Norrsken Foundation announced the first closing at €61 million for a new new impact venture fund.
Norrsken Foundation, a Stockholm, Sweden-based investment company, announced launching a new fund by closing the first round of investors with 61 million euro ($68M).
The new fund, which has a 100 million target, aims to be deployed in rapidly scaling early stage startups that use their business models to solve some of the world's greatest challenges, such as poverty, health, discrimination, integration, food waste, mental health and climate change.
The fund will be focused on the Nordics, with an European extended reach.
Investors in the fund include founders of Swedish companies including King, Mojang, Daniel Wellington and Klarna, Ramsbury Invest (H&M family office) as well as Swedish government owned company Saminvest AB.
The fund will be run by four general partners who have been working together on investing at Norrsken Foundation for the last 3 years - Tove Larsson, Agate Freimane, David Frykman and Niklas Adalberth.
Norrsken Foundation was founded in 2016 in Stockholm by Niklas Adalberth, as a combination of an investment vehicle, working space and startup incubator. Since launching, it made more than 20 investments.