Since 2002 the local venture capital company Lunova has invested in spin-off companies associated with Luleå University of Technology and has completed its first exit. Today they have seven companies in their portfolio. And because they get a couple of requests every month they are obliged to turn away promising companies that come knocking on their door.
“If the financial crisis hadn’t got in the way we would have completed more exits. There is more than enough room here for additional investors to take care of the great ideas that flourish in this innovative climate,” says Stefan Lundblom.
He is CEO for Lunova and his assignment is to support the commercialization of research results and spin-offs from Luleå University of Technology. Lunova was created with money from the Norrland Fund, the Industry Fund, Innovation Bridge and the Luleå University of Technology holding company as there was a lack of risk capital at the early stage.
Lunova only participates as a minority owner and with a maximum sum of SEK 3 million. There must be some connection to the university, things must be at an early stage and there must be growth potential. Otherwise there are no limits regarding industry or geography. In addition to capital, Lunova also provides support, advice and know how.
“We are able to act as a local partner for other investors. We make sure that all procedures, processes and other requirements for keeping everything neat, tidy and businesslike are in place so that things are safe and simple for other investors to come on board,” says Stefan Lundblom.