Luminar Blog


AUGUST 15, 2019

Greenely - taking control of your electricity for the sake of the planet and your wallet

Climate change is one of our generation’s  biggest challenges. It is a huge threat to our planet and we are on the path to making 143 million people “climate migrants.” A fourth of your household’s greenhouse gas emissions stem from electricity consumption. Controlling how much electricity you use, is one of the obvious ways to start reducing our carbon footprint.


Electricity is an essential necessity. No one really wants to stop using it, but we are starting to care about where it comes from and how we can use it better. 

Traditional electricity suppliers are not incentivised to provide us with data that will allow us to take control of our consumption. On the contrary, it has actually benefited the big electric power companies to keep our electricity usage high, as this is how they make their money. In favor of the consumer, and the environment, the EU decided that smart meters; allowing consumers to see, understand and affect their consumption and costs, shall be implemented in 80% of our homes by 2020. Smart meters now allow consumers to measure and analyze their electricity consumption down to every 15 min, and as a result we will see a shift in how electricity is priced and charged by the hour for each household. Understanding and optimizing your electricity consumption will reduce your electric bill quite substantially.

We might also see a new pricing structure where households are charged based on their individual monthly peak load. This means for each given month, total electricity consumption is priced based on your highest peak load. When this happens, managing electricity consumption will be one of the biggest cost savers for households. 

Luminar Ventures are happy to back the Greenely team to help consumers take control of their electricity consumption. Greenely is challenging the status quo in electricity for the sake of our planet. 


For me, as a parent, I want to make the planet a better place for my children. Climate change is personal to me and I strive to empower my children to make good choices and treat the environment with care. This is why we were among the first of Swedish homes 

to install solar panels and produce our own electricity. When I was an angel investor, before founding Luminar Ventures, I have always been on the lookout for ambitious founders trying not only to solve big problems, but at the same time contributing to a better planet. 

Up until today, consumption of electricity has been a black box to us consumers. 

That is how I first met Tanmoy, Mohammed and Fredrik - the founders of Greenely - over four years ago, in the basement at KTH. Since first meeting the team, I was compelled by the trio’s vision of allowing consumers to take control of how they use and buy electricity; my belief in their product has continuously grown. Greenely first launched their smart meter app allowing any Swedish household to measure their electricity consumption, compare their usage to others and get smart tips to save energy. This free product resulted in fantastic engagement and user growth. Now with a tap on your smartphone, Greenely can also deliver your electricity - 100% green, and help you pay less for your electricity. The Greenely founders, bring an open and new mindset to a very old and traditional industry. They have proven their grit, high integrity and ableness to sift among “smart” advice. 

We will see a lot of innovation beyond solar panels happening in the electricity sector, and now there is a real consumer demand behind it. An increasing amount of people are eager to find ways of pulling their own weight and create a more sustainable future. 


And I would love to be challenged when it comes to lowering electricity consumption and costs, with a maintained standard of living, so please download the app at and challenge me. 

Luminar Ventures, Founding Partner Jacob Key

May 21, 2019

Isabella Ross, welcome to the Luminar Ventures team!


We are very pleased to announce that Isabella Ross is joining the investment team as an associate. Isabella is, as the rest of the team, a startup founder, and has also prior investment experienced from EQT Venture. Most recently she worked with Berlin-based Asana Rebel, where she was driving growth. Isabella holds a degree in Finance from Stockholm School of Economics.

“With a focus on consumer tech and with experience from both sides of the table, Isabella brings a unique skill-set to our team. Besides being an investor, she will support and engage in our portfolio companies to define truly amazing products and help them excel around growth. Isabella’s energy and passion for tech, combined with her hands-on experience around growth and later stage financing will enable her to add value to our portfolio companies from day one, and perfect fit into our team, says Luminar Ventures”, Jacob Key.

