Spotify, Lovable backer Creandum said to raise $750M new fund

Creandum, a Swedish venture capital firm that has backed some of Europe’s most successful technology companies, has raised a new $750M fund to invest in early-stage startups, a media report said.

The company plans to make about 30 investments with the new fund over the next two years, Bloomberg reported, citing Fredrik Cassel.

Creandum was an early backer of Klarna Group Plc, Spotify Technology (SPOT) and, more recently, artificial intelligence coding startup Lovable and AI model maker Black Forest Labs.

Creandum raised the fund, its eighth and largest to date, from around 30 institutions in the US and Europe, Cassel said. The firm closed a prior fund of €500 million ($559 million) in 2024. Creandum is an investor in Emulate, an AI startup founded by three Google DeepMind alumni that focuses on world models.

Cassel said AI investments had been a “net positive” for the firm, encompassing bets on AI cloud startup Modal and AI accounting software firm Rillet as well as Lovable and Black Forest Labs. Investors will need to look beyond large language model makers as enterprises turn to open source technology from Europe and China as a viable, cheaper alternative, Cassel said, according to the report.