Norrsken Evolve Raises Nearly 700 Million SEK to Support New Talent

Norrsken Evolve has raised 680 million SEK, which is equivalent to 62 million euro.

Breakit reported that the fund exceeded its initial target of 50 million euro. The capital was provided by the European Investment Fund, the state-owned Saminvest, the Estonian Smart Cap, and companies including Volvo and Fortum.

As the branch of the Norrsken foundation that invests in early-stage founders and startups, the entity has completed more than 30 investments. It makes individual company investments of up to 500,000 euro, or slightly over five million kronor. The fund seeks founders working in fields such as robotics, energy, semiconductors, materials, cybersecurity, AI-quantum mechanics, and health tech.