# Back in Black

> Back in Black is a VC fund in Stockholm backing AgTech, FinTech and Software. See 11 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Location: Stockholm, Sweden
- Total investments: 11
- Last investment: Jun 2025
- Lead investor: 18%
- Last updated: Aug 2026

Back in Black is a Swedish venture capital firm backed by the Lundin Family.

## Round sizes

| Stage | Round size |
| --- | --- |
| Series A | $8.4M–$12M |
| Venture - Series Unknown | $17M–$28M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| AgTech | 2 | 18% |
| FinTech | 2 | 18% |
| Software | 2 | 18% |
| Video Games | 2 | 18% |
| Online Games | 2 | 18% |

29 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series A | 3 | 27% |
| Funding Round | 3 | 27% |
| Venture - Series Unknown | 3 | 27% |
| Seed | 1 | 9% |
| Convertible Note | 1 | 9% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Sweden | 6 | 55% |
| Poland | 1 | 9% |
| Philippines | 1 | 9% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Salmon | Salmon is a financial technology group focusing on making finance accessible and easy for consumers. They offer various financial services including loan options. | $28M | Venture - Series Unknown | Jun 17, 2025 |  |
| Supernormal Greens | Supernormal Greens uses vertical cultivation powered by 100 percent renewable energy and LED lighting, enabling year-round production without pesticides. The company grows plants hydroponically in water, anchored by sterile coconut-fiber pods, and circulates nutrients in response to plant needs. Its system recycles water to achieve significantreductions in water use, and it applies data-driven optimization via AI and machine learning to improve its processes. | $10.6M |  | Oct 01, 2023 |  |
| Supernormal Greens | Supernormal Greens uses vertical cultivation powered by 100 percent renewable energy and LED lighting, enabling year-round production without pesticides. The company grows plants hydroponically in water, anchored by sterile coconut-fiber pods, and circulates nutrients in response to plant needs. Its system recycles water to achieve significantreductions in water use, and it applies data-driven optimization via AI and machine learning to improve its processes. | $19M | Venture - Series Unknown | Jan 12, 2022 |  |
| Urbanika Farms | Urbanika Farms is an AgTech and FoodTech company, based in Cracow, Poland. We are pioneers of vertical farming in Europe, building Poland’s first vertical farm back in 2016. Currently, Urbanika is a nation-wide producer of premium quality fresh leafy greens and mushrooms as well as in business of producing innovative foods based on own ingredients,making us a true zero-waste producer. |  | Series A | Dec 01, 2021 |  |
| Mindler | Most people suffer at some point during the life of mental illness. Whether it comes to periods of stress, drowsiness or worry that does not disappear by itself, a professional contact can be an effective way back and prevent negative development. They started Mindler with the vision that everyone should have the opportunity to meet a psychologiston equal terms, no matter where you live or what conditions you have. Digital technology and leading psychological skills are our model for increasing access to effective treatment of mental health and for people in our country to get the best help they need. | $17.2M | Venture - Series Unknown | Jul 20, 2021 |  |
| Challengermode | Challengermode is a Swedish technology company founded in 2014, with the mission to make esports truly accessible for gamers. Today we're building a platform that provides the fundamental online esports infrastructure for all relevant stakeholders within the ecosystem. With 2.5billion people world-wide playing computer games and hundreds ofmillions of people watching professional esports tournaments monthly, Challengermode's platform – which has hosted millions of competitions – is becoming the place for regular gamers to congregate, practice or compete in esports. Our best-in-class tech automates complex tournament infrastructure through game integrations and allows gamers to easily play in competitions, tournaments, and leagues across any device or console while enabling community building and monetization at scale for organizers of all kinds. | $11.1M |  | Aug 26, 2020 |  |
| Mindler | Most people suffer at some point during the life of mental illness. Whether it comes to periods of stress, drowsiness or worry that does not disappear by itself, a professional contact can be an effective way back and prevent negative development. They started Mindler with the vision that everyone should have the opportunity to meet a psychologiston equal terms, no matter where you live or what conditions you have. Digital technology and leading psychological skills are our model for increasing access to effective treatment of mental health and for people in our country to get the best help they need. | $8.4M | Series A | Apr 06, 2020 |  |
| Pet Media Group | Pet Media Group (PMG) develops, launches, and operates market-leading pet and equestrian marketplaces across Europe, with offices in Stockholm and the United Kingdom. Since its inception in January 2018, PMG’s mission is to increase the trust, safety and convenience when selling or buying a pet through technology and service. Founded by AxelLagercrantz and Eyass Shakrah, PMG is backed by some of Europe’s leading growth capital funds including: Verdane, Otiva, 183 Invest, and Back in Black, in addition to a number of prominent business angels.Every month, over 10 million current and prospective pet owners visit PMG's various platforms to find their dream furry companion. | $12M | Series A | Aug 01, 2019 |  |
| norbloc | norbloc's platforms tackle the biggest problems around Know-Your-Customer compliance; lack of digitization and duplication of efforts within and across institutions. Sancus, norbloc's digital onboarding platform, allows institutions to aggregate data sources and service providers in one portal and use its advanced workflow to collect andvalidate customer data in a fully digital manner. Atlas and Fides platforms employe digital ledger technology to allow owners of KYC data to share it between institutions and institutions to mutualize efforts in validating it as well as monetize on those validation efforts. Financial institutions can achieve savings exceeding 50% on their current KYC compliance budget.All platforms are GDPR compliant document storage and sharing platforms for the governmental and health industries. | $2.2M | Convertible Note | Feb 15, 2019 |  |
| Quixel | Graphics softwares and libraries | $2.4M |  | Mar 20, 2018 |  |

