Creandum

Reviewed Updated Mar 24, 2026

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Location Stockholm, Sweden
Founded 2003
Fund Size €500M (Fund VII, 2024); ~€1.6B total raised across seven funds
Website https://creandum.com
Stage Focus
seed series-a
Sector Focus
saas fintech ai consumer healthcare climate developer-tools

Team

Staffan Helgesson Founder & General Partner
Johan Brenner General Partner
Fredrik Cassel General Partner
Simon Schmincke General Partner
Carl Fritjofsson General Partner
Peter Specht General Partner
Sabina Wizander Partner

About

Creandum is a European early-stage venture capital firm founded in 2003 by Staffan Helgesson in Stockholm, Sweden 1. The firm was one of the earliest institutional believers that global category-defining companies could be built from Europe 2. Creandum started with a €40M first fund backed by two Swedish pension funds 3.

The firm has grown to manage approximately $2.2 billion across seven funds, having raised roughly €1.6B in total 4. Creandum maintains offices in Stockholm, Berlin, London, and San Francisco 5. The London office at 36 Carnaby Street was opened in 2022 6, while the San Francisco hub has operated since 2016 under Carl Fritjofsson 7.

Creandum’s fund history spans two decades of steady growth 8 9 10 11 [^12]:

Fund Year Size
Fund I 2003 €40M
Fund II 2007 €80M
Fund III 2013 €135M
Fund IV 2016 €180M
Fund V 2019 €265M
Fund VI 2022 ~€448M (~$500M)
Fund VII 2024 €500M

Fund II is regarded as one of Europe’s strongest-performing institutional VC funds, returning approximately 13x 3. Across the past 15 years, fund valuations have ranged between 6x and 13x 12. All LPs from every previous fund since 2003 returned as investors in Fund VI 13.

The firm has backed over 170 companies, with roughly 24 reaching unicorn status — approximately one in six early-stage investments 4. Notable exits include Spotify (IPO 2018 at $29.5B market cap), iZettle (acquired by PayPal for $2.2B in 2018), Small Giant Games (acquired by Zynga for ~$700M), and Depop (acquired by Etsy for $1.6B in 2021) 3 14.

Creandum operates as an equal partnership: all partners share equal carry, equal votes, and equal responsibility 15. The firm has a strong promote-from-within culture, with six of its current partners having been promoted from analyst or associate roles 3. A structured mentorship system pairs each team member with a different partner at each career stage 6.

Stated Thesis

Creandum publicly states its mission as: “We back the companies of tomorrow before it’s obvious” 2.

General Partner Simon Schmincke has described the approach: “The early stage is where we have always been most comfortable. We commit to founders before the world catches on, before everyone knows, before it’s obvious” 13.

The firm organizes investments around six verticals: Health, Climate, Technical SaaS, Application SaaS, Fintech, and Consumer 1. Fund VII specifically targets AI, SaaS, and climate tech opportunities 5.

Creandum describes itself as product-obsessed but not operationally interventionist. Ines Streimelweger, Investment Manager, stated: “The founding team is one of the key criteria we look at… there needs to be a strong personal connection” 14. The firm positions itself as “strategic thought partners who don’t necessarily have all the answers, but who ask the right questions” 14.

Partner Sabina Wizander has stated: “In our experience, founders who focus on building the best products still prevail. Those who dare to think in generational opportunities and solutions will succeed by virtue of their burning passion for product excellence” 13.

The firm uses a three-part founder test 3: 1. Does the founder have genuine ambition matching the difficulty level? 2. Can they explain how their industry will be transformed? 3. Would you work for them for a decade?

Creandum publicly invests in seed and Series A rounds, targeting 35-40 investments per fund over 2-3 years 5. Check sizes range from $200K to $10M 16. Fund VI committed to ensuring at least 25% of portfolio companies have female CEOs or majority female co-founder teams 17.

