(16 February 2010) Northzone Ventures today announces the first close of EURO 90 million of a new fund, Northzone VI. Targeting EURO 150 million, the fund will invest in fast growing European technology companies. Leading Nordic and International institutional investors participated in the first close.

"Naturally, we're very pleased with this," comments Tellef Thorleifsson, General Partner. "Although these are great news for the venture capital market, we don't claim that the crisis is over yet. However, stellar entrepreneurs can always find financing, and as we have had the privilege to be chosen as partners by quite a few of those - Spotify, EPiServer, Napatech and Stepstone among them - well, there we are. To be frank, we expect the adverse financial market conditions to continue. But in hard times, the best entrepreneurs get going and thus we are actually looking forward to team up with more than our fair share of world class entrepreneurs."

Northzone was established in 1996 and has raised a total of EURO 445 million in six funds to date. The company has offices in Oslo, Stockholm and Copenhagen and has invested in more than 70 companies since its inception. In September 2009, Northzone was awarded the "European Venture Capital Fund of the Year" at the Investor Allstars Awards. Northzone is lead investor in high profile growth companies such as Nimsoft, Tobii, Funcom, and Innotech Solar. Previous successes include companies such as Lastminute, Pricerunner, NextGenTel and Trolltech.

Northzone focuses on backing world class entrepreneurs in building high growth companies with a global potential within the technology and cleantech sectors. Northzone and its seven General Partners - most of them former successful entrepreneurs - invest both in early stage and in the expansion phase. Since the start of the financial crisis, the Northzone portfolio companies have raised more than EURO 160 million in external funding - a very high share of funds raised to European venture backed technology companies during the period.

"We are very happy to participate in the first Venture Capital Fund to be launched in Europe for more than a year. Northzone?s strong track record and sense for investment opportunities speak for themselves", says investor Angela Willetts, a UK-based Director at Global Private Equity Asset Manager, Capital Dynamics.

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