“I’m obsessive about big ideas, how tech brings us together and makes the world a better place. I’m really excited about joining Luminar Ventures since seed-stage is where you can really help founders set a strategic plan and operational foundation that can enable them to disrupt and transform industries. I also like the very active support that Luminar Ventures give to founders, and I believe that we have a unique market position in one of the strongest tech ecosystems globally. Looking forward to meeting all founders in the portfolio, and also all you out there with very high ambitions to make the world a better place through tech, says Isabella Ross

Founding General Partner Luminar Ventures, Jacob Key

April 10, 2019

Luminar Ventures announces a second closing of its now $60M venture fund, and adding Linda Höglund as General Partner 

Founded by successful angel investors Magnus Bergman and Jacob Key, together with Stockholm Innovation and Growth (“Sting”), the fund has established itself as a leading seed VC fund in Sweden with 8 investments done in 2018 and more to be announced shortly. 

Luminar Ventures has made a $60M second close of its fund, and appointed Linda Höglund General Partner of the fund. Linda has a unique background in leading positions in fast scaling tech companies and unicorns, including Klarna, one of the largest European fintech companies and Grab, the leading ride-hailing platform in South East Asia. She has also been CFO/Deputy CEO at game developer Dice and part of the acquisition by Electronic Arts where she became CFO for the games division in Europe. Linda has since the launch of the fund been part of Luminar Ventures’ investment team and will now become General Partner together with Jacob and Magnus.  


 “We are thrilled to have Linda on the partnership team. Linda has a long and successful background as entrepreneur and in management positions in global unicorns. She really knows what is required to scale tech companies and has a unique ability to drive execution and strategic direction. Linda has already showed that she is an invaluable member of the team, and she will be a tremendous partner to our portfolio companies preparing for global growth.”, says Jacob Key.  

I am very happy to be joining as a General Partner and to work even more closely with our portfolio companies. With my background in other high growth tech companies I will focus on preparing and supporting our portfolio teams with their further expansion”, says Linda Hoglund 

“Linda has unique talents that combines her long-term strategic thinking with an exceptional effective hand on execution. She is also a great leader, covering a very broad spectrum and we are super excited that she now steps up as full partner”, says Magnus Bergman.

Luminar Ventures is an active seed venture fund that adds more than just financing to its investments. The team has during its first year run strategic and growth workshops, supported with key talent recruiting, run team culture projects, helped develop growth ready financial models, supported the teams with value adding sustainability work, made introduction to other investors, etc. The operational support has been provided both through Luminar Ventures’ core team and its extended network of strategic partners.  


JANUARY 29, 2019

Solving mental health issues with technology — let us introduce you to Mindler!

Recently, a Swedish politician from the mental healthcare unit publicly criticized the government’s efforts to reduce mental health issues. Despite an increase in resources allocated, mental health issues in Sweden continue to grow and now represent over 70% of sick leave costs, 8 billion euros per year. Public spending to prevent illness and cut the increasing costs have doubled from 700 million to 1.5 billion euros since 2009, resulting in many projects and initiatives but unfortunately little impact.

Mental health issues are a growing problem

Mental health issues are increasing, especially among young people in ages 10 to 24 and particularly among the female population. The Swedish Health Authorities (Socialstyrelsen) publishes a study every year that sheds light upon mental illness in numbers. It shows steady high shares of the population expressing issues with depression or anxiety (Graph 1) where a staggering 45% of adult women say they are suffering from such issues.


Graph 2 shows the share of young people with a diagnosis and at least one contact with the mental healthcare system or at least one collection of medicine. The share has grown with about 6 percentage points for women and 4 for men between 2006 and 2016. In addition, since the population is growing, absolute numbers grow even more.


Swedish statistics are not unique. The size of the issue looks similar around the world. The World Health Organization (WHO) estimates that between 35% and 50% of people with severe mental health problems in developed countries, and 76–85% in developing countries, receive no treatment. In the UK, the Mental Health Foundation writes in its 2016 report that they are surveying the population of 16 years and older and 19% of all surveyed express they are feeling anxious or depressed. So, we are probably just scratching the surface.

Technology-enabled care is the solution

Since there are evidence-based methods for treating depression, anxiety, addiction, and other common mental health issues, one can only conclude that access to care is not good enough and the delivery is not efficient enough to meet the increased demand.

That is why we are thrilled to introduce you to our latest investment — Mindler.

Mindler delivers mental healthcare via mobile or web, available for everyone. At the moment they have about 100 certified psychologists on their digital platform giving access to care within 24 hours wherever the patient might be — at home, traveling or maybe at work. A huge difference compared to the current situation where patients sometimes wait for months to get an appointment or have to travel far to a clinic.

