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Spotify backer Creandum raises €500M for early-stage fund

Jun 3, 2024
Illustration of a small plant growing in a pot with the EU flag on the front

Illustration: Sarah Grillo/Axios

Creandum, the Swedish venture capital firm that backed tech giants Spotify and Klarna, raised another €500 million for a seventh fund targeting early-stage startups.

Why it matters: The firm's planning dozens of new investments, including in climate startups.

The big picture: Creandum expects to make 35-40 investments in startups raising seed through Series A rounds, per European tech news site Sifted.

The intrigue: More than half of the new fund's capital came from U.S. investors. It drew 30 LPs in all, including five U.S. university endowments.

Creandum's climate-oriented investments have included energy software developer Enode, electricity supplier Fuse, EV charging software developer Monta, battery software analytics startup Twaice, and electric motorcycle maker Cake.

Context: The fund close follows a couple of other nine-figure venture raises targeting European startups.

  • Palo Alto, Calif.-based Accel last month announced it's raised $650 million for its Accel Europe fund. Plural, an Estonian firm targeting deep-tech startups, in January announced raising €500 million
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