Sweden is so crazy about startups that even the Church is now hunting for ‘the next Spotify’
Its sustainable investment fund has joined as a Limited Partner (LP) of $60 million seed stage fund Luminar Ventures. The church's $6 million stake marks the first time its asset management arm invests in startups - and fills a niche in a portfolio mostly consisting of listed companies. "Areas like e-health and e-learning will contribute to the Sustainable Development Goals. But you won't find those companies on the stock exchange," says Gunnela Hahn, who runs the Church of Sweden's fund. "If we are to invest in a venture capital fund at all, it will be because it contributes to a sustainable development for society and the economy," Hahn says, adding that the church fund will not be active in any investment decisions.
- Business Insider Nordic -