Creandum, the venture capital firm founded in Stockholm in 2003, announced on 2 November that it had closed its eighth fund at $750 million, roughly €668 million. It is the largest fund in the firm’s history, according to Tech.eu and EU-Startups.

The new fund marks a significant jump from Creandum’s previous vehicle, a €500 million fund that closed in June 2024. That represents an increase of about 34 percent, according to an analysis by FourWeekMBA of a Bloomberg report.

Fund VIII will focus on founders at the earliest stages of company-building, from pre-seed and seed through Series A. Half of the capital is earmarked for new investments, with the rest reserved for follow-on rounds in companies Creandum already backs. The firm expects to make around 30 investments from the fund over the next two years.

Who is paying for it

The fund drew commitments from about 30 institutional investors across Europe and the United States, including university endowments, pension funds and charitable foundations, EU-Startups reported. Creandum said staff based in the US will work alongside colleagues across its European offices in Stockholm, London and Berlin.

“We continue to focus on the early stage. We support founders globally from day 1,” said Peter Specht, partner at Creandum.

Specht, who has spent nearly a decade at the firm, called the close a personal milestone. “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,” he said.

Betting on AI

Creandum’s portfolio has long included consumer and fintech names such as Spotify, Klarna, iZettle, Kry and Depop. More recently, the firm has leaned into artificial intelligence, backing companies including AI coding startup Lovable, image and model company Black Forest Labs, cloud infrastructure firm Modal, accounting software maker Rillet, hardware startup OLIX and world-model company Emulate.

Creandum led a €14.3 million funding round for Lovable in 2025. Partner Fredrik Cassel has described the firm’s AI bets as a “net positive,” pointing to Modal, Rillet, Lovable and Black Forest Labs as examples spanning different layers of the AI technology stack, according to Bloomberg.

“Ett av sex bolag vi investerar i blir värt 1 miljard dollar eller mer” (“One in six companies we invest in becomes worth $1 billion or more”), said Fredrik Cassel, partner at Creandum, to Breakit.

The firm’s general partners now include Fredrik Cassel, Johan Brenner, Carl Fritjofsson, Gustaf Söderström, Peter Specht, Mikael Johnsson, Simon Schmincke and founder Staffan Helgesson. Creandum’s previous fund, Fund VI, closed at €448 million in 2022, meaning the firm has roughly doubled its most recent two fund sizes in under five years.

This article was researched and drafted with AI assistance and reviewed by Lasse Pedersen before publication. How we use AI

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