What Creandum announced
Creandum has secured $750 million to target early-stage deals, marking fund number eight and the largest in the firm's history. Partner Fredrik Cassel said the plan is to make about 30 investments with this vehicle over the next two years.
He added that the money came from around 30 institutional backers across the US and Europe. Creandum previously wrapped a €500 million fund in 2024, equal to $559 million.
Where the money is going
Creandum's track record includes early checks into Klarna Group Plc and Spotify Technology SA. More recently it backed AI coding startup Lovable and AI model developer Black Forest Labs.
Cassel called the firm's AI bets a "net positive" and pointed to cloud AI company Modal, AI accounting software maker Rillet, plus Lovable and Black Forest Labs. Modal is based in New York. The firm also backed Emulate, an AI venture founded by three former Google DeepMind researchers, with an emphasis on world models. The firm did not disclose performance metrics.
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The broader backdrop
European investors have lagged US peers on returns, and Creandum is among those aiming to capture upside from the AI cycle. According to Bloomberg News, early US backers of OpenAI and Anthropic PBC currently hold paper gains worth multiple billions, while both firms pursue valuations exceeding $1 trillion.
Europe has fewer AI standouts and significantly less institutional venture capital. Dealroom reports that year-to-date European startup investors have raised $33 billion, while the US total stands at $134 billion. Cassel said enterprises are turning to open source tools from Europe and China as cost-effective alternatives, suggesting investors should look beyond large language model makers.
Why it matters for your portfolio
Valuations have climbed, and within Creandum's own roster, Each of Lovable, fintech Trade Republic, and Modal has surpassed $10 billion. That creates a challenge in Europe, where there are fewer paths to sell or list at those levels. In the past few years, Creandum has grown its footprint in the US, bringing its count of US-based investors to four.
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