The founding team consists of Rickard Färdig, PhD in Psychiatry, Rickard Lagerqvist, MD and serial entrepreneur, and Johannes Hatem who is a Psychologist with long experience from CBT-treatment. Since the first time we met these guys, we have been truly impressed by their passion to change mental healthcare with technology, and we are super excited supporters!

Digital mental healthcare is happening and in recent years we have seen many projects involving AI, health assistants, online therapists, health coaching, mindfulness etc. who all play their part — but one might wonder why we can’t see significant improvement in health stats already? We think one key reason is that many tech entrepreneurs underestimate the need for human interaction.

I recently spoke to a CEO, who’s name i cannot mention, at a leading private mental healthcare provider about the many bots and AI-health coaches we have met. He said:

You will never get people to go there, and if they do, you won’t get them to stay. You must understand that mental healthcare is about changing behaviors and that is never easy

What he said is partly true. Certainly, there are segments where little human assistance could do all or some of the work already, such as minor health issues or supporting a change of habits — but generally, human interaction does make a difference in changing behaviors. An analogy is organizational change, where millions of consultants around the world struggle to lead change programs because changing the way people are working is just difficult. This might change looking ten or more years into the future, and to stay competitive, companies need to continuously collect and utilize large amounts of data.

Mindler is working with CBT psychologists using evidence-based methods to treat their patients. They use digital tools to support treatment whenever possible and video-meetings when needed. Data helps them improve care over time, and lengthy administrative processes are being automated to enable professionals to be efficient and help as many as possible. We think the team has made the right tech vs. human tradeoffs. After all, if you are ill, the first thing you want to do is to talk to a professional who can help you to get better.

Mindler is currently recruiting to multiple positions, reach out to for more info. Services are currently available in Sweden, check them out here:


OCTOBER 26, 2018

&frankly - Join the international crusade to put more smiles out there!

In the growing knowledge-based economy, competence and employees have become the most important assets and drivers of company performance. To stay competitive, it is critical to make sure employee satisfaction stays high at all times.


In the growing knowledge-based economy, competence and employees have become the most important assets and drivers of company performance. To stay competitive, it is critical to make sure employee satisfaction stays high at all times.

This has become more complex in a world where digitalization, change and speed have generated stress leading to higher rates of sick leave and less loyalty towards employers.

There are numerous alarms out there, a Gallup report estimated that a lack of engagement costs U.S. businesses between $450 and $550 billion in lost productivity each year* and we see very similar devastating signals for business around the world.

What if there was a way to detect and prevent employee dissatisfaction at an early stage?

This is a quest that  Caroline Fjellner and Peder Nordvaller embarked on 3 years ago when they started &frankly. Today their employee pulse tool is used by more than 70 000 employees in more than 200 Nordic companies such as SAS, Schibsted Media Group, Fortum, Vattenfall, Grant Thornton, Schneider Electric, etc

We were introduced to the Caroline and Peder by our network. The effectiveness of the team hit me directly as they were executing at an incredible speed and had quickly become a leading player in Sweden. This signaled both strong growth efficiency and a large untapped demand, two parameters that impressed us a lot.

Today we are proud to present our latest investment &frankly!

First of all, &frankly is dedicated to bring more smiles to every workplace. They do so through a Saas based employment engagement pulse tool. The tool enables managers and team leaders to keep a real-time pulse on employee stress levels, work engagement and satisfaction with management and colleagues.

Historically, measuring employee satisfaction has been performed yearly through questionnaires and manager review processes. It has been almost impossible to detect early signs of dissatisfaction, stress or misalignment with strategy.

&frankly not only simplifies the process of evaluating employee satisfaction they allow companies to act proactively to prevent problems before they occur. It saves time, money and improves the daily work life for everyone. The service is completely intuitive and accessible from both desktop and mobile platforms.

The market for &frankly includes essentially all SMBs and larger corporations. Competition is out there, but most other services are full enterprise suite offerings targeted at C-level management. &frankly’s tool is accessible by the entire organization, from division heads to team managers.  Similar to Slack, Trello, Dropbox, and others the &frankly solution can be adopted by employees long before their head of procurement gets involved, a model we very much look for in business-to-business solutions.

