As we soon close the chapter on 2024, we at Norrsken VC want to look back on a year marked by innovation, transformative impact… and some surprises. From the successful launch of Fund II to the addition of exceptional talent to our team, we’ve continued to drive forward our mission of pairing purpose with profit.

Launching Fund II: Symbolising a new era for impact investing

This year saw the launch of Fund II, an unprecedented €320 million raise that makes it Europe’s largest early-stage impact fund. Beyond the numbers, Fund II reflects our commitment to enabling entrepreneurs who are tackling some of the world’s greatest challenges. With a focus on decarbonization, health, education, and other critical sectors, Fund II allows us to invest in transformative solutions at scale.

With just 1% of global assets under management dedicated to impact, Fund II is a bold statement of intent. It reinforces our belief that impactful ventures are not only necessary but also lucrative.

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A bumper year for the portfolio!

This year, we’ve been honoured to welcome some truly exceptional startups to the portfolio. Let’s give it up for the new role models:

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Alcemy: Cement meets AI

The cement industry, responsible for 8% of global CO2 emissions, is a significant climate offender. Alcemy is changing this with its AI-driven platform, predicting and controlling cement quality to cut clinker content by up to 65%. Already operational in one-third of Germany’s cement plants, Alcemy is poised for global scale.

‍Juna.ai: Decarbonizing heavy industry

Heavy industry accounts for 25% of global energy consumption. Juna.ai’s AI agents optimize industrial processes, cutting energy use by up to 30%. Led by experienced founders, Juna.ai sets a new standard for sustainability in manufacturing.

Terralayr: The AWS of battery storage

The renewable energy transition demands scalable storage solutions. Terralayr’s “flexibility-as-a-service” model lets users access storage on demand, reducing costs and emissions. With 5GW of storage agreements in Germany, Terralayr is a cornerstone of Europe’s green energy goals.

Vind AI: Making wind energy production a breeze

Vind AI’s platform integrates real-time data to maximize wind energy efficiency. With partnerships including TotalEnergies, Vind AI supports Europe’s mission to achieve 50% wind energy by 2050.

Syre: Weaving the way to circular polyster

The textile industry contributes 10% of global emissions. Syre addresses this with chemical fiber-to-fiber recycling, reducing reliance on virgin materials and cutting emissions. With gigascale plants planned in Iberia and Vietnam, Syre is revolutionizing fashion sustainability.

Quadrivia: Taking healthcare off life support

Healthcare systems worldwide are under immense pressure, facing shortages of up to 18 million workers by 2030. Quadrivia addresses this with Qu, an AI-powered clinical assistant that supports clinicians by managing administrative and clinical tasks. This pre-seed investment will enable Quadrivia to develop and launch Qu, making healthcare delivery more efficient and accessible globally.

SpotmyEnergy: The key to unlocking the grid

Less than 2% of German homes have smart meters, leaving millions unable to maximize solar panels, EVs, or heat pumps. Local installers lack tools, offering basic setups instead of market-ready solutions. SpotmyEnergy changes that—turning homes into virtual batteries, cutting grid use by 50%, and slashing bills.

Predium: The blueprint for greener buildings

Real estate contributes nearly 40% of global emissions, making Predium’s AI-powered platform essential. By analyzing data, identifying CO2 hotspots, and optimizing renovations, Predium helps property owners meet ESG goals while safeguarding asset values. Their €13 million Series A positions them as leaders in climate-neutral buildings.

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And… we actually made a few more investments, but we can’t share more details just yet. Make sure you follow us on Linkedin to receive the latest updates!

We also want to thank all of our 55+ absolutely incredible companies in the portfolio. Your innovation and drive to build the solutions for the biggest problems of our time is what drives us forward.

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Impact in numbers

We also dropped our 2023 Impact Report, which highlighted some of the tangible outcomes of our investments last year, plus some of the policies we are undertaking to ensure we are forever learning and growing. Some highlights:

• 208% of annual impact targets achieved, with 72% progress toward long-term goals.
• 2.6 megatonnes of avoided emissions from clean energy initiatives.
• 2,461 jobs created across our portfolio.
• 34% of founding teams include a female founder, and 79% of portfolio boards have at least one female board member.

These results affirm our belief that purpose and profitability are not only compatible but essential for building a better future. Read the whole report here. 

We ramped up the team

2024 was a year of incredible growth—not just for our portfolio, but for our team too. We welcomed four brilliant new “band members” who are already turning up the volume on what we can achieve:

• Cecilia Ma, our Investment Manager since April, brings a wealth of expertise in private equity and late-stage impact capital from her time at Ares and BeyondNetZero. She’s now leading the charge in scaling our operations across the UK and Ireland, adding fresh depth to our sustainable investment strategies.
• Fanny Widepalm, our Impact Lead, joined us from McKinsey, where she spent four years as a material economics associate. At Norrsken VC, she’s the powerhouse behind our Article 9 compliance, research, and reporting—making sure our impact is measurable, actionable, and crystal clear.
• Per Frykebrant, our new Head of Communications, is amplifying the Norrsken story like never before. With a decade of PR experience under his belt, including time at Kjell & Company, Per is connecting us with a broader audience of founders, investors, and changemakers around the world.
• Louis Desbonnet, our Management Trainee, is a true all-rounder. Having sharpened his VC skills at Caesar and Project A Ventures, Louis is now driving operational efficiency, coordinating events, and keeping the energy high as he tackles all things non-investing.

These incredible new hires bring fresh perspectives, serious expertise, and a shared passion for impact. We’re so lucky to have you with us, team!

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Impact Week 2024: fostering a global community

Our annual Impact Week brought together over 1,500 investors, founders, and enablers at Norrsken House Barcelona. As part of the bonanza, we hosted Impact/Return, our side-track event dedicated to the world’s best GPs and LPs coming together to discuss accelerating investments in transformative tech. We cannot thank our co-hosts Seaya Andromeda and Obvious Ventures enough for helping us put on such an amazing, inspiring event – and we can’t wait to do it all over again next year!

Why this matters

Coming to the end of a very busy year gives us a chance to step back and reflect. 

While 2024 was a year of progress, it was also a stark reminder of the work still to be done. This was the hottest year on record, with extreme weather events devastating communities worldwide. Humanity has surpassed six of nine planetary boundaries, edging closer to irreversible damage.

We enter 2025 amidst geopolitical tensions, economic uncertainty, and escalating environmental crises. The stakes have never been higher—but neither has the potential for positive change.

At Norrsken VC, we remain steadfast in our belief that impact-driven innovation can create a better future. Our investments are building the infrastructure and solutions the world urgently needs. Yet, this is only the beginning.

Together with our founders, investors, and community, we’ll continue pushing boundaries, challenging norms, and proving that impact and returns are a winning formula. Here’s to a transformative 2025, fueled by purpose, resilience, and action.