25 Nordic CVCs backing impact startups – from CO2-based protein to green fertilizer

Corporate venture capital (CVC) firms are rarely the most well-known investors, but they typically have deep pockets, extensive knowledge of their industries and, importantly, an urgency to transform.

For impact companies, CVCs represent an attractive opportunity in a tough market, says Marika King, head of Pinc, the investment arm of Finnish food giant Paulig.

"It's been harder times to raise capital, and more entrepreneurs are realising how beneficial it can be to bring along a larger company on the journey, which can contribute not only capital but also help with scaling and commercialisation," she previously told Impact Loop Sweden.

Danish CVC expert Jeppe Høier, a former partner at Maersk Growth, points out that major corporations can be a particularly important partner for startups.

"I know VC investors who refuse to invest in a startup if there isn't a major corporation on the ownership list. It's brand-strengthening and sends a clear signal to both the market and other investors," he said in an earlier interview with Impact Loop.

However, understanding and long-term commitment are required for the collaboration to work. According to Høier, the average lifespan for CVCs is just 3.7 years.

"If you don't have a structure and strategy for it, you won't succeed," he says.

With that in mind, here are (almost all) the CVC firms from the Nordic region investing in impact startups across climate tech, healthcare, and deep tech:

1. H&M New Growth & Ventures – sustainable fashion

Focus: Investments in sustainable solutions, new tools, and business models for the fashion industry through three divisions: H&M Group Ventures (minority investments), New Growth (long-term investments and joint ventures), and M&A.

Portfolio highlights: Syre (textile-to-textile recycling), Kintra Fibers (bio-based polyester), Sellpy (second-hand fashion), Infinited Fiber (circular fibers from textile waste)

Portfolio companies: 30+

Contact: Nanna Andersen (Head of H&M New Growth & Ventures)

2. Bring Ventures – green mobility

Focus: Early-stage investments in disruptive companies within sustainability and digitalization from the Norwegian postal service's investment arm.

Portfolio highlights: Elonroad (charging solutions for electric vehicles), Inretrn (digital return solutions), Aviant (autonomous drone transport)

Portfolio companies: 12

Contact: Siri Marie Hagen, Investment Director

3. Stena New Ventures – circularity

Focus: Nordic startups introducing scalable solutions in circular materials, recycled products, reuse, and water recycling optimization.

Investment stage: Early phases – from idea stage to seed

Portfolio highlights: Papershell (paper-to-advanced cellulose composites), Atium (reusable filter technology)

Portfolio companies: 6

Contact: Mats Torring, Business Developer

4. ABB Ventures – electrification and energy

Focus: Breakthrough technology aligned with ABB's goals in industrial electrification and automation. Since 2009, invested ~$400 million in energy conversion, robotics, AI, sustainability, electric mobility, and distributed energy.

Portfolio highlights: AFC Energy (hydrogen-based power), Tallarna (building decarbonization), Morrow (sustainable battery cells)

Portfolio companies: 38 (20 corporate, rest ventures)

Contact: Mads Møller, Head of Venture Capital

5. Volvo Cars Tech Fund – autonomy and electrification

Focus: Promising startups in mobility sector across autonomy, electrification, connected vehicles, and sustainability to help Volvo become climate-neutral by 2040.

Investment stage: Typically €1-5 million across various stages

Portfolio highlights: Bcomp (sustainable lightweight composites), Niron Magnetics (iron-nitride magnets), Circulor (blockchain supply chain traceability), StoreDot (extreme fast-charging batteries)

Portfolio companies: 20

Contact: Ann-Sofie Ekberg (CEO), Henrik Forsberg (Business Development Manager)

6. Pinc – agrifood tech

Focus: Paulig's venture capital arm investing in future food across three areas: improving planetary health within current food systems, new technologies (cell culture, molecular farming), and creating circular food and material systems.

Investment stage: Pre-seed and seed, seeking companies with potential for €10-50+ million revenue in 5-10 years

Portfolio highlights: Amatera (perennial crop development), Kaffe Bueno (coffee byproduct upcycling), Improvin (agricultural emissions measurement)

Portfolio companies: 8

Contact: Marika King (CEO), Rosemari Herrero

7. Ingka Investments – circularity and foodtech

Focus: IKEA's investment company has six portfolios, with focus on logistics and delivery, home furnishing services, financial services, alternative food, retail tech, and new home services.

Investment stage: Typically later-stage VC rounds in minority portfolio, but can invest earlier with strong business logic

Portfolio highlights: Aerofarms (indoor vertical farming), Click and Grow (indoor gardens), Morssinkhof-Rymoplast (plastic recycling), RetourMatras (mattress recycling)

Portfolio companies: 30

Contact: Karl Swensson, Investment Manager

8. Statkraft Ventures – energy transition

Focus: Investments in energy transition and climate tech across renewable energy generation, smart grid solutions, energy efficiency, digitalisation of energy systems, and sustainable mobility. Founded in 2015, backed by Statkraft – one of Europe's largest producers of renewable energy.

The firm operates two funds: an international fund for early and growth-stage startups across Europe and North America, and a Norway-focused fund for seed and growth-stage companies.

