Web3 is a core sector for the firm, Wendy Xiao Schadeck (a partner at Northzone), told the Block.
According to a press release, Northzone, a U.K. venture capital company has raised 1 billion euros ($1.01 billion). This fund will be used to invest in innovative tech such as crypto.
According to Block, the London-based company will use the money for support of crypto and fintech startups. According to Wendy Xiao Schadeck (Northzone partner), Web3 is a core sector for the firm. Web3 is the third generation internet services that are driven by blockchain.
It is not the first time Northzone has tried to invest in cryptocurrency. Northzone led a $27million funding round to Magic numbers, an Ethereum-based authentication platform. The company also contributed to a $20,000,000 funding round for Livepeer. Livepeer is a decentralized platform for video transcoding based on Ethereum.
About Northzone
Northzone Venture Capital Fund is a venture capital fund that has been shaped by entrepreneurs’ lives. They were established in 1996 and have raised more than EUR 1.5 billion in capital.
