LUMO Labs secures LP investment to back Spanish startups: ‘The market is coming up'

Dutch venture capital firm LUMO Labs has received a €6m LP investment from Spain's Society for Technological Transformation (SETT).

Under the deal, announced at Mobile World Congress in Barcelona this week, LUMO Labs will commit to matching the investment, and channeling €12m from its €100m second fund into startups in the country.

We reached LUMO Labs’ founding partner Andy Lürling by phone while he was in a taxi on the way to the Congress.

“We see the market in Spain is coming up, there’s great talent, many female founders as well,” he says. “The next generation of Spanish entrepreneurs are very purpose driven."

Lürling says cities like Barcelona are also increasingly attracting talent from abroad, especially Europeans returning from Silicon Valley.

“The climate is good and there’s some great opportunities for founders and investors…in energy tech, health, climate.”

In 2024, LUMO Labs appointed Jorge Blasco as partner for Southern Europe, where he operates from Barcelona's co-working hub Norrsken House.

The investment from SETT, channelled through Spain's Next Tech initiative – part of the EU-backed Next Generation recovery program – marks a significant public-private co-investment play, and signals Madrid's ambition to position Spain as a hub for high-impact technology entrepreneurship.

“With this commitment, Spain is sending a clear signal that it is ready to lead in purpose-driven innovation and disruptive technologies,” Blasco said in a press statement.

Last year, Spain bucked the wider downturn in VC funding in broader Europe, raising $3.2bn – up from $2bn in 2024, according to Dealroom data.