J12 Ventures announced the first close of a $50 million seed investment fund.

Sweden Connection
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J12 Ventures, a Stockholm, Sweden-based investment company, announced the first closing at SEK 300 million ($31.4M) for a new seed investment fund.

The target is raising SEK 500M ($52M). So far commitments have been made by investors from Sweden, including Martin Gren, Johan Brenner and Saminvest.

J12 Ventures, founded in 2016 by Luca Banderet, Emmet King, Alexander Paterson Pochet and Bo Mattsson, aims to act as a hybrid between a venture capital fund and an angel network, looking to back up to 30 startup companies in several different industries.

Since founding, the company invested in companies including Yepstr, ZealID and Formulate.