VC firm Creandum – an early backer of Depop – launches London office

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General Partner Fredrik Cassel told Standard he was created by founding talent for an “incredible” cross-sector startup currently being looked after in London.

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Swedish venture capital firm Crandum, an early backer of household names Spotify, Depop and Klarna, is opening a London office as its affiliates see a “more enthusiastic market than ever for great founders and talent” in the capital.

The fund already has offices in Stockholm, San Francisco and Berlin. Creandum’s global recruiting team and four of its investors, including Spotify-supporter Fredrik Cassel, will initially be based at Huckletree, a tech-focused workspace in SoHo. (The team plans to transition to its own office next year).

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Creandum – also a “first check” investor in fintech Tide and fast-grocery app Dija – has always had a small number of founders raise their first fundraisers. Castle told the Standard that he believed “we will get here more than ever” in London.

He said: “It is clear that there are more great founders, and there is a more enthusiastic market for talent than ever before. That is why we are building London a hub of talent and marketing with the investment team.

“London has always been good for fintech, but we are seeing incredible talent across the board, from digital health to SMEs. [small and medium enterprise] b2b [business-to-business] services, and all the way to helping consumers and businesses combat climate change.”

British startups are currently seeing record-high valuations, and they have the chance to be selective about their investors as money flows into the sector. Other venture firms — many traditionally late-stage investors — have also recently disclosed larger funds targeting early-stage companies.

Earlier this year, Gen Z’s favorite clothing app, DePop, was sold for $1.6 billion (£1.1 billion) after Crandum cashed out. US giant Gopuff has also recently landed Deeja.

Depop has been run by former Groupon executive Maria Raga since 2016, and Castle says it draws on the expertise of Raga and other successful investors to help guide the new group of founders of VC firm Crandum.

Raga said that Castle’s “support has been invaluable” in his journey.

Crandum’s London-based team will include UK principal, Uber veteran and angel investor Gemma Bloemann, formerly Berlin-based partner Peter Specht – backer of e-scooter company VoI – and Crandum’s Head of Talent, Michelle Coventry.

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