Spotify Backer Northzone Raising New $272M Fund For Startups With “Nordic DNA”, $204M Secured So Far


Northzone, the Scandinavian VC that was an early backer of music streaming service Spotify and other notable startups out of the region, today announced that it is raising a new, €200 million ($272 million) fund, which it will use to invest in more startups with “Nordic DNA”. It says that €150 million ($204 million) has been secured so far.

Northzone VII is the VC’s biggest yet. That is a measure not just of Northzone’s own track record, but also of the growing interest among investors to tap into more startups outside of their traditional heartland of Silicon Valley, which is overcrowded not just with companies but also sharp-elbowed VCs jockeying for pole position to fund them.

In many cases, that will mean Northzone will be focusing on founders building companies in countries like Sweden, Norway, Finland and Denmark; but it can also mean startups in cities like London that…

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