Investment stage: Seed to Series B, typically €1-5 million initial tickets with follow-on capacity

Portfolio highlights: Electra.aero (hybrid-electric ultra-short takeoff aircraft), Aira (all-inclusive heat pump provider), Deepki (energy efficiency for buildings)

Portfolio companies: 28+

Contact: Stefan Hülsen (Managing Director), team of 7 including 3 partners and 3 principals, offices in Düsseldorf, Germany and Norway.

9. Ørsted Ventures – renewable energy and green tech

Focus: Early-stage patient capital fund from one of the world's largest offshore wind developers. Investments include in grid flexibility solutions, renewable energy supply chains, and innovations supporting offshore and onshore wind, solar, energy storage, and green hydrogen. Founded in 2023 as the formalised VC arm of Ørsted.

Investment stage: Seed to Series B, typically €5+ million

Geography: Primarily Denmark, Finland, Norway, Sweden, with European focus

Portfolio highlights: Amperon (next-generation energy analytics and forecasting), Crux Climate (tax credit transfer marketplace for clean energy), Spoor (business productivity software for energy sector)

Portfolio companies: 6 equity investments

Contact: Jakob Ravn Hansen (Principal), based in Fredericia, Denmark, Line Lyst (Head of Innovation)

10. Scania Growth Capital – logistics and green mobility

Focus: Scania's VC fund managed by East Hill Equity, investing in fast-growing companies strategically relevant to Scania's customers within mobility and transport industries supporting sustainable transport transition.

Investment stage: From seed to later growth stages

Portfolio highlights: Parcelly (sustainable delivery technology), bex Technologies (last-mile logistics for construction), Corebon (rapid carbon fiber production)

Portfolio companies: 10

Contact: Christian Zeuchner, Daniel Riazzoli, Lars-Olof Gustavsson (East Hill Equity)

11. Helen Ventures – energy

Focus: Finnish energy company investing ~€50m in European startups in energy, e-mobility, circular economy, decarbonisation, and digital solutions.

Portfolio highlights: Klimate (Net Zero carbon removal portfolios), Renewcast (wind power forecasting), Voltfang (energy storage from used EV batteries)

Portfolio companies: 13

Contact: Mikael Myllymäki, Investment Manager

12. Maersk Growth – logistics and trade

Focus: Investing in startups addressing global challenges and smart logistics technologies, including creating more sustainable transport and logistics.

Portfolio highlights: Einride (electric and autonomous vehicles), Again (reusable packaging), Afresh (food waste reduction), ripe.io (food transparency platform)

Portfolio companies: 42

Contact: Jonas Linnebjerg, Investment Manager

13. Novo Holdings – health, food, biotech

Focus: Investment arm of Danish pharmaceutical giant Novo Nordisk, investing in life science companies at all development stages and biotech as key factor in green transition.

Portfolio highlights: FIRE1 (heart failure implant), Hemab (bleeding disorder treatments), Roslin Tech (animal stem cells for cultured meat), Deep Branch (sustainable food ingredients from CO2)

Portfolio companies: 100+

Contact: Kasim Kutay (CEO), Campbell Stewart (VP Venture Investments), Marie Schroeder (VP Seed Investments)

14. Bonnier Capital – sustainability, media, fintech

Focus: Proven ideas and strong teams in high-growth areas including sustainability, healthcare, media, fintech, and SaaS. Long-term growth partner with active board engagement.

Portfolio highlights: Airmee (carbon-neutral deliveries), Carla (electric vehicle retailer), Infarm (vertical farming), Sulapac (circular materials replacing plastics)

Portfolio companies: 36

Contact: Johan Skagerlind, Jonas von Hedenberg, Sofia Hasselberg (Healthcare), Victor Bodin (Marketplaces, Commerce, SaaS, Proptech)

15. Novax – food and health

Focus: Investment company of Axel Johnson Group, backing new growth opportunities in future food, health and wellness, technical safety, and digital infrastructure for retail.

Investment stage: Various stages – from small early companies to later mid-sized companies

Portfolio highlights: Winnow (commercial kitchen food waste reduction), Färsodlarna (plant-based meat), Gårdsfisk (land-based sustainable fish farming), Volta Green Tech (methane-reducing cattle supplement)

Portfolio companies: 26

Contact: Jonas Hedman (Senior Director), team of 7

16. LRF Ventures – agriculture and forestry

Focus: Swedish farmers' association seeking innovative startups in agtech with smart, creative, and scalable solutions for growth and profitability.

Investment stage: Early growth phase with innovative, verified, and scalable business model

Portfolio highlights: Irriot (autonomous irrigation technology), Saveggy (coating to extend produce shelf life), Ecotype (digital forest management), NitroCapt (zero-emission nitrogen fertilizer)

Portfolio companies: 9

Contact: Martin Alexandersson, Johanna Rahm Juhlin, Anton Pedersen

17. Polar Ventures – foodtech

Focus: Swedish family company Polarbröd investing in companies within the food system, primarily Swedish companies with connections to northern Sweden roots. Four focus areas: protein shift, circularity, nutritious food, and food environment and accessibility.