Next step for &frankly is to launch internationally and continue to grow with double digits each month. We are very excited to support Caroline, Peder and their talented team on their journey to global success.

Let’s put some more smiles out there!

With love from Stockholm as Peder and Caroline puts it.

Jacob Key, Founding Partner at Luminar Ventures


September 20, 2018

Heja - Stepping into the field of youth sports


As the summer has passed and which started off with a focus on the FIFA World Cup it feels exiting to announce our investment in Heja – the fast growing app for youth sports teams internationally.

 Heja has built a platform for sports teams to communicate, plan and interact in a smart way with the mobile interaction in focus. This brings the teams together and facilitates for coaches, players and parents alike.

Many sports team communication today relies on paper handouts, emails and text messages. It can be hard to keep track of email threads, find relevant information and get an overview - and for this Heja provides a solution.

 Using Heja, all the team’s info and communication is gathered in one place, providing a fast, reliable and collaborative way for all those involved to find the information they need. The platform is tailored to the needs of sports teams, focusing on mobile and usability. Heja have built a great product, with is shown by its high engagement and high rates on App Store.

Part of what attracted us with Heja was the strong team behind the company. Founders Mikael Blix and Johan Berglund who have been operating, a platform aimed at the Swedish league sports market, since 2004. The founders have a long background in team sports, understand the challenges involved and know the user base very well. They have also created a strong culture and team and has shown strong organic growth and product development. has reached over 2 million registered users in the Swedish market.

 In less than a year since launch, the founders new venture Heja has reached over 100,000 registered users. The majority are in the U.S. market, with the UK coming in second, and growing fast.

 Sports is a global business which engage billions of people and with the average American family spending over $2000 yearly on youth sports according to Times magazine.

 Communication for sports teams is a great digital entryway into the sports sector overall. With the infrastructure of Heja there is also a great potential for rolling out additional features. We at Luminar see great potential in Heja and its team to continue the expansion globally.

Linda Höglund, CFO and Investment Officer

July 9, 2018

Insurello - Digitizing the Insurance Industry


Insurello was founded by Marcus Janback, a Stockholm School of Economics graduate, and also a former elite level American football player. Marcus has first-hand experience of injuries from his sports career and trying to work through the maze of different insurance policies to make claims. As a born entrepreneur Marcus did not only manage to work through all the extensive processes and administration to make and follow his claims, he also saw an opportunity to make the insurance industry more customer friendly through new technology. He also knew to seek help from great advisors from the get go, starting with his mum, with over 30 years’ experience in the insurance industry. Solving your own major pain points, and seek experienced advice in that process, are two strong indications of a good start of venture journey.    

I think we all have similar experiences from different part of this process – whether it be delayed flights, stolen bikes, or a dented car, and can appreciate the upswing in companies like Insurello, looking out for and guiding us through the quite complex and time-consuming processes that insurance claims can entail.

Right from the start, we fell in love with the team and their high ambition to provide this guidance to the wider public on a global scale through digital technology, and we are very excited to be part of their journey and to support Marcus and the team in building a great company.

Insurello’s go to market service offering includes helping clients find personal insurance payouts that they might otherwise have missed. The company acts as an intermediary between its clients and the insurance companies, handling their claims, in exchange for a per centage of any resulting payouts.

ach year in Sweden alone, insurance payouts worth over 6 billion SEK go unclaimed due to the difficulty of sorting through policies and filing the correct claims to the right insurance providers, for individuals who have sustained injuries or scars. Insurello is a young company but they have already received thousands of requests from people with severe injuries, out of which they have supported many through the claiming processes, resulting in fair compensations for the long-term consequences of their injuries.

At Luminar we see what Insurello is offering as part of a larger trend of digitization in the insurance industry. Through digital technology, the whole industry can become more transparent, customer focused and efficient.

We also believe that companies like Insurello can help the established insurance providers streamline their processes, to the benefit of both their own businesses and their customers. The potential for expansion of the service, both into other types of insurance, as well as into other geographical markets is enormous.

We are thrilled to be part of this pre-seed round of investment in Insurello and we’re excited about the possibilities that lie ahead of us to create value in this space.

