The Dutch venture capital firm Lumo Labs, specialized in deep tech and social impact projects, has announced that it will allocate approximately one quarter of its new fund —with a target size of €100 million— to the Spanish market.
“Our goal is to invest in 33 companies, six or seven of which will be Spanish,” says Jorge Blasco, Lumo Labs partner in charge of Southern Europe, who leads the firm’s operations from Barcelona.
To date, the new vehicle has invested in seven companies, one of them Spanish: Sycai Medical, a Catalan medtech start-up developing an algorithm capable of detecting abdominal cancers at an early stage from medical imaging. Earlier this year, the company closed a €3 million funding round subscribed by Ship2B, Athos Capital, Namarel Ventures, and Lumo Labs.
Lumo Labs typically invests initial tickets of around €1 million per company, with the possibility of follow-on investments ranging from €2 million to €5 million in those that meet its expectations. According to Blasco, two-thirds of the new fund are reserved for follow-ons.
The firm’s strategy focuses exclusively on projects with tangible social impact and strong intellectual property, which it considers essential to achieving “three to four times return on investment.” As Blasco notes: “At the moment, I don’t see a fund for B2B SaaS; in our case, the projects have to be deep tech for the numbers to make sense.”
Lumo Labs’ first fund, with €24 million in assets, has already completed its investment cycle and holds 22 portfolio companies. The new vehicle will have a five-year investment period followed by a five-year divestment period, aiming to scale technology companies with a global impact.
cloud technology axon
With a target size of €250 million, the fund aims to complete betwee...
