Founded in 1996 in Norway as one of the Nordics' first venture firms, later expanding across Europe and relocating its main hub to London. It rode the Nordic tech wave from dial-up era to Spotify.
Multi-stage: seed to growth, with a 2022 flagship fund of €1B; Nordic roots, pan-European and selectively US scope.
Consumer, fintech, SaaS, gaming, health
Spotify, Klarna, iZettle, Trustpilot, Kahoot!, Personio
Spotify direct listing (Northzone backed it from the 2008 Series A), iZettle ($2.2B to PayPal), Trustpilot IPO
Northzone led Spotify's Series A in 2008 when most investors thought licensed music streaming was commercially impossible.
| Company | Rounds | Invested |
|---|---|---|
| Forto Logistics | 2 rounds | $470M |
| Tier Mobility Mobility | 2 rounds | $450M |
| Hopin SaaS B2B | 1 round | $400M |
| Einride Logistics | 2 rounds | $310M |
| Black Forest Labs AI | 1 round | $300M |
| Black Forest Labs AI | 1 round | $300M |
| Zopa fintech | 1 round | $260.8M |
| Flink E-Commerce | 3 rounds | $212.8M |
| Blitzy DevTools | 1 round, 1 led | $200M |
| Wagestream Fintech | 2 rounds | $197M |
| Wallapop Marketplace | 1 round | $157M |
| XBOW Cybersecurity | 1 round, 1 led | $155M |
| Pollen Mobility | 1 round | $138.3M |
| FINOM Fintech | 1 round | $133.4M |
| Yonder Fintech | 3 rounds, 3 led | $105.5M |
| Personio HR Tech | 1 round | $103.6M |
| Holidu Consumer | 1 round | $100M |
| Homa Gaming | 1 round | $100M |
| TrueLayer Fintech | 2 rounds, 1 led | $95M |
| Stream Fintech | 1 round | $90M |
| CarOnSale Marketplace | 1 round, 1 led | $81.2M |
| Anyfin Fintech | 2 rounds, 1 led | $81M |
| Flower energy | 2 rounds, 2 led | $74.8M |
| Labster EdTech | 1 round | $60M |
| Tandem Health Healthtech | 2 rounds, 1 led | $59.5M |
| Magic ai_ml | 1 round | $52M |
| Katana SaaS B2B | 2 rounds, 1 led | $51.2M |
| Medwing HR Tech | 1 round | $47M |
| Sona HR Tech | 1 round | $45M |
| Mimo Fintech | 2 rounds, 2 led | $39.3M |
| Goals SaaS B2B | 2 rounds, 1 led | $35M |
| Predoc Healthtech | 1 round | $30M |
| CuspAI Climate | 1 round | $30M |
| Topline Pro SaaS B2B | 1 round, 1 led | $27M |
| spektr Fintech | 2 rounds, 1 led | $25.4M |
| Monumental Robotics | 1 round | $25M |
| Stockeld Dreamery FoodTech | 1 round, 1 led | $19.4M |
| Riff DevTools | 1 round, 1 led | $16.2M |
| Disperse AI | 1 round | $16M |
| Duvo SaaS B2B | 1 round | $15M |
| Defacto Fintech | 1 round, 1 led | $15M |
| Murphy AI | 1 round, 1 led | $15M |
| Reonic saas_b2b | 1 round, 1 led | $13.7M |
| AirForestry AgriTech | 1 round, 1 led | $11.1M |
| Solvimon Fintech | 1 round, 1 led | $9.7M |
| Fiberplane DevTools | 1 round | $8.8M |
| Brickanta PropTech | 1 round, 1 led | $8M |
| Kota InsurTech | 1 round | $5.4M |
| Tuza Fintech | 1 round | $5M |
| Seamflow SaaS B2B | 1 round, 1 led | $4.5M |
| Rayon PropTech | 1 round, 1 led | $4.3M |
| automaited SaaS B2B | 1 round | $4M |
| Microverse EdTech | 1 round | $3.9M |
| Statement Fintech | 1 round, 1 led | $1.9M |