Investment commitment: SEK 150m (~€13m) through 2027

Investment stage: Later phase, Series A

Portfolio highlights: Råvara (healthy fast food restaurant chain)

Portfolio companies: 1

Contact: Fanny Näslund

18. FoodBridge – foodtech

Focus: Axel Johnson initiative to accelerate transition to more sustainable food system, investing in earlier phases than Novax.

Portfolio highlights: Petgood (insect protein pet food), Improvin (digital infrastructure for sustainable food chain reporting), The Mediterranean Food Lab (plant-based meat alternatives)

Portfolio companies: 3

Contact: Fanny Nachemson

19. Eviny Ventures – energy tech

Focus: Norwegian energy and technology group investing in hardware and software solutions for production, distribution, and consumption in future energy systems.

Geography: Primarily Norway, but investments across Nordics and Europe

Investment stage: Mainly seed-phase, typically NOK 10 million (€850,000)

Portfolio highlights: Heimdall Power (grid digitalization), Opt-E (commercial building energy reduction), Photoncycle (seasonal energy storage via hydrogen/ammonia)

Portfolio companies: 16

Contact: Lars Jacob Mjellem Sjaastad

20. Yara Growth Ventures – agriculture and clean hydrogen

Focus: Global coverage across two focus areas: agriculture (decarbonisation, soil health, transparency) and clean hydrogen (green, blue, turquoise production).

Investment stage: All phases, typically around $3m initial investment

Portfolio highlights: Dynelectro (green energy technology), AZANE Fuel Solutions (ammonia fuel for shipping), Verdagy (green hydrogen production), Ecorobotix (AI-driven crop treatment), Sabanto (autonomous agricultural vehicle upgrades)

Portfolio companies: 16

Contact: Erkki Aaltonen, Stian Nygaard

21. Jula – agtech, energy, nature tech

Focus: Jula group investing in renewable energy and sustainable development across agtech, renewable energy, nature tech, circular economy, and green chemicals/biotech.

Portfolio highlights: Ljusgårda (vertical farming), XP Chemistries (sustainable fine chemicals from wood), Organofuel (sustainable chemicals from renewable sources), eSite Power Systems (smart power systems for telecom)

Contact: Magnus Sigurd

22. JM – circular materials and automation

Focus: Swedish housing developer investing in three main areas: design and decision support, circular materials and energy solutions, and automation and robotics to increase efficiency and reduce climate impact.

Geography: Primarily European startups

Investment stage: Often early entry, from seed to Series A

Portfolio highlights: Made of Air (carbon-negative facade materials), Cemvision (climate-smart cement from recycled industrial waste)

Contact: Johan Wicksell, Torbjörn Glad

23. Magna International Investments – mobility, electrification, ADAS

Focus: Canada-based mobility tech company with global investment operations focusing on future vehicles and mobility, electrification, and driver assistance systems.

Portfolio: 13 active companies from Israel, Canada, USA, India; screens ~1,000 startups annually

Portfolio highlights: Populus AI (urban mobility management), Sanctuary AI (general-purpose robotics)

Contact: Josh Berg

24. Syensqo Ventures – energy and biotech

Focus: Belgian materials technology company running an €80m evergreen fund targeting early startups in sustainable advanced materials across energy, cleantech, industry 5.0, mobility, healthtech, and biotech.

Geography: Global with offices in Europe, North America, and Asia (no Swedish portfolio companies yet)

Investment range: ~SEK 3-35 million with follow-on possibilities

Portfolio highlights: iCOMAT UK (advanced composite manufacturing), Depoly Switzerland (chemical plastic recycling), Tau Italy (sustainable magnet wire for electrification)

Contact: Peter Vanlaeke

25. Equinor Ventures – climate tech, carbon storage, renewable energy

Focus: Norwegian energy company's investment arm focused on climate technology, managing portfolio of 30+ companies across Europe, Asia, and Australia in renewable energy, new fuels, carbon management, and energy storage.

Investment type: Minority investments, size adapted to phase and potential

Portfolio highlights: Corvus Energy Norway (marine energy storage), Elestor Finland (flow batteries), Beyonder Norway (industrial battery technology)

Contact: Kjersti Reinsnos

Pictured: Line Lyst (Ørsted), Josefin Rosendahl (Nova), Thor Olav Thorsnes Egeland (Statkraft), Nanna Stranne (H&M), Josh Berg (Magna International), Marika King (PINC), Peter Vanlaeke (Syensqo), Mads Møller (ABB), Mats Torring (Stena New Ventures), Ann-Sofie Ekberg (Volvo Cars Tech Fund), Daniel Riazzoli (Scania/Easthill), Jonas Linnebjerg (Maersk), Marie Schroeder (Novo), Lars Jacob Mjellem Sjaastad (Eviny), Stian Nygaard (Yara Growth Ventures), Johan Wiksell (JM), Kjersti Reinsnos (Equinor), Fanny Nachemson (Foodbridge), Siri Marie Hagen (Bring Ventures)