Jacob Key, Founding Partner at Luminar Ventures

May 25, 2018

Our Latest Investment: Albacross


At Luminar, we are searching intensively for founders looking to help small and medium sized enterprises (SMEs) in various ways. This segment is the backbone of the European economy representing more than 99.8% of all companies and 57% of value added.



The number one challenge for SME’s, according to a study by the European Comission, is to find new customers. That’s why SMEs across the globe now spend over $100bn annually on online services that help them find new customers, and the number is increasing.

At Luminar, we love companies that solve big challenges. That’s why we’re excited to announce our latest investment in Albacross.

Albacross is a tech company that leverages proprietary data to help B2B companies understand their leads better

Using data from their free, lead generation tool used by thousands of companies across the globe, Albacross’ technology can connect the dots on which companies are the most relevant to each other and allow them to connect. By doing that, Albacross is building a global ‘business graph’, opening up their platform and providing valuable services to both enterprises and SME’s.

LinkedIn built the social graph for professionals. In a way, Albacross is building the business graph for companies

LinkedIn and other professional social networks enable people to connect, which in turn can lead to a business relation. The social graph works as an enabler to find relevant people to connect to, which enriches the platform and brings value to the users. The business graph built by Albacross works the same way but for businesses.

We recently led Albacross’ seed round. As always, we spent a lot of time getting to know the team and understanding their vision

We thrive on working with ambitious founders who think big looking to win in a large market. The founders (Victor, Viktor, Jakub, Carl-Richard and team) have shown solid strategic thinking and strong commitment during the first years. They have also proven the often underestimated ability to attract strong advisors and angel-investors with experience from companies like Spotify, Facebook, Truecaller, NA-KD and iZettle.

At the time of writing, Albacross is onboarding around 1 000 new companies per week to their platform and the ambition is to become global leader in their segment in only a few years. Luminar are proud supporters and also happy to join forces with our friends at Ventech as co-investors. We look forward to supporting Albacross and being part of their exciting journey.

The team is looking to fill several new positions, so if you are interested in an exciting journey to help B2B companies across the globe, check them out! Also, if you are sitting at a B2B company, it is free to sign up here:)


April 11, 2018

Announcing our first investment: Instabridge, enables mobile internet access to billions of people for free


By: Magnus Bergman, General Partner, Luminar Ventures

Today, we’re excited to announce our first investment at Luminar Ventures: Instabridge.

Instabridge; a Stockholm based company helps users find and connect to fast and free mobile internet wherever they are.

Internet access is considered a human right by the United Nations, and access to the internet is proven to reduce economic and gender inequalities, stimulate economic growth and giving citizens access to important public services. Yet getting online is still a challenge for billions of people. Instabridge aims to change that.

Instabridge is offering an app that has connected millions of Wi-Fi hotspots globally into a virtual mobile network, in which the users can seamlessly reach the Internet for free. This is a massively appealing alternative to mobile internet access. In most countries data plans are still expensive, and in developing countries mobile networks have limited reach and bandwidth. Although available mobile internet capacity from operators will continue to grow the need for mobile data will grow much faster. Users around the world want to watch video, listen to music and reach their social media, news and friends anywhere and anytime. Mobile Wi-Fi solutions like the one Instabridge has developed can bridge that widening gap between user needs and available mobile networks capacity. This is also the underlying premises for the coming 5G rollout, where Instabridge is very uniquely and attractively positioned. 

Moreover, more than half of the world's population is still without internet access, and companies like Facebook and Google are working hard to provide access in places where connection is a challenge. Google launched Project Loon, a network of balloons designed to provide internet connectivity to people in rural and remote areas. And Facebook has several projects aimed at expanding the reach of internet access, like the solar powered drone Aquila and a satellite launch with SpaceX.

Making wi-fi networks more accessible is one way of helping people get online. For Instabridge, the vision is to help billions of users access the internet via hotspots and to build the world's largest WI-FI access network - without investing in new hardware.

In China, this approach has reached major adoption. One example is the app Wi-Fi Master Key that also makes WI-FI access seamless. The app has become one of China's top 5 most popular applications. Instabridge aims to be the largest Wi-Fi access platform outside of China.

