The Church of Sweden is investing SEK50m (€5m) into the Luminar Ventures fund, a seeding venture capital fund which in turn is investing SEK0.5bn (€50m) into some 50 Swedish tech companies, while the fund overall is also mandated to contribute to building sustainability in society.
Those companies already invested in operate in areas such as e-health, e-education and other digital product and service areas.
Gunnela Hahn, head of Sustainable Investments at the Church of Sweden said the the fund would invest in line with the UN’s 17 global development goals and offer “an opportunity for small, promising companies to grow in a way that they would not have been able to without the fund.”
Also targeted as the generation of work opportunities and export earnings for Sweden. Companies held by the fund are not allowed to operate in areas such as weapons, tobacco and fossil based energy sources.
Hahn added: “We see a great need for innovative financial products both to manage the question of climate change and the global development goals, and this is a step in the road. We hope that more people will be inspired to create similar investment solutions. The needs are clear, the money and will exists, but action is lacking at a larger scale.”
Other investors in the fund include SamInvest and the European Investment Fund.