve’s first ten portfolio companies, unveiled alongside the fund’s debut, reflect its broad thematic focus:
•Aiomics – an AI engine that turns European medical documentation into a usable dataset
•Atmospheric AI – a platform that makes global supply chains transparent using physical-world AI
•Bubble Robotics – underwater robotics for infrastructure, ecosystems, and climate resilience
•Chain Bioreactor – 3D-printed bioreactors for scalable biotech production
•FION Energy – smart industrial battery storage to reduce energy costs
•Humla – a wearable AI platform for hands-free clinical use
•Jälle Technologies – a battery waste recycling startup
•New Dawn Bio – grows alternative wood materials 10 000 times faster than trees
•Super6 – high-power supercapacitor technology for clean energy applications
•TetraxAI – an AI platform to accelerate energy transition infrastructure
Expansion to Tallinn
The fund is also expanding its operations to Tallinn, Estonia, where it will operate at Kasvuhoone, a recently launched technology hub that is expected to become a center for Nordic innovation.
This new investment fund arrives at a time when Europe's technology ecosystem is grappling with broader macroeconomic uncertainty. Although venture capital investment across the continent has declined in recent quarters, impact-focused funds—particularly at the pre-seed and seed stages—have shown relative resilience, supported by the EU's green agenda and strategic emphasis on deep tech and industrial sustainability.
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