Will this new AI tool help investors find impact startups faster?

Norwegian venture capital firm Katapult VC is making moves in the Swedish capital, starting a new business designed to amp up AI adoption among investors. 

The company, Northstar Impact Analytics, has developed a new tool designed to spot emerging trends, giving investors a glimpse into which sectors founders will likely focus on next. Plus, it can adapt and improve based on specific user needs.

“There’s a paradox in how eager we are to invest in cutting-edge tech but how slow we are to use it within our own firms,” says Katapult’s Chief Strategy Officer Fredrik Winther. He says the new tool will give VC funds – including Katapult – a “competitive advantage” when it comes to engaging with new startups.

We meet Winther at Northstar Impact Analytics' new base, Norrsken House in Stockholm. For those new to the space, Norrsken is a coworking and event hub for impact entrepreneurs, launched by Klarna co-founder Niklas Adalberth in 2017. The Norrsken ecosystem now includes a non-profit foundation, multiple VC funds, and an annual conference, with hubs in Barcelona and Kigali.

This connection is relevant since Katapult is often referred to as “Norway’s Norrsken” due to its similar impact-driven initiatives. So why was the Swedish capital chosen over Norway for Northstar Impact Analytics headquarters?

“Stockholm’s ecosystem is simply more mature, particularly when it comes to impact,” says Winther over coffee in Norrsken’s café. “We already have a partnership with Norrsken, and now we’re further expanding our activities across the Nordics.”

Aiming for “real impact”

In Norway, the driving force behind Katapult is Tharald Nustad, a real estate and IT entrepreneur who vowed a decade ago to go “100% impact.” That vision has since expanded into a network of VC funds, a foundation, accelerator programs, and events.

Today, Nustad’s capital is complemented by both international and local investors, yet the focus remains on what they term “real impact.” Katapult has backed more than 170 companies across 47 countries, from next-gen wind turbine blades and seaweed-based materials to AI tools for sustainable fishing and solar-powered electric boats.

“We’re not just trying to reduce damage in sectors we invest in; we’re backing better alternatives,” says Winther, adding: “A relevant example for Norway is that we wouldn’t invest in electric ships that support the oil industry. We’d rather back renewable industries. We just have a pretty strict definition of impact.‍

How many Swedish impact startups are you hoping to source?‍

"We don’t focus on geography per se; we’re just looking for the best companies globally. But since Sweden has a mature startup ecosystem and a strong climate focus, it’s naturally part of our portfolio."

How much do you typically invest in a company?‍

“In the initial phase, it’s usually between €150,000 and €300,000 (roughly SEK 1.7 to 3.4 million). That varies, and in the future, we’ll look to invest in later funding rounds as well.”

Investors are falling behind with AI

Northstar Impact Analytics is specifically designed to help investors, especially VCs, identify new companies to support. Winther believes that many investors lag in AI adoption, but he’s optimistic that the new tool will spark “dramatic shifts” in investment models.

To advance this vision, Winther has brought two key players on board in Stockholm: Felix Bensberg and Sammy B Abla, both from Teamtive, a Swedish startup which specialises in supporting investors by providing expert teams to implement and execute projects.

Two paths for investors

Winther, deeply rooted in the impact and tech startup ecosystem, previously led Oslo Business Region before becoming Katapult’s CEO. Now, he foresees impact investing in the VC world branching into two directions. Some investors will specialise narrowly, forming boutique funds focused on specific niches, while traditional firms maintain broader portfolios.

“What used to be a single vertical—climate—now spans hundreds. Just in the past few years, we’ve seen nearly 200 new climate funds crop up in Europe, depending on your definition. Many of them have relatively broad mandates.”

“I believe we’ll see a division in VC where traditional firms source more capital from mega-funds, while smaller niche funds lead with vertical expertise, AI-driven processes, and lean structures.”

Despite growing competition, Winther sees no downside in using Northstar Impact Analytics to assist other investors in finding investment opportunities.

“We want to channel as much capital as possible towards the world’s most urgent problems. If we can support more climate investors in meeting their mandates, speed up the development of new technologies, and help them find more solid founders, the whole system improves. It’s a win for everyone.”

Additional reporting by Maddy Savage