Instabridge is well on its way to reach that goal. The company has achieved major adoption with millions of monthly active users and is seeing rapid growth. The biggest country for Instabridge is today Brazil where the brand is widely recognised, and Mexico is not far behind as the second largest country

Instabridge is founded by Niklas Agevik (CEO) and Erik Tigerholm (CTO). Niklas, who has been Instabridge front man is a very talented and hardworking product driven entrepreneur that could become the next tech super star from Sweden. I meet him five years ago and have been following him and the Instabridge team ever since. Over the years the founding team has been able to attract key people from Yelp, Rovio, etc to help executing on their global growth plan.  

As first angel investor in Truecaller 2009 I had the privilege to work with Alan and Nami throughout their exceptional growth journey, and I see a lot of similarities between Truecaller and Instabridge. Both companies are solving a very important and concrete need for billions of people, the product is community driven and super scalable with a focus on developing countries, and both companies have a very strong tech and product team executing relentlessly on an ambitious vision. Today Truecaller is a powerhouse in emerging markets with a leading position in India and now moving into the rest of the world including Africa. In the early years, Truecaller had a similar adoption- and growth rate. If Instabridge continues to grow in todays rate the company will have hundreds of millions of users in just a few years’ time.

Instabridge is one of few companies in the Nordics that is working on solving the important challenge of global internet access. We see Instabridge as a continuation of the telecom heritage once pioneered by Swedish companies like Ericsson, and we’re proud to be part of this journey.


Magnus Bergman, General Partner at Luminar Ventures AB




Jan 9, 2018

We've Walked the Trail Before

It’s never been easier to start a company, but it’s still very challenging to build one. We know, we’ve been there. We started Luminar Ventures to invest in the next generation of entrepreneurs and share our 20+ years of experience of building global technology companies.

We see company building as a journey, not unlike hiking a trail in unknown and challenging territory. Finding the right path is difficult and without the right tools and guidance it's almost impossible.

That's why we provide more than just capital. We take an active role in all of our investments and work closely with the entrepreneurs we back to find the best path forward towards a global market.

The founding team has been investing in- and supported companies like Truecaller, Prezi, Sportamore, Soundtrapp, Klarna, Izettle, Challengermode and Karma and many others. 

Now we're looking for the next generation of entrepreneurs who are building global technology companies. With us we have STING - the leading startup ecosystem builder in Sweden and operator of Sweden’s leading accelerator program - and the Royal Institute of Technology (KTH) - one of the leading technical and engineering universities in Europe.

In the coming weeks and months we will release a number of updates, articles and most importantly funding announcements. Stay up up to date by signing up to our newsletter (in the bottom of the page) or follow on Twitter. 

And for all entrepreneurs out there, fill out our investment form so that we can get to know you better - and join you on the journey.

Jan 9, 2018

Press Release: Luminar Ventures launches a new 500 MSEK VC-fund

The following press release can be found in our press room at MyNewsDesk.

Luminar Ventures today announces a 500 MSEK fund focusing on seed stage technology companies in Sweden.

Founded by successful angel investors Magnus Bergman and Jacob Key, together with Stockholm Innovation and Growth (“Sting”), the leading startup platform in Sweden, the fund aims to provide experienced seed stage financing and active operational support to Sweden based early stage technology companies that are looking to disrupt or transform major industries with digital technologies and innovations.

Founding partners, Magnus Bergman and Jacob Key are both former serial entrepreneurs and active angel investors with a successful track record of founding and growing tech startups. Over the last 10 years, Magnus Bergman made over 30 seed investments with a handful of great exits, making Magnus one of the most experienced and successful tech angel investors in Sweden.

Before founding Luminar Ventures, Jacob Key made close to 20 early stage investments, with 3 successful exits to date. 
Joining the team are also Linda Höglund and Daniel Karsberg. Linda has a background as global CFO at fast scaling unicorns, including Klarna in Europe and Grab in South East Asia. Daniel joins Luminar from his most recent role as Investment Manager at Creathor Venture, where he led Creathor’s Nordic operations. 

Joining the team are also Linda Höglund and Daniel Karsberg. Linda has a background as global CFO at fast scaling unicorns, including Klarna in Europe and Grab in South East Asia. Daniel joins Luminar from his most recent role as Investment Manager at Creathor Venture, where he led Creathor’s Nordic operations. 

