Northzone, a Swedish-founded venture capital (VC) firm with hubs in London, Oslo, Stockholm, and New York, has announced the closure of its biggest fund to date. The firm says that the NZVIII fund was oversubscribed, with a target of €300 million ($335 million), and that it was its fastest fundraise ever.
A number of fresh funds have come to fruition in recent months across both Europe and the U.S. In June, Partech Ventures announced a $440 million fund aimed at growth-stage startups, while a new VC firm popped up in Silicon Valley called Clear Ventures, which launched with $120 million for early-stage startups.
Elsewhere, E.ventures launched a $150 million fund for early-stage European startups back in May. This followed Accel targeting Europe and Israel with a $500 million fund of its own and Index Ventures sealing a $550 million pot aimed at startups in the U.S., E.U., and Israel. In July, L.A.-based Marlin Equity Partners served up its first dedicated European offering in the form of a $360 million fund.
Founded in 1996, Northzone has a number of notable investments under its belt, including backing heavyweights such as Spotify. In the past 18 months, the firm’s portfolio companies have seen a number of IPOs and acquisitions, including Sweden-based eye-tracking tech company Tobii, which floated on NASDAQ Stockholm last April, and Russian online classifieds group Avito, which was acquired by Naspers six months later.