The Swedish Fund, Norrsken Foundation, announced launching a new fund by closing the first round of investment with €61 million.
Norrsken was started by FinTech unicorn Klarna's founder Niklas Adalberth in 2016 and has a clear-cut goal according to their website:
"To help entrepreneurs solve the world’s greatest challenges."
Deeply passionate about the project, Adalberth has donated €70 million to the foundation from his own wealth.
Backed by Giants
The venture capital arm of the foundation is backed by unicorn founders from gaming giants King and Mojang, international watchmaker Daniel Wellington, and Klarna.
In addition, Norrsken works with over 70 partners in Sweden and globally, such as McKinsey, Nordic Capital and PWC.
The new fund
The new fund, which has a 100 million target, aims to be deployed in rapidly scaling early-stage startups who seek to solve some of the world's greatest challenges. Such challenges include poverty, health, discrimination, integration, food waste, mental health and climate change.
The fund will be run by Tove Larsson, Agate Freimane, David Frykman and Niklas Adalberth. The four general partners (GP's) have three years of previous work experience at Norrsken Foundation.
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