Quantum-focused venture capital firm 55 North has announced the first close of its flagship fund at €134 million. The firm plans to reach a final close of €300 million, making it the largest fund globally dedicated exclusively to quantum technologies. Denmark’s export and investment fund (EIFO) and Novo Holdings, the parent company of Danish pharmaceutical giant Novo Nordisk, are among the anchor investors in this first close.
55 North aims to invest in quantum computing, sensing, and communications technologies, supporting companies at all stages and globally. The fund has already participated in a €10 million Series A round for Finland’s quantum computing startup IQM and Germany’s Kiutra, which develops cooling systems for quantum computers. Owen Lozman, founding partner of 55 North, says, “Quantum is a very exciting space at the moment.
A lot of people are educated in the field and looking for ways to deploy their capital.”
While many generalist VC funds are launching quantum strategies, few firms are dedicated exclusively to the technology, and only a handful are based in Europe. Last year, Paris-based Quantonation set a similar objective, aiming for €200 million by early 2025. Investments in quantum technologies in Europe have reached nearly €1.5 billion so far this year, nearly double the total raised in 2024 (€765 million).
Quantum fund aims for €300 million
Much of this growth is driven by quantum computing, an emerging technology with the potential to solve complex problems beyond the capability of classical computers. Lozman believes that quantum computing is at a “tipping point,” moving from the research and development (R&D) phase into a stage where real-world problems can increasingly be addressed.
He notes, “A lot of investor value can be created along the way.”
Previously supported mainly by public funding geared towards R&D-intensive projects, quantum technologies are now attracting private funds aimed at developing commercial outcomes. 55 North will focus on technologies enabling quantum computers to scale, such as interconnects, cooling systems, and software companies developing quantum algorithms. Quantum technology is becoming a strategic priority for governments worldwide.
Countries like the EU, the UK, Germany, France, and Denmark are embedding quantum technologies into their security and innovation initiatives. In 2023, the Danish government launched a national strategy for quantum technology, committing DKK 1.2 billion (€160 million) to quantum technology research until 2027. Novo Nordisk has also been a significant supporter of the development of quantum technology in Denmark.
In 2022, the Novo Nordisk Foundation announced a DKK 1.5 billion (€185 million) investment towards developing a fully functional quantum computer in Denmark.
