Turbine Capital closes its debut fund at €54M to back early-stage Nordic deeptech

Turbine Capital has closed its first fund at €54 million, about SEK 608 million, to invest in early-stage deeptech companies across the Nordics, mainly in Sweden.

The European Investment Fund and Saminvest back the fund, alongside industrial investors Saab, Scania, Volvo Cars and Stena. Mycronic joins as a new industrial investor. The fund was initiated by Sting, the Stockholm innovation hub.

Turbine invests from pre-seed to Series A, with initial cheques of roughly $300,000 to $700,000, and works with university-affiliated incubators including Sting, Ideon, GU Ventures, LEAD, UIC, Uminova and ABI. It plans to back 30 to 40 startups.