Northzone closes new $335m fund for European FinTech

Northzone, a Scandinavian VC firm that’s backed fintech startups including iZettle, MarketInvoice and Klarna, has raised €300m ($335m) for its new fund.

The firm also includes Spotify, Europe’s second-highest valued tech company at $8.5bn, among its portfolio.

Based in Stockholm Northzone says it will continue to invest in early-stage opportunities around Europe with particular interest in the fintech space.

It says the fund, which is its largest to date, was oversubscribed.

The successful close of its eighth fund highlights that while there is speculation around the health of the global early-stage investment market, LPs are still confident in established firm’s ability to deliver in the long term.

It also says the Brexit vote will not impact its interest in the UK market and the firm now has three partners based in London.

Among Northzone’s recent exits are Wallapop and Soundrop, which where both acquired this year and Tobii, which went public in Stockholm last April.

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