VC Firm Northzone Raises $1B Fund for Fintech, Web3 Investments

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Camomile Shumba

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.

Follow @camomileshumba on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

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.