Swedish Startup Space

Swedish Billionaire Lundin Family Enters The Tech Game

Written by on August 19, 2016
Editors Note: This post is part of a series called Featured posts, presented by Breakit.

We have unearthed some interesting details after last weeks article.

To this point, the Lundins, a Swedish family worth billions, has mainly invested in primary industry. But now, the Lundins are a player in the Swedish tech game.

Last week, Breakit reported that the venture capital firm Back in Black invested $1.7 million in Svrvive, a fledgling virtual reality studio. Behind Back in Black is the Lundin family, along with some other notable Swedish financial profiles.

Negotiations with Svrive were handled by Per Brilioth, and in an interview with Breakit, he shared more about Back in Black.

“This is not really a venture capital company, but a group of friends who joined together to make investments, primarily in Swedish tech,” said Brilioth.

“However, the bulk of our investments are made through venture capital funds. Among others, we have a hand in Northzone and the GP Bullhounds funds,” he continued.

Back in Black has a total of almost $23 million in assets under management. Besides Svrvive, they have also invested in Challenger Mode, a Swedish e-sports platform where players can compete with each other for money.

“We all liked the idea, and the entrepreneurs behind it are great,” said Mr. Brilioth. “When we started Back in Black a year ago the main focus was on Sweden and all the exciting tech companies here.”

It was Brillioth who “sold” the Lundin family on the idea of investing in Swedish tech. “I kept pushing the Lundins to get some exposure to tech, but these investments are something that everyone does privately.”

Brillioth is managing director of the Nasdaq Stockholm-listed Vostok New Ventures, and he emphasized that his involvement in Back in Black is private. “It is important to point out that my professional focus is entirely on Vostok New Ventures.”

Pictured above is Ian Lundin and Per Brillioth to the right.

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