Aurore Belfrage

Investor | Capital Strategy | Energy Transition | Board Director | ex-EQT | AI & Geopolitics

📍 Sweden, Sweden🔄 Updated September 2026💼 13 investments📅 9 years investing🗓 Last invested Dec 2025𝕏 @upgrade_to_unlock
VC🌍 SwedenInvested this year
13
Total investments
5
Early stage
0
Mid stage
3
Late stage
9y
Years active

Portfolio

10 investments · sorted by recency
All investments
Early stage
Mid stage
Late stage
Investor
Dec 2025
The Swedish deep-tech startup Graphmatech has cracked the code for integration of the ‘miracle material’ graphene within industries to promote sustainability at scale. Graphmatech is an advanced material technology company that invents, develops, and supplies cutting-edge graphene-infused materials for industrial use, increasing their quality and sustainability. Through a patented production method, Graphmatech solves the compositional challenges during upscaling that previously made graphene difficult to commercialise. Graphmatech’s Aros graphene technology promises to reduce CO2 emissions by hundreds of millions of tonnes when applied across multiple use cases such as hydrogen storage, conductive polymers, 3D printing and enhanced metals. We develop and sell graphene-based solutions in three verticals: - Graphene engineered polymer materials for advanced manufacturing - Graphene engineered polymers for hydrogen - Graphene engineered metal materials for advanced manufacturing www.graphmatech.com
Investor
Jul 2024
Bardo is on a mission to accelerate global decarbonization by introducing Carbon Intelligence to the world. Headquartered in the tech hub of Stockholm, Bardo was conceived at Stegra (formerly H2 Green Steel), whose green ambition throughout their value chain demands next level carbon management. By blending cutting-edge AI with deep data insights, Bardo is unlocking a fundamentally new level of accuracy and understanding that will transform how companies manage their carbon footprint. Our vision is to help the world steer towards net zero by enabling global businesses to make fact-based decisions that reduce environmental impact and improve profitability.
Board Member
May 2024
Baseload Capital is a specialized investment entity that funds the deployment of heat power worldwide. Our portfolio of companies in Iceland, Japan, Taiwan and the U.S. work with local communities and power companies to permit, build and commission heat power plants. Heat power is an affordable form of renewable energy that can be harnessed from either geothermal resources or waste heat. By applying innovative financing structures to help our local operators build and run the heat power plants, Baseload Capital can help nations quickly transition away from fossil fuels and toward energy independence. The result will lead to more resilient societies and a planet in balance.
Board Member
Aug 2023
Tangerine Smart Industrial builds advanced AI data infrastructure for the world’s most demanding sectors—industrial manufacturing, defense, mobility, energy, rail, and smart cities. We combine ruggedized edge devices, real-time sensing, digital twins, and autonomous analytics to help enterprises achieve safer operations, measurable sustainability, and superior financial performance. Our platform integrates seamlessly across factories, fleets, critical assets, and national-scale infrastructure—delivering predictive maintenance, operational excellence, and autonomous decisioning at industrial scale. Rooted in Swedish engineering, global AI leadership, and a design-first philosophy, Tangerine delivers the next generation of intelligent industrial systems.
Investor
Sep 2020
The parent companion helping families track and improve their babys sleep. The Napper app is available for download on the Appstore.
Investor
Nov 2019
Impact focused VC investing in Early stage startups led by underrepresented founders in Europe.
Executive Board Member
Jan 2019
Quantifying Trends, Quantifying Public Interest, Quantifying Impact, Quantifying Market Share, Quantifying Brand Performance, Quantify your product sales, Quantifying the Competitive landscape. – Quantifying MyWorld
Board Member
Jan 2019
Bonzuns vision is a world where everyone has better control over their life, health and wellbeing through smart, easy-to-use digital devices developed with the latest evidence-based knowledge.
Angel of the Year 2017 Nomination TechCrunch
Jun 2017
Founded in 2009 by Mike Butcher, editor-at-large at Techcrunch, The Europas was originally formed to recognize and celebrate the innovation emerging from Europe’s burgeoning tech startup scene. The Europas 2023 will be held during Web Summit, 13 November 2023, in-person and virtually in Lisbon, Portugal. Today, we are in our thirteenth year identifying of Europe’s most ambitious and successful startups, including Spotify, Transferwise, Soundcloud, Deliveroo, Babylon Health and many others, The Europas has grown into the premier awards for Europe’s hottest tech startups. As the intersection of tech, business and society grows increasingly complex, it is our mission more than ever to spotlight those European tech startups that address relevant, urgent, large-scale, global issues that face us all in the 21st century.
