Turbine Capital closes first Nordic deep tech fund at €54m with Saab, Scania and Volvo Cars among its backers
Turbine Capital closed its first Nordic deep tech fund at €54 million, backed by Saab, Scania, Volvo Cars, Stena, Mycronic, Saminvest and the EIF.
Turbine Capital, a Swedish early stage manager investing in Nordic deep tech, announced the final close of its first fund at €54 million, or SEK 608 million, on 19 October 2026. The firm held a first close in April 2025. Anders Ösund is founding and general partner. Pär Hedberg, who founded the incubator Sting, initiated the firm and is a co-founder.
The investor base is built around Nordic industrial groups. Mycronic comes in as a new investor and joins Saab, Scania, Volvo Cars and Stena. Institutional capital comes from Saminvest and the European Investment Fund, alongside industrial family offices and private investors. The firm did not disclose ticket sizes or a target number of investments.
The model it describes is multi-corporate venture capital, which pairs industrial investors with university linked incubators so that portfolio companies receive capital, industrial expertise and access to customers from the same structure. Turbine Capital names seven incubator partners: ABI, Uminova, UIC, Sting, LEAD, GU Ventures and IDEON. Mycronic's own ground covers semiconductors, photonics and advanced manufacturing, which the firm counts as core areas of the thesis.
“During our first year, we have shown that multi-corporate venture capital works in practice, not just in theory,” said Ösund. Hedberg pointed to the newest backer, saying that “Mycronic brings cutting-edge expertise in semiconductors and advanced manufacturing”, and described the assembled industrial base, spanning defence, transport, electrification and semiconductor technology, as “exactly the kind of cross-sector platform Europe's DeepTech companies need to scale”.
Why it matters for AgTech founders: read the limited partner list rather than the thesis. Saab, Scania, Volvo Cars, Stena and Mycronic are sitting in the fund, not on anyone's cap table, and that distinction is worth copying in agriculture, where the equivalent names are the machinery, input and food groups. Strategic money at the fund level buys a founder industrial expertise and a route to customers without the information rights, the right of first refusal and the signalling problem that arrive with a direct corporate investor, all of which a later financial round has to be negotiated around. The second point is the clock. Roughly eighteen months from first close to final close is the realistic fundraising period for a first time manager in Europe today, which means a fund announcing a close has already spent part of its investment period raising it. Before signing a term sheet from a new fund, ask when it closed, what share is reserved for follow on and how many first cheques are left, because that answer decides whether the investor can still be there for your Series A. Third, the European Investment Fund is once more the institution that makes a first time Nordic manager possible, so founders mapping where their next cheque is manufactured should treat EIF commitments as a leading indicator of which funds will actually be writing in twelve months.
Turbine Capital closes first Nordic deep tech fund at €54m with Saab, Scania and Volvo Cars among its backers
The Swedish manager reached a final close of SEK 608 million for its first fund, with Mycronic joining Saab, Scania, Volvo Cars and Stena alongside Saminvest and the European Investment Fund.
Turbine Capital, a Swedish early stage manager investing in Nordic deep tech, announced the final close of its first fund at €54 million, or SEK 608 million, on 19 October 2026. The firm held a first close in April 2025. Anders Ösund is founding and general partner. Pär Hedberg, who founded the incubator Sting, initiated the firm and is a co-founder.
The investor base is built around Nordic industrial groups. Mycronic comes in as a new investor and joins Saab, Scania, Volvo Cars and Stena. Institutional capital comes from Saminvest and the European Investment Fund, alongside industrial family offices and private investors. The firm did not disclose ticket sizes or a target number of investments.
The model it describes is multi-corporate venture capital, which pairs industrial investors with university linked incubators so that portfolio companies receive capital, industrial expertise and access to customers from the same structure. Turbine Capital names seven incubator partners: ABI, Uminova, UIC, Sting, LEAD, GU Ventures and IDEON. Mycronic's own ground covers semiconductors, photonics and advanced manufacturing, which the firm counts as core areas of the thesis.
“During our first year, we have shown that multi-corporate venture capital works in practice, not just in theory,” said Ösund. Hedberg pointed to the newest backer, saying that “Mycronic brings cutting-edge expertise in semiconductors and advanced manufacturing”, and described the assembled industrial base, spanning defence, transport, electrification and semiconductor technology, as “exactly the kind of cross-sector platform Europe's DeepTech companies need to scale”.
Why it matters for AgTech founders: read the limited partner list rather than the thesis. Saab, Scania, Volvo Cars, Stena and Mycronic are sitting in the fund, not on anyone's cap table, and that distinction is worth copying in agriculture, where the equivalent names are the machinery, input and food groups. Strategic money at the fund level buys a founder industrial expertise and a route to customers without the information rights, the right of first refusal and the signalling problem that arrive with a direct corporate investor, all of which a later financial round has to be negotiated around. The second point is the clock. Roughly eighteen months from first close to final close is the realistic fundraising period for a first time manager in Europe today, which means a fund announcing a close has already spent part of its investment period raising it. Before signing a term sheet from a new fund, ask when it closed, what share is reserved for follow on and how many first cheques are left, because that answer decides whether the investor can still be there for your Series A. Third, the European Investment Fund is once more the institution that makes a first time Nordic manager possible, so founders mapping where their next cheque is manufactured should treat EIF commitments as a leading indicator of which funds will actually be writing in twelve months.
