“The most fun and meaningful thing I've done in my career”
Björn Englund has worked in finance in major financial metropolises around the world during his professional life. When he moved back home to Lund almost ten years ago and walked with his stroller in the Botanical Garden, an idea that Lund should manage its own capital began to take shape. The idea was to create an opportunity for those who want to benefit business in their own home region when placing their savings.
"I have worked internationally with hedge funds. When I moved back home, I wanted to work with something where I can give back to Lund in my field. Via I Love Lund I wanted to provide an opportunity for ordinary people, business angels and finance professionals to invest in their home region and create local growth".
I Love Lund started in 2018 based on Björn Englund's vision and now the company has six employees and students, equivalent to two full-time employees. He started with SEK 50,000 to invest in start-ups with the height of innovation and by 2025 the market capitalization of I Love Lund is SEK 50 million.
“Lund is fantastic — a safe and quiet city with a creative and highly educated workforce. Much is already in place but there is a lack of sufficient venture capital. That's what we're trying to be part of and solve.
Behind the idea of investing more locally is also a frustration that pension provisions from Lund are disappearing from the city and can be managed from Stockholm and elsewhere.
“We in Lund need to take care of ourselves and not put all our trust in the state. It is important that we can offer, for example, the nurse at the hospital to invest in Lund's future business. I think it could make a giant impact if we can change investment patterns. Through us, 98% of the invested capital will end up in portfolio companies in the local community where you have your heart.
Investors in I Love Lund are also allowed to participate in activities such as company visits and events.
“I don't see this combination anywhere else in the world,” says Björn Englund. We are an important financial innovation from Lund, the city of innovations. The business is so special that it actually attracted attention on Wall Street when my colleague Dara Maghdid presented the concept this spring.
One goal for I Love Lund is to become a popular stock. Currently, there are about 600 shareholders.
“Right now, we get a new shareholder every two trading days. To be able to call it a popular stock, I think it should be more than 1000 shareholders. But you don't have to come from Lund to invest here, we even have financiers from Uppsala,” says Björn with a laugh.
Every year, I Love Lund receives proposals for about 300 possible investments and of these, just under 100 are offered to present themselves. In the end, only a few companies remain to receive an investment. Recently, the largest pure initial investment to date was made, through SEK 1.4 million in the Life Science company Lead Biologics, which is developing antibody-based therapy against cancer.
Since its inception, I Love Lund has invested in about 40 companies, and although they are found in all sectors, there are a little more in Lund's stronger sectors, such as Life Science, MedTech and image analysis. Often I Love Lund co-invests with other actors, such as ALMI. An investment can act as an icebreaker, that is, once an investor has bet, more follow. I Love Lund has also been used as a gateway so that large investors from other parts of the world can be inspired to invest in Lund.
Almost ten years have passed since Björn Englund went to the Botanical Garden and dreamed of a local investment company. Did it turn out as you had intended?
“Looking back, I think so — at least at 80-90 percent. We have built trust and become like an investment and communication platform, with the message of investing in Lund. It's the least I've earned in dollars but it's the most fun and meaningful thing I've done in my entire career!
Fact box
* I Love Lund is a locally listed investment company that invests in unlisted Lundabolag with a high level of innovation.
* Today I Love Lund has invested in more than 40 local portfolio companies, broadly in many different sectors.
* I Love Lund offers its shareholders both financial returns, corporate activities and making benefits for Lund.
* I Love Lund supports its local portfolio companies with both capital, to provide competency/be a ball board, network and visibility.
* Local financing for local companies ensures that both growth, returns and jobs are promoted in Lund.
* I Love Lund views sustainability as a value creator through reduced risk and more business opportunities.
* I Love Lund are long-term owners in their companies, who are happy to conquer the world in their field but with a base in Lund.
* I Love Lund describes its work to make joint investments available in the large companies of the future as efficient, easy and safe through public listing on Spotlight Stock Market.
* I Love Lund sees itself as the biggest financial innovation from Lund — for Lund.
* Thursdays between 1pm and 3pm you can stop by I Love Lund and talk about life and business over a cup of coffee at Drop-in Investmentshub Lund.
* I Love Lund aims to become a local folk share. Today there are more than 600 shareholders and they are increasing rapidly. All Lund lovers from all over the world can join.
* I Love Lund is a member of Future by Lund.
(Source I Love Lund)