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The company is looking to invest this money into new and emerging startup tech firms across Europe and the East Coast U.S.A., focusing primarily on Series A and B Rounds. With this new fund, the company will look to pursue opportunities that address large and established industries saddled with legacy technology
Fremont, CA: Venture Capital startup Northzone raised USD 500 million in its ninth round of funding dubbed as Northzone IX. The company will invest the money in early-stage tech firms in both Europe and the U.S. east coast, adding to a portfolio that includes the likes of Spotify, the music-streaming service, and the payments business Klarna. Founded in 1996, Northzone has funded over 150 startups till date. With this new round of funding, the company's total raised capital reaches USD 1.5 billion.
“We have always stood behind strong-minded founders with the ambition to think big and the conviction to build transformative businesses. This latest fund puts us in a strong position, together with our collective experience as investors, founders and operators, to back early-stage founders with the greatest potential,” said partner Jessica Schultz. “I think that’s where we have the benefit of history a little bit, as we’ve been in the business for 23 years now. We’ve seen a lot of the downturns from dot com boom to the financial crisis in 2008. And I think that also gives us a little bit of a perspective on the opportunities you get in the downturns and also the important areas to focus on during challenging market conditions. As Paul said, we think there will still be a lot of opportunities regardless of the economic cycles”.
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The company is looking to invest this money into new and emerging startup tech firms across Europe and the East Coast U.S.A., focusing primarily on Series A and B Rounds. With this new fund, the company will look to pursue opportunities that address large and established industries saddled with legacy technology, such as financial services, healthcare, education , mobility, and construction, in B2B as well as in consumer applications. Three funds have already been made using the new funds, namely Pollen (London), Spacemaker (Oslo), and Livepeer (N.Y.C.).
"The startup ecosystems beyond Silicon Valley have seen a step-change in recent years in quality, scale and an abundance of experienced founder and operator talent, along with deeper pockets of capital. There has never been a better time for tech entrepreneurs in Europe,” said partner Paul Murphy.
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