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We thought we had only built a brick-for-brick company, but after we met Fredrik we understood there were other quicker ways to build a company for a bigger play.

Disrupting massive industries

Company Focus: Xeneta
Founded
2012
Creandum Invested
2014
CEO
Patrik Berglund
Creandum Partner
Fredrik Cassel
Disrupting massive industries

Thomas Sørbø, founder and COO: So how did we meet Creandum? I think we must have me met Martin Hauge at MESH in Autumn 2012, who then introduced us to Fredrik [Cassel].

Patrik Berglund, founder and CEO: At the time we had only raised a very small round of financing by this one guy who gave us like NOK 100k without asking for any documentation or anything. We really knew nothing about fundraising back [when we first met Creandum]. We thought we had only built a brick-for-brick company, but after we met Fredrik we understood there were other, quicker ways to build a company for a bigger play

We had always been quick at bringing our product to market at a very immature phase. Almost simultaneously as we put something online, we would sell it to customers. That also means it was really horrible quality. We had maybe two months of development when we first started putting in the first companies… and that was two months of just spare time development.

Thomas: We didn’t know anything about fundraising, so here came this VC that had these crazy thoughts that we could raise capital, and we didn’t believe them.

Patrik: Because the product was very immature and early stage.

There was no real data that would have justified the investment really… there were some proof points you could lean on and then take a bet on the people.

Thomas: Since then, Creandum has been with us for the last three years, has supported us in the last fundraising and has had a board seat through all these years. They’ve seen us go through challenging times and they’ve seen us go through great times. They’ve been always very positive and supportive...

Patrik: And bullish. About the potential of the company and what we can accomplish.

They’ve been an investor that’s been very clear about chasing the bigger picture, and not being satisfied with something less. "Go for the end game and chase that."

And thinking about that, I dont think we’ve ever had a board meeting where Fredrik hasn’t made it a point to give positive vibes back.

Which is good, because you drown in this world, right? You only get a taste of the good stuff, and then you really get dragged down by all the bad things. But he’s been really supportive in that manner as well, like really giving us that mental backing that things are going well.

I think is incredibly valuable because it's an emotional rollercoaster. Having someone external trust that it’s going to work out is increibly valuable.

And trust is a big thing that they’ve instilled in us. They’ve literally trusted us to do the optimal things for the business, which makes complete sense since [shipping] is not the ususal industry they would typically invest in. So it takes a lot of trust, consciously, from their end. It's something we as entrepreneurs and founders appreciate.

Thomas: I think they’ve seen we push ourselves to the limits. But its been more of the “Backing" during these years: that we actually know where we should go, and they help us with the perspective.

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