Creandum and Northzone are two of the lynchpins of the Nordic investment scene and have been actively backing the region’s startups since the early 2000’s and mid 90’s respectively. Despite the increased number of investors in the region over the last couple of years, they both remain as active and as sought after as ever. As two of the most active VCs in the region, we thought it would be interesting to analyse who they’ve co-invested with most over the last couple of years to get a sense of who they like to work with and who likes to work with them.
* (Time period is January 1st 2014 – Friday 20th May 2016, please refer to the end for full methodology and disclaimers)
Who do Creandum and Northzone mainly co-invest with?
Where are the VC firms that Creandum and Northzone co-invest with located?
Interesting data points and observations
- Creandum have worked with 49 different investors, Northzone 59.
- Unsurprisingly, they have co-invested with each other on 3 occasions, which is the joint-most either has worked with another firm.
- Playraven, iZettle and Soundtrack Your Brand are their 3 co-investments together.
- Creandum have worked with Balderton Capital 3 times, while Northzone have not co-invested with them at all.
- Northzone have worked with Industrifonden 3 times, while Creandum have not co-invested with them at all.
- Other than each other, Index Ventures and Dawn Capital were the two firms that both have worked with on more than one occasion.
- The data suggests that neither have another VC firm that they particularly look to to co-invest regularly with.
- Creandum have worked with VC firms from 9 different countries, Northzone 13.
- 57.14% of the VC firms Creandum have co-invested with are from the UK or the US, 64.4% for Northzone, indicating that these 2 firms act as a good entry point into the Nordics for investors outside of the region.
- VC firms from the Nordics only represent 26.53% of Creandum’s co-investors and 22.03% of Northzone’s, this could be explained by the fact that have been a lack of regional funds investing at the stages Creandum and Northzone invest at (Median round sizes in 2015 were $10.9 million for Creandum and $6 million for Northzone.
- Interestingly, Creandum have worked with 4 France based VC’s to Northzone’s 0, which will be interesting to follow as French firms continue to heat up their interest in the Nordics (Idinvest and Partech have both publicly stated their intent)
- Finally, while combing through the data for this analysis, I noticed that so far in 2016 neither Creandum or Northzone have announced a new investment (not counting follow-ons) into a Nordic startup yet.
Methodology and disclaimers
- All data presented is from our own proprietary dataset
- The time period analysed is January 1st 2014- May 20th 2016
- Only investments into Nordic startups were included
- Only publicly announced investments were included
- Follow-on rounds were not included
- VC fund’s HQ’s were used as the location for the firm