Inferred Thesis

Based on 40 verified investments below (a subset of 170+ total investments), the following patterns emerge. Sample size is limited; percentages are approximate.

Stage distribution: Creandum invests predominantly at seed and Series A. Based on Tracxn data covering broader portfolio activity, the firm has made 60 seed investments and 72 Series A investments, with 12 Series B investments — indicating roughly 42% seed, 50% Series A, and 8% follow-on at Series B 18. This is consistent with their stated early-stage focus.

Sector breakdown (from 40 verified investments below): Fintech is the strongest vertical — 9 of 40 verified investments (23%) are in fintech (Klarna, Trade Republic, Pleo, iZettle, Embat, Taxfix, N26-adjacent via Schmincke). SaaS/enterprise software accounts for roughly 10 of 40 (25%) including Better Stack, Codesphere, Factorial, Leapsome, cargo.one, Amie. Consumer represents about 7 of 40 (18%) including Spotify, Depop, Vivino, Kahoot!, Lovable. Health is 3 of 40 (8%) with Kry, Lindus Health, Virta Health. Gaming is 2 of 40 (5%) with Small Giant Games and one other. Climate/energy and AI are emerging verticals in more recent funds.

Geographic patterns: Despite pan-European positioning, the portfolio retains strong Nordic roots. The firm reports 44 investments still in Sweden alone 4. The portfolio spans the Nordics, DACH region (Germany/Austria/Switzerland), UK, Southern Europe (Spain with Factorial, Embat), and increasingly the US.

Founder profile preferences: Creandum emphasizes product-obsessed founders with global ambition. Staffan Helgesson has stated he invests based on “gut feeling” and looks for founders he would personally work for 1. The firm has a track record of investing in young, ambitious founders — Markus Villig of Bolt was notably young when backed 3. The firm is willing to do structural work (e.g., cap table restructuring) to invest in founders they believe in, as demonstrated with Trade Republic 19.

Co-investor patterns: At the later stages, Creandum portfolio companies frequently attract Sequoia, Founders Fund, Accel, and other tier-1 US funds 19. At seed/Series A, European co-investors include Northzone (Spotify co-lead), Index Ventures, and various Nordic funds.

Notable gaps: While Creandum publicly emphasizes climate tech as a focus area since Fund VI, the number of verified climate investments in the portfolio remains small relative to fintech and SaaS. The metaverse/web3 focus mentioned during Fund VI fundraising has not materialized into prominent portfolio companies.

Decision speed: Staffan Helgesson has noted that “competition is brutal. We have to be able to be ready to pull the trigger in 5, 6, 7 days if we have to” 20. With Lovable, Fredrik Cassel reportedly showed up to lunch with a term sheet already prepared 4.

Portfolio

The following table represents a subset of Creandum’s 170+ investments. This covers approximately 23% of their total portfolio.

