Finance
Swedish investor Norrsken earmarks $348 million for 'AI for good'
Published by Global Banking & Finance Review®
Posted on June 25, 2025
1 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on June 25, 2025
1 min readLast updated: January 23, 2026
Norrsken Foundation invests $348 million in European startups using AI for good, addressing climate, health, and societal issues.
STOCKHOLM (Reuters) -Sweden's Norrsken Foundation has committed 300 million euros ($348 million) to investing in European startups that are using "AI for good" for solving challenges in climate, health, food, education and society, it said on Wednesday.
The foundation, established in 2016 by Klarna founder Niklas Adalberth, manages several venture capital and investment funds, which have a combined assets of over $1 billion.
"AI is not just another productivity boost, it's a real chance to fix what truly matters," said Agate Freimane, general partner at the foundation's venture capital arm Norrsken VC.
Barring companies such as Google Deepmind, most AI firms are working on systems that are focused on business customers.
"Artificial intelligence is the most powerful tool humanity has ever created," Freimane said "Yet, so far we are mainly using it to optimise clicks and automate emails."
Venture capital-backed start-ups in the first quarter raised over $80 billion, a nearly 30% increase over the fourth quarter last year, according to professional services group EY.
($1 = 0.8631 euros)
(Reporting by Supantha Mukherjee based in Stockholm, editing by Anna Ringstrom)
The Norrsken Foundation has committed 300 million euros ($348 million) to invest in European startups focused on using 'AI for good' to tackle challenges in climate and healthcare.
The Norrsken Foundation was established in 2016 by Niklas Adalberth, who is also the founder of Klarna.
Agate Freimane, a general partner at Norrsken VC, stated that AI is not just a productivity tool but a significant opportunity to address critical global issues.
Venture capital-backed startups raised over $80 billion in the first quarter, marking a nearly 30% increase compared to the previous quarter.
The Norrsken Foundation manages several venture capital and investment funds with combined assets exceeding $1 billion.
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