Norrsken Evolve sets Amsterdam base after €62M pre-seed fund close

Norrsken Evolve has formalised an Amsterdam base at Norrsken House Amsterdam after closing a €62 million pre-seed fund, above its initial €40 million target. The fund plans to deploy about 5% of its capital, roughly €3 million, into Dutch startups, a modest allocation that matters because general partner Alex Bakir says the Netherlands still has a shortage of institutional capital at the earliest stage.

The European fund backs founders working on climate, health and resilience problems. Its mandate spans renewable energy, health tech, robotics, AI infrastructure, biotech and next-generation materials, with individual investments of up to €500,000. Norrsken Evolve says it expects to back 20 to 30 startups a year.

The Amsterdam move ties the investment vehicle more closely to the broader Norrsken Foundation network. The foundation was started in 2016 by Klarna co-founder Niklas Adalberth and now manages nearly $1 billion across five investment funds, according to Norrsken. It also operates Norrsken Houses in Stockholm, Barcelona, Brussels, Kigali and Amsterdam.

Dutch allocation remains small

Norrsken Evolve is led by general partners Johan Attby, Alex Bakir and Rebecka Löthman Rydå. Its backers include the European Investment Fund, Saminvest, SmartCap Green Fund and Skaala, the investment firm of Taavet Hinrikus and Sten Tamkivi.

The fund has already made two Dutch-linked investments. It was the first institutional investor in New Dawn Bio, an Amsterdam biotech company developing alternatives to wood that grow without trees. Norrsken Evolve later introduced the company to Capital T, another tenant at Norrsken House Amsterdam, which led a follow-on round.

It also co-invested in Spiral Hydrogen, an Estonian-founded team building green hydrogen infrastructure at the Port of Rotterdam. Norrsken Evolve expects a third Dutch investment to close before the end of 2026. Over the life of the fund, it is targeting five to eight Dutch investments.

Bakir said Norrsken Evolve had already been investing in Dutch founders before deciding to make Amsterdam a formal base. He said Dutch limited partners had questioned the fund’s focus on such early deals, while also pointing to analysis that identifies early-stage capital as a weak point in the Dutch startup market.

Norrsken Evolve says 75% of its portfolio companies have raised follow-on funding from other investors. It did not disclose the number of portfolio companies behind that figure, the total amount of follow-on capital raised, or performance data beyond that rate.

Norrsken House Amsterdam opens in 2026

The Amsterdam base will sit inside Norrsken House Amsterdam, which is scheduled to open on 1 September 2026 in the Van Gendt Hallen in Oostenburg. Norrsken describes the site as its largest house.

For founders in the Netherlands, the near-term significance is practical rather than dramatic: Norrsken Evolve is adding another pre-seed investor with a defined cheque size and a stated interest in technical, sustainability-oriented companies. The planned Dutch deployment, around €3 million, suggests a selective presence rather than a country-wide capital push.

This story draws on original reporting from Tech.eu.