London-based venture capital firm Northzone has announced that it has raised €1 billion in funding for a new fund focused on fintech startups.
The company noted that Web3 is the most priority area that the Northzone team will actively develop over the next few years.
Northzone was founded in 1996 as a general investment company. Her portfolio includes companies ranging from music Spotify to banking services TrueLayer. The company has invested in Magic Labs, a crypto infrastructure startup.
“We believe that Web3 and Web2 are likely to merge into something in the next few years. Our previous fund invested in fintech companies working with Web2, and now launched its own tokens. Some of our gaming companies have started raising venture capital 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 has the necessary infrastructure to support startups both through equity investments and through the sale of tokens. Under the right circumstances, Xiao Shadek 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 NFT.
Source: Bits
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