Turbine Capital, a venture fund backed by multiple university-affiliated incubators, has secured SEK170 million from the European Investment Bank through its TechEU programme and targeted support from the European Investment Fund.
Turbine Capital launched a year ago, saying it had secured 40% of its €75 million target size. It means the firm has now raised more than €45 million, with bus manufacturer Sania also joining the fund with an undisclosed contribution.
The Swedish state-owned Saminvest anchors the TCAP Fund I.
Turbine Capital was initiated by incubator Sting. LPs also include Luleå University of Technology-backed ABI, Umeå University-backed Uminova Innovation, Uppsala University’s UIC, Linköping University’s LEAD, Lund University-backed IDEON, and the University of Gothenburg’s investment arm GU Ventures.
Saab Ventures, the corporate venture capital arm of car manufacturer Saab, is also a backer, as is its peer Volvo Cars and shipping group Stena.
“Scaling deep tech companies is not just about capital, but also about having the knowledge, experience and long-term commitment to build operational excellence over time. With our experience, our industrial network and a 15-year fund perspective — combined with strong ties to universities and access to growth capital — we can give Nordic and European deep tech companies significantly better conditions to grow here in Europe,” says Karin Edström, founding and general partner at Turbine Capital.
