Northzone Ventures, the Norwegian venture capital firm specialising in early stage Nordic IT and telecom start-ups, has held a second close on Northzone IV K/S. The closing increases the fund by €23 million, taking its resources to a total of €70 million.
The fund has been backed by Nordic and international institutional investors. Access Capital Partners (France) and Swiss Re (Switzerland) were the main new investors to commit prior to the second closing. They join existing investors Argentum Fondsinvesteringer (Norway), Gjensidige Nor (Norway) and LGT Capital Partners (Switzerland), which last year committed to a first close total of €48 million.
The fund has a final close target of between €80 million and €100 million. “We are particularly pleased that we have been able to attract interest from large international investors who are committed to building long lasting relationships with top tier VC management teams,” said Tellef Thorleifsson, one of the firm's founding partners, in a statement.
Northzone Ventures, the management company, was established in 1996. It has a team of 10 people and offices in Oslo, Stockholm and Copenhagen.
Northzone is actively engaged in about 20 Scandinavian technology companies. It has invested in early stage businesses including Envox, Lastminute.com, Mamut, Nextgentel, Stepstone and Trolltech.