At a Glance
Norrsken VC was established in 2016 as the investment arm of the Norrsken Foundation, founded by Niklas Adalberth, co-founder of Klarna. The firm emerged from Adalberth's vision to channel entrepreneurial energy toward solving the world's greatest challenges, combining impact investing with venture-scale returns. Based in Stockholm with additional presence in London and Barcelona, Norrsken VC focuses on seed and Series A investments in startups addressing UN Sustainable Development Goals across climate, health, education, and financial inclusion. The firm has built a unique ecosystem combining venture capital, an entrepreneurship hub, and accelerator programs that support impact entrepreneurs globally. Norrsken's investment approach emphasizes rigorous impact measurement alongside traditional financial metrics, ensuring portfolio companies create measurable positive change while building scalable businesses. The firm leverages Sweden's strong tech ecosystem and Adalberth's experience scaling Klarna to provide portfolio companies with strategic guidance, network access, and operational support in expanding across European and global markets.
“Invests in impact-driven founders building companies that can generate both outstanding returns and meaningful societal impact.”
Niklas Adalberth, who co-founded Klarna in 2005 and endowed the Norrsken Foundation, is a founding general partner. Agate Freimane, also a founding general partner, started in investment banking and private equity at Citigroup and Morgan Stanley in London and New York. Tove Larsson, the third founding general partner, came from Bain & Company. David Frykman rounds out the founding group with more than 25 years in entrepreneurship and investing.
Alexander Danielsson is a general partner covering B2B software and climate technology, and Fabian Erici is a partner focused on energy. Cecilia Ma runs UK coverage as senior investment manager and Beata Enwall covers the Nordics and France. Denice Carbell is partner and chief financial officer. Agnes Svensson, chief impact officer, spent more than 12 years at Klarna and owns the measurement framework applied to portfolio companies.
Norrsken VC raised its first independent vehicle at 125 million euros, closing oversubscribed in March 2021 after operating as the investment arm of the Norrsken Foundation, the organization Klarna co-founder Niklas Adalberth endowed. The fund backed seed and Series A companies measured on impact outcomes alongside financial return.
Fund II closed in May 2024 at 320 million euros against an initial 250 million euro target, which the firm and trade press describe as the largest early-stage generalist impact fund in Europe. Close to 50 limited partners committed, an unusually institutional base for an impact vehicle: Folksam, Foersta AP-fonden, the European Investment Fund, KfW Capital, Saminvest, SEB, Nordea, Credit Suisse, Investcorp-Tages, Ireland's National Treasury Management Agency, and corporates including BMW Group and the Otto Group. That takes the platform to roughly 445 million euros across two funds, deployed from Stockholm with coverage across the Nordics, the United Kingdom, France, and the wider European market.
Norrsken VC primarily invests at the Seed, Series A stages. This means they focus on companies that are building their initial product and finding product-market fit.
Norrsken VC is headquartered in Stockholm, Sweden. Many of their portfolio companies are also based in this region, though they invest across geographies.
Norrsken VC focuses on investments in Climate, Digital Health, Fintech, EdTech, Enterprise. Their portfolio reflects deep expertise and networks within these sectors.
Norrsken VC's typical investment check size ranges from $500K to $5M. Actual amounts may vary based on the stage, sector, and specific opportunity.
Norrsken VC manages approximately $250M in assets under management (AUM) across their funds.
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