Startup

Northvolt

Northvolt is a Swedish battery manufacturer founded to build a European supply of sustainable lithium-ion cells. In November 2024, Northvolt AB filed for Chapter 11 protection in the United States to pursue a financial restructuring while seeking strategic solutions for Northvolt North America.

On March 12, 2025, the company filed for bankruptcy in Sweden and a trustee was appointed to oversee the process. Northvolt remains a landmark industrial project for Europe’s battery ambitions, but its current status is restructuring and insolvency rather than a typical growth-stage startup.

SwedenStockholmIndustrial Scale-upClimateIndustrialEnergy

Details

Location

Stockholm, Sweden

Category

Startup

Stage

Industrial Scale-up

Profile

/sweden/startup/northvolt

Investors

Venture capital firms backing this startup

Atomico

London, United Kingdom · Venture Capital

Atomico is a leading European venture capital firm founded in 2006 by Niklas Zennström, the co-founder of Skype. Headquartered in London with roots in Stockholm, Atomico focuses on backing ambitious tech founders across Europe at Series A and beyond. The firm manages several billion dollars across multiple funds and has built a portfolio of household names. Atomico’s approach leverages Zennström’s global experience – the firm often helps startups expand internationally and recruits senior talent via its notable “Executive-in-Residence” program. Atomico has invested in companies spanning fintech, deep tech, software, and consumer internet. Notable successes include Klarna (the Swedish fintech giant), Supercell (Finnish gaming, acquired by Tencent), Graphcore (UK AI chips), and MessageBird (Netherlands communications platform). Atomico was also an early backer of Stripe in the US and Viagogo. The firm is known for publishing the annual “State of European Tech” report, reflecting its thought leadership in the ecosystem. In terms of investment size, Atomico typically leads or co-leads Series A–C rounds with cheques of $5–$50 million, and it has the capacity to follow-on through later stages. It closed its fifth fund of $820 million in 2020 and a $1.2 billion fund in 2022, underscoring investor confidence in European tech. Atomico’s team includes partners with experience at Google, Uber, Spotify, and more – providing operational support to portfolio founders. The firm also stands out for its commitment to sustainability and diversity, integrating impact considerations and backing companies tackling climate change. Atomico’s influence is evidenced by the fact that as of 2025 it has produced five IPOs and multiple $10B+ exits in Europe. In summary, Atomico has established itself as a premier VC “built by founders for founders,” fueling Europe’s ascent with capital, expertise, and global networks.

Venture CapitalSeries A+GeneralistTechnology

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