Unquote

Northzone holds €300m final close

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Nordic venture capital firm Northzone has held a final close for its latest fund, Northzone VIII, on its €300m target.

The figure is 20% higher than the amount raised by the fund's predecessor, which held a final close on €250m in December 2014.

In a statement, the VC said fundraising for its latest vehicle was its fastest to date, adding that the fund was oversubscribed.

Ahead of the final close, Northzone had appointed two new partners – Michiel Kotting, who joined from Accel Partners, and Jessica Nilsson, who was promoted form within.

Investors
Northzone VIII received commitments from new and existing institutional investors. The VC's previous vehicle was backed by LPs including Argentum, Skandia, BnP Paribas and Swedish pension funds SEB Pension, Sjätte AP Fonden (AP6), and AP3.

Investments
As with previous funds, Northzone VIII will focus on early-stage investments across Europe.

The Nordic region has historically been Northzone's favoured market, accounting for 82% of the firm's deals, according to unquote" data. The UK is its next biggest market, accounting for 11% of dealflow.

Recent investments by Northzone include a €4m series-A round for Finnish e-invoicing business Zervant and an Octopus Ventures-led $22m funding round for Berlin-based shopping service startup Outfittery.

People
Northzone – Hans Otterling, Jeppe Zink, Jessica Nilsson (partners).

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