SmartCap Green Fund has invested in Norrsken Evolve – a newly launched €57 million pre-seed fund based in Stockholm that supports early-stage, impact-driven startups building Europe’s sustainable and resilient future.
Norrsken Evolve is a successor of the Norrsken Accelerator, which has been active since 2021 and has already invested in 80 startups. The new fund will annually invest in technology-based startups, each receiving an initial €250,000 investment and joining an in-person sprint programme focused on scaling impact and growth. The fund is led by General Partners Johan Attby, Alex Bakir and Rebecka Löthman Rydå.
“Norrsken Evolve supports our mission of strengthening the ecosystem for early-stage green technology companies in Estonia and across the region,” said Smartcap’s CEO Sille Pettai. “We are especially pleased that Norrsken Evolve is expanding to Estonia and among the first investments in their portfolio there is Jälle Technologies – an Estonian deeptech startup that is building novel battery recycling solutions with global growth potential.”
In addition to Jälle Technologies, the first portfolio companies selected for investment include Aiomics, Atmospheric AI, Bubble Robotics, Chain Bioreactor, FION Energy, Humla, New Dawn Bio, Recupere Metals, Super6, and TetraxAI. These startups are developing high-impact solutions in fields such as renewable energy, advanced materials, medical technology, robotics, and climate adaptation.
“The founders supported by Norrsken Evolve are working on complex, long-term problems that require scientific depth and real staying power,” added Pettai. “We believe this fund has the potential to accelerate Europe’s green transition and bring forward the next generation of impactful deeptech companies.”
In addition to SmartCap Green Fund, investors in Norrsken Evolve include the European Investment Fund, Saminvest, and several leading technology entrepreneurs and family offices such as Skaala – the investment firm of Taavet Hinrikus and Sten Tamkivi.
SmartCap Green Fund is financed by the European Union’s NextGenerationEU recovery instrument (RRF).
