LUMO Fund Receives €6M From Spain’s SETT To Support European Startups

The new €100 million LUMO Fund is a multi-stage vehicle investing from Pre-Seed to Series A, with plans to back 30–35 startups over the next four years.

In addition to capital, the fund offers a proprietary coaching program tailored to purpose-driven founders building technological solutions that address social and environmental challenges.

LUMO Labs focuses its impact strategy at the intersection of key UN Sustainable Development Goals: Health and Wellbeing, Quality Education, Sustainable Cities and Communities, and Climate Action. While its core investment regions include Benelux and Germany, it also targets opportunities in the Nordics, Baltics and the Iberian Peninsula.

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Through this commitment, SETT aims to strengthen early-stage funding and entrepreneurial support across Europe, with particular emphasis on Spain. The agency highlights startups in AI, digital security and IoT as especially promising for driving economic growth, resilience and digital transformation.

Founded in 2016 by former tech entrepreneurs Andy Lürling and Sven Bakkes LUMO Labs focuses on scalable, sustainable digital DeepTech platforms and infrastructure, including AI. Its first fund, launched in 2020, invested in 23 impact-driven startups.

With the launch of its second fund in 2024, LUMO Labs appointed Jorge Blasco as Partner for Southern Europe. Based in Barcelona at the Norrsken building, he played a key role in forming the SETT partnership and will continue supporting ventures in the region.

SETT’s investment is made through the Next Tech fund, part of Spain’s Recovery, Transformation and Resilience Plan and financed by the EU’s Next Generation EU programme. The initiative aims to stimulate private investment in strategic digital sectors and position Spain as a leading hub for scalable, high-impact innovation.

Andy Lürling, Founding Partner at LUMO Labs, said, “We are very grateful for this support from SETT, and excited to be able to deepen our commitment to backing Spanish startups at their earliest stages, closing the funding gap to accelerate early validation and helping them scale into global category leaders.

“First as entrepreneurs and in recent years as investors, we have been closely following early-stage innovation across Europe. Spain stands out for its strong tech focus and sectoral diversity, incredibly talented engineers and the pace at which the ecosystem is maturing. This investment is a strong vote of confidence in our thesis that Spain is entering a defining moment for pre-seed and seed innovation.”

About LUMO Labs

LUMO Labs is an impact-driven, multi-stage venture capital fund investing from pre-seed to Series A in emerging technologies such as AI, data, blockchain, IoT, VR/AR, and digital security. Combining capital with hands-on coaching, LUMO supports founders building scalable solutions addressing climate action, health, education, and sustainable cities.