Luminar Ventures

Luminar Ventures is a Stockholm-based pre-seed and seed-stage venture capital fund founded in 2017 by serial entrepreneurs and experienced angel investors Magnus Bergman and Jacob Key, together with Sting, Sweden's leading startup platform. Bergman has made 30 or more seed investments, while Key's prior angel portfolio includes Challengermode, Unacast, and FirstVet. Partner Linda Hoglund joined with the second fund. Luminar manages over €130 million across two funds: Fund I at approximately €60 million and Fund II at $65 million (final close in 2023). The firm leads seed rounds and invests €500,000 to €2.5 million per deal, averaging roughly €1 million per investment, with smaller pre-seed bets and occasional larger late-seed commitments. Luminar focuses on scalable digital seed-stage companies from the Nordics, investing across software, SaaS, healthtech, AI, clean energy, and security sectors. As of 2025, the portfolio comprises 43 companies with 5 new investments in the preceding 12 months. Recent investments include Photoncycle in alternative energy (March 2026), IPercept, Corsmed (a $3.5 million health tech seed), Lightbringer (a €4.2 million legal tech round co-led with Alliance VC), and Motorica (a €5 million animation technology seed). The fund has 4 portfolio exits including Muninn in October 2024 and Debricked, which was acquired. Luminar's founding model — pairing professional VC structure with the operating experience of repeat entrepreneurs — reflects a deliberate view that the best seed investors have built companies themselves. The firm concentrates on highly motivated founders with a clear vision to disrupt major industries, offering not just capital but the pattern recognition that comes from the partners' own time building and scaling Nordic technology businesses.