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Wednesday, November 29, 2023

Nordic VC firm closes €65M second fund, sets stage for accelerated startup investment

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Stockholm-based venture capital firm Luminar Ventures has successfully closed its second fund, raising €65 million (715 MSEK). Their first fund has seen success through investments in companies like Mindler, Insurely, Normative, Greenely, Mynt, and Carla. The founders from their first fund are now referring new entrepreneurs to the second fund, signaling strong support from the founder community. Luminar Ventures will continue to focus on a wide range of sectors, with particular interest in areas like AI, sustainability, and fintech in the Nordics.

As part of their latest fund closing, Luminar Ventures has introduced an innovative angel program. This endeavor brings together 26 accomplished and well-regarded professionals from leading companies such as Truecaller, Spotify, Epidemic Sound, and TINK. These individuals, who are also investors in Luminar’s second fund, will join forces to explore fresh investment opportunities and provide invaluable guidance and support to up-and-coming startup founders. Notable figures in this initiative include Johan Mohlin, Umut Alp, Ted Nelson, Jenny Sinclair, Karin Hallin, Björn Melinder, and Daniel Wisenhoff.

Luminar Ventures has partnered with eight promising startup teams across the Nordic region since the initial close of their second fund in 2022. Their core team, consisting of tech entrepreneurs, angel investors, and early-stage VCs, brings extensive experience and aims to support Nordic seed-stage startups with global ambitions.

Despite economic challenges and global uncertainties, Luminar Ventures remains committed to investing in ambitious and talented entrepreneurs, with plans to invest in 20 more founding teams over the next 2-3 years. They are optimistic about the potential for innovation in challenging environments and are focused on addressing critical issues like the climate crisis.

Luminar Ventures has expanded its portfolio by partnering with innovative startups across Sweden, Denmark, Norway, and Iceland. They are backed by investors including the European Investment Fund and Saminvest.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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