Introduction to Norrsken VC & Team Background
How would you describe Norrsken and your investment thesis/guiding principles in one sentence?
Norrsken VC is Europe’s leading impact investor backing startups solving the world’s biggest problems while building massive businesses.
Can you tell us a bit about yourself and the main partners in the team?
I’m Agate Freimane, one of Norrsken VC’s four founding general partners alongside Tove Larsson, David Frykman and Niklas Adalberth. I started my career in finance working in investment banking and private equity at Morgan Stanley in London and New York. I then jumped into the startup world and was the first employee at BrickVest, a London-based fintech. Today, I’m based in Stockholm alongside the rest of the 15-strong Norrsken VC team.
Can you tell us a bit about the fund’s history?
We have approximately $450 AUM today and are investing out of our second fund. We started in 2017 – back when the idea of impact companies generating outsized financial returns was still new. Norrsken VC was incubated by the non-profit Norrsken Foundation, but today operates as an independent venture capital fund.
Can you give us the key characteristics of this new fund?
At 320M EUR, our second fund is Europe’s largest early-stage generalist impact fund. We aim to deploy this capital to 30-35 startups. It’s an Article 9 or “Dark Green” fund, meaning sustainability is an objective in every investment we make and our carried interest (“carry”) is tied to impact goals we set with each portfolio company.
Size (targeted & closed) and horizon:
320M EUR final close (surpassing a 250M EUR target) with a 3-5 year time horizon.
Industry/Technology focus:
We invest in startups building solutions across the 17 Sustainable Development Goals. This means we’re an impact generalist, backing companies in everything from Energy and Climate Hardware to Deeptech, AI, Biodiversity, Healthtech, Education etc.
Geography focus:
We have invested in over 50 companies across Europe so far. Our top three markets are the Nordics, Germany and the UK, but we invest all across Europe and particularly keen to build deeper routes in France.
Maturity focus/stage:
Predominantly early stage – Seed and Series A as a sweet spot – but open to opportunities either side of that.
Ticket size:
Anything from 500K–7M EUR.
Do you lead investments and do you have any typical deal terms?
We are very flexible and collaborative. We mostly lead but can also co-lead or co-invest.
Can you follow on in later rounds?
Yes!
Why do you think now is the right moment to launch this second fund?
We raised this second fund over an 18-month period – at a time when many other VCs were struggling to find capital. While the ‘VC winter’ posed challenges across the board, it has actually created strong momentum for impact investing. More LPs are now actively seeking impact strategies, seeing it as the future. Our recent success stories—like 1KOMMA5°—prove that impact investing doesn’t just drive change, it also delivers top-quartile returns.
What is your unfair advantage? What do you bring besides money?
Norrsken VC has the largest impact portfolio in Europe, and is at the heart of a growing impact ecosystem. Our network spans over 35,000 people, all in some way enablers of impact. They could be sitting at one of the three (for now!) Norrsken Houses in Stockholm, Barcelona or Kigali, or they might attend our events, like the annual Impact Week, or they might have been in touch with Norrsken’s four other funds (Launch, Accelerator, Africa Seed Fund and Norrsken 22). We offer unmatched access to talent, partnerships, and a vibrant community, all driven by one goal: making a real difference.
You could argue that we have an unfair advantage in defining our impact thesis and how we qualify a potential deal. However, we decided in 2021 that we wanted to share this with the wider investment community (access it here on our website). We’re driven by a clear vision: every dollar invested globally should be a net positive for people and planet (right now, it’s only 1%). To achieve this, we need more copycats and like-minded investors to join us on the impact journey. And we know impact companies better than anyone—with the largest impact portfolio in Europe, we’re at the forefront of backing businesses that truly make a difference.
Fund Strategy & Impact Measurement
What do you look for in entrepreneurs? / What will convince you to invest in a company?
We look for “force-of-nature founders” who are on a mission and in a hurry to solve the world’s biggest challenges. We want relentless entrepreneurs who have a deep understanding of the problem, a scalable solution, and the grit to execute. Impact is non-negotiable—we’re looking for businesses that can make a real dent in the world while being profitable.
As an impact fund, how do you measure and track your investment’s social and environmental impact?
What challenges have you faced in impact investing and how did you overcome them?
Can you give a few examples of companies you previously invested in and why?
Of course! One company I always love to shine a spotlight on is 1KOMMA5°. Headquartered in Hamburg, they operate a marketplace that allows homeowners to buy and install carbon-neutral energy systems like solar panels and heat pumps. Last year, their energy systems led to 2.6 megatonnes of lifetime avoided emissions. For context, that’s the equivalent emissions from approximately 1.1 million one-way flights from New York to London.
What’s more, their CEO/Co-Founder Philipp Schröder is the epitome of a “force-of-nature founder”. He is unrelentingly focused on the outsized impact his company and team can have on the world (the clues is in the company name) and he is a real rockstar in the climate community.
Trends, Advice, & Future Outlook in Deep Tech Investing
What is the best way for founders to approach you and what will convince you to have a first meeting?
Keep it direct—show us you understand the problem you’re solving and how you’re uniquely positioned to fix it. We’re all about founders who are mission-driven and in a hurry to make a real-world impact. If you’re building something that could change the game, and you’ve got traction or an edge that makes you stand out, we’ll want to hear more.
What is one advice you would give deep tech founders?
Deep tech is powerful, but it’s easy to get caught up in the tech without thinking about the real-world change you’re driving. Impact companies will be the winners of tomorrow, so tie your innovation directly to tangible impact. Show us how your tech scales and why it matters for the planet or society. And remember—commercial viability is key. Your tech should be groundbreaking, but it also has to be market-ready and scalable.
Who are your LPs and how did you convince them to invest their money in impact deep tech?
Our LPs, including AP Fund 1, Folksam, Credit Suisse,KfW Capital, and the European Investment Fund, are mission-aligned with us. They recognize that impact companies aren’t just doing good—they’re the ones set to win in the next economy. These institutions know that solving global challenges like climate change requires deep tech innovation. They’re betting on impact-driven founders because they understand that businesses tackling the world’s biggest problems will also generate the greatest returns.
What do you think will be the next big thing in deep tech?
The intersection of AI and climate tech is massive—AI-powered solutions for energy efficiency, and smart grids are going to be transformative. Deep tech that helps us hit net zero faster will be huge.
What trends are you currently seeing in the deep tech investment landscape?
Deep tech is booming in climate tech—startups are making big moves in everything from renewable energy to sustainable materials. AI is also evolving, with a focus on specialized applications like energy efficiency and supply chain optimization. Quantum computing is gaining serious traction too. Investors are betting on scalable solutions that can tackle real-world challenges fast.
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