London-headquartered Northzone has announced that its newest fund has raised in excess of €1 billion. Not only is this the firm’s largest raise to date, but one of the biggest venture capital refuelings across the European ecosystem. While the VC arms race of 2021 might be a once-in-a-lifetime occurrence, Northzone is still forging ahead, this time bringing home in excess of €1 billion for its 10th fund.

Having been founded in 1996, Northzone has raised over $2.8 billion in LP funding during the course of the firm’s 26 years of operation over 10 funds. With no fewer than 45 exits, including Spotify’s direct listing, which gave the company a value of $26.5 billion, and PayPal’s acquisition of iZettle for $2.2 billion, it is obvious that investing in Northzone is a relatively wise choice.

Northzone, which claims to have made over 150 investments to date, says it will utilize the fresh funding to build on its record of success by investing in fintech, healthtech, SaaS, office software, consumer apps, and entertainment firms throughout Europe and the US, from seed stage through IPO.

“The tech, the talent and the growth trajectories are an order of magnitude greater than a decade ago. Raising €1 billion recognizes the enormous ambition of European founders and the capital they need to create world-beating businesses.”

                                                                                        Jessica Schultz, Northzone Partner.

Looking beyond simply the money, Northzone started to broaden its offering to the founders it chose to support with the conclusion of its 9th fund or IX as it has been dubbed, one that saw $500 million flow into the coffers. The firm’s statement last week that the position of Head of Sustainability will be created and that Anna Skarborg would be appointed to the job, in addition to the marketing, talent, and business development efforts and services available, maybe the most obvious.

While a number of factors have led to a slowdown in venture capital activity recently, as demonstrated by not only Northzone’s raise but also EQT Growth’s announcement of a new $2.2 billion fund, backers are utilizing the current period of uncertainty to stockpile funds and prepare to charge into battle when futures appear to be somewhat more certain.