A new venture capital fund, 55 North, has been launched in Denmark, with a target size of €300 million ($352.5 million USD) and an initial close of €134 million ($157.4 million USD). The fund was incubated by the Export and Investment Fund of Denmark (EIFO) and co-anchored by Novo Holdings. The founding partners of the fund include Vsquared Ventures and Cambium Capital. Headquartered in Copenhagen, the fund is the largest pure-play quantum VC fund in the sector and marks a key ambition in Denmark’s National Strategy for Quantum Technology.
The fund’s investment strategy targets the entire quantum value chain, with a focus on computing, sensing, and communication. The strategy has a heavy European focus, with around 75% of the capital supporting European companies, and one-quarter specifically targeting Nordic firms. The fund has already made its first two investments, participating in a €275 million ($323.1 million USD) Series B round for IQM and co-leading a €13 million Series A-2 investment in Kiutra, a developer of advanced cryogenic cooling systems.
The launch of 55 North is intended to accelerate the journey of quantum technology from the lab to global markets. Morten Bødskov, Danish Minister of Industry, Business and Financial Affairs, noted that the fund will invest in major quantum breakthroughs. The fund’s international leadership team, which includes Managing Partner Owen R. Lozman, will manage the fund’s global reach while maintaining a strong European center of gravity.
Read the full announcement in the EIFO newsroom here and the Novo Holdings newsroom here.
October 2, 2025