Company Stage Year Sector Status Source
Spotify Series A 2008 Music/Consumer IPO (2018, $29.5B) 2130
iZettle Series A (Index Ventures led, €8.2M / USD 11.2M; Creandum + Charles Dunstone (Carphone Warehouse CEO) participated) 2011-10-18 Fintech/Payments Acquired by PayPal (USD 2.2B, 2018) 14373839
Kahoot! Early stage ~2013 EdTech IPO 12
Small Giant Games Seed 2014 Gaming Acquired by Zynga (~$700M) 22
Klarna Growth ~2010 Fintech IPO (NYSE, 2025, $15.1B) 12
Depop Series A ~2015 Consumer/Marketplace Acquired by Etsy ($1.6B, 2021) 14
Kry Early stage ~2015 Health/Telemedicine Active (unicorn) 14
Neo4j Early stage ~2012 Data Infrastructure Active 12
Epidemic Sound Series A ~2015 Music/Content Active 23
Bolt Seed ~2014 Mobility/Rideshare Active (unicorn) 3
Vivino Early stage ~2016 Consumer/Wine Active 14
Voi Early stage ~2018 Mobility/Micromobility Active 14
Pleo Early stage ~2018 Fintech/Expense Mgmt Active (unicorn) 12
Trade Republic Series A (led out of Creandum V; more than €10M; Project A co-invested; Johan Brenner joined board) 2019-07-16 Fintech/Neobroker Active (€12.5B valuation) 19404142
Cornershop Early stage ~2018 Consumer/Delivery Acquired by Uber 12
Factorial Early stage ~2019 HR Tech/SaaS Active (unicorn) 4
Taxfix Early stage ~2018 Fintech/Tax Active 1
Safety Wing Early stage ~2020 Insurance/Fintech Active 14
Swan Early stage ~2020 Fintech/BaaS Active 14
Meditopia Early stage ~2020 Health/Wellness Active 14
Tide Early stage ~2019 Fintech/Banking Active (unicorn) 18
Better Stack Series A 2022 Developer Tools/DevOps Active 24
Lindus Health Series A 2023 Health/Clinical Trials Active 25
Embat Series A ~2023 Fintech/Treasury Active 5
Codesphere Series A 2024 Developer Tools/Cloud Active 26
Amie Early stage ~2022 Productivity/SaaS Active 6
TWAICE Early stage ~2020 Climate/Battery Analytics Active 6
cargo.one Early stage ~2020 Logistics/Marketplace Active 6
Leapsome Early stage ~2021 HR Tech/SaaS Active 6
Packfleet Early stage ~2023 Logistics/Delivery Active 5
Monta Early stage ~2022 Climate/EV Charging Active 5
Lovable Pre-Series A (led by Fredrik Cassel, USD 15M; Visionaries Club participated; angel co-investors: Charlie Songhurst, Adam D’Angelo, Thomas Wolf (Hugging Face), Erik Bernhardsson (Modal Labs)) 2025-02-25 AI/Developer Tools Active (USD 6.6B valuation at later round) 27434445
Atla Early stage ~2024 AI/Mobile Active 5
H Company Early stage ~2024 AI Active 5
nexos.ai Seed 2025 AI/Infrastructure Active 28
Superscale Pre-seed 2025 AI/Marketing Active 29
Wrapp Seed ~2011 Consumer/Mobile Shut down 7
Modal Early stage ~2022 AI/Cloud Infrastructure Active (unicorn) 18
Navan (TripActions) Early stage ~2016 Travel/SaaS IPO (NASDAQ, 2025) 18
Virta Health Early stage ~2018 Health/Diabetes Active (unicorn) 14
Conduct Series A (participated as existing investor; $60M co-led by Index Ventures + ICONIQ; SAP strategic) 2026-06-17 AI/Enterprise Operating System/SAP Active 313233
EquiLibre Technologies Series A (led; €438M / $500M valuation, amount undisclosed) 2026-07-01 AI/Quantitative Trading/Reinforcement Learning Active 343536

In Their Own Words

“The early stage is where we have always been most comfortable. We commit to founders before the world catches on, before everyone knows, before it’s obvious.” — Simon Schmincke, General Partner, Tech Funding News, 2022 13

“In our experience, founders who focus on building the best products still prevail. Those who dare to think in generational opportunities and solutions will succeed by virtue of their burning passion for product excellence.” — Sabina Wizander, Partner, Tech Funding News, 2022 13

“When investing, it’s not about the number of smart questions, it’s about the 1-2 things you really have to believe in. And those are usually about people with really big ideas.” — Staffan Helgesson, Founder & General Partner, EU.VC interview 1

“Gut feeling is real, trust it.” — Staffan Helgesson, referencing investments in Spotify, Monta, and Bolt, EU.VC interview 1

“Play the long game. Resist playing the short game… 99/100 companies you don’t invest in will be out in the ecosystem sharing their experience of interacting with you.” — Staffan Helgesson, EU.VC interview 1

