Kreos Capital Group VII

Kreos provides growth debt — loans, not equity — to venture-backed companies. This means portfolio companies receive non-dilutive capital to extend runway between equity rounds or to fund acquisitions without giving up board seats. Kreos earns interest and typically takes warrants as upside participation, but the firm does not purchase equity stakes directly.

Kreos lends primarily to companies headquartered in Europe and Israel. The firm's offices in London, Stockholm, and Tel Aviv reflect its core geographic footprint, though transaction flow includes companies with pan-European operations or dual headquarters in the US when European ownership or material operations remain.

Kreos targets late venture to pre-IPO growth stages — companies that have validated revenue models and are either approaching breakeven or already cash-flow positive. The firm avoids seed-stage and early-stage venture debt where revenue visibility is limited, focusing instead on businesses with installed customer bases and repeatable sales motion.

Kreos's investment committee is led by founder and managing partner Mårten Vading alongside managing partner Raju Ruparelia. The partnership operates with institutional credit-committee discipline common to private-debt managers, evaluating each transaction on cash-flow coverage, enterprise value protection, and covenant structure.

Kreos operates exclusively as a direct lender to companies — it does not invest as a limited partner in venture capital funds. Its institutional investors provide capital to Kreos's own fund vehicles, which the firm then deploys directly into borrower companies through senior secured or unitranche loan structures.

Kreos Capital Group VII LP is the seventh flagship fund raised by the firm, continuing its strategy of providing growth debt to technology and healthcare companies. Fund VII invests alongside earlier vintages under the same mandate, with each prior fund having been substantially deployed through vintage-appropriate loan portfolios.

Kreos avoids heavy-asset industries including traditional manufacturing, real estate development, oil and gas, and commodity-driven businesses. Within technology, the firm generally avoids pre-revenue deep-tech and hardware companies with large capital-expenditure requirements, preferring capital-efficient software and service models with recurring revenue.