Stockholm-based VC firm Norrsken Evolve has officially closed a new €57 million pre-seed fund, a significant move to back European startups tackling urgent challenges in sustainability and resilience. This new fund represents an evolution of the Norrsken Accelerator, expanding its mission to invest in “the intersection of impact, resilience, and scalability.”
The fund will provide initial checks of €250,000 to startups—double the amount offered by the previous accelerator—along with long-term follow-on funding for top-performing companies. This capital is aimed at supporting founders working in critical sectors like green energy, biotech, logistics, robotics, AI infrastructure, and next-generation materials.
A highly selective and impact-driven approach
Norrsken Evolve’s strategy is built on a highly selective model. Each year, it screens over 3,000 startups, selecting only around 20 for investment, leading to a highly competitive acceptance rate below 0.7%. To date, the firm has supported 80 companies, with 75% of them successfully securing follow-on funding from top global investors.
The fund’s approach goes beyond capital, emphasizing hands-on support through intensive, in-person “sprints” and access to a vast network of mentors and operators. This focus on founder development is designed to help early-stage companies navigate the most critical phases of product and company growth.
Key partners and a vision for a resilient Europe
The fund is led by General Partners Johan Attby, Alex Bakir, and Rebecka Löthman Rydå. Its limited partners (LPs) include prominent institutional backers such as Saminvest, the European Investment Fund (EIF), and SmartCap Green Fund, along with notable private investors like Taavet Hinrikus and Sten Tamkivi’s firm, Skaala.
General Partner Rebecka Löthman Rydå highlights the fund’s purpose amid current challenges:
“Europe stands at a defining moment. In the face of unprecedented risks, our economies, industries, and ways of living, must evolve. Our mission: back the European founders pioneering solutions for sustainability and resilience — redefining how we generate energy, move goods, build cities, grow food, protect health, and safeguard our societies.”
The fund’s launch comes as impact-focused funds show resilience in a period of broader macroeconomic uncertainty, driven by the EU’s strategic focus on green and deeptech initiatives. With this new fund, Norrsken Evolve is poised to be an important engine for innovation, strengthening Europe’s joint competitiveness and sustainable future.
The fund has also already announced its first 10 portfolio companies today — pioneers in biotech, AI, robotics, and energy. See the full list of the backed companies with short descriptions here.