“There is little to no luck in business life. It all favours the prepared mind and hard working individual.” — Staffan Helgesson, EU.VC interview 1

“We like to keep small — we are kind of striving to be underdogs.” — Johan Brenner, General Partner, Sifted interview 15

“Keeping it small and investing at early stages gives us better returns.” — Johan Brenner, General Partner, Sifted interview 15

“Creandum is an equal partnership — all partners have equal voting rights. We also have equal pay, equal bonuses and equal carry. That’s been really important in building our culture.” — Johan Brenner, General Partner, Sifted interview 15

“It doesn’t matter who brought the company in — if we decide to invest, it is the founder that gets to pick which one of us they want to work with.” — Johan Brenner, General Partner, Sifted interview 15

“I haven’t seen this level of user love for a product since we invested in Spotify.” — Fredrik Cassel, General Partner, on Lovable, TechCrunch, 2025 27

“When we first met Michael, Meri and the rest of the Lindus Health team, we knew their approach to disrupting the clinical trials industry would be the right one.” — Fredrik Cassel, General Partner, Lindus Health announcement, 2023 25

“Neo4j, Kry and Epidemic Sound have ‘Spotify potential.’” — Johan Brenner, General Partner, Bloomberg, 2018 23

“The moment you think you are something, that’s truly dangerous.” — Staffan Helgesson, on maintaining humility after wins, The VC Corner, 2025 3

What Founders Say

No independently sourced founder testimonials found. Creandum’s reputation among founders is inferred from observable behavior: portfolio companies like Trade Republic, Spotify, and Bolt have maintained long-term relationships with the firm across multiple funding rounds, and Creandum partners have taken board seats at portfolio companies including Trade Republic (Johan Brenner) and Lindus Health (Fredrik Cassel) 19 25. The firm reports that founders frequently recommend Creandum to other founders 1, but independent verification of this claim was not found.

Sources

  1. EU.VC, “Staffan Helgesson, Founder of Creandum on building a Tier-1 firm & capturing the Climate Tech opportunity,” accessed March 2026. https://www.eu.vc/p/staffan-helgesson-founder-of-creandum↩↩↩↩↩↩↩↩↩

  2. Creandum website, homepage, accessed March 2026. https://creandum.com/↩↩

  3. The VC Corner, “How Creandum Won by Betting Early on Spotify, Klarna and Lovable,” accessed March 2026. https://www.thevccorner.com/p/how-creandum-built-2b-vc-fund-spotify-lovable↩↩↩↩↩↩↩↩

  4. Product Market Fit Tech, “Creandum (Lovable) has messaged you,” accessed March 2026. https://www.productmarketfit.tech/p/creandum-lovable-has-messaged-you↩↩↩↩↩

  5. Tech Funding News, “Spotify, Klarna-backer Creandum closes €500M fund to back up to 40 early-stage startups,” accessed March 2026. https://techfundingnews.com/spotify-klarna-backer-creandum-closes-e500m-fund-to-back-up-to-40-early-stage-startups/↩↩↩↩↩↩↩↩

  6. Tech.eu, “Six years, two continents, and four cities later, Creandum promotes Peter Specht to general partner,” September 2023, accessed March 2026. https://tech.eu/2023/09/07/creandum-promotes-peter-specht-to-general-partner/↩↩↩↩↩↩

  7. Creandum website, “Carl Fritjofsson — Creandum’s latest General Partner,” accessed March 2026. https://creandum.com/stories/carl-fritjofsson-creandums-latest-general-partner/↩↩

  8. TechCrunch, “Nordic VC Creandum Closes Its New €135M Fund Targeting 25-30 Seed To Series A Investments,” May 2013, accessed March 2026. https://techcrunch.com/2013/05/07/creandum/↩

  9. PitchBook, “Creandum IV closes on €180M,” accessed March 2026. https://pitchbook.com/newsletter/creandum-iv-closes-on-180m↩

