Venture firm Northzone creates a €1 billion fund for fintech and investment in Web3

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London-based venture capital firm Northzone has announced that it has secured €1 billion in funding for a new fund focused on fintech startups.

The company noted that Web3 is the highest priority area that the Northzone team will actively develop over the next few years. 

Northzone was founded in 1996 asuniversal investment company. Her portfolio includes a variety of companies: from the music Spotify to the banking service TrueLayer. The company invested in Magic Labs, a startup specializing in crypto infrastructure.

"We believe that Web3 and Web2 are likelywill merge into something single over the next few years. Our previous fund invested in fintech companies working with Web2, and now it has launched its own tokens. Some of our gaming companies have begun to attract venture capitalists in investment rounds, investing primarily in Web3. In the future, it will be difficult to draw a clear line between Web3 and Web2,” says Northzone partner Wendy Xiao Schadeck.

According to her, Northzone now hasnecessary infrastructure to support startups through both equity investments and token sales. Under the right circumstances, Xiao Schadek assured, the company is ready to invest in a decentralized autonomous organization (DAO).

The international coffee chain Starbucks recently announced that, together with blockchain developers Polygon, it is launching a customer reward system using NFTs.