The Norrsken Foundation has pledged €300 million to support European startups applying artificial intelligence to social and environmental challenges. This marks a significant pivot from conventional venture capital approaches that prioritize short-term financial returns over long-term impact.
A Shift Toward Purpose-Driven Investment
Founded by Klarna co-founder Niklas Adalberth, Norrsken has grown into one of Europe’s leading impact investment organizations. It currently manages more than $1 billion across its investment arms, including Norrsken VC, Launcher, and Accelerator. With this new initiative, the foundation is directing its resources toward startups focused on global issues such as climate, healthcare, education, food systems, and infrastructure.
“AI That Actually Matters”
In an open letter released on June 25, Norrsken voiced concern over how AI is typically used, pointing out that many applications still revolve around optimizing online ads or automating repetitive office tasks. The foundation believes AI should instead be focused on solving the world’s most urgent challenges.
“Artificial intelligence is the most powerful tool humanity has ever created. Yet, so far we are mainly using it to optimise clicks and automate emails… AI is not just another productivity boost; it’s a real chance to fix what truly matters” (Norrsken).
Several of Norrsken’s portfolio companies are already aligned with this goal. Submer and Evroc are developing ways to reduce emissions in data centers. Juna.ai is helping industrial companies decarbonize their operations. Quadrivia is building AI tools to support doctors in underserved regions.
Rethinking the AI Gold Rush
In 2024, AI startups attracted over $110 billion in global venture funding, making up nearly a third of all capital deployed that year. But Norrsken warns that many of these startups are solving marginal problems or chasing hype. The foundation estimates that only 20 percent of today’s AI startups are positioned to make meaningful societal contributions (Tech.eu).
To change that, Norrsken is embedding a strict impact lens into its investment strategy. Startups must demonstrate alignment with one or more UN Sustainable Development Goals and pass in-depth due diligence before receiving support.
Building AI with Global Reach
Norrsken is targeting areas where AI can have tangible benefits. In climate, it can reduce emissions through smarter infrastructure. In healthcare, it can expand access to diagnostics and treatment. In food systems and education, it can boost productivity and customize learning experiences.
With hubs in Stockholm, Kigali, and Barcelona, and more partnerships forming, Norrsken aims to build an ecosystem where capital, mentorship, and mission-aligned tech intersect. As global AI funding accelerates — more than $80 billion in Q1 2025 alone — the foundation’s move could influence how impact investing evolves in the AI era (Silicon Canals).
Norrsken’s message is clear: AI should not only serve markets, but also serve the world.