EIF pledges up to 402.1 million Swedish kronor (€34.6 million) to new venture-capital fund that will finance Nordic climate-tech businesses
Sweden-based Course Corrected VC Fund II to focus on breakthrough technologies for climate mitigation and energy transition
EIF commitment to help new fund reach 1 billion Swedish kronor

Luxembourg/Stockholm, 7 February 2025: The European Investment Fund (EIF) is committing 402.1 million Swedish kronor (€34.6 million) to a new venture-capital fund that will finance Nordic early-stage companies developing breakthrough climate technologies. The EIF pledge to the Sweden-based Course Corrected VC Fund II will help it achieve a target size of 1 billion Swedish kronor.

Course Corrected VC Fund II aims to back start-ups in electrification, energy efficiency and sustainable industrial technologies primarily in the Nordic countries. The EIF, as part of the European Investment Bank (EIB) Group, is acting as a cornerstone investor to catalyse additional institutional as well as private capital.

The EIF move buttresses a European Union drive to become climate neutral by 2050 by abandoning fossil fuels, slashing greenhouse-gas emissions, promoting clean power such as solar and wind and consuming less energy.

“The climate crisis demands urgent action and innovation is key to achieving Europe’s ambitious climate goals,” said EIB Group Vice-President Thomas Östros. “Start-ups developing pioneering solutions often struggle to secure early-stage funding. By supporting Course Corrected VC Fund II, we are helping these companies bridge the gap from research to commercialisation and strengthening Europe’s leadership in climate innovation.

The fund is managed by Course Corrected founding partners Kerstin Cooley, Katja Bergman and Christine Ahlstrand, Swedish nationals who have extensive backgrounds in venture capital and climate technology. It is one of the few female-led venture capital funds in the region and the trio’s combined expertise in scaling early-stage companies will be instrumental in identifying and supporting the next generation of climate-tech leaders.

“We are thrilled to have secured this significant investment from the EIF,” said Ahlstrand. “As we look to scale decarbonisation technologies, we are eager to continue supporting the next generation of climate-tech leaders, with the potential to bring both outsized emission reductions and top-tier financial returns.”

Course Corrected VC Fund II follows Fund I, which has backed 16 market-shifting companies across the climate-tech domain including electrification, energy efficiency, industrial-process transformation and carbon-capture utilisation and storage.

Now that it has EIF backing, Course Corrected VC Fund II is actively identifying new investment opportunities and welcomes inquiries from entrepreneurs and investors.

Background information

EIF

The EIF is part of the European Investment Bank (EIB) Group. It supports Europe’s SMEs by improving their access to finance through a wide range of selected financial intermediaries. The EIF designs, promotes and implements equity and debt financing instruments targeting SMEs. In this role, the EIF fosters EU objectives in support of entrepreneurship, growth, innovation, research and development, the green and digital transitions and employment.

Course Corrected

Course Corrected VC is a venture capital firm focused on early-stage climate positive technology companies in the Nordics. Founded in 2021, the firm is dedicated to supporting entrepreneurs who are developing innovative solutions to address climate change with a commercial approach. Based in Stockholm, Sweden, Course Corrected VC is founded by three female general partners with long standing Venture Capital investing experience and deep expertise in the climate tech sector.

Press contacts:

EIB Group: Thomas Eriksson | t.eriksson@ext.eib.org

Course Corrected: Kerstin Cooley |kerstin@cc.vc