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.
  • This is not 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 company contributed to a $20 million funding round for Livepeer, a decentralized video transcoding platform built on Ethereum.
  • Northzone did not immediately respond to CoinDesk's request for further details.