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 Sep 15, 2022 at 3:57 p.m. UTC

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

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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Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

CoinDesk - Unknown

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.