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.
Key facts
Recent exits
Coverage notes
6 funds tracked, 118 portfolio companies (88 active · 30 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
118 companiesFunds & portfolio
Every fund Northzone Ventures has raised, with its portfolio companies. Hand-checked from public filings.
Northzone XVC2023 · 3yr41 active
Unrealized
41 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Aerospace & Defence |  UK | 2026 | |
| ClimateTech |  Sweden | 2024 | |
| IT Services |  Germany | 2025 | |
| AI/ML | UK | 2025 | |
| HealthTech |  US | 2024 | |
| AI/ML | Germany | 2024 | |
| AI/ML | US | 2026 | |
| Construction | Sweden | 2026 | |
| Mobility | Germany | 2025 | |
| HealthTech | US | 2025 | |
| Deep Tech | UK | 2024 | |
| AI/ML | Czechia | 2025 | |
| Fintech | US | 2023 | |
| AI/ML | Sweden | 2025 | |
| Fintech |  Netherlands | 2024 | |
| ClimateTech | Sweden | 2024 | |
| LegalTech | US | 2025 | |
| AI/ML | US | 2025 | |
| SaaS | US | 2024 | |
| HealthTech | Turkey | 2023 | |
| HealthTech | US | 2023 | |
| AI/ML | US | 2025 | |
| HR Tech |  Ireland | 2023 | |
| AI/ML |  Switzerland | 2025 | |
| Fintech | United Arab Emirates | 2025 | |
| AI/ML | UK | 2026 | |
| Fintech | UK | 2024 | |
| Construction | Netherlands | 2023 | |
| Fintech | UK | 2025 | |
| HealthTech | US | 2024 | |
| E-commerce | UK | 2024 | |
| Fintech | US | 2025 | |
| HealthTech | US | 2025 | |
| Software |  France | 2023 | |
| DevTools | US | 2025 | |
| ClimateTech | Germany | 2024 | |
| AI/ML |  Norway | 2025 | |
| Fintech |  Denmark | 2024 | |
| HealthTech | Sweden | 2024 | |
| Cybersecurity | US | 2026 | |
| AI/ML | US | 2026 |
UK· Entry 2026Sweden· Entry 2024Germany· Entry 2025UK· Entry 2025US· Entry 2024Germany· Entry 2024US· Entry 2026Sweden· Entry 2026Germany· Entry 2025US· Entry 2025UK· Entry 2024US· Entry 2023Sweden· Entry 2025Netherlands· Entry 2024Sweden· Entry 2024US· Entry 2025US· Entry 2025US· Entry 2024US· Entry 2023US· Entry 2025Ireland· Entry 2023Switzerland· Entry 2025UK· Entry 2026UK· Entry 2024Netherlands· Entry 2023UK· Entry 2025US· Entry 2024UK· Entry 2024US· Entry 2025US· Entry 2025France· Entry 2023US· Entry 2025Germany· Entry 2024Norway· Entry 2025Denmark· Entry 2024Sweden· Entry 2024US· Entry 2026US· Entry 2026Northzone IXVC2021 · 5yr€1.0B19 active · 2 realized
Unrealized
19 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Deep Tech | US | 2021 | |
| InsurTech | France | 2022 | |
| Fintech | France | 2022 | |
| Mobility | Sweden | 2021 | |
| DevTools | Netherlands | 2021 | |
| E-commerce | Germany | 2021 | |
| Gaming | Sweden | 2022 | |
| Gaming | US | 2021 | |
| Consumer | Germany | 2022 | |
| Gaming | France | 2021 | |
| HealthTech |  Spain | 2022 | |
| FoodTech | France | 2022 | |
| SaaS | Estonia | 2022 | |
| Cybersecurity | US | 2021 | |
| EdTech | US | 2021 | |
| Cybersecurity | US | 2022 | |
| HR Tech | Germany | 2021 | |
| HR Tech | UK | 2022 | |
| Fintech | UK | 2022 |
US· Entry 2021France· Entry 2022France· Entry 2022Sweden· Entry 2021Netherlands· Entry 2021Germany· Entry 2021Sweden· Entry 2022US· Entry 2021Germany· Entry 2022France· Entry 2021Spain· Entry 2022France· Entry 2022US· Entry 2021US· Entry 2021US· Entry 2022Germany· Entry 2021UK· Entry 2022UK· Entry 2022Realized
2 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| FoodTech | Sweden | 2021 | 2025 | Trade Sale | – | ||
| Cybersecurity | US | 2022 | 2026 | Trade Sale | – |
Northzone VIIIVCHarvesting2019 · 7yr6 active · 1 realized
Unrealized
6 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| SaaS | US | 2020 | |
