Northzone Ventures
Pan-European/US multi-stage venture capital firm founded 1996 (Oslo), investing seed to growth ($1M-$50M checks); early backer of Spotify, Klarna, iZettle/Zettle and Avito. AUM stated $3.1bn+; 13 funds raised.
Northzone Ventures is a Stockholm venture capital firm with €2.9B AUM, 88 active companies and 30 exits.
- ·9 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 30 realized deals: 6 years.
- ·Best return: 1.4x MOIC on Silex Microsystems (2015).
- ·Fund cadence: ~5Y between vintages · last raise 2023.
Sector breakdown
118 companiesGeography breakdown
17 geographiesKey facts
Recent exits
Northzone Ventures sold Sunscreen to Fhenix in 2026 after 4 years.
Northzone Ventures sold Stockeld Dreamery to Bettani in 2025 after 4 years.
Northzone Ventures sold Disperse to OpenSpace in 2025 after 6 years.
Northzone Ventures sold Thirty Madison to Remedy Meds in 2025 after 7 years.
Coverage notes
6 funds tracked, 118 portfolio companies (88 active · 30 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Northzone Ventures has raised, with its portfolio companies. Hand-checked from public filings.
Northzone XVC202341 assetsVC2023 · 3yr–41–
Unrealized
41 held| Company | Entry |
|---|---|
| Agon Aerospace & Defence · UK | 2026 |
| AirForestry ClimateTech · Sweden | 2024 |
| Alphora IT Services · Germany | 2025 |
| Axon AI/ML · UK | 2025 |
| Berry Street HealthTech · US | 2024 |
| Black Forest Labs AI/ML · Germany | 2024 |
| Blitzy AI/ML · US | 2026 |
| Brickanta Construction · Sweden | 2026 |
| CarOnSale Mobility · Germany | 2025 |
| Clarium HealthTech · US | 2025 |
| CuspAI Deep Tech · UK | 2024 |
| Duvo.ai AI/ML · Czechia | 2025 |
| Era Fintech · US | 2023 |
| Filed AI/ML · Sweden | 2025 |
| Finom Fintech · Netherlands | 2024 |
| Flower ClimateTech · Sweden | 2024 |
| GC AI LegalTech · US | 2025 |
| Genesis AI AI/ML · US | 2025 |
| GovDash SaaS · US | 2024 |
| Heltia HealthTech · Turkey | 2023 |
| Hero Journey Club HealthTech · US | 2023 |
| Iconic AI/ML · US | 2025 |
| Kota HR Tech · Ireland | 2023 |
| LogicStar AI/ML · Switzerland | 2025 |
| Lorum Fintech · United Arab Emirates | 2025 |
| MicroAGI AI/ML · UK | 2026 |
| Mimo Fintech · UK | 2024 |
| Monumental Construction · Netherlands | 2023 |
| Murphy Fintech · UK | 2025 |
| Nirvana HealthTech · US | 2024 |
| Nivoda E-commerce · UK | 2024 |
| OpenFX Fintech · US | 2025 |
| Predoc HealthTech · US | 2025 |
| Rayon SaaS · France | 2023 |
| Recall Labs DevTools · US | 2025 |
| Reonic ClimateTech · Germany | 2024 |
| Riff AI/ML · Norway | 2025 |
| Spektr Fintech · Denmark | 2024 |
| Tandem Health HealthTech · Sweden | 2024 |
| Xbow Cybersecurity · US | 2026 |
| Yope AI/ML · US | 2026 |
Northzone IXVC2021€1.0B19 assets2 exitsVC2021 · 5yr€1.0B192
Unrealized
19 held| Company | Entry |
|---|---|
| Bedrock Deep Tech · US | 2021 |
| Dalma InsurTech · France | 2022 |
| Defacto Fintech · France | 2022 |
| Einride Mobility · Sweden | 2021 |
| Fiberplane DevTools · Netherlands | 2021 |
| Flink E-commerce · Germany | 2021 |
| Goals Gaming · Sweden | 2022 |
| Hidden Door Gaming · US | 2021 |
| Holidu Hospitality · Germany | 2022 |
| Homa Games Gaming · France | 2021 |
| Idoven HealthTech · Spain | 2022 |
| Jow FoodTech · France | 2022 |
| Katana SaaS · Estonia | 2022 |
| Magic Labs Cybersecurity · US | 2021 |
| Microverse EdTech · US | 2021 |
| OpenZeppelin Cybersecurity · US | 2022 |
| Personio HR Tech · Germany | 2021 |
| Ravio HR Tech · UK | 2022 |
| Yonder Fintech · UK | 2022 |
Realized
2 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Stockeld Dreamery FoodTech · Sweden | 2021 | 2025 | Trade Sale | Bettani | – |
| Sunscreen Cybersecurity · US | 2022 | 2026 | Trade Sale | Fhenix | – |
Northzone VIIIHarvestingVC20196 assets1 exitsVC2019 · 7yr–61
Northzone VIIHarvestingVC201613 assets4 exitsVC2016 · 10yr–134
Unrealized
13 held| Company | Entry |
|---|---|
| Anyfin Fintech · Sweden | 2018 |
| Bunch Fintech · Germany | 2018 |
| Distribusion Mobility · Germany | 2016 |
| Forto Logistics · Germany | 2017 |
| HappyOrNot Data & Analytics · Finland | 2017 |
| Klang Gaming · Germany | 2018 |
| Labster EdTech · Denmark | 2017 |
| Na-kd E-commerce · Sweden | 2017 |
| Nested PropTech · UK | 2018 |
| Red Points SaaS · Spain | 2018 |
| TIER Mobility · Germany | 2018 |
| TrueLayer Fintech · UK | 2018 |
| Zopa Fintech · UK | 2017 |
Realized
4 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Aidence HealthTech · Netherlands | 2017 | 2022 | Trade Sale | RadNet | – |
| FuboTV TMT · US | 2017 | 2020 | IPO | – | – |
| Kahoot! EdTech · Norway | 2017 | 2019 | IPO | – | – |
| Thirty Madison HealthTech · US | 2018 | 2025 | Trade Sale | Remedy Meds | – |
