LUMO Labs announced that its LUMO Fund has received a €6 million investment from Spain’s Society for Technological Transformation (SETT), a public entity under the Spanish Ministest for Digital Transformation and the Civil Service. The capital will be utilized to invest in startups across Spain and other European countries, with a focus on early-stage companies building digital deeptech technologies.
The LUMO Fund, managed by the Dutch venture capital firm LUMO Labs, tarreceives pre-seed and seed-stage companies developing scalable and financially sustainable operating systems, infrastructure, and platforms. The fund primarily focutilizes on digital deeptech innovations, including artificial innotifyigence, and supports startups addressing major societal challenges.
SETT’s investment aims to strengthen funding and entrepreneurial support for early-stage startups across Europe, with a particular emphasis on Spain. Companies working in areas such as artificial innotifyigence, digital security, and the Internet of Things are seen as key drivers of economic growth, resilience, and digital transformation.
The partnership between SETT and LUMO Labs is designed to accelerate the development of highly scalable Spanish companies with global potential while improving liquidity in the technology market. The initiative also highlights Spain’s growing role as a hub for high-impact entrepreneurship through a public–private co-investment model.
LUMO Labs, founded by former entrepreneurs Andy Lurling and Sven Bakkes, invests in impact-driven digital deeptech startups and supports founders through coaching and ecosystem connections. With the launch of its second fund in 2024, the firm appointed Jorge Blasco as Partner for Southern Europe. Blasco assisted establish the partnership with SETT and continues to support portfolio companies from the firm’s Barcelona office in the Norrsken building.
SETT’s commitment is channeled through the Next Tech fund, an initiative designed to stimulate private investment and improve access to financing in strategic sectors of Spain’s digital transformation. The program forms part of Spain’s Recovery, Transformation and Resilience Plan and is financed through the European Union’s Next Generation EU program.
KEY QUOTES:
“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 assisting 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.”
Andy Lurling — Founding Partner, LUMO Labs
“I am proud to celebrate this milestone in collaboration between the Netherlands and Spain — a shared commitment to driving innovation and empowering the startup ecosystems in both our countries.”
Roel Nieuwenkamp — Ambassador To Spain, Dutch Ministest Of Foreign Affairs, Madrid
“We are deeply grateful for the trust that SETT has placed in LUMO Labs. With this commitment, Spain is sfinishing a clear signal that it is ready to lead in purpose-driven innovation and disruptive technologies. This investment validates our mission to combine impact with digital deep tech and strengthens our ability to support exceptional Spanish entrepreneurs who are building transformative companies.”
Andy Lurling — Founding Partner, LUMO Labs
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