Creandum exits 13th Lab to Oculus VR

The VC invested $700,000 in 13th Lab in June 2012 with capital drawn from its third fund, a €135m vehicle which held its final close in May 2013.

Since Creandum backed the firm, 13th Lab has invested in product development, particularly making use of mobile technology to produce 3D maps of the spaces around its users. It has also invested in new smartphone apps and demo products.

The deal marks Creandum’s second divestment in recent months, having exited Swedish video advertising company Videoplaza to US-based video streaming analytics company Ooyala in October.

Company
Headquartered in Stockholm and founded in 2010, 13th Lab produces software related to wearable technology and augmented reality. The company makes use of mobile phones to capture and constantly update 3D maps.

People
Fredrik Cassel is a general partner at Creandum. Petter Ivmark is co-founder of 13th Lab.

Advisers
Company - GP Bullhound (Corporate finance). 

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