Venture-Capital Firm Northzone Raises $1B Fund for Fintech, Web3 Investments

Web3 is a "core sector" for the firm, one Northzone partner told the Block.

AccessTimeIconSep 13, 2022 at 9:13 a.m. UTC
Updated May 11, 2023 at 4:18 p.m. UTC

U.K. venture-capital firm Northzone has raised a 1 billion euro ($1.01 billion) fund to invest in innovative technology such as crypto, according to a press release on Tuesday.

  • The London-based firm will use the money to support crypto and fintech startups, the Block reported. Web3 is a "core sector" for the firm, Wendy Xiao Schadeck, a partner at Northzone, told the Block. Web3 refers to the third generation of internet services driven by blockchain technology.
  • This isn't the first time Northzone has looked to invest in crypto. In July 2021, Northzone led a $27 million funding round for Magic Numbers, an Ethereum-based authentication platform. Around the same time, the firm contributed to a $20 million funding round for Livepeer, a decentralized video transcoding platform also built on the Ethereum blockchain.
  • Northzone didn't immediately respond to request for further details.
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