Board Member
Feb 2017
City.AI pursues the vision of enabling the diverse and responsible development and application of Artificial Intelligence. Active in 50+ cities on 6 continents run by 200+ volunteering ambassadors, City.AI has engaged over 26k AI practitioners since its inception 3 years ago. Its ambassadors and engaged externals are building and running various global and local initiatives such as the AI Ecosystem Wiki, Data Science Days, the Applied AI Activity Stream, and more. ► Connect with AI Practitioners - https://www.city.ai/ ► Daily insights - https://www.twitter.com/thecityai ► Weekly AI Must Reads insights - https://www.medium.com/cityai/mustreads/ ► Expert Interviews - https://www.medium.com/cityai/interviews/ ► Watch great events and interviews - https://www.youtube.com/c/cityai
Experience · 22 entries
All (22)
Investments (13)
Founder (2)
Board (7)
2025
Investor
Dec 2025
The Swedish deep-tech startup Graphmatech has cracked the code for integration of the ‘miracle material’ graphene within industries to promote sustainability at scale. Graphmatech is an advanced material technology company that invents, develops, and supplies cutting-edge graphene-infused materials for industrial use, increasing their quality and sustainability. Through a patented production method, Graphmatech solves the compositional challenges during upscaling that previously made graphene difficult to commercialise. Graphmatech’s Aros graphene technology promises to reduce CO2 emissions by hundreds of millions of tonnes when applied across multiple use cases such as hydrogen storage, conductive polymers, 3D printing and enhanced metals. We develop and sell graphene-based solutions in three verticals: - Graphene engineered polymer materials for advanced manufacturing - Graphene engineered polymers for hydrogen - Graphene engineered metal materials for advanced manufacturing www.graphmatech.com
2024
Investor
Jul 2024
Bardo is on a mission to accelerate global decarbonization by introducing Carbon Intelligence to the world. Headquartered in the tech hub of Stockholm, Bardo was conceived at Stegra (formerly H2 Green Steel), whose green ambition throughout their value chain demands next level carbon management. By blending cutting-edge AI with deep data insights, Bardo is unlocking a fundamentally new level of accuracy and understanding that will transform how companies manage their carbon footprint. Our vision is to help the world steer towards net zero by enabling global businesses to make fact-based decisions that reduce environmental impact and improve profitability.
Board Member
May 2024
Baseload Capital is a specialized investment entity that funds the deployment of heat power worldwide. Our portfolio of companies in Iceland, Japan, Taiwan and the U.S. work with local communities and power companies to permit, build and commission heat power plants. Heat power is an affordable form of renewable energy that can be harnessed from either geothermal resources or waste heat. By applying innovative financing structures to help our local operators build and run the heat power plants, Baseload Capital can help nations quickly transition away from fossil fuels and toward energy independence. The result will lead to more resilient societies and a planet in balance.
2023
Board Member
Aug 2023
Tangerine Smart Industrial builds advanced AI data infrastructure for the world’s most demanding sectors—industrial manufacturing, defense, mobility, energy, rail, and smart cities. We combine ruggedized edge devices, real-time sensing, digital twins, and autonomous analytics to help enterprises achieve safer operations, measurable sustainability, and superior financial performance. Our platform integrates seamlessly across factories, fleets, critical assets, and national-scale infrastructure—delivering predictive maintenance, operational excellence, and autonomous decisioning at industrial scale. Rooted in Swedish engineering, global AI leadership, and a design-first philosophy, Tangerine delivers the next generation of intelligent industrial systems.
2021
Board Member
May 2021
Ferronordic is a service and sales company in the areas of construction equipment and trucks. We are dealer of Volvo Trucks, Renault Trucks and Sandvik mobile crushers and screens in Germany and dealer of Volvo Construction Equipment, Sandvik mobile crushers and screens and Mecalac in Kazakhstan. Ferronordic began its operations in 2010 and now has approx. 28 outlets and approx. 450 employees. Ferronordic’s vision is to be regarded as the leading service and sales company in its markets. The shares in Ferronordic AB (publ) are listed on Nasdaq Stockholm.
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Investment activity
2017–2025 · 13 investments
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