Giving Compass’ Take:
· In a goal to reach 100 million euros for a new impact fund, Reuters reports that Sweden’s Norrsken Foundation has raised roughly 61 million euros so far.
· What will this fund be used for? How can it be used to invest in philanthropy?
The venture capital arm of Sweden’s Norrsken Foundation has raised 61 million euros ($68 million) towards the 100 million it hopes to gather for a new impact fund, an investment vehicle that aims to provide environmental and social benefits as well as financial returns.
Norrsken Foundation said on Monday anchor investors included H&M’s (HMb.ST) founding Persson family and the founders of Swedish tech companies such as Klarna, King and Mojang, as well as Sweden’s state-owned private equity firm Saminvest.
The foundation was established in 2016 by Klarna founder Niklas Adalberth to help entrepreneurs “solve the world’s greatest challenges”.
“The fund will invest in rapidly scaling early stage startups that use their business models to solve some of the world’s greatest challenges, such as poverty, health, discrimination, integration, food waste, mental health and climate change,” it said in a statement.
Investing to promote social and environmental gains, long a niche pursuit of foundations and development banks, is starting to attract venture capital globally.
Read the full article about this Swedish impact fund by Anna Ringstrom at Reuters.
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