| SaaS | UK | 2020 | |
| Cloud Infrastructure | US | 2019 | |
| HR Tech | Germany | 2019 | |
| Fintech | UK | 2020 | |
| HealthTech | US | 2020 |
Northzone VIIVCHarvesting2016 · 10yr13 active · 4 realized
Unrealized
13 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Fintech | Sweden | 2018 | |
| Fintech | Germany | 2018 | |
| Mobility | Germany | 2016 | |
| Logistics | Germany | 2017 | |
| Data & Analytics |  Finland | 2017 | |
| Gaming | Germany | 2018 | |
| EdTech | Denmark | 2017 | |
| E-commerce | Sweden | 2017 | |
| PropTech | UK | 2018 | |
| SaaS | Spain | 2018 | |
| Mobility | Germany | 2018 | |
| Fintech | UK | 2018 | |
| Fintech | UK | 2017 |
Sweden· Entry 2018Germany· Entry 2018Germany· Entry 2016Germany· Entry 2017Finland· Entry 2017Germany· Entry 2018Denmark· Entry 2017Sweden· Entry 2017UK· Entry 2018Spain· Entry 2018Germany· Entry 2018UK· Entry 2018UK· Entry 2017Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| HealthTech | Netherlands | 2017 | 2022 | Trade Sale | – | ||
| TMT | US | 2017 | 2020 | IPO | – | – | |
| EdTech | Norway | 2017 | 2019 | IPO | – | – | |
| HealthTech | US | 2018 | 2025 | Trade Sale | – |
Northzone VIVCHarvesting2013 · 13yr9 active · 4 realized
Unrealized
9 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| E-commerce | Netherlands | 2015 | |
| Fintech | Germany | 2015 | |
| Consumer | Sweden | 2015 | |
| E-commerce | Sweden | 2014 | |
| E-commerce | Sweden | 2014 | |
| E-commerce | Sweden | 2015 | |
| E-commerce | Germany | 2013 | |
| Fintech | Sweden | 2014 | |
| E-commerce | Spain | 2015 |
Netherlands· Entry 2015Germany· Entry 2015Sweden· Entry 2015Sweden· Entry 2014Sweden· Entry 2014Sweden· Entry 2015Germany· Entry 2013Sweden· Entry 2014Spain· Entry 2015Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Cybersecurity | Sweden | 2013 | 2022 | Trade Sale | – | ||
| Gaming | US | 2014 | 2020 | Trade Sale | – | ||
| Fintech | Sweden | 2015 | 2025 | IPO | – | – | |
| Fintech | UK | 2014 | 2025 | Trade Sale | – |
Northzone (early funds)VCRealized1996 · 30yr0 active · 19 realized
Realized
19 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Industrials | Denmark | 2005 | 2013 | IPO | – | – | |
| E-commerce | Russia | 2010 | 2015 | Trade Sale | – | ||
| Deep Tech | Norway | 2010 | 2013 | Trade Sale | – | ||
| Software | Sweden | 2007 | 2010 | Trade Sale | – | ||
| Gaming | Norway | 2003 | 2012 | Secondary | – | – | |
| Fintech | Sweden | 2012 | 2018 | Trade Sale | – | ||
| AI/ML | US | 2003 | 2014 | Trade Sale | – | ||
| E-commerce | UK | 1998 | 2000 | IPO | – | – | |
| Software | Norway | 1998 | 2011 | Trade Sale | – | ||
| Deep Tech | Denmark | 2004 | 2013 | IPO | – | – | |
| Telecom | Norway | 2000 | 2006 | Trade Sale | – | ||
| Cloud Infrastructure | US | 2006 | 2010 | Trade Sale | – | ||
| E-commerce | Sweden | 2003 | 2004 | Trade Sale | – | ||
| DevTools | Finland | 2000 | 2006 | IPO | – | – | |
| Deep Tech | Sweden | 2008 | 2015 | Trade Sale | |||
| TMT | Sweden | 2008 | 2018 | IPO | – | – | |
| Deep Tech | Sweden | 2009 | 2015 | IPO | – | – | |
| SaaS | Denmark | 2012 | 2021 | IPO | – | – | |
| Fintech | Sweden | 2012 | 2018 | Trade Sale | – |
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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. Detailed buyer names and multiple data available on Pro at €29/month.
Portfolio platforms backed by Northzone Ventures made 12 researched add-on acquisitions during its ownership. See the roll-up tracker
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