Turbine Capital Research
Investment Thesis
Turbine Capital is a Stockholm-based early-stage deep tech venture fund, run through the entity TCAP Fund I AB. It backs scientific and engineering breakthroughs reaching the market for the first time, with a bias toward research-based spinouts from Swedish universities. The firm's stated criteria are large and important challenges (planet, industry, society and geopolitics), complex advanced technology with decisive impact, a strong opportunity to protect the business through IPR or proprietary technology, and significant economic impact. Its public pitch is patience: a 15-year fund life, meant to carry lab-stage companies to global markets, plus access to industrial corporations, active deep tech investors and incubators.
Fund Structure and Backers
The fund was initiated by Sting, a Stockholm deep tech incubator, together with six other university-affiliated incubators (ABI in Luleå, Uminova in Umeå, UIC in Uppsala, LEAD in Östergötland, GU Ventures in Gothenburg and IDEON in Lund). A first close at 40% of a EUR 75M target was announced in April 2025, anchored by Saminvest, Sweden's state-founded fund-of-funds investor, with SAAB Ventures as an industrial backer. The European Investment Fund committed in April 2026, and Scania joined the industrial group. Fund I reached a final close at SEK 608 million (roughly USD 60M) on 9 October 2026, with Mycronic joining alongside Saab, Scania, Volvo Cars, Stena, industrial family offices and private investors. The firm describes this as a new European model of multi-corporate venture capital. It plans to back 30 to 40 startups over the fund's life.
Stage Focus
Seed stage. Initial checks go into companies that have strong science and early commercial validation but not yet a scaled business. Follow-on is described as selective, focused on startups that attract top-tier investors.
Check Size
Initial investment of EUR 0.3M to EUR 1.0M (roughly USD 350K to 1.15M). The firm can lead and help structure syndicates. Its rounds so far are small: EUR 2M for InfiniNode, SEK 45M for Enairon, and a EUR 4.0M round for Solinide in which it was one of several participants.
Lead Tendency
The site says it can lead. It led the Enairon SEK 45M round and the InfiniNode EUR 2M seed. In the Solinide EUR 4.0M round, Navigare Ventures and PSV Hafnium co-led and Turbine participated. Lead tendency is classed as both.
Recent Activity
The fund has been actively deploying since its first investment in Tribonex in October 2025. Since then: Enairon (May 2026), LivingFilters (June 2026), InfiniNode, TekSiC and Rivus (all July 2026) and Solinide Photonics (August 2026). That is seven disclosed investments in about a year, three of them in a single month.
Portfolio Highlights
- Tribonex: patented surface treatments that cut friction and wear in drivetrain, bearing and hydraulic parts.
- Enairon: a water-based air compressor, claimed to cut energy use 30 to 50% versus conventional compressors.
- LivingFilters: a Lund University spinout using AI-designed proteins to remove PFAS and micropollutants from water.
- InfiniNode: interconnect and memory-subsystem IP for chiplet and RISC-V system-on-chip designs.
- TekSiC: silicon carbide crystal-growth furnaces and semi-insulating SiC wafers for defence RF electronics, aiming to be Europe's first commercial supplier.
- Rivus: organic electrolyte chemistry for flow batteries, free of lithium, cobalt and vanadium.
- Solinide Photonics: a Chalmers spinout making microcomb light sources for co-packaged optics in AI datacenters.
No exits have been disclosed; the fund is too young.
Team
- Karin Edström, Founding & Managing Partner: former Investment Manager at Almi Invest GreenTech, previously a deep tech CEO, 20+ years in B2B tech operations. Worked on GreenIron, Saveggy, Cellfion and Maven Wireless.
- Anders Ösund, Founding & Managing Partner: 25+ years in VC and corporate partnerships, formerly Investment Director at Investor Growth Capital, co-founder of Combient. Angel investor in AirForestry, Incipientus and Foreseeti.
- Pär Hedberg, Founder & Partner: founder of Sting, with experience backing almost 500 startups. Initiator of Propel Capital and Luminar Ventures.
- Daniel Tano, Senior Associate: former operator and CEO in sustainable materials and SaaS growth, co-founder of Greewave, Chair of Airpelago.
Decision Process
Partnership. Two managing partners lead deals, and the team works closely with founders, often through a board seat. Partner incubators feed deal flow, and pitch decks can be submitted through the website or to [email protected].
Founder Preferences
Technical and scientific founders, often university spinouts, with protectable IP and a credible path to industrial customers. The firm values founders who want corporate partnerships and customer introductions, and it describes helping with strategy, customer connections and follow-on funding.
Geographic Focus
Primarily Sweden, with up to 20% in other Nordic markets. Portfolio companies are based in Gothenburg, Linköping, Lund and Stockholm.
Focus Areas
Eight deep tech areas: advanced materials and nanotechnology, AI and data analytics, bio-, agri- and healthtech, energy and environmental technology, robotics and industrial automation, security and cybertechnology, semiconductor and quantum computing, and space technology. The portfolio so far leans toward semiconductors and photonics, energy, advanced materials and water.
Gaps
The website is JavaScript-rendered; content was read through a rendering reader. Portfolio company domains are not shown on the site and are left null. AUM is not stated beyond the SEK 608M fund size.