Turbine Capital has secured the first close, representing 40% of its target, of its early-stage deeptech venture capital fund, the first in Europe to be backed by both leading Swedish corporations – including SAAB Ventures – and university-affiliated incubators. Aiming to accelerate deeptech startups into high-growth international businesses, the fund targets a €75M final close.
Early stage deeptech startups struggle to access sufficient risk-willing capital and corporate collaborations necessary for scaling. To address this, leading industrial players including SAAB Ventures, together with university-affiliated incubators in Sweden, have united to back a deeptech VC fund. Through its unique structure, Turbine Capital will provide capital, corporate access, and industrial expertise to accelerate deeptech startups, transforming them into high-growth international businesses. This approach aligns with broader EU initiatives to enhance Europe’s deeptech competitiveness. With today’s first close, representing 40% of its target, the fund is ready to start investing, aiming for a final close of €75 million.
Turbine Capital offers its investors access to a curated dealflow of cutting-edge startups, allowing them to engage with, track developments, and make well-timed, de-risked follow-on investments. Beyond deal flow, they benefit from valuable market insights and a deep understanding of emerging technologies. Turbine Capital bridges deeptech startups and corporates, facilitating high-impact collaborations and unlocking opportunities for strategic innovation and growth.
Turbine Capital was initiated by Pär Hedberg from Sting, (Stockholm Innovation & Growth) one of Sweden’s most established startup incubators, and founded by Sting, Karin Edström and Anders Ösund, all of whom bring extensive investment experience with backgrounds at Almi Invest, Investor Growth Capital, Combient among others.
“When leading corporations and university-affiliated incubators join forces, we create more than just a fund – we build a cross-sector collaboration powerhouse for scaling deeptech innovations. With strong backing already in place, we welcome additional Swedish and European corporate, and private, investors to be part of this journey,” says Pär Hedberg, Turbine Capital.
Taking a long-term perspective, the fund plans to support 30-40 early-stage deeptech startups over the next 15 years.
“Innovation is a core element of Saab’s future development. The investment in Turbine Capital will complement Saab’s existing innovation efforts by providing a broader perspective on early deeptech companies in Sweden,” says Jonas Lundeberg, Head of Saab Ventures.
The fund is anchored by Saminvest – Sweden’s leading VC fund investor – and supported by six of Sweden’s deeptech university-affiliated incubators, as well as Sting, ensuring a strong pipeline for emerging ventures, while Turbine Capital also taps into groundbreaking
innovations nationwide. Turbine Capital welcomes additional corporate partners looking to engage in Europe’s next wave of deeptech innovation and support the fund’s successful closing.
About Turbine Capital
Turbine Capital is an early-stage deeptech VC fund backed by multiple corporate investors and university affiliated incubators, marking a new model in Europe for industry-wide and cross-sector collaboration in venture capital. With a 15-year investment horizon, Turbine Capital combines financial backing with strategic industry partnerships to drive long-term innovation and global growth. For more information, visit www.turbinecapital.vc.
About Saminvest
Saminvest is a venture capital company, founded by the Swedish Government in 2016. Saminvest works actively for the establishment of new venture capital funds with sufficient qualities and long-term ability to develop the Swedish venture capital market, giving innovative and fast-growing companies access to both capital and ownership skills.
www.saminvest.se
Om Turbine Capitals Partner incubators
ABI in Luleå, Uminova in Umeå, UIC in Uppsala, Sting in Stockholm, LEAD in Östergötland, GU Ventures in Gothenburg and IDEON in Lund.
SLU Holding AB
SLU Holding, together with other university-affiliated holding companies, has initiated a collaboration with Turbine Capital to create additional financing opportunities for companies created based on research from Swedish universities.
For media inquiries, please contact:
Wilhelmina Douglas, Press Contact, Turbine Capital
+46 (0) 70 446 11 76
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