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The Venture Codex

Northzone

Elsley Court 1st Floor, 20-22 Great Titchfield Street, London, Greater London, W1W 8BE, United Kingdom

Overview

Multi-stage venture capital fund investing in diverse industries.

Founded

1996

Deals ยท 12mo

20

Links

WebsiteLinkedInX (Twitter)

Stage focus

Seed
Series A

Geographic focus

Denmark
Germany
Sweden
United Kingdom
...

Sector focus

Business Development
Finance
FinTech
Venture Capital

Investment portfolio

248rounds
NAMEDATESIZE
Rayon
Sep 2026Participated
$11 MSeries A
Tandem Health
Sep 2026Participated
$100 MSeries B
Agon
Jul 2026Participated
$30 MSeed
CuspAI
Jul 2026Participated
$450 MSeries B
MicroAGI
Jul 2026Participated
$55 MSeed
Blitzy
May 2026Led
$200 MOther Equity
spektr
Apr 2026Participated
$20 MSeries A
Sona
Apr 2026Participated
$45 MSeries B
OpenFX
Mar 2026Participated
$94 MSeries A
XBOW
Mar 2026Led
$120 MSeries C
SolveAI
Feb 2026Participated
$50 MSeries A
AirForestry
Feb 2026Led
$3 MSeries A
Rayon
Sep 2026Participated
$11 MSeries A
Tandem Health
Sep 2026Participated
$100 MSeries B
Agon
Jul 2026Participated
$30 MSeed
CuspAI
Jul 2026Participated
$450 MSeries B
MicroAGI
Jul 2026Participated
$55 MSeed
Blitzy
May 2026Led
$200 MOther Equity
spektr
Apr 2026Participated
$20 MSeries A
Sona
Apr 2026Participated
$45 MSeries B
OpenFX
Mar 2026Participated
$94 MSeries A
XBOW
Mar 2026Led
$120 MSeries C
SolveAI
Feb 2026Participated
$50 MSeries A
AirForestry
Feb 2026Led
$3 MSeries A
248
Items
...
Browse all public portfolio deals

Insights

Time horizon

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Deal Distribution

Northzone: 248 funding rounds are recorded in the selected participation categories.All available history.
Northzone: 248 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed2023
Series A3729
Series B1224
Series C+530
Other Equity2340
Debt32

Monthly Deal Activity

Northzone: 248 deals are recorded across 217 months.All available history.
Northzone: 248 deals are recorded across 217 months. All available history
MonthDeals
Oct '081
Nov '080
Dec '080
Jan '090
Feb '090
Mar '090
Apr '090
May '090
Jun '090
Jul '090
Aug '090
Sep '090
Oct '090
Nov '090
Dec '090
Jan '100
Feb '100
Mar '102
Apr '101
May '100
Jun '100
Jul '100
Aug '100
Sep '100
Oct '100
Nov '100
Dec '100
Jan '111
Feb '110
Mar '110
Apr '110
May '110
Jun '110
Jul '110
Aug '110
Sep '110
Oct '110
Nov '111
Dec '110
Jan '121
Feb '121
Mar '121
Apr '120
May '121
Jun '122
Jul '121
Aug '120
Sep '120
Oct '120
Nov '120
Dec '121
Jan '130
Feb '130
Mar '130
Apr '131
May '130
Jun '130
Jul '131
Aug '130
Sep '131
Oct '130
Nov '130
Dec '130
Jan '141
Feb '142
Mar '140
Apr '141
May '142
Jun '141
Jul '142
Aug '140
Sep '140
Oct '140
Nov '143
Dec '144
Jan '151
Feb '150
Mar '151
Apr '152
May '151
Jun '151
Jul '151
Aug '154
Sep '152
Oct '150
Nov '150
Dec '151
Jan '160
Feb '161
Mar '161
Apr '160
May '161
Jun '160
Jul '162
Aug '162
Sep '160
Oct '160
Nov '160
Dec '160
Jan '173
Feb '171
Mar '171
Apr '172
May '171
Jun '173
Jul '171
Aug '171
Sep '172
Oct '171
Nov '170
Dec '172
Jan '182
Feb '182
Mar '182
Apr '183
May '180
Jun '180
Jul '183
Aug '180
Sep '180
Oct '182
Nov '182
Dec '180
Jan '192
Feb '191
Mar '191
Apr '192
May '194
Jun '194
Jul '191
Aug '191
Sep '191
Oct '194
Nov '190
Dec '190
Jan '202
Feb '201
Mar '200
Apr '200
May '202
Jun '202
Jul '201
Aug '202
Sep '203
Oct '201
Nov '206
Dec '200
Jan '211
Feb '211
Mar '213
Apr '211
May '211
Jun '213
Jul '212
Aug '211
Sep '214
Oct '215
Nov '212
Dec '210
Jan '221
Feb '221
Mar '222
Apr '224
May '220
Jun '224
Jul '221
Aug '221
Sep '222
Oct '224
Nov '221
Dec '221
Jan '231
Feb '230
Mar '231
Apr '233
May '231
Jun '231
Jul '232
Aug '230
Sep '231
Oct '231
Nov '234
Dec '230
Jan '240
Feb '244
Mar '240
Apr '244
May '242
Jun '242
Jul '241
Aug '240
Sep '244
Oct '240
Nov '242
Dec '240
Jan '250
Feb '254
Mar '252
Apr '251
May '253
Jun '252
Jul '253
Aug '251
Sep '252
Oct '252
Nov '250
Dec '253
Jan '263
Feb '263
Mar '262
Apr '262
May '261
Jun '260
Jul '263
Aug '260
Sep '262
Oct '260

