Norrsken Evolve is a Stockholm-based pre-seed venture capital fund launched by the Norrsken Foundation, a well-known impact-driven organization in the Nordics. The fund is the formal evolution of the Norrsken Accelerator, which has operated since 2021 and supported over 80 early-stage startups. The fund is part of a broader effort to foster sustainable innovation across Europe, particularly in sectors tied to climate resilience, health, and technology infrastructure.
The fund targets impact-focused, early-stage startups across Europe working on solutions that contribute to global resilience and sustainability. Key sectors include biotechnology, energy generation and storage, sustainable manufacturing, movement of goods, health tech, security, and AI infrastructure.
It offers initial pre-seed checks of €250,000 to selected founders and retains the capacity for follow-on investments in top performers.
In August 2025, Norrsken Evolve announced the first close of its inaugural fund at €57 million. The fund is backed by a mix of institutional investors and private capital. Notable LPs include Saminvest, the European Investment Fund, and SmartCap Green Fund (which is supported by the EU’s NextGenerationEU program). The LP base also includes tech founders and family offices such as Skaala, the investment firm led by Taavet Hinrikus and Sten Tamkivi.
In addition to funding, Norrsken Evolve provides structured programming and founder support, continuing the legacy of the Norrsken Accelerator.
The fund is also expanding its reach through new initiatives in Tallinn, Estonia, with the Kasvuhoone hub for Nordic tech innovation.
Leadership
Norrsken Evolve is led by General Partners Johan Attby, Alex Bakir, and Rebecka Löthman Rydå. The acceleration programming is directed by Funda Sezgi, continuing from her leadership at Norrsken Accelerator.
Investment Strategy
Norrsken Evolve applies a high-conviction pre-seed strategy combining capital with active programming. Startups receive hands-on support and €250k in initial funding, followed by selective follow-on investments. The focus is not just on scalable business models, but also on measurable impact, particularly in sectors tied to climate, energy, healthcare, and sustainable infrastructure. The fund builds on the momentum of Norrsken’s accelerator by offering a stronger institutional framework to help mission-driven founders scale across Europe and beyond.
Notable Investments
The first Norrsken Evolve portfolio includes:
Notable Exits
As a newly launched fund, Norrsken Evolve has not reported any exits to date.
