Dutch venture capital fund manager LUMO Labs is launching a new €100 million fund for impact-focused technology startups in Europe.
The new Rise Fund will build on LUMO Lab’s existing investment strategy and target startups developing emerging technologies that align with the United Nations Sustainable Development Goals (SDGs).
These technologies include AI, blockchain, IoT, VR and AR. These applications should contribute to LUMO Labs’ SDG focus areas: Good Health and Well-Being, Quality Education, Sustainable Cities and Communities, and Climate Action.
The Rise Fund aims to diversify geographically beyond LUMO Labs’ primary operations in the Netherlands, Germany and Belgium. The investment team is currently expanding its focus to Scandinavia, the Baltic States, Spain and Portugal. Startups from other parts of Europe can also apply for funding.
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The fund will invest in around 30-35 impact-focused technology startups over the next four years. Selected startups will also have access to the LUMO coaching program, which aims to optimize economic value creation and maximize the environmental and social impact of their companies, in line with the fund’s objectives.
Several parties have already committed capital to the Rise Fund, including private investors, family offices, financial institutions and Dutch regional development agencies such as BOM and Oost NL.
LUMO Labs was founded in 2016 by Andy Lürling and Sven Bakkes. The duo raised their first fund in 2020. Since then, LUMO Labs has invested in 23 impact-driven deep tech startups, including Alphabeats, Enliven, and Hulo.
According to Ruehling, there are a multitude of challenges that startups need to address, from urbanization and increasing shortages of drinking water to an ageing population and healthcare shortages.
“We want to see courageous entrepreneurs who work hard and achieve the bold goals they set for their companies,” he told TNW.
