Turbine Capital, a Swedish venture capital firm, has announced the final close of its first DeepTech fund, securing €54 million ($59 million) from a diverse group of industrial investors and institutional backers. The achievement marks a significant milestone for the Nordic investment landscape and demonstrates growing confidence in the region’s deep-technology startup ecosystem.
A Multi-Corporate Model
The fund’s investor base reflects a distinctive approach to venture capital in the region, combining resources from established Nordic industrial leaders with support from institutional investors. The backing includes major manufacturers such as Mycronic, Saab, Scania, Volvo Cars, and Stena, alongside institutional capital from Saminvest and the European Investment Fund (EIF).
This structure represents a deliberate strategy to bridge the gap between corporate industry experience and early-stage innovation. According to Anders Ösund, “Closing our first fund at more than SEK 600 million, with an investor base ranging from leading Nordic industry to European institutions, confirms that our model meets a real need. During our first year, we have shown that multi-corporate venture capital works in practice, not just in theory.”
Strategic Focus and Support
Turbine Capital intends to deploy the €54 million to support early-stage deep-technology startups throughout the Nordic region. Beyond capital provision, the fund commits to offering its portfolio companies industrial expertise and direct access to customer networks across its investor base.
This comprehensive support model addresses a recognized gap in Nordic startup financing. While the region has produced numerous successful technology companies, deep-tech ventures often require both financial backing and operational guidance from partners familiar with industrial applications and large-scale manufacturing processes.
Broader European Context
The fund’s successful closure arrives at a time when European venture capital faces increased scrutiny over funding levels and investment patterns. While major tech hubs in Western Europe continue to attract substantial capital, regional ecosystems have sometimes struggled to secure comparable resources. The Nordic region, however, has established itself as a consistent performer in European startup rankings, supported by high levels of digital adoption and strong educational infrastructure.
Turbine Capital’s success in securing backing from both industrial corporates and European institutions suggests renewed confidence in Nordic deep-tech opportunities. The involvement of the European Investment Fund, an arm of the European Investment Bank, particularly underscores institutional belief in the sector’s potential and the importance of supporting innovation across Europe’s regions.
The fund’s emphasis on connecting startups with established industrial partners represents a pragmatic response to the specific needs of deep-technology companies, which typically require validation from end-users and integration into existing supply chains. As European policymakers increasingly focus on technological sovereignty and reducing dependence on non-European technology providers, investment vehicles like Turbine Capital’s inaugural fund may play an expanding role in nurturing competitive deep-tech solutions across the continent.