Luminar Ventures has launched a new 500 million SEK (€50 million) seed fund to back Swedish tech companies.
The newly-launched Stockholm-based VC firm has been cofounded by angel investors Magnus Bergman, an early backer in Truecaller, and Jacob Key, who has invested in more than 20 companies.
The fund will invest in large seed rounds of about €10 million and will also consider pre-seed and Series A rounds. It has not yet announced any investments.
“As former entrepreneurs and angel investors, our aim is to be more hands-on in the early growth stage than the general VC and to work closely with the founders of our portfolio companies to support them in finding product-market fit, driving that early growth and preparing the company structurally for a global expansion,” said Key in a statement.
Other cofounders and minority owners in the fund include the Swedish startup organisation Sting (Stockholm Innovation and Growth) and the holding company behind technical university KTH Royal Institute of Technology; alongside limited partners, the European Investment Fund, Saminvest, and a number of private investors.
The firm’s founders are joined by Linda Höglund, former CFO at Klarna, and Daniel Karsberg, former investment manager at Creathor Venture.
“With a long background in working with startups we understand the challenges of building global companies,” said Bergman. “We founded Luminar to share our experience and bridge the gap between the angel and A-round with both financing and active professional support.”