VC firm Northzone raises €1bn

In its largest fundraise ever, venture capital firm Northzone has raised a massive €1bn.

The firm now plans to use its tenth round of funds to invest in global consumer and enterprise companies across both the US and Europe.

Northzone will continue to focus on companies with “strong propositions”, it said, and leaders that have the “vision and conviction” to succeed on a global stage.

In line with the company’s long-term investment philosophy, it will focus on opportunities across all funding stages, from seed through to IPO.

“The tech, the talent and the growth trajectories are an order of magnitude greater than a decade ago,” Northzone partner Jessica Schultz said.

“Raising €1bn recognises the enormous ambition of European founders and the capital they need to create world-beating businesses.”

The European VC has an impressive portfolio with a number of fintechs, including Zopa,Klarna, Wagestream, Yonder and TrueLayer, and is looking to back the best tech companies of the next decade.

With an equal gender split in its investment team, Northzone emphasises the need to build diverse teams, both internally and in its portfolio companies.

Since launching its $500m Fund IX in 2019, the company has expanded its offer to founders, with new hires across sustainability, marketing, talent and business development. 

"Successful entrepreneurs come from many walks of life,” Northzone partner Michiel Kotting said.

“Our team here at Northzone reflects that, with a group that dares to think differently because of its diversity of thought and backgrounds. This has long been a driving force for our success and we look forward to adding the very best talent to our team and portfolio as we grow."