Linn-Cecilie emphasizes that impact investing requires intentionality and measurability. According to her, “You can do a lot of impact investments unintentionally, but if you don’t have the intentionality there, it can be hard to call it real impact.” LUMO Labs, where she currently works, uses intentionality as a core part of their investment thesis. They measure both the financial and social returns, ensuring that each investment stays true to its impact goals over the long term.

This intentional approach is key in climate tech as the sector grows rapidly. As Linn-Cecilie notes, the impact investing market has reached “1.16 billion dollars” and is set to expand 20% yearly, showing how intentional impact is becoming the new normal in the investment world.

With a primary focus on early-stage investments, LUMO Labs actively encourages startups to scale beyond their local markets. Linn-Cecilie points out, “Our whole thesis is to take these companies and make them go out of their own market as soon as possible.” For climate tech and impact-focused startups, scaling is often essential to reach global markets and make a measurable impact.

By leveraging networks in the Nordics, Baltics, and beyond, Linn-Cecilie’s team at LUMO Labs helps startups overcome geographic and cultural barriers, setting them up for global success. This ability to bridge regions is what makes LUMO Labs’ impact investing approach truly valuable.

Linn-Cecilie shares that many Nordic founders tend to prioritize values over profit. She notes, “To build the biggest and the best companies, you need to be driven by something else than profit.” This value-driven approach is increasingly prominent in Norway and the Nordic regions, where impact and sustainability are core parts of the entrepreneurial mindset.

This shift toward values is especially beneficial in the climate tech space, where creating a positive impact is integral to the company’s mission. Startups in this ecosystem aren’t just focused on financial growth; they aim to create real-world change, which aligns with LUMO Labs' focus on investing in sustainable urban solutions.

One unique aspect of Linn-Cecilie’s work at LUMO Labs is collaborating with Tech Transfer Offices (TTOs) at universities to identify and develop early-stage tech innovations. She explains, “We invest very early, so we can do pre-seed and up to late-seed, often with projects coming directly out of TTOs.”

Working closely with TTOs allows her team to invest in cutting-edge technologies that address climate and urban challenges. These partnerships bring academic innovations to market faster, enabling climate tech startups to build solutions that are not only technologically advanced but also deeply impactful.

Linn-Cecilie highlights how LUMO Labs strives to support founders beyond mere financial investment. She states, “It’s not always a pitching competition; there is space for conversations.” Her firm places a strong emphasis on mentorship and availability, with Linn-Cecilie herself often meeting with founders just for a chat, even if no investment is immediately involved.

This approach is especially encouraging for early-stage startups, who may feel intimidated by VCs or overwhelmed by their financial needs. Her advice for founders? Don’t be discouraged by a “no” from VCs—often, it’s about alignment rather than company quality. LUMO Labs aims to foster an ecosystem where startups can thrive with the right support, not just funding.

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Find Linn-Cecilie on:

LinkedIn: Linn-Cecilie Linnemann

Instagram: @linnlinne

Find Ben on:

LinkedIn: Ben Costantini

Twitter/X: @bencostantini

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The Norwegian startup ecosystem has experienced rapid growth in recent years, especially in early-stage investments. Cecilie Skjong, an investment manager at Skyfall Ventures, shared her journey in the Nordic tech scene, highlighting how Norway's market has become a magnet for both local and international investors. “Over the past decade, there’s been a real boom in early-stage investments here in Norway,” she noted, pointing to an increase in funding and support structures for tech startups.

At Skyfall Ventures, the investment focus centers on founders and their teams more than anything else. Cecilie emphasized, “When you’re investing at the pre-seed or seed stage, it’s almost all about the team and their vision.” Early-stage investments come with many unknowns, and for Skyfall Ventures, the founders’ commitment and passion are paramount. This focus on team dynamics reflects Norway’s unique, people-first investment culture.

Skyfall Ventures embraces a generalist investment strategy, supporting companies across various sectors, from e-commerce to climate tech. “Our common denominator is software or software-enabled hardware,” Cecilie explained. This approach allows them to back a diverse range of startups, fueling innovation across different fields within the Norwegian startup ecosystem. By not limiting themselves to one niche, they provide crucial support to companies that might otherwise struggle to gain traction.

Norway’s small population size encourages startups to think internationally from the start. Cecilie highlighted that Skyfall encourages founders to scale globally early on, given the limited local market. “Companies that embrace a global mindset early are seeing the most success,” she shared, underscoring Norway’s competitive advantage. By targeting international markets, Norwegian startups can accelerate growth, making the region a global leader in tech innovation.

Despite Norway's reputation as a progressive country, female-led startups still receive less funding than their male counterparts. Cecilie discussed how Skyfall is committed to supporting female founders, noting recent investments in companies led by talented female CEOs and engineers. “We’re not investing in them because they’re female founders, but because they’re exceptional,” she emphasized. Skyfall’s commitment to diversity and inclusivity is a vital part of its mission to create a more balanced Norwegian startup ecosystem.

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Find Cecilie on:

LinkedIn: Cecilie Skjong

Skyfall Ventures website: skyfall.vc

Find Ben on:

LinkedIn: Ben Costantini

Twitter/X: @bencostantini

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Björn's journey from Minneapolis to the Nordic tech scene has been anything but ordinary. Moving from the U.S. to Estonia and then Norway, he has worked with Fortune 500 companies and ventured into the tech world. His story highlights the importance of cross-border collaboration in tech ecosystems. “I moved to Estonia to help launch and scale a FinTech platform, and now I'm fully immersed in the tech scene in Oslo,” Björn shared. His experiences emphasize how global exposure can significantly impact startup success and innovation.

One of the strongest themes throughout Björn's career is the role of community in the startup world. From his time leading Startup Extreme, where networking was intertwined with extreme sports, to his current efforts as Marketing Director at Hokkaido Innovation Week in Japan, he believes that community is vital for success. “I like meeting new people. I like hearing what their story is, and I intuitively want to support them,” Björn said. His natural ability to build and nurture relationships has been crucial in every project he's taken on.

Björn’s ventures are a testament to the necessity of pivoting in business. He shared his experience with Databutton, a company that originally wasn’t AI-focused but adapted quickly when OpenAI’s API was released. “We made a pretty heavy pivot into the AI space,” Björn explained, demonstrating how staying agile and ready to adapt to industry changes can keep a startup on the cutting edge.

Björn candidly discussed a gaming startup he worked on that didn’t succeed. Reflecting on why it failed, he pointed to a lack of experience in the gaming sector and an underestimation of product quality expectations. “We underestimated the level of quality you need to produce, even just as a beta product,” he said. His openness about failure is a reminder that every setback provides valuable lessons that contribute to future success.

Currently, Björn serves as the Chief Commercial Officer at Atelie.Art, a platform for professional artists to sell their work. He sees it as a natural blend of his entrepreneurial spirit and passion for art. “We’ve created a marketplace for professional artists, vetted by an evaluation committee,” he noted. By applying tech solutions to the art world, he’s building bridges between artists and buyers, proving that tech can disrupt even the most traditional industries.

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Find Björn on:

Linktree: @Lapakko

IG: @Lapakko

Medium: @Lapakko

Find Ben on:

LinkedIn: Ben Costantini

Twitter/X: @bencostantini

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