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.”