In this episode of 0100 Impact Talks, we sit down with Tor Kalberg, Investment Director at Stephen Industries, a Helsinki-based family office with a mission-driven approach to private markets. Tor shares how the firm strategically invests across health tech, green tech, and deep tech—from pre-seed spinouts to growth-stage buyouts—balancing direct investments in the Nordics and Baltics with fund commitments abroad. If you're a GP looking to understand how thoughtful family offices allocate capital, or an LP rethinking your impact strategy, this conversation offers sharp insights and practical takeaways.
Background and Entry into Venture Capital
Tor began his career in M&A in London before transitioning into venture investing through a different family office. Although initially drawn to more mature companies, he found early-stage venture investing more dynamic and impactful. This led him to join Stephen Industries, a new family office founded with a strong commitment to impact.
Stephen Industries’ Core Focus
Stephen Industries is deeply aligned with the family’s values and is structured around creating a positive impact through investments. The family, including the founder and his daughter (the Executive VP), is directly involved in shaping the firm’s strategy. They focus on:
Health tech
Green tech
Deep tech
And are cautiously exploring defense tech, with a strict line drawn at non-offensive technologies.
Investment Strategy
The firm takes a flexible approach typical of family offices, investing both directly and through venture and growth funds. Their strategy spans from pre-seed (usually university spinouts) to Series A-C, and also includes growth-stage investments in mature companies. Key elements:
Early-stage focus: Pre-seed to Series A, particularly in underfunded sectors in Finland like deep tech and green tech.
Growth strategy: Broader sector coverage, but still requiring a path to impact.
Flexible capital allocation: Currently overweight on startups but aiming for a 50/50 balance with growth investments.
Geography and Fund Allocation
Direct investments: Focused on the Nordics and Baltics.
Fund investments: Used to access geographies where they lack direct presence, such as Central Europe.
They seek strategic GPs that can support their direct investment efforts through expertise and insight.
📊 Impact Measurement
Currently, Stephen Industries allows each portfolio company to define its own impact metrics, depending on its sector and mission (e.g., health outcomes for medtech, emissions reduction for greentech). A centralized system may come in the future, especially with upcoming EU sustainability reporting requirements (CSRD).
🛡️ On Defense Tech
The firm is open to dual-use defense investments—but strictly in technologies that enhance protection, resilience, and security. They avoid offensive weaponry and emphasize ethical lines drawn by the family. Kalberg notes the challenge of cyclical defense spending and the need for long-term thinking.
🔁 Energy Transition and Realism
The conversation highlights the importance of investing in transitional technologies, like hydrogen solutions derived from methane. Kalberg argues that pragmatic, long-term thinking is necessary to support a realistic green transition over decades—not overnight.
💼 VC Fund Selection
Stephen Industries is selective, often requiring a strong track record, especially for buyout and credit funds.
In venture, they are more flexible, open to first-time or emerging managers if they bring strategic alignment and deep sector expertise.
Fund size matters—they prefer specialized, smaller managers over mega-funds, although they are evaluating how AI and data-driven approaches may give larger funds an edge in the future.
🤖 AI and Data Use
AI is increasingly used internally for market research, due diligence, and organizing internal knowledge, but not yet for automated deal selection. Kalberg sees growing use of data in the industry but believes human judgment and intuition remain essential—especially for spotting red flags and assessing founders.
💬 Final Advice to Family Offices
Kalberg warns that many family offices rushed into venture without clear strategy and lost money. His advice:
Have a clear plan and allocation strategy
Invest across cycles, not just in booms
Use funds if lacking internal capacity for direct investing