10 of 11 investments shown.

## Co-investors
- [GP Bullhound](https://shizune.co/investors/profile/gp-bullhound) — VC Fund, 2 deals together
- [Jula Miljö & Energi](https://shizune.co/investors/profile/jula-milj%C3%B6-energi) — VC Fund, 2 deals together
- [Marathon Venture Capital](https://shizune.co/investors/profile/marathon-venture-capital) — VC Fund, 2 deals together
- [Otiva](https://shizune.co/investors/profile/otiva-6c08) — VC Fund, 2 deals together
- [Philian Invest](https://shizune.co/investors/profile/philian-invest) — VC Fund, 2 deals together
- [Ventech](https://shizune.co/investors/profile/ventech-capital) — VC Fund, 2 deals together

## Similar investors

### Similar industry
- [BITKRAFT Ventures](https://shizune.co/investors/profile/bitkraft-ventures) — VC Fund
- [Sam Enrico Williams](https://shizune.co/investors/profile/sam-enrico-williams-d11c) — Angel Investor
- [Courtside Ventures](https://shizune.co/investors/profile/courtside-ventures) — VC Fund

### Similar stage
- [Antler](https://shizune.co/investors/profile/antler-be9c) — VC Fund
- [Alumni Ventures](https://shizune.co/investors/profile/alumni-ventures-group) — VC Fund
- [General Catalyst](https://shizune.co/investors/profile/general-catalyst-partners) — VC Fund

### Similar country
- [Almi Invest](https://shizune.co/investors/profile/almi-invest) — VC Fund
- [Chalmers Ventures AB](https://shizune.co/investors/profile/chalmers-ventures) — VC Fund
- [Antler](https://shizune.co/investors/profile/antler-be9c) — VC Fund

## Featured in investor lists
- [Financial Services VC Funds in Sweden](https://shizune.co/investors/financial-services-vc-funds-sweden)
- [FinTech VC Funds in Sweden](https://shizune.co/investors/fintech-vc-funds-sweden)
- [Video Games Investors in Sweden](https://shizune.co/investors/video-games-investors-sweden)
- [Blockchain VC Funds in Sweden](https://shizune.co/investors/blockchain-vc-funds-sweden)
- [Sports Investors in Sweden](https://shizune.co/investors/sports-investors-sweden)
- [eSports Investors in Sweden](https://shizune.co/investors/esports-investors-sweden)

## FAQ

### What does Back in Black invest in?

Back in Black invests primarily in AgTech, FinTech and Software startups, most often at Series A and Funding Round stage. Most of the 11 investments tracked by Shizune back companies in Sweden. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Back in Black's check size?

Back in Black typically joins rounds of $8.4M–$12M at Series A and $17M–$28M at Venture - Series Unknown. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Back in Black participates in.

### When did Back in Black last invest?

The most recent investment recorded for Back in Black closed in Jun 2025. Shizune tracks 11 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

# About Shizune
Shizune.co is an investor database. Core features:
- 48,091 startup investors (angels, VCs, accelerators, and others)
- Email, phone, LinkedIn (for intros), socials, and other contact data
- Updated daily from public funding news
- CSV and Excel export

The User can access the full database FOR FREE after signing up: shizune.co