STOCKHOLM, Sweden, Feb. 6, 2007 (PRIME NEWSWIRE) -- Creandum, the Nordic early stage venture capital firm targeting innovative technology entrepreneurs, has attracted major European investors and will continue the successful investment strategy from its previous fund.
Creandum started its operations in 2003 with the establishment of Creandum I and has from the beginning focused on early stage technology start-ups in Sweden, Finland, Norway and Denmark. The ten investments that have been completed have given Creandum a reputation as the "Nordic Entrepreneurs behind Entrepreneurs." Today Creandum is the fastest growing independent partnership of its kind in the Nordic region. Creandum II will be invested in approximately 15 companies in the Nordic region.
"We are delighted that Creandum has succeeded in attracting so many respected international investors. Reaching our maximum fund size in a first close after just a few months of fundraising, shows that our performance in the Nordic market together with the track records of each of the members of the Creandum team, has been well recognized by our investors," says Staffan Helgesson, Managing Partner at Creandum.
Among the investors are the Sixth Swedish National Pension Fund and Skandia Liv who were the key investors in Creandum I. Cecilia Gross Friberger, Portfolio Manager Venture Capital at the Sixth Swedish National Pension Fund says: " We are a long term investor and we strongly believe that the Creandum team has the right capability to create high long-term returns through value creation in the portfolio companies and will therefore be one of the leading early stage technology teams in the Nordic region."
The European Investment Fund (EIF) is investing through the ETF Start-Up window of the European Commission program and Mr. Francis Carpenter, Chief Executive of EIF commented: "We are pleased that EIF has committed to Creandum II operating in the Nordic countries which have heavily invested in R&D. We are convinced that the Creandum team has all the ingredients to take advantage of this market opportunity, in an ever competing high-tech environment, and is well positioned to develop high tech innovations into attractive businesses."
"Creandum has a proven ability to select and develop technology of the future and start-ups with a substantial potential such as Edgeware and Norstel. We view Creandum as a leading Nordic early stage venture firm, and a coherent part of our Nordic strategy of building a portfolio of leading Nordic private equity firms within their fields," says Joachim Hoeegh-Krohn, CEO of Argentum.
Antti Kummu, Investment Director, Finnish Industry Investment says: "The Creandum fund is an excellent tool to raise the awareness of international investors to nurture start-ups into global markets."
Mannheimer Swartling acted as legal advisors for Creandum II.