Welcome back to another episode of the EUVC Podcast, where we gather Europe’s venture family to share the stories, insights, and lessons that drive our ecosystem forward.
Today we welcome Alex Bakir, General Partner at Norrsken Evolve, the new €57M pre-seed fund spun out of the legendary Norrsken family of funds. Together with Johan Attby and Rebecka Löthman Rydå, Alex is doubling down on impact-driven founders building Europe’s resilient and sustainable future—with backing from EIF, Saminvest, SmartCap, and operators like Taavet Hinrikus and Sten Tamkivi of Plural.
We dive into Alex’s journey - with family roots in Iraq and England to Cambridge, the World Bank, Climate Change Capital, and Planet Labs; his lessons from the clean-tech crash of 2008; why resilience is now the lens for Europe’s industrial strategy; and how Norrsken Evolve is rethinking fund construction with 80 portfolio companies, automated follow-ons, and a sprint model for founder collaboration.
Here’s what’s covered:
01:38 Alex’s path: Iraqi–English upbringing, Cambridge climate science, World Bank, first-wave cleantech VC
04:30 Lessons from the cleantech crash (’08): macro can kill even great theses
07:19 Why this time is different: realism, supply chains, energy security
10:31 Fundraising the hard way: €40M → €57M; satellites vs. raising a fund
12:36 Mistakes & pivots: from naive global to Europe-first resilience
15:50 LP profiling: local anchors + institutional validation (Saminvest, EIF)
19:00 The trough of despair & team completion with Rebecka Löthman Rydå
22:11 The “funky” model: 80 companies, €250K tickets, no boards, automated follow-ons
26:06 Sprint model: six-week in-person collaboration (not a school)
31:22 Investment focus: The carbon-free economy, the infrastructure of tomorrow, future of Europe
40:57 Founder fit: mission-driven, experienced builders with scars and purpose
You can watch the episode here, or add it to your queue on Apple or Spotify 🎧 (chapters for easy navigation available on both).
✍️ Show Notes
Alex’s Journey
Half Iraqi, half English; Cambridge climate science; World Bank; Climate Change Capital; Planet Labs (largest Earth-imaging satellite constellation).
Lessons from 2008 cleantech crash: macro risk wasn’t modeled; even billion-dollar theses collapse without resilience.
Why Now Is Different
Post-Ukraine, Europe faces supply chain, energy, and hydrocarbon dependence like never before.
Climate tech is no longer about “green premiums,” but about realist economics: supply chains, cost bases, industrial resilience.
Europe must rebuild—new materials, new energy, and new industries.
Fundraising the Hard Way
Planned €40M, closed oversubscribed at €57M.
Early feedback: global strategy = no; climate buzzwords = weak; resilience & Europe = strong.
Anchors: Saminvest, EIF, SmartCap, Plural’s Taavet & Sten.
Momentum shifted after 18 months of “trough of despair.”
A Funky Fund Model
80 companies in 3 years.
€250K standardized tickets.
No board seats.
Automated follow-ons: +50% into new rounds led by external VCs.
Goal: diversification, alignment, LP co-invest, and deep founder bonds.
Sprint Model (Not a School)
Six-week in-person sprints with portfolio founders.
Tailored problem-solving, emotional bonds, and peer learning.
“We want you to like us enough to tell us the bad stuff.”
Investment Focus
Hardware/software agnostic.
Real problems: materials (graphite, graphene), energy, bio/health, cyber, security.
Core filter: scalable businesses that contribute to sustainability and resilience
Europe’s Landscape
Climate buzz may fade, but resilience and industrial strategy(that does not rely on hydrocarbons) keeps demand alive.
LP money is shifting to security/resilience, but real climate and economic drivers remain.
Problems get worse, climate, geo-political and supply shocks increase — creating new opportunities.
For Founders
Mission matters—older, scarred, purpose-driven founders fit best.
Willingness to engage deeply with the fund and its network is non-negotiable.
Self-selection: not the right fund if you want “just a check.”
💡 One-liner takeaway:
Norrsken Evolve’s €57M pre-seed fund proves that investing in the future of Europe beats buzzwords—80 startups, automated follow-ons, and founder sprints show a new way for emerging managers to back real businesses building a sustainable future.
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