Lars Lindgren is a cornerstone of the Swedish investment landscape. With a career spanning over 40 years, he has witnessed the birth and maturation of the Nordic startup ecosystem. From founding the Swedish Private Equity and Venture Capital Association (SVCA) to publishing his experiences in his book, Mitt liv som affärsängel, Lars has seen it all.

We talked with Lars to discuss the importance of founder flexibility and how the investment landscape continues to evolve.

• Hi Lars, thank you for agreeing to do the interview. Could you tell us how and why you first got into the startup and angel investment scene?

I have always been interested in entrepreneurship and business. After finishing upper secondary school, I started a business together with my brother. After completing my military service, I worked for a year at a bank and then for a couple of years at a foundation whose purpose was to promote share ownership in Sweden.

During my studies at the Stockholm School of Economics (SSE), I worked as Head of Marketing and Information at a listed investment company, which is when I began to take an interest in venture capital. After graduating in February 1984, I founded a company that published a newsletter on developments in the venture capital market. At the same time, I helped startups raise capital, and the following year, I took the initiative to establish the SVCA, where I served as Secretary General and later Chairman for a total of ten years. Together with a few friends from SSE, I started investing in various startups — and that is how it all began.

• You’ve been an angel investor since 1984. Looking back at the evolution of the Swedish ecosystem, what is the most significant shift you’ve seen in how founders and investors interact today compared to the early days?

Forty years ago, there were hardly any startups to invest in, and therefore not many business angels either. There were also no lawyers who could help with shareholders’ agreements, option schemes, and similar matters, so you had to do everything yourself.

Today, we have several generations of highly skilled entrepreneurs who have made exits and gone on to become business angels themselves. As a result, the entire ecosystem is very well developed, especially in Stockholm, but also in many other parts of Europe. There are investors for every stage, from incubators and angel syndicates to family offices and venture capital firms with various specialisations.

• You’ve invested in many startups. When you’re evaluating a new deal, how much of your decision is based on the “hard metrics” of the business model versus the “soft skills” and resilience of the founders? What is the one quality in a founder that makes you say ‘yes’?

I mostly rely on intuition, but I avoid areas where I have no prior experience. The most important quality is perseverance, though not stubbornness. It’s about flexibility; the founder must be able to adapt and change the business model when the market requires it.

• Leapfunder aims to make early-stage financing more efficient and transparent across Europe. From your perspective as a Stockholm-based investor, what are the current bottlenecks for Swedish startups trying to raise funding, and how is Leapfunder helping bridge that gap?

The biggest bottleneck today is that an enormous number of interesting companies are being founded, which makes effective matchmaking between startups and potential investors critically important. Platforms that bridge this gap by streamlining the process are essential for maintaining the momentum of the ecosystem.

• You’ve shared your four decades of experience in your book: “Mitt liv som affärsängel”. What is the most important lesson from your book that you wish you had known back in 1984? Which advice would you share with Leapfunder’s angels?

To focus on what is enjoyable. No one is forced to become a business angel; you do it because it is fun to help entrepreneurs build successful companies. If you aren’t enjoying the journey of building something new, you’re in the wrong business.

Thank you for the great chat, Lars. We wish you the best of luck in your future endeavors.

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