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Another global investor is expanding its presence in Estonia to find Europe’s next breakthrough talent. Sweden’s impact-focused pre-seed fund Norrsken Evolve has expanded into Estonia, appointing Siim Teller as venture partner and Merit Vislapu as platform and operations associate in Tallinn. The news was first reported by Fomo.Observed newsletter.
The fund, which invests €250K in startups tackling challenges in energy, manufacturing, food production, healthcare, and climate resilience, is making a serious bet on Estonia.
Besides its launch in August 2025 with a €57M vehicle, Norrsken Evolve has built on the success of the Norrsken Accelerator, which supported 80 companies. 75% of them went on to secure follow-on funding from top global investors, writes Vestbee. The broader Norrsken ecosystem has backed companies like Einride and 1KOMMA5°, both of which achieved unicorn status.
Merit Vislapu and Siim Teller
Teller will continue running his investment firm Lemonade Stand independently, as he told to Fomo.Observed: “It’s just the combination of the mission of both the Norrsken Foundation and Norrsken Evolve, in terms of the impact they want to invest into — that’s the team I want to work with.”
Norrsken currently has one Estonian portfolio company, Jälle Technologies, which transforms used batteries into sustainable metals and graphene-like materials. It has recently raised a €2M round, focusing on the EU battery recycling market, which could be worth €15B by 2032. Teller’s goal is to make three new Estonian investments annually.
“The lack of new founders, not just in impact, but everywhere, has been a challenge for our ecosystems,” Teller noted. “Showing that there’s one more specialized, dedicated fund — I hope it inspires more people to take the risk and start something new.”
The team plans to establish operations at Kasvuhoone, the startup hub being developed in Tallinn’s Krulli neighborhood, which will house a co-working space and the Norrsken Accelerator.
