Euro Summer at Creandum was quite busy. 4x 1b+ and 1x 10b+.
Yesterday, Rillet raised $100M at a $1B valuation, led by ICONIQ.
We co-led the seed with First Round Capital Round two years ago, when Nicolas and Stelios were making an argument almost nobody wanted to hear: that the general ledger, the least glamorous object in enterprise software, was worth rebuilding from scratch. ERP was supposed to be settled.
Moving to today: More than 600 customers. New ARR doubling quarter over quarter, then doubling again into this round. Around 40% of customers now sit outside tech and AI, which means this is a replacement for the system of record itself, not an AI-native niche. Mercor runs a business scaling past $2B in ARR with a finance team of three.
However, it has been a loud summer beyond Rillet here at Creandum - a Euro Summer we like;)
Lovable raised $400M at $13.3B, double its December valuation. OLIX raised $312M at $3.3B, the largest chip round Europe has seen, for silicon and optical networking built for AI inference. Fuse Energy crossed $5B in its third year, with roughly $400M of ARR, revenue up eightfold and cash flow positive. Augustus raised $180M at $1B led by Tiger Global, giving banks and fintechs outside the United States direct access to the dollar.
Five companies stepping up a level in a few weeks. Four billion-dollar businesses and one well past ten.
The credit belongs to the founders and their teams. Yet it’s fair to say: it’s been a good Summer and the Slack has been going wild ;)
Plenty still to come before the year is out. And if summer 2027 looks anything like this one, we will take it.
cc Peter Specht, Staffan Helgesson, Fredrik Cassel, Carl Fritjofsson, Johan Brenner, Katharina Wilhelm, Hanel Baveja, Jakob Stein, Sara Eadie, Ferdinand Dabitz, Alan Chang, James Dacombe, Anton Osika