Sweden's Turbine Capital closes Fund I at $61.3M for Nordic deeptech
What's the deal? Stockholm-based Turbine CapitalDealroom has a profile for this one. Try Dealroom → has closed its first fund at US$73.5M, targeting early-stage Nordic deeptech startups. Semiconductor and advanced-manufacturing equipment maker Mycronic joined as a new industrial investor on October 9.
Who's backing it? Mycronic sits alongside industrial investors SaabDealroom has a profile for this one. Try Dealroom →, ScaniaDealroom has a profile for this one. Try Dealroom →, Volvo CarsDealroom has a profile for this one. Try Dealroom →, and StenaDealroom has a profile for this one. Try Dealroom →, plus industrial family offices and private investors. Institutional investors include SaminvestDealroom has a profile for this one. Try Dealroom → and the European Investment Fund.
What's the endgame? Turbine runs a cross-sector model, pairing industrial investors with seven university-affiliated incubators including StingDealroom has a profile for this one. Try Dealroom →, ABI, and GU VenturesDealroom has a profile for this one. Try Dealroom →. Portfolio companies get capital, industrial expertise, and potential customers; investors get early access to innovation. The firm works to a 15-year investment horizon.
Since its first close in April 2025, Turbine has made seven investments, spanning semiconductors, industrial technology, energy storage, and water treatment.
Why Mycronic matters. It develops production equipment for the electronics industry and is in a growth phase driven by AI-related infrastructure investment, with a strengthening presence in defence-related electronics. "Mycronic brings cutting-edge expertise in semiconductors and advanced manufacturing that strengthens our entire industrial network," said Pär Hedberg, founder of Sting and co-founder of Turbine Capital.
What could go wrong? The close lands below target. When the European Investment Fund committed US$20.5M in April, Turbine aimed for US$90.7M — so the final figure is about 81% of goal, a shortfall of nearly US$17.2M. That limits capital for new deals and follow-on rounds, a particular constraint in deeptech, where technologies often need more work before scaling.
The signal: "Multi-corporate venture capital works in practice, not just in theory," said founding general partner Anders Ösund. Turbine's coalition — now spanning defence, transport, electrification, and semiconductors — reflects a growing European push to give research-heavy startups industrial routes to market, even as the below-target close tempers the milestone.
Read more: startupmafia.eu
Image credit: jurvetson