  10. Cision/PR Newswire, “Creandum raises Creandum V, a EUR 265m venture fund,” June 2019, accessed March 2026. https://news.cision.com/creandum-v-general-partner-limited/r/creandum-raises-creandum-v–a-eur-265m-venture-fund-focusing-on-early-stage-opportunities-across-eur,c2845564↩

  11. EU-Startups, “Stockholm-based VC firm Creandum closes new €448 million fund to back EU founders at the earliest stages,” March 2022, accessed March 2026. https://www.eu-startups.com/2022/03/stockholm-based-vc-firm-creandum-closes-new-e448-million-fund-to-back-eu-founders-at-the-earliest-stages/↩

  12. Tech.eu, “Early-backers of unicorns including Klarna and Spotify, Creandum unleashes its newest fund at $500 million,” March 2022, accessed March 2026. https://tech.eu/2022/03/01/early-backers-of-unicorns-including-klarna-and-spotify-creandum-unleashes-its-newest-fund-at-500-million/↩↩↩↩↩↩

  13. Tech Funding News, “European VC that invested in Bolt, Spotify and Klarna just raised $500M to back startups of tomorrow,” 2022, accessed March 2026. https://techfundingnews.com/stockholm-investor-creandum-that-backs-many-european-unicorns-raises-500m/↩↩↩↩↩

  14. Maddyness UK, “Asking the right questions: A profile of Creandum,” March 2021, accessed March 2026. https://www.maddyness.com/uk/2021/03/01/asking-the-right-questions-a-profile-of-creandum/↩↩↩↩↩↩↩↩↩↩↩↩

  15. Sifted, “Brunch with Creandum’s Johan Brenner: ‘All partners have equal pay, equal bonuses and equal carry,’” accessed March 2026. https://sifted.eu/articles/brunch-creandum-johan-brenner↩↩↩↩↩

  16. VCSheet, “Creandum — VC Fund Breakdown,” accessed March 2026. https://www.vcsheet.com/fund/creandum↩

  17. Sifted, “Spotify-backer Creandum raises new $500m fund for seed and early-stage investments,” 2022, accessed March 2026. https://sifted.eu/articles/creandum-vc-500m-fund↩

  18. Tracxn, “Creandum — 2026 Investor Profile, Portfolio, Team & Investment Trends,” accessed March 2026. https://tracxn.com/d/venture-capital/creandum/__RT350Gv9s-g2zp6C7v5m7xy1M7GpV30U0ykxBB35zyo↩↩↩↩

  19. The Twenty Minute VC / DeepCast, “20VC: From Selling 75% of Trade Republic for €600K to Raising $1.3BN at a $5.3BN Valuation — Trade Republic CEO Christian Hecker and Creandum General Partner Johan Brenner,” accessed March 2026. https://deepcast.fm/episode/20vc-from-selling-75-of-trade-republic-for-600k-to-raising-13bn-at-a-53bn-valuation-the-biggest-fundraising-lessons-having-raised-13bn-from-the-best-in-the-world-trade-republic-ceo-christian-hecker-and-creandum-general-partner-johan-brenner↩↩↩↩

  20. The AI Opportunities, “Behind Staffan Helgesson: founder of Creandum, investor of Spotify, Lovable, Klarna, Bolt, Kahoot!,” accessed March 2026. https://www.theaiopportunities.com/p/behind-staffan-helgesson-founder↩

  21. Henrik Torstensson’s Weblog, “Northzone and Creandum invest in Spotify — confirmed,” October 2008, accessed March 2026. http://torstenssonsweblog.blogspot.com/2008/10/northzone-and-creandum-invests-in.html↩

  22. Unquote, “Creandum leads $3.1m investment in Small Giant,” 2014, accessed March 2026. https://www.unquote.com/nordics/official-record/72056/creandum-leads-usd31m-investment-in-small-giant↩