Northzone VIHarvestingVC20139 assets4 exitsVC2013 · 13yr–94
Unrealized
9 heldRealized
4 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Behaviosec Cybersecurity · Sweden | 2013 | 2022 | Trade Sale | LexisNexis Risk Solutions | – |
| Dots Gaming · US | 2014 | 2020 | Trade Sale | Take-Two Interactive | – |
| Klarna Fintech · Sweden | 2015 | 2025 | IPO | – | – |
| Kriya Fintech · UK | 2014 | 2025 | Trade Sale | Allica Bank | – |
Northzone (early funds)RealizedVC19960 assets19 exitsVC1996 · 30yr–019
Realized
19 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Asetek Industrials · Denmark | 2005 | 2013 | IPO | – | – |
| Avito E-commerce · Russia | 2010 | 2015 | Trade Sale | Naspers | – |
| Energy Micro Deep Tech · Norway | 2010 | 2013 | Trade Sale | Silicon Labs | – |
| EpiServer SaaS · Sweden | 2007 | 2010 | Trade Sale | IK Investment Partners | – |
| Funcom Gaming · Norway | 2003 | 2012 | Secondary | – | – |
| iZettle Fintech · Sweden | 2012 | 2018 | Trade Sale | PayPal | – |
| Jasper AI/ML · US | 2003 | 2014 | Trade Sale | Cadence Design Systems | – |
| Lastminute.com E-commerce · UK | 1998 | 2000 | IPO | – | – |
| Mamut SaaS · Norway | 1998 | 2011 | Trade Sale | Visma | – |
| Napatech Deep Tech · Denmark | 2004 | 2013 | IPO | – | – |
| NextGenTel Telecom · Norway | 2000 | 2006 | Trade Sale | TeliaSonera | – |
| Nimsoft Cloud Infrastructure · US | 2006 | 2010 | Trade Sale | CA Technologies | – |
| PriceRunner E-commerce · Sweden | 2003 | 2004 | Trade Sale | ValueClick | – |
| Qt DevTools · Finland | 2000 | 2006 | IPO | – | – |
| Silex Microsystems Deep Tech · Sweden | 2008 | 2015 | Trade Sale | GAE Ltd | 1.4x |
| Spotify TMT · Sweden | 2008 | 2018 | IPO | – | – |
| Tobii Deep Tech · Sweden | 2009 | 2015 | IPO | – | – |
| Trustpilot TMT · Denmark | 2012 | 2021 | IPO | – | – |
| Zettle Fintech · Sweden | 2012 | 2018 | Trade Sale | PayPal | – |
About Northzone Ventures
Northzone Ventures is one of Europe's longest-running multi-stage venture capital firms with approximately $3 billion of cumulative assets under management as of December 2024 (Fund X closed at $1 billion in September 2022, double Fund IX), headquartered in Stockholm with offices in London, New York, Berlin and Amsterdam. The firm was founded in 1996 in the Nordics and operates as a partner-owned multi-stage VC. Northzone has built nearly 30 years of track record backing category-defining champions including Spotify, Klarna and Trustpilot.
Investment thesis
Northzone deploys capital through approximately 10 successor funds (Fund I 1996 through Fund X 2022), targeting multi-stage venture investments from Seed to Growth backing 'category creators' with platform support beyond capital. Sector focus spans fintech, AI and ML, healthcare tech, consumer tech, SaaS, cybersecurity, HR tech and e-commerce. Geographic deployment is anchored in Europe core plus North America and Middle East, with active deal flow across 14 countries and 17 cities in 2025.
Recent activity
Recent realised exits include fintech IPO (2025), live-streaming trade sale (2025), healthcare tech merger (2025) and business-banking trade sale (2025). Recent acquisitions include Tandem Health (healthcare AI, 2025), GC.AI (legal tech, 2025), Blitzy (enterprise software, 2025), Xbow (cybersecurity, 2025) and Black Forest Labs (generative AI). The platform continues active multi-stage deployment of Fund X.
Portfolio platforms backed by Northzone Ventures made 12 researched add-on acquisitions during its ownership.
Frequently asked questions
- What investment strategy does Northzone Ventures focus on?
- Northzone Ventures focuses on VC strategies in the private equity space.
- How many portfolio companies does Northzone Ventures have?
- Northzone Ventures has 88 active portfolio companies and 30 completed exits and 6 funds tracked on GP Intel.
- Where is Northzone Ventures headquartered?
- Northzone Ventures is headquartered in Stockholm, Sweden.
- What is Northzone Ventures's assets under management?
- Northzone Ventures manages approximately €2.9B in assets under management.
- When was Northzone Ventures founded?
- Northzone Ventures was founded in 1996.
- What sectors does Northzone Ventures invest in?
- Northzone Ventures invests across TMT, Software, Financials.
- What are Northzone Ventures's recent exits?
- Recent realized exits by Northzone Ventures include: Sunscreen (2026) to Fhenix; Stockeld Dreamery (2025) to Bettani; Disperse (2025) to OpenSpace; Thirty Madison (2025) to Remedy Meds; Kriya (2025) to Allica Bank; Aidence (2022) to RadNet; Behaviosec (2022) to LexisNexis Risk Solutions; Dots (2020) to Take-Two Interactive.
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