Northzone pulls in $500m for oversubscribed Fund IX close

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Nordic investor Northzone has raised $500m for the final close of its latest early-stage venture capital fund, Northzone IX.

Northzone will use the fund to target early-stage consumer and enterprise companies located across Europe and East coast United States.

The firm typically invests across the financial services, healthcare, education, mobility and construction sectors.

Northzone IX will focus on series A and B rounds as well as select seed stage investments.

The VC has already tapped the fund to complete three investments so far, in Pollen, Spacemaker and Livepeer.

The firm pulled in €300m for the final close of its eighth fund in 2016, outdoing the €250m it gathered for Fund VII in late 2014.

Northzone partner Jessica Schultz said, “We have always stood behind strong-minded founders with the ambition to think big and the conviction to build transformative businesses.

“This latest fund puts us in a strong position, together with our collective experience as investors, founders and operators, to back early-stage founders with the greatest potential.”

The venture firm recently promoted CoHatchery founder Wendy Xiao Schadeck and Uncover co-founder Chris Steinau as principals and Henrik Grim to investment manager.

Earlier this year Northzone took part in a £26m Series B round for invoice finance platform MarketInvoice, alongside Barclays and the fintech venture capital fund of European bank Santander.

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