  23. Bloomberg, “Fund That Made 10,000% on Spotify Bets on Same for Kry, Neo,” August 2018, accessed March 2026. https://www.bloomberg.com/news/articles/2018-08-29/fund-that-made-10-000-on-spotify-has-hopes-for-same-in-kry-neo↩↩

  24. ArcticStartup, “Swedish VC firm Creandum led the $18.6M funding round of a Czech startup,” 2022, accessed March 2026. https://arcticstartup.com/creandum-led-better-stacks-e18-6m-round/↩

  25. Lindus Health, “Announcing our $18m Series A led by investors Creandum and with participation from Peter Thiel,” 2023, accessed March 2026. https://www.lindushealth.com/news/series-a-investment↩↩↩

  26. Codesphere, “Codesphere raises $18M led by Creandum,” 2024, accessed March 2026. https://codesphere.com/articles/series-a-press-release↩

  27. TechCrunch, “Sweden’s Lovable, an app-building AI platform, rakes in $15M after spectacular growth,” February 2025, accessed March 2026. https://techcrunch.com/2025/02/25/swedens-lovable-an-app-building-ai-platform-rakes-in-16m-after-spectacular-growth/↩↩

  28. Nordic 9 / nexos.ai, “nexos.ai Raises €30M Series,” accessed March 2026. https://nexos.ai/blog/nexos-funding-announcement/↩

  29. Nordic 9, “Superscale AI raised $5M in a pre-seed round led by Creandum,” accessed March 2026. https://nordic9.com/news/superscale-ai-raised-5m-in-a-pre-seed-round-led-by-creandum-with-participation-from-interface-and-s16vc/↩

  30. Nordic 9, “Spotify raises series A funding,” October 2008, accessed March 2026. https://nordic9.com/news/new-news-news6154549926/↩

  31. Yahoo Finance / Newswire, “Conduct Raises $60 Million Series A Round from Index, ICONIQ, and SAP,” June 17, 2026. Accessed June 2026. https://finance.yahoo.com/technology/ai/articles/conduct-raises-60-million-series-121500344.html — Confirms Creandum participated as existing investor in $60M Series A co-led by Index Ventures and ICONIQ; strategic SAP investment; Lucid Capital and Booom also participated. Founded 2026 by ex-Palantir executives Jan Philipp Haas (CEO), Philipp Hoefer, Henry Thompson. ↩

  32. TheNextWeb, “Conduct raises $60M Series A from Index, ICONIQ and SAP,” June 17, 2026. Accessed June 2026. https://thenextweb.com/news/conduct-60-million-series-a-index-iconiq-sap — Independent confirmation of $60M Series A; total funding ~$72M to date, implying Creandum was in earlier rounds (consistent with “existing investor” framing). ↩

  33. The SaaS News, “Conduct Raises $60M Series A,” June 17, 2026. Accessed June 2026. https://www.thesaasnews.com/news/conduct-raises-60m-series-a/ — Third independent confirmation listing Creandum as existing-investor participant. ↩

  34. TechCrunch, “The DeepMind trio who built a poker AI are now making money for quant hedge funds,” June 30, 2026. Accessed July 2026. https://techcrunch.com/2026/06/30/the-deepmind-trio-who-built-a-poker-ai-are-now-making-money-for-quant-hedge-funds/ — Confirms Creandum led Series A for EquiLibre Technologies (Prague), applying reinforcement learning to trading in partnership with Tower Research Capital. ↩

  35. Tech Funding News, “Prague’s EquiLibre raises Series A at $500M valuation to scale AI trading agents,” July 1, 2026. Accessed July 2026. https://techfundingnews.com/equilibre-series-a-500m-ai-trading-agents-creandum/ — Cameron Sellers (VP, Creandum) quoted: “This is the largest investment we have ever made… EquiLibre is doing what the best frontier labs do.” ↩

