Estonian SmartCap and Skaala invest in Stockholm-based Norrsken Evolve
Estonian venture capital funds SmartCap and Skaala have invested in a new Stockholm-based fund Norrsken Evolve, a rebranding and expansion of investment company Norrsken Accelerator.
Norrsken Evolve is the successor to Norrsken Accelerator, which has supported 80 startups since 2021. Since its founding by Klarna co-founder Niklas Adalbert, the fund has raised more than $700M across multiple funds. Norrsken Evolve is led by general partners Johan Attby, Alex Bakir and Rebecka Löthman Ryda. The new €57 million fund is designed to invest in promising companies across Europe. The seed funding for each company is €250K, double what it was. In addition to funding, startups will participate in face-to-face sprints to get advice on scaling from experienced founders and investors. Norrsken Evolve will also expand to Kasvuhoone, a new technology center in Tallinn, Estonia.
SmartCap was established in Tallinn in 2021 as a subsidiary of the Estonian Business and Innovation Agency. SmartCap manages two common closed-end alternative investment funds: SmartCap Venture Capital Fund and SmartCap Green Fund. The CEO of SmartCap is Sille Pettai.
Skaala (formerly Taavet+Sten) is an investment company from Estonia. Founded in 2021 by former Skype executives Taavet Hinrikus and Sten Tamkivi. The company's goal is to create meaningful long-term value. The portfolio includes private equity, real assets and impact-oriented projects.
