Norrsken Foundation

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Norrsken Foundation
Formation30 June 2016;7 years ago (2016-06-30)[ citation needed ]
FounderNiklas Adalberth
Founded at Stockholm, Sweden
Type Nonprofit organization, Impact investor
Legal statusFoundation
Headquarters Stockholm, Sweden
CEO
Sara Kappelmark, Funda Sezgi [1]
Website norrskenfoundation.org

Norrsken Foundation is a non-profit, non-religious and non-partisan foundation dedicated to helping entrepreneurs solve the world's greatest challenges, such as poverty, famine, mental health, pollution and climate change. It has raised several venture capital funds, manages an accelerator program for early-stage startups and operates co-working spaces in Stockholm, Sweden and Kigali, Rwanda. [1] Norrsken was created by Niklas Adalberth, one of the founders of the fintech company Klarna.

Contents

History

Norrsken Foundation was created in June 2016 by Klarna founder Niklas Adalberth, who contributed $20 million to the launch. In December 2017 Adalberth committed an additional $62 million to Norrsken Foundation. [2] That same year, a co-working space of 2400 square meters named Norrsken House was opened in a repurposed tram depot in Stockholm. [3] In 2023, Norrsken Houses in Stockholm, Sweden, Kigali, Rwanda and Barcelona, Spain, hosted more than 2000 members, representing over 300 startups. [4] [5]

Investments

Venture Capital

After the initial launch in 2016, the co-founders of Mojang, King and Daniel Wellington seeded a $34 million fund. [6] [7] Investments in the companies hosted by the foundation range from $100,000 to $1 million. [2]

In 2019, Norrsken closed a new investment fund, Norrsken VC, that will invest 100 million euros in new companies focused on sustainability. [8] [9] In 2020 the EU invested in the Norrsken fund through the European Investment Fund (EIF), along with Nordic banks Nordea and SEB. [10]

In 2021, Norrsken closed a $200 million Africa-focused investment fund, Norrsken 22, aimed at backing a new generation of African tech unicorns. [11] That same year, Norrsken launched an Accelerator programme, investing in 20 early-stage startups each year. [12]

Norrsken is an investor in Northvolt, Einride and Heart Aerospace among other companies. [13]

Private Equity

In 2018 Norrsken Foundation partnered with private equity firm Nordic Capital. [14]

Co-working spaces

Norrsken operates Norrsken House in Stockholm, a co-working space for entrepreneurs trying to solve social problems. [15] In 2019, Norrsken announced the construction of Norrsken House East Africa, a co-working space for entrepreneurs in Kigali, Rwanda. [16] Norrsken House Kigali opened to the public in December 2021. [17] In October 2023, Norrsken opened Norrsken House Barcelona: Europes's biggest hub for tech and impact. [18]

See also

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References

  1. 1 2 "About Norrsken". norrsken.org. 19 January 2024.
  2. 1 2 "With Norrsken House, ex-Klarna executive envisions a global network of co-working spaces focused on impact". techcrunch.com. 12 December 2017.
  3. ↑ "Klarna-founder's new innovation hub will combine tech and social impact". nordic.businessinsider.com. 7 December 2016. Retrieved 7 January 2019.
  4. ↑ "This Stockholm building to house huge social startup hub". thelocal.se. 5 September 2016. Retrieved 7 January 2019.
  5. ↑ "Norrsken Foundation". www.norrsken.org. Retrieved 19 January 2024.
  6. ↑ "The billionaire founders of Klarna and Daniel Wellington just announced a new 'first of its kind' tech fund". nordic.businessinsider.com. 31 May 2017. Retrieved 21 August 2018.
  7. ↑ "Klarna-grundaren satsar halv miljard på sociala entreprenörer". Dagens Nyheter (in Swedish). 5 July 2018. Retrieved 7 January 2019.
  8. ↑ "Norrsken Foundation is closing an oversubscribed impact fund at €125 million". Techcrunch. Retrieved 5 November 2021.
  9. ↑ "Backas av tungviktare – nu stänger Norrsken ny miljardfond". Breakit (in Swedish). Retrieved 30 March 2020.
  10. ↑ "EU backs Norrsken VC Fund for social and environmental investments". ec.europa.eu. 9 June 2020. Retrieved 5 November 2021.
  11. ↑ "Norrsken, VCs and 30 unicorn founders set ut 200m fund to back growth-stage startups in Africa". Techcrunch.com. Retrieved 14 April 2022.
  12. ↑ "Norrsken Foundation launches 'Y Combinator for impact'". Sifted.com. Retrieved 19 January 2024.
  13. ↑ "Norrsken VC - Portfolio". Norrsken.org. Retrieved 5 November 2021.
  14. ↑ "Nordic Capital and Norrsken Foundation partner up to strengthen impact entrepreneurs". nordiccapital.com. 2 July 2018. Retrieved 7 January 2019.
  15. ↑ "Klarna co-founder seeks to spur European tech giving". ft.com. 23 August 2017.
  16. ↑ "Norrsken opens East Africa startup fund and hub in Kigali". techcrunch.com. 11 June 2019.
  17. ↑ "Norrsken Foundation's hub opens in Rwanda". techcrunch.com. 3 December 2021.
  18. ↑ "Norrsken's new hub in Barcelona hopes to address a 'lacking' sense of community". sifted.eu. Retrieved 23 September 2023.
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