Northzone Ventures launches E100m tech fund

LGT Capital Partners, Argentum and Nordea Liv have contributed to a E48m first close for the Norwegian firm’s fourth technology fund.

Northzone Ventures, the Norwegian technology and IT investor, has held a first close on its fourth fund dedicated to early-stage companies in the Nordic Region.

 

The firm has raised E48m on the way to what it hopes will be a total of between E80m and E100m. The largest investors in the first closing of Northzone IV are Argentum Fondsinvesteringer, The Danish Growth Fund, LGT Capital Partners, Nordea Liv and Norwegian bank Gjensidige Nor.

 

Northzone has a team of ten people across its network of offices in Oslo, Stockholm and Copenhagen and will specifically focus on investments in these countries. The firm is currently invested in 20 Scandinavia technology companies, including NextGenTel, a telecoms service company in Norway which it backed in January 2002, and Envox, a Swedish-based communications software company which it invested in alongside EQVITEC Partners and Intel Capital in May.

 

Northzone Ventures partner Tellef Thorleifsson believes that the current markets will provide investors with tempting opportunities. “The weak capital markets we are now facing create a new set of opportunities. Northzone Ventures sees it as attractive to make selective early-stage investments within IT and telecoms.”