Norrsken VC Announces €320 Million Impact Investing Fund for Environmentally Conscious European Startups
Norrsken VC, a European venture capital firm, has made waves in the investment world with the successful closure of a new €320 million impact investing fund. This substantial financial injection is aimed at discovering and nurturing the next generation of environmentally conscious unicorns in Europe.
The fund has garnered significant investments from institutions such as Credit Suisse, BMWs pension fund, and the family behind the global fashion retailer H&M. This backing underscores the confidence in Norrsken VC’s mission and strategy.
Established in Sweden in 2017 by a group of impact capitalists, Norrsken VC serves as the venture capital division of the Norrsken Foundation. With a focus on directing capital towards entrepreneurs dedicated to building impactful businesses, the firm holds the designation of an SFDR Article 9 or “Dark Green” fund, emphasizing its commitment to sustainability.
The new fund will primarily target startups in the Nordics, Germany, and the UK, with a keen focus on sectors like climate technology, biotechnology, and energy. All investments will align with the UN Sustainable Development Goals, ensuring that financial gains do not compromise environmental or social integrity.
Norrsken VC’s track record includes investments in successful companies like Northvolt and Einride, both valued at over $1 billion. These success stories highlight the firm’s ability to combine competitive returns with positive social impact.
The enthusiasm for impact investing has grown, leading to Norrsken’s latest fund surpassing its initial target of €250 million. The firm’s portfolio boasts several unicorns, showcasing the potential of impact investing to achieve substantial financial returns while making a positive contribution to society.
Beyond the venture fund, Norrsken operates a vibrant ecosystem that includes social entrepreneur centers in Stockholm, Barcelona, and Kigali, as well as a foundation supporting various funds, including one focused on African startups. With a dedication to fostering growth and innovation in each venture it backs, Norrsken VC continues to make a significant impact in the European venture capital scene.