  36. EU-Startups, “EquiLibre secures Series A at €438 million valuation to scale AI trading agents handling billions daily,” July 1, 2026. Accessed July 2026. https://www.eu-startups.com/2026/07/equilibre-secures-series-a-at-e438-million-valutation-to-scale-ai-trading-agents-handling-billions-daily/ — Third independent confirmation of Creandum-led Series A at €438M valuation, backing DeepMind alumni Martin Schmid, Rudolf Kadlec, Matej Moravcik. ↩

  37. Forbes / Peter Cohan, “iZettle Lets Europe’s Mom-and-Pops Take Chip-Cards,” October 19, 2011. Accessed July 2026. https://www.forbes.com/sites/petercohan/2011/10/19/izettle-lets-europes-mom-and-pops-take-chip-cards/ — Confirms Series A of USD 11.2M led by Index Ventures with Creandum and angel Charles Dunstone (CEO/Co-founder of The Carphone Warehouse) participating; contemporaneous coverage with dateline of announcement. ↩

  38. EU-Startups, “iZettle secures €8.2 Million in a Series A round,” October 2011. Accessed July 2026. https://www.eu-startups.com/2011/10/izettle-secures-e8-2-million-in-a-series-a-round/ — Preserves original currency (€8.2M); confirms Series A led by Index Ventures with Creandum co-investing. ↩

  39. TechCrunch, “Europe’s Square iZettle Raises USD 11 Million For Mobile Payments Technology,” October 18, 2011. Accessed July 2026. https://techcrunch.com/?p=438 — Contemporaneous confirmation of €8.2M (USD 11.2M) Series A, Index Ventures lead, Creandum + Charles Dunstone co-investors. ↩

  40. Trade Republic Bank official press release (German PDF), “Pressemitteilung Series A DE FINAL,” dateline Berlin, July 16, 2019. Accessed July 2026. https://assets.traderepublic.com/assets/files/2019-07-16_Trade_Republic_Pressemitteilung_Series_A_DE_FINAL.pdf — Primary source in original German: “in einer Series A Runde mehr als zehn Millionen Euro eingesammelt hat. Die Finanzierungsrunde wird vom VC-Investor Creandum angeführt … Als Co-Investor beteiligt sich der auf Technologie-Startups spezialisierte Berliner Kapitalgeber Project A.” ↩

  41. FinSMEs, “Trade Republic Banks Raises €10M in Series A Funding,” August 2019. Accessed July 2026. https://www.finsmes.com/2019/08/trade-republic-bank-raises-e10m-in-series-a-funding.html — Independent trade-press confirmation of €10M Series A led by Creandum with Project A participating. ↩

  42. Creandum blog, Johan Brenner, “Trade Republic — The Last Five Years,” 2024. Accessed July 2026. https://creandum.com/stories/trade-republic-the-last-five-years/ — Investor-side primary source: Brenner (Creandum GP) confirms Creandum V led the Series A “five years ago this summer,” corroborating July 2019. ↩

  43. Creandum portfolio commitments page, “Lovable.” Accessed July 2026. https://creandum.com/commitments/lovable/ — Investor’s own record: “Pre-Series A, 25 February 2025, USD 15 million,” Fredrik Cassel named as Creandum Lead. ↩

  44. Cooley LLP (legal counsel to Lovable), “Lovable Announces USD 15 Million Pre-Series A,” February 25, 2025. Accessed July 2026. https://www.cooley.com/news/coverage/2025/2025-02-25-lovable-announces-15-million-pre-series-a — Confirms Pre-Series A, USD 15M, Creandum-led, with Visionaries Club and angels Charlie Songhurst, Adam D’Angelo, Thomas Wolf, Erik Bernhardsson. ↩

  45. Lovable blog, “Fundraise announcement,” February 25, 2025. Accessed July 2026. https://lovable.dev/blog/fundraise-series-a-announcement — Company’s own confirmation of USD 15M round led by Creandum, dated February 25, 2025 (URL slug uses “series-a” but coverage across TechCrunch and Cooley labels it Pre-Series A). ↩