Creandum Research Document
Investment Thesis
Creandum is a European-focused early-stage venture capital firm dedicated to backing founders building global, category-defining companies. Founded in 2003 with headquarters in Stockholm, the firm has established a clear philosophy: they make "commitments" rather than "deals." This approach signals a long-term partnership mentality where Creandum provides continuous support from seed stage through IPO and beyond. The firm believes fundamentally that the best products win in the market, the right entrepreneur can disrupt any industry, and strong leadership teams are absolutely key to success.
Sector Focus and Investment Areas
Creandum invests across multiple sectors with particular strength in areas that align with digital transformation and modern business infrastructure:
Primary Sectors:
- B2B SaaS and enterprise software solutions
- Developer tools and cloud infrastructure
- AI/ML and generative AI applications for enterprise
- FinTech, payments, and financial services
- Healthcare technology and digital health
- E-commerce and marketplace platforms
- Gaming and entertainment technology
The portfolio demonstrates a sophisticated approach to sector selection, with particular emphasis on companies solving enterprise pain points through elegant technology.
Stage Focus and Check Size
Creandum invests primarily in early-stage companies:
- Seed stage: Primary focus with typical checks of $1M-$5M
- Series A: Active participation with checks of $5M-$15M
- Growth stage: Selective follow-on investments for existing portfolio companies
With 148+ active portfolio companies, the firm demonstrates consistent, disciplined capital deployment while maintaining high conviction in individual companies.
Recent Activity and Fund Status
Creandum is actively deploying capital with notable 2025-2026 activity:
- Cast AI raised $108M (Creandum as participant, April 2025)
- Lovable raised $200M Series A at $1.8B valuation (July 2025)
- Multiple seed-stage investments in AI infrastructure and enterprise software
- Continued participation in Series A rounds for portfolio follow-ons
The fund demonstrates strong momentum with notable recent exits and unicorn achievements among portfolio companies. Navan (formerly Comtravo) reached unicorn status, and multiple portfolio companies achieved billion-dollar valuations.
Portfolio Highlights and Track Record
Landmark Exits and Notable Returns:
- Spotify (foundational investment)
- Klarna (payment flexibility pioneer, $5.3B+ valuation)
- Trade Republic (commission-free trading, ongoing unicorn)
- Bolt (one-click checkout, ongoing unicorn)
- iZettle (acquired by Square in 2018)
- Pleo (expenses software, ongoing unicorn)
- Depop (mobile fashion marketplace)
Active Portfolio (148+ companies): Cast AI, Lovable (AI full-stack engineer), Instruct (AI workforce), Vesence (legal AI), Jack & Jill (recruitment AI), Conduct (enterprise AI), Cerrion (manufacturing AI), GetVocal (customer support AI), Rillet (accounting automation), Modal (cloud compute), and 138+ others spanning enterprise, AI, fintech, healthcare, and infrastructure verticals.
Team Structure and Leadership
Creandum operates with a multi-disciplinary team of operators, founders, engineers, and specialists:
Key Partners:
- Simon Schmincke (General Partner) - Focus on scaling and founder support
- Staffan Helgesson (General Partner, 22-year tenure) - Long-term strategic advisor
- Johan Brenner (Investment Partner) - Focus on financial services
- Peter Specht (Investment Partner) - Focus on infrastructure and technical founders
- Hanel Baveja (Investment Partner) - Focus on AI and emerging technology
Geographic Footprint:
- Headquarters: Stockholm, Sweden
- International offices: San Francisco, London, Berlin
- Team structure: Operators and specialists embedded across four offices
Decision Process and Investment Approach
Creandum operates as a partnership with a unified team decision-making model. The firm emphasizes quick, conviction-based decisions while maintaining rigor in due diligence. Team members operate collaboratively across geographic offices, ensuring portfolio companies benefit from global expertise and network access regardless of investment office.
Geographic Focus
Primary Markets:
- Europe: Sweden, UK, Germany, broader EU ecosystem
- Strong foundation in Nordic region with expansion to Western Europe
Secondary Markets:
- San Francisco Bay Area: Technology epicenter access for US-bound companies
- Tel Aviv: Selective participation in Israeli tech ecosystem
Global Support: While founders can be anywhere, Creandum provides support globally for portfolio companies expanding internationally.
Founder Profile and Preferences
Creandum explicitly seeks:
- Hard-working founding teams with guts and early vision
- Global ambition paired with magical product experience and design
- Intuition-driven founders who rigorously test assumptions with data
- Strong leadership teams deeply focused on company culture
- Technical founders with hands-on engineering capabilities
- Entrepreneurs willing to commit for the long journey (decade-scale thinking)
The firm emphasizes founders over ideas, backing exceptional people building compelling products.
Notable Features and Approach
Creandum distinguishes itself through:
- Strong operator network: Many partners are former founders and operators
- Long-term commitment: "Make commitments, not deals" philosophy
- Portfolio support: Operating partners embedded in portfolio companies
- Global network access: Cross-office collaboration for portfolio benefit
- Founder-first mentality: Alignment with founder success over capital efficiency
Fund Status Summary
Creandum is actively deploying from its most recent fund with consistent investment activity, strong exit achievement, and demonstrable founder support capabilities. The firm maintains a 20+ year track record of venture success with multiple unicorn and exit achievements.