Sweden: Norrsken taps into agrifoodtech with business accelerator

  • 18 January 2021
  • Funding
The initiative by the Swedish foundation will select 20 start-ups with sustainability and impact credentials to get $100,000 investment for 5% equity
Norrsken business accelerator co-founders
Norrsken accelerator co-founders
From left: Rapelang Rabana, Mikael Schiller, Funda Sezgi, Fredrik Jung-Abbou, and Ash Pournouri

Norrsken Foundation is launching an 8-week accelerator programme to support start-ups with sustainability credentials and social impact. The foundation is the brainchild of Niklas Adalberth, one of the founders of Swedish fintech company Klarna.

The foundation believes start-ups are the best bet for solving the world’s greatest challenges, such as poverty, pollution, cancer, mental health, climate change or pandemics. “That’s why we created the Norrsken Impact Accelerator – we’ll choose 20 of the world’s best impact start-ups and fast-track their journey to success. Because if they win, we all win,” reads the mission statement.

The selected start-ups will receive an upfront investment of $100,000 for 5% equity.

The business accelerator programme will be delivered in eight weeks in Stockholm, led by unicorn founders as mentors and world-class experts as advisors.

Start-ups will get tailor-made advice based on their individual needs, and a chance to pitch to 100 of the world’s leading investors.

Agrifoodtech focus

The accelerator is looking for early (pre-seed) stage start-ups that leverage technology to build scalable businesses that help solve societal and environmental challenges.

Companies from anywhere in the world and any area of impact can apply, however Norrsken noted that foodtech and agritech start-ups are of particular interest.

The Norrsken Foundation is developing and executing the accelerator and will provide the majority of the investment into the start-ups.

The initiative is supported by five co-founders who are launching the accelerator alongside Norrsken. They are:

  • Fredrik Jung-Abbou, co-founder of Kry and Lendo
  • Mikael Schiller, co-owner of Acne Studios
  • Rapelang Rabana, founder of Rekindle Learning
  • Ash Pournouri, co-founder Brilliant Minds and founder of Unltd Group
  • Funda Sezgi, former chief growth officer at Norrsken Foundation

They will be in charge of the selection and investment process and mentor the start-ups during the eight-week programme.

As part of the programme, the start-ups will pitch to more than 100 top investors at Norrsken Demo Day, including:

  • Creandum
  • Northzone
  • Atomico
  • Kinnevik
  • Accel
  • Alfven & Didrikson

Start-ups are welcome to apply until 28 February, and Norrsken will announce the selected start-ups in May.

The accelerator is scheduled to begin on 5 July and will be hosted at Norrsken House in Stockholm.