Sting-initiated Turbine Capital closes its first fund at SEK 608 million
Sting-initiated Turbine Capital has closed its first fund at SEK 608 million. Mycronic joins Saab, Scania, Volvo Cars and Stena as an industrial investor, alongside Saminvest and the European Investment Fund (EIF).
From left: Pär Hedberg, founder of Sting and initiator and co-founder of Turbine Capital; Anders Ösund, Founding & General Partner, Turbine Capital; Karin Edström, Founding & General Partner, Turbine Capital.
From defence and heavy transport to electrification and semiconductors, Sting-initiated Turbine Capital has closed its first fund at SEK 608 million and Mycronic joins as a new industrial investor.
Turbine Capital, a venture capital fund focused on early-stage Nordic DeepTech companies, announced the final close of Fund I on 9 October. Mycronic joins Saab, Scania, Volvo Cars and Stena, along with a number of industrial family offices and private investors. Institutional investors include Saminvest and the European Investment Fund (EIF).
The final close confirms what the fund set out to prove: that industry, institutions and early-stage founders can build deeptech companies together.
“Closing our first fund at more than SEK 600 million, with an investor base ranging from leading Nordic industry to European institutions, confirms that our model meets a real need. During our first year, we have shown that multi-corporate venture capital works in practice, not just in theory,” says Anders Ösund, Founding & General Partner of Turbine Capital.
Mycronic joins the industrial base
Mycronic develops, manufactures and markets production equipment for the electronics industry, where precision and flexibility are non-negotiable. The company is in a strong growth phase driven by AI-related infrastructure investments, and has strengthened its presence in defence-related electronics manufacturing.
It brings deep expertise in semiconductor technology, photonics and advanced manufacturing – all key areas in Turbine Capital’s investment thesis.
“Mycronic brings cutting-edge expertise in semiconductors and advanced manufacturing that strengthens our entire industrial network. Together with Saab, Scania, Volvo Cars and Stena, we have a base of industrial partners spanning defence, transport, electrification and now also semiconductor technology – exactly the kind of cross-sector platform Europe’s deep tech companies need to scale,” says Pär Hedberg, founder of Sting and initiator and co-founder of Turbine Capital.
A Nordic model for DeepTech venture capital
Since its first close in April 2025, Turbine Capital has built a model for cross-sector collaboration in venture capital. It combines a broad base of industrial investors with close cooperation with Sting and six university-affiliated partners – ABI, Uminova, UIC, LEAD, GU Ventures and IDEON.
The model works in both directions. Investors get access to early-stage innovation. Portfolio companies get access to capital, industrial expertise and customers.
And it is already at work. Since the first close, Turbine Capital has made seven investments, in areas including semiconductors, industrial technology, energy storage and water treatment.
An idea that started at Sting
Pär Hedberg initiated Turbine Capital to close a clear gap in early-stage financing for deep tech startups, and co-founded the fund with Karin Edström and Anders Ösund. Today, Sting is a founding partner, sponsor and investor in the fund. Read more about how the fund secured major backing from the European Investment Fund and Scania.
For Sting, Turbine Capital is a natural part of the ecosystem around its founders: programmes and coaching, a network of corporate partners, and a dedicated deep tech fund with a 15-year investment horizon.
SEK 608 million. Seven investments. One 15-year horizon.
Nordic deep tech has never lacked ideas. What it has often lacked is patient capital and industrial partners willing to engage early. Turbine Capital’s first fund answers both.
In 2026, Sting was ranked the number one DeepTech hub in the Nordics in the Financial Times’ annual ranking of Europe’s Leading Startup Hubs. Since 2002, Sting has helped more than 500 startups turn standout ideas into investable companies. With Turbine Capital fully raised, the next generation of DeepTech founders has one more reason to start here.
Read Turbine Capital’s full announcement at turbinecapital.vc.
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