Nordic DeepTech Fund: Bridging Startups and Industry Leaders

Turbine Capital Closes €54 Million Fund with New Industrial Investor

Turbine Capital, a Swedish venture capital fund specializing in early-stage DeepTech companies in the Nordics, has successfully concluded the final close of its inaugural fund at €54 million (SEK 608 million). The fund has welcomed Mycronic as a new industrial investor, joining existing partners such as Saab, Scania, Volvo Cars, and Stena, along with various industrial family offices and private investors. Institutional backers include Saminvest and the European Investment Fund (EIF).

“Closing our first fund at over SEK 600 million, with a diverse investor base ranging from prominent Nordic industries to European institutions, validates the effectiveness of our model. Throughout our initial year, we have demonstrated the practical success of multi-corporate venture capital, not just in theory,” stated Anders Ösund, Founding & General Partner at Turbine Capital.

Amid a series of specialized European VC fund announcements in 2026, Turbine Capital’s final close stands out. Notable mentions include Norrsken Evolve in Sweden reaching a €62 million final close, supported by Saminvest and EIF, and The Footprint Firm in Copenhagen concluding a €76 million climate and DeepTech fund.

Furthermore, PSV Tech sealed a €56 million early-stage fund, and Climentum Capital secured a €60 million first close for climate HardTech investments. In France, 360 Capital announced an €85 million closing for its research-driven DeepTech fund Poli360 2. Collectively, these announcements represent approximately €393 million in reported fund capital.

Source: EU-Startups

Mycronic’s inclusion as an investor enriches Turbine Capital’s existing industrial network. Mycronic, a high-tech company specializing in the development, manufacture, and marketing of precision production equipment for the electronics industry, brings cutting-edge expertise in semiconductors and advanced manufacturing.

“Mycronic’s deep expertise in semiconductor technology, photonics, and advanced manufacturing aligns perfectly with Turbine Capital’s investment focus. Their presence alongside Saab, Scania, Volvo Cars, and Stena enhances our industrial partners’ cross-sector platform, providing Europe’s DeepTech companies with the necessary support to scale,” commented Pär Hedberg, founder of Sting and co-founder of Turbine Capital.

Since the initial close in April 2025, Turbine Capital has established a distinctive Nordic model for cross-sector collaboration in venture capital. The model emphasizes close partnerships with seven university-affiliated incubators – ABI, Uminova, UIC, Sting, LEAD, GU Ventures, and IDEON – coupled with a broad array of industrial investors. This approach offers investors early-stage innovation access, while portfolio companies benefit from capital, industrial insights, and customer connections.

As a new addition to Turbine Capital’s investor base, Mycronic complements the fund’s industrial portfolio. The company, experiencing significant growth driven by AI-related infrastructure investments, has strengthened its presence in defence-related electronics manufacturing. Mycronic’s expertise in semiconductor technology and advanced manufacturing further enhances Turbine Capital’s investment strategy.