Northzone
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Northzone is a multi-stage venture capital firm founded in 1996, investing from seed to growth across Europe and the US.
Also known as Northzone Ventures
Investors · 4
Company profile
researched Aug 2026Northzone is a multi-stage venture capital fund founded in Oslo in 1996 that invests in technology companies from seed through to pre-IPO stages across Europe and the United States. The firm operates from offices in London, Berlin, New York, Amsterdam and Stockholm and describes itself as running a combined local and global ("glocal") model without a single headquarters; at the time of its 2022 fund announcement the team numbered 36 people across six countries, representing 16 nationalities. Northzone reports more than $3.1bn in assets under management, 13 funds raised, more than 250 investments, 18 unicorns backed and 14 portfolio IPOs.
Sector focus spans fintech, healthtech, SaaS, consumer internet, marketplaces and e-commerce, with AI applications a dominant theme in recent activity. In 2025 the firm backed companies in 14 countries and 17 cities across Europe, North America and the Middle East, including in San Francisco, Barcelona, Oslo, Prague and Freiburg. Named portfolio companies include Spotify, Klarna, iZettle, Trustpilot, Kahoot!, Catawiki, LastPass, Personio, Zopa, Forto, Tier, TrueLayer, Spring Health, Thirty Madison, Fubo, Kriya, Einride, Black Forest Labs, Genesis AI, CuspAI, Tandem Health, GC AI, Finom, Murphy, Lorum, Berry Street, Predoc, Clarium, Stream, Sona, CarOnSale, Flower, Blitzy and OpenFX.
Business model
Northzone raises institutional venture capital funds from limited partners and deploys them as equity investments in technology startups, generating returns through exits such as acquisitions and IPOs. Its tenth fund cycle, announced in 2022, earmarked a significant share of capital for growth-stage investments so the firm could act as a "full-stack" partner from seed to pre-IPO.
As a venture capital fund manager, Northzone earns returns from management of its funds and from equity stakes in portfolio companies realised through exits.
Traction
In 2025 Northzone recorded six portfolio M&A events (three portfolio companies acquired, three making acquisitions): Thirty Madison combined with Remedy, Fubo's acquisition by Disney was confirmed in November, and Kriya was acquired by Allica Bank, while TrueLayer acquired Zimpler, Stream acquired Zippen and Zopa acquired Rvvup. The firm participated in its largest seed round to date, a $105M round for Genesis AI, and saw CuspAI and Tandem Health raise $100M and $50M Series A rounds respectively. Portfolio company Klarna listed on the New York Stock Exchange in September 2025 at a $19bn market capitalisation, Black Forest Labs reached unicorn status 14 months after launch and was valued at $3.25bn, and Einride was described as having an IPO in the works for 2026.
Latest developments
In December 2025 Northzone published "Northzone Uncapped", a data review of its 2025 investment and portfolio activity, noting investments across 14 countries with AI, fintech and healthcare as its most active sectors and a follow-on Series B investment in Black Forest Labs that December. The firm also announced that firstminute capital's Sam Endacott was joining to lead early-stage AI investment, and a new partnership with Blitzy in enterprise autonomous software development.
▸Full profile — market position, go-to-market, geography, history
Market position
An established European venture firm with nearly three decades of history, $3.1bn+ in assets under management and an investment record that includes early backing of Spotify, Klarna, iZettle, Trustpilot and Kahoot!. It reports 14 portfolio IPOs and 18 unicorns backed.
Northzone positions itself around long-term founder partnerships and a multi-stage, cross-Atlantic model that lets it invest from seed to IPO. It cites an integrated platform team covering marketing, talent, finance and legal, and a network of more than 500 operators from companies including OpenAI, Anthropic and Stripe (more than 300 operators as of 2022). The firm also reports a 9.4/10 rating from its founders and states it has had gender equality in its investment team for several years.
Go-to-market
Technology founders and startups seeking venture capital from seed through growth and pre-IPO stages, primarily in Europe and the United States, across fintech, healthtech, SaaS, consumer and AI sectors.
Geography
Offices in London, Berlin, New York, Amsterdam and Stockholm, with roots in Oslo where the firm was founded. The 2022 fund announcement described a team operating across six countries with no single headquarters. Investment activity in 2025 covered 14 countries and 17 cities across Europe, North America and the Middle East.
History
Northzone was founded in Oslo in 1996 and raised its first fund of $8M in 1997. It opened a Stockholm office in 2003 and reached its first 50 investments in 2006. A London office followed in 2012 and a New York office in 2013, with the firm passing 100 investments in 2014. Berlin opened in 2017 and Amsterdam in 2019, and the firm passed 200 investments in 2021. In September 2022 it announced its largest fundraise to date, €1bn, at the outset of its tenth fund cycle. By the end of 2025 the firm said it was approaching its thirtieth year in venture capital.
Compiled by commissioned research from 5 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 10
launches, deals, and filingsfirstminute capital's Sam Endacott joined Northzone to lead early-stage AI investment.
Northzone announced a €1bn fund at the outset of its tenth fund cycle, to invest from seed to growth across Europe and the US in fintech, healthtech, SaaS and consumer, with a significant portion earmarked for growth-stage investments. The company's milestones page lists this as a $1.2bn raise.
$8M source ↗
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
▸Research sources · 5
primary sources listed
- About - Northzone multi-stage venture capital fundnorthzone.com · web
5 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Northzone do?
- Northzone is a multi-stage venture capital firm founded in 1996, investing from seed to growth across Europe and the US.
- Who are Northzone's investors?
- Northzone's investors include Peak, Tesi (Finnish Industry Investment Ltd), Battery Ventures, Northzone.