Stockholm-based venture capital firm Creandum has raised €668 million ($750 million) for its new fund, Creandum VIII. The fund will invest in early-stage technology startups, from pre-seed to Series A.
This is the firm’s largest fund so far. Creandum plans to invest in around 30 startups over the next two years, with a strong focus on opportunities created by the rapid growth of artificial intelligence (AI).
“We continue to focus on the early stage. 1 in 6 companies we’ve backed has become a $1B+ company. We have tripled our team in San Francisco in the past 12 months. We support founders globally from day 1,” said Peter Specht, Partner at Creandum, in a public statement.
“After almost a decade at Creandum, this is a proud and exciting moment. Grateful for the team and my partners, and just so excited about the incredible founders out there to back,” adds Peter.
Founded in 2003 by Staffan Helgesson, Creandum is a Swedish venture capital firm. It also has offices in London, Berlin and San Francisco. Before starting Creandum, Helgesson founded Startupfactory, an investment firm that focused on mobile internet businesses.
Creandum’s new fund has received commitments from around 30 institutional investors across Europe and the United States. These include university endowments, pension funds and charitable foundations.
The firm has a strong track record of investing in successful startups at an early stage. Its past investments include Spotify, Klarna, iZettle, Depop, Bolt and Trade Republic.
Creandum has also added several AI and technology companies to its portfolio in recent years. These include Lovable, an AI-powered software development startup, and Black Forest Labs, which develops AI image-generation technology.
Other recent investments include Modal, a cloud infrastructure startup, and Rillet, an AI-powered accounting platform. These investments show the firm’s growing interest in AI and advanced technology businesses.
The new fund also highlights Creandum’s plans to expand its international presence. While the firm remains confident in Europe’s startup ecosystem, it is strengthening its presence in the United States to connect with founders building businesses across different markets.
