UK-based venture capital firm Northzone has announced the launch of a 1 billion euro fund for Web3.
Following Northzone’s Web3 fund launch, firm partner Wendy Xiao Shadeck identified Web3 as the core industry for the firm.
Web3 Move from Northzone
London-based venture capital firm Northzone has launched a €1 billion fund to invest in crypto and fintech startups, according to an announcement.
Founded in 1996 as a general investor, Northzone has invested in a wide variety of tech companies, from fintech firms like open banking specialist TrueLayer and buy-now giant Klarna to music streaming platform Spotify, which is said to have discovered Web3. However, the company also counts crypto infrastructure startup Magic Labs, web3 privacy company Sunscreen, and DeFi protocol Gro as portfolio companies.
Schadeck said in an interview:
“The two web3 and web2 will likely begin to converge over the lifetime of this funding cycle. For example, some of the web2 fintech companies in our last fund have released their tokens and some of our gaming companies have decided to buy their follow-up rounds from Web3 VCs so it’s really hard to say where the exact identification will be.”
Wendy Xiao Schadeck, a Northzone partner, described Web3 as a “core industry” for the firm. At the start of a long crypto winter, she wrote her crypto investment thesis in July 2018.
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