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; Kigali, Rwanda and Barcelona, Spain.
Norrsken was created by Niklas Adalberth, one of the founders of the
fintech
Financial technology (abbreviated as fintech) refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, ...
company
Klarna
Klarna Group plc, commonly referred to as Klarna, is a Swedish fintech company that provides online financial services. The company provides payment processing services for the e-commerce industry, managing store claims and customer payments. Th ...
.
History
Norrsken Foundation was created in June 2016 by Klarna founder
Niklas Adalberth
Gustav Erik Niklas Adalberth (born 1981) is a Swedish entrepreneur and philanthropist, known as a co-founder of Klarna and the founder of Norrsken Foundation, a social impact organization founded in 2016.
Biography
Adalberth was born and raise ...
, who contributed $20 million to the launch. In December 2017 Adalberth committed an additional $62 million to Norrsken Foundation.
That same year, a co-working space of 2400 square meters named Norrsken House was opened in a repurposed tram depot in Stockholm. In 2023, Norrsken Houses in Stockholm, Sweden, Kigali, Rwanda and Barcelona, Spain, hosted more than 2000 members, representing over 300 startups.
Investments
After the initial launch in 2016, the co-founders of
Mojang
Mojang AB, trading as Mojang Studios, is a Swedish video game developer based in Stockholm. A first-party developer for Xbox Game Studios, the studio is best known for developing the sandbox and survival game ''Minecraft'', the best-selli ...
,
King
King is a royal title given to a male monarch. A king is an Absolute monarchy, absolute monarch if he holds unrestricted Government, governmental power or exercises full sovereignty over a nation. Conversely, he is a Constitutional monarchy, ...
and
Daniel Wellington seeded a $34 million fund. Investments in the companies hosted by the foundation range from $100,000 to $1 million.
In 2019, Norrsken closed a new investment fund, Norrsken VC, that will invest 100 million euros in new companies focused on sustainability. In 2020 the EU invested in the Norrsken fund through the
European Investment Fund
The European Investment Fund (EIF), established in 1994, is a financial institution for the provision of finance to SMEs (small and medium-sized enterprises), headquartered in Luxembourg. It is part of the European Investment Bank Group.
It ...
(EIF), along with Nordic banks
Nordea
Nordea Bank Abp, commonly referred to as Nordea, is a Nordic financial services group operating in northern Europe with headquarters in Helsinki, Finland. The name is a blend of the words "Nordic" and "idea". The Nordic countries are considered ...
and
SEB.
In 2021, Norrsken closed a $200 million Africa-focused investment fund, Norrsken 22, aimed at backing a new generation of African tech unicorns. That same year, Norrsken launched an Accelerator programme, investing in 20 early-stage startups each year.
In 2024, Norrsken VC closed its second fund at 320 million euro, making it Europe's largest early-stage generalist impact fund.
By end of 2024, Norrsken had backed more than 150 startups via its various funds.
Co-working spaces
Norrsken operates Norrsken House in
Stockholm
Stockholm (; ) is the Capital city, capital and List of urban areas in Sweden by population, most populous city of Sweden, as well as the List of urban areas in the Nordic countries, largest urban area in the Nordic countries. Approximately ...
, a co-working space for entrepreneurs trying to solve social problems.
In 2019, Norrsken announced the construction of Norrsken House East Africa, a co-working space for entrepreneurs in
Kigali
Kigali () is the Capital (political), capital and largest city of Rwanda. It is near the nation's geographic centre in a region of rolling hills, with a series of valleys and ridges joined by steep slopes. As a primate city, Kigali is a relativ ...
,
Rwanda
Rwanda, officially the Republic of Rwanda, is a landlocked country in the Great Rift Valley of East Africa, where the African Great Lakes region and Southeast Africa converge. Located a few degrees south of the Equator, Rwanda is bordered by ...
. Norrsken House Kigali opened to the public in December 2021. The Kigali hub spans 12000 square meters and is currently home to support up to 1,300+ members. It offers facilities such as private offices, meeting rooms, and event spaces, catering to startups and ventures focused on innovation and social impact across Africa. These facilities are accessible through a membership fee which is separated into three tiers
The Kigali hub has partnered with local and international organizations to host programs and events aimed at fostering entrepreneurship and driving sustainable growth in the region. It also hosts a number of community events each month such as their flagship Founder's Friday Pitch event. In October 2023, Norrsken opened Norrsken House
Barcelona
Barcelona ( ; ; ) is a city on the northeastern coast of Spain. It is the capital and largest city of the autonomous community of Catalonia, as well as the second-most populous municipality of Spain. With a population of 1.6 million within c ...
, Europe's biggest hub for tech and impact.
See also
*
Effective altruism
Effective altruism (EA) is a 21st-century philosophical and social movement that advocates impartially calculating benefits and prioritizing causes to provide the greatest good. It is motivated by "using evidence and reason to figure out how to b ...
References
{{reflist
Organizations based in Stockholm
Organizations established in 2016