With a long background in working with startups we understand the challenges of building global companies. We founded Luminar to share our experience and bridge the gap between the angel and A-round with both financing and active professional support”, said Magnus Bergman, Founding Partner of Luminar Ventures, in a comment to the launch of the fund.

Luminars’s core investment focus is on scalable digital seed stage companies from Sweden, founded by highly motivated and talented entrepreneurs with a vision to disrupt or transform major industries. The fund is looking to lead larger seed rounds through an average investment of around 10 MSEK, but will also do pre-seed and series A investments. 

"We are delighted to get started with Luminar Ventures and are already in closed dialogue with a number of promising startups across Sweden. 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”, comments Jacob Key, Founding Partner of Luminar Ventures. 

The fund is co-founded together with Sting, the leading startup ecosystem builder in Sweden and operator of Sting Accelerate, one of the most established accelerator programs in the Nordics. Furthermore, the fund has a strategic partnership with KTH Holding AB, which is the holding company of the KTH Royal Institute of Technology - one of the leading technical and engineering universities in Europe. Luminar Ventures has also built an active network of partners throughout Sweden and within several industry verticals to ensure a high and qualitative inflow of investment opportunities.

Major Limited Partners in Luminar Ventures are the European Investment Fund, through the Swedish Venture Initiative, Saminvest AB and a number of professional private investors and institutions.   

About Luminar
Luminar is a Swedish based venture capital fund focused on early stage startups with global scale and ambitions. Founded by experienced entrepreneurs and angel investors Magnus Bergman and Jacob Key, Luminar provides early stage capital, network and hands-on company-building support to leading startup teams throughout Sweden helping them build the next global success stories.  

Sting and KTH Holding AB are both minority owners of the holding company of the fund. They support the fund with a strong deal flow and access to their respective innovation platforms and networks. Luminar has also built up an active network of venture partners across Sweden and within multiple industry verticals. 

The Team

The four members of the Luminar Ventures are all founders and entrepreneurs themselves in numerous tech ventures.

Magnus Bergman, General Partner, was the first investor in Truecaller and an early stage investor in other success stories such as Prezi, Soundtrap, Karma, and others. Magnus also founded the highly respected IT consultant Parallel Consulting Group that was sold to Icon Medialab for around 500 MSEK.

Jacob Key, General Partner, has made early stage investments and actively supported companies such as Challengermode, Gavagai, Unacast and Pacemaker – with 3 successful exits in Sportamore, Vera&John and Vetzoo. Jacob previously held a Global Business Development position at Warner Music Group, where he was paramount in the transformation of the music industry through strategic partnerships with companies such as Spotify, Soundcloud, Tidal and others. Jacob has also founded Mediatude and Globalmouth, two mobile technology companies. 

Linda Höglund, CFO has a background as global CFO at fast scaling unicorns, including Klarna in Europe and Grab in South East Asia. She was before this CFO/Deputy CEO at Dice a public company and part of the acquisition by the global game publisher Electronic Arts.

Daniel Karsberg, Investment Manager, joins Luminar from his most recent role as Investment Manager at Creathor Venture, where he led its Nordic operations. Daniel was also part of the growth team at Izettle. 

Words from the Start up Community
Magnus was involved in the earliest phase of Truecaller and greatly contributed to the development of our company”, said Alan Mamedi, CEO and co-founder of Truecaller. “Magnus’s understanding of scaling a global tech company helped us enable our early growth and Magnus has been our strategic sounding board ever since” 

Jacob has been instrumental as an investor in our company”, said Robel Efrem, CEO & Co-founder of Challengermode. “Before we launched our product Jacob helped set the right strategy for us to move forward and was also involved in setting up the right partnerships that has increased our impact on the market”

The Swedish Venture Initiative
The Swedish Venture Initiative is an initiative created by cooperation between Sweden and the European Investment Fund and financed under European Structural and Investment Funds.


Saminvest AB
Saminvest AB is a Swedish government owned company that invests in privately operated venture capital funds, with a focus on Swedish based investments

saminvest logo.png

Subscribe to our pressroom on MyNewsDesk for more news.