Stockholm VC Creandum closes €135m fund – the largest tech venture fund in the Nordics

Creandum team
Creandum team

Stockholm-based VC Creandum has closed its €135m Creandum III fund, making it the largest technology venture fund in the Nordics. Creandum tends to make seed or Series A investments, the majority of which are made in software and consumer internet startups.


To date, the VC has made some savvy investments – including being the first institutional investors in Spotify, mobile payments company iZettle, social gifting service Wrapp  and on-demand TV service Edgeware. Though Creandum focuses on investing in Nordic startups, it recently made its first German investment in last-minute hotel booking company JustBook.

The new fund took a year to raise and will allow the VC to invest in 25-30 early-stage companies. Though the VC did not reveal its investors, it said that – in general – they are large pension funds, insurance companies and family offices. Last year, Arctic Startups reported that government-owned investment company Finnish Industry Investment  contributed €7.5m to the fund.

Of Creandum’s existing investors, all but one invested again in Creandum III and, in total, the number of limited partnerships doubled from the VC’s previous fund – which was raised in 2007.

In an official release, the VC stated: “With Creandum III we will also have the opportunity to back outstanding entrepreneurs outside of the Nordic region.” The company estimates a quarter of investments will be outside of this region. The areas of investment remain similar to the VC’s prior focus: “We believe we will invest 80 per cent in this fund in software and consumer services and the remaining part in hardware or other high-tech companies.”

Speaking to VentureVillage, Creandum partner Fredrik Cassel explained why they’re still keen to support Nordic startups: “If we can match the quality we’ve had so far, we’ll be really happy. There’s no lack of good teams or good businesses to back up here.”

For related posts, check out

North, south and sideways – top Nordic VCs share their European strategies
Stockholm’s Tripbirds re-releases as social hotel booking service
Infographic: The most active investors in Europe revealed