Turbine Capital's $58M Fund: The Secret to Nordic DeepTech Success?

Jan de Vries · 2026-10-19

Turbine Capital just closed its first fund at €54 million (about $58 million), and it's not just the size that's impressive. The Swedish VC has convinced a heavyweight lineup of industrial giants to back early-stage DeepTech startups across the Nordics. This could be the blueprint Europe needs to turn lab breakthroughs into global companies. ### The Big Close: More Than Just Money The final close includes a new investor: Mycronic, a Swedish high-tech company specializing in precision manufacturing equipment. Mycronic joins Saab (defense), Scania (transport), Volvo Cars (automotive), and Stena (shipping), plus a bunch of industrial family offices and private investors. Institutional backers include Saminvest and the European Investment Fund (EIF). "Closing our first fund at more than SEK 600 million, with an investor base ranging from leading Nordic industry to European institutions, confirms that our model meets a real need," says Anders Ösund, Founding & General Partner at Turbine Capital. "During our first year, we have shown that multi-corporate venture capital works in practice, not just in theory." ### Why This Model Works Turbine Capital's approach is simple but powerful: team up with corporations that have deep industry knowledge and resources, and connect them with startups that need both capital and expertise. It's a win-win. Investors get early access to cutting-edge innovation, while startups get funding, industrial know-how, and—crucially—customers. Since its first close in April 2025, Turbine has built a network of seven university-affiliated incubators across the Nordics: ABI, Uminova, UIC, Sting, LEAD, GU Ventures, and IDEON. That's a pipeline of early-stage innovation straight from the source. ### Mycronic: The Missing Piece Mycronic brings something the fund's existing industrial partners didn't have: deep expertise in semiconductors, photonics, and advanced manufacturing. These are exactly the areas Turbine focuses on. Plus, Mycronic is riding the AI infrastructure wave and has strengthened its position in defense electronics—a sector that's heating up. "Mycronic brings cutting-edge expertise in semiconductors and advanced manufacturing that strengthens our entire industrial network," says Pär Hedberg, founder of Sting and co-founder of Turbine Capital. "Together with Saab, Scania, Volvo Cars and Stena, we have a base of industrial partners spanning defense, transport, electrification and now also semiconductor technology – exactly the kind of cross-sector platform Europe's DeepTech companies need to scale." ### A Wave of Specialized Funds Turbine's close isn't happening in a vacuum. It's part of a broader trend of specialized European VC funds popping up in 2026: - Norrsken Evolve (Sweden) closed €62 million ($67M) for its fund, also backed by Saminvest and EIF. - The Footprint Firm (Copenhagen) raised €76 million ($82M) for climate and DeepTech. - PSV Tech finalized a €56 million ($60M) early-stage fund. - Climentum Capital secured a €60 million ($65M) first close for climate HardTech. - France's 360 Capital announced an €85 million ($92M) close for its research-driven DeepTech fund, Poli360 2. Together with Turbine, that's roughly €393 million ($424 million) in reported fund capital. Clearly, investors are betting big on Europe's DeepTech future. ### What This Means for Startups If you're a DeepTech founder in the Nordics, this is your moment. Turbine's model offers more than cash—it offers a direct line to some of the most established industrial players in the region. That means pilot projects, manufacturing partnerships, and a faster route to market. And with the fund's ties to university incubators, even the earliest-stage ideas can get a foot in the door. For the rest of Europe, Turbine's success sends a signal: multi-corporate venture capital can work. It's not just a nice idea—it's a practical way to bridge the gap between innovation and industry. And if more funds follow suit, Europe's DeepTech scene could become a force to reckon with globally.