Sector Breakdown

Northzone: Enterprise Software is the largest displayed sector by deal count (76 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

Northzone: Enterprise Software is the largest displayed sector by deal count (76 deals). All available history
SectorDeals
Enterprise Software76
Fintech60
Networks, Cloud & Communication54
AI & Machine Learning45
E-Commerce & Retail44
Media & Entertainment30
Professional Services26
Health & Life Sciences25
Transportation & Logistics22
Consumer & Lifestyle17
Marketing & Advertising16
Developer Tools16
Gaming & eSports14
Cybersecurity & Privacy13
Data, Analytics & IT13
Real Estate & Construction11
Hardware & Robotics11
Food & Agriculture11
Education & Workforce10
Social & Community Platforms10
Clean Energy & Sustainability9
Crypto & Blockchain7
Space & Frontier Tech6
Travel & Hospitality5
AR/VR5
Government & Defense3
Manufacturing1

Deal Size Distribution

Northzone: 248 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

Northzone: 248 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M34
$5M-$10M41
$10M-$25M73
$25M-$50M38
$50M-$100M31
$100M-$250M22
$250M-$500M6
$500M-$1B3
$1B+0

Deals By Geography

Northzone: Europe has the largest recorded deal count among the displayed regions (178 deals).All available history.

Top 9 of 9 regions; European countries are grouped as Europe.

Northzone: Europe has the largest recorded deal count among the displayed regions (178 deals). All available history
RegionDeals
Europe178
United States55
Russian Federation5
Ec4n 7af3
Canada2
908022
Ec2a 2dt1
United Arab Emirates1
01671
Northzone: 20 co-investors are shown, with Accel sharing 18 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

Northzone: 20 co-investors are shown, with Accel sharing 18 recorded deals. All available history
Co-investorShared deals
Accel18
Creandum17
Index Ventures13
Balderton Capital11
Cherry Ventures11
Seedcamp11
Industrifonden9
Temasek9
EQT Ventures8
General Catalyst8
Global Founders Capital8
Headline7
Rocket Internet7
FJ Labs6
Lightspeed Venture Partners6
SoftBank6
Firstminute Capital5
LocalGlobe5
Mubadala Capital5
Norrsken VC5

Investment Strategy

Northzone: Led accounts for 40% and participating for 60% of round participation.All available history.
Northzone: Led accounts for 40% and participating for 60% of round participation. All available history
CategoryDeals (count)Share (%)
Led10040%
Participating14860%
Northzone: Single-lead accounts for 70% and co-led for 30% of lead dynamics.All available history.
Northzone: Single-lead accounts for 70% and co-led for 30% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead7070%
Co-led3030%

Team

Bjorn Stray

Partner

Dennis Eriksson
Hans Otterling

General Partner

Jeppe Zink

General Partner

Jessica Schultz

Partner

Kilian Pender

Partner

Michiel Kotting

General Partner

Naseem M.
Par-Jorgen Parson

General Partner

Sanjot Malhi
Wendy Xiao

Partner