Venture Capital
Northzone
Northzone backs early-stage and high-growth companies, typically pre-profit, from Stockholm, Sweden. It states a focus on software & internet, healthcare & life sciences, energy & utilities and environmental & safety.
Stated investment criteria
What Northzone says it buys
Read from Northzone’s own website in August 2026. This is what the firm says it buys, not what anyone has recorded it buying, and figures are shown in the currency the firm itself used - nothing here is converted. Every line links to the page it was read from.
A stated mandate is a firm’s description of itself and was true of the page on the day it was read; firms widen and narrow what they will look at without updating the site. The team figure counts the people the firm shows on one team page, so it is a floor rather than a headcount: firms that split their team across tabs or load it in pages will read low. Nothing here is a commitment by Northzone to consider any particular business, and nothing on this page is represented as being for sale.
Regulatory record
How Northzone is registered
From this firm's Form ADV, the annual filing every registered and exempt investment adviser makes to the SEC.
| Adviser status | Exempt reporting adviser |
| Regulatory assets under management | Not reported by an ERA |
| Private funds advised | 1 · $750m gross |
| SEC adviser number | CRD 327719 |
An exempt reporting adviser is not required to report regulatory assets under management, so the blank above means the question was not asked rather than that the answer is unknown. Where a figure exists it is the gross asset value of the private funds the firm advises, which is a different and usually larger measure.
Portfolio
Disclosed holdings
Companies Northzone lists on its own website. No investment years are published.
| Company | Invested | Years held | Recorded transaction |
|---|---|---|---|
| Agon | — | — | — |
| Aidence | — | — | — |
| AirForestry | — | — | — |
| Alphora | — | — | — |
| Anyfin | — | — | — |
| Asetek | — | — | — |
| Avito | — | — | — |
| Axon | — | — | — |
| Bedrock | — | — | — |
| Behaviosec | — | — | — |
| Berry Street | — | — | — |
| Black Forest Labs | — | — | — |
| Blitzy | — | — | — |
| Brickanta | — | — | — |
| Bunch | — | — | — |
| CarOnSale | — | — | — |
| Catawiki | — | — | — |
| ChatGPT | — | — | — |
| Chord | — | — | — |
| Clarium | — | — | — |
| Claude | — | — | — |
| CrossLend | — | — | — |
| CuspAI | — | — | — |
| Dalma | — | — | — |
| Defacto | — | — | — |
| Disperse | — | — | — |
| Distribusion | — | — | — |
| Dots | — | — | — |
| Duvo | — | — | — |
| Einride | — | — | — |
| Energy Micro | — | — | — |
| EpiServer | — | — | — |
| Era | — | — | — |
| Fiberplane | — | — | — |
| Filed | — | — | — |
| Finom | — | — | — |
| Fishbrain | — | — | — |
| Flink | — | — | — |
| Flower | — | — | — |
| Footway | — | — | — |
| Forto | — | — | — |
| FuboTV | — | — | — |
| Funcom | — | — | — |
| Fyndiq | — | — | — |
| GC AI | — | — | — |
| Genesis AI | — | — | — |
| Goals | — | — | — |
| GovDash | — | — | — |
| HappyOrNot | — | — | — |
| Heltia | — | — | — |
| Hero Journey Club | — | — | — |
| Hidden Door | — | — | — |
| Holidu | — | — | — |
| Homa Games | — | — | — |
| Hopin | — | — | — |
| Iconic | — | — | — |
| Idoven | — | — | — |
| Jasper | — | — | — |
| Jow | — | — | — |
| Kahoot! | — | — | — |
| Katana | — | — | — |
| Klang | — | — | — |
| Klarna | — | — | — |
| Kota | — | — | — |
| Kriya | — | — | — |
| Labster | — | — | — |
| Last Minute | — | — | — |
| Livepeer | — | — | — |
| LogicStar | — | — | — |
| Lorum | — | — | — |
| Magic Labs | — | — | — |
| Mamut | — | — | — |
| Masmovil | — | — | — |
| Matsmart | — | — | — |
| Medwing | — | — | — |
| MicroAGI | — | — | — |
| Microverse | — | — | — |
| Milkywire | — | — | — |
| Mimo | — | — | — |
| Monumental | — | — | — |
| Murphy | — | — | — |
| NA-KD | — | — | — |
| Napatech | — | — | — |
| Nested | — | — | — |
| NextGenTel | — | — | — |
| Nimsoft | — | — | — |
| Nirvana | — | — | — |
| Nivoda | — | — | — |
| Noda | — | — | — |
| OpenFX | — | — | — |
| OpenZeppelin | — | — | — |
| Outfittery | — | — | — |
| Perplexity | — | — | — |
| Personio | — | — | — |
| Predoc | — | — | — |
| PriceRunner | — | — | — |
| Ravio | — | — | — |
| Rayon | — | — | — |
| Recall Labs | — | — | — |
| Red Points | — | — | — |
| Reonic | — | — | — |
| Riff | — | — | — |
| Safello | — | — | — |
| Salesape | — | — | — |
| Seamflow | — | — | — |
| Sellersfi | — | — | — |
| Seriously | — | — | — |
| Solveai | — | — | — |
| Solvimon | — | — | — |
| Sona | — | — | — |
| Soundtrack Your Brand | — | — | — |
| Sourcepoint | — | — | — |
| Soveren | — | — | — |
| Spaceape | — | — | — |
| Spacemaker | — | — | — |
| Spektr | — | — | — |
| Spotify | — | — | — |
| Spring Health | — | — | — |
| Stepstone | — | — | — |
| Sticky | — | — | — |
| Stockeld Dreamery | — | — | — |
| Stonly | — | — | — |
| Stream | — | — | — |
| Sunscreen | — | — | — |
| Supponor | — | — | — |
| Tana | — | — | — |
| Tandem Health | — | — | — |
| Thirty Madison | — | — | — |
| Tier | — | — | — |
| Tobii | — | — | — |
| Topline Pro | — | — | — |
| Troop | — | — | — |
| TrueLayer | — | — | — |
| Trustpilot | — | — | — |
| Tuza | — | — | — |
| Unobravo | — | — | — |
| Videoplaza | — | — | — |
| Wallapop | — | — | — |
| Xbow | — | — | — |
| Yonder | — | — | — |
| Yope | — | — | — |
| Zeal | — | — | — |
| Zervant | — | — | — |
| Zettle | — | — | — |
| Zopa | — | — | — |
Compiled from Northzone’s published portfolio page. Where a recorded transaction is shown, that company was the target of a reported deal and has most likely already been realised. Nothing here is represented as being for sale.
Valuation context
Transaction values in Software & Internet
What companies have actually sold for in software & internet, across 2,672 recorded transactions.
The full software & internet picture - most active acquirers, recent transactions and every investor in the sector.
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Comparable investors
Similar mandates
Other venture capital investors active in software & internet.