Copenhagen-based 55 North announces €134 million first close for record €300 million quantum technology fund

Copenhagen-based venture capital firm 55 North has announced the first close of its €300 million inaugural fund, raising €134 million with backing from anchor investors Novo Holdings and EIFO (Export and Investment Fund of Denmark). Positioned as the world’s largest dedicated quantum technology fund, it will target investments across quantum computing, sensing, and communications.

Founded in 2025, 55 North takes a stage-agnostic approach, backing both enabling technologies and full-stack solutions. The firm has already completed two investments: participating in European quantum leader IQM’s €275 million Series B and co-leading Kiutra’s €13 million Series A-2.

“Quantum is no longer a science experiment, it’s a strategic imperative,” said Dr. Owen Lozman, Managing Partner of 55 North. “As classical computing nears its physical and computational limits in applications like drug discovery and AI, quantum is well positioned to accelerate these workloads. Europe must push its quantum agenda to remain a producer, not just a buyer of quantum technologies. With our first close and early investments, we’re laying the foundation for the world’s quantum future.”

The launch of 55 North comes at a time of growing international focus on quantum. Governments across Europe and the G7 have made quantum a strategic priority, with over $40 billion committed in global public funding. Denmark introduced its National Strategy for Quantum Technology in 2023, mandating EIFO to help create a leading quantum investment fund.

Peder Lundquist, CEO of EIFO, commented: “We are thrilled to see 55 North launch. Quantum will shape industries, economies, and security frameworks worldwide. That is why Europe must act decisively to secure a leading position. With an outstanding team and solid backing from us, Novo Holdings, and further investors to come, 55 North is set to play a defining role.”

The 55 North team is led by Managing Partner Dr. Owen Lozman (ex M Ventures), alongside General Partners Dr. Helmut Katzgraber (ex Amazon, ex Microsoft) and Dr. Kai Hudek (ex IonQ). The group combines deep scientific expertise with venture capital experience, supported by European VC Vsquared Ventures and US-based Cambium Capital.

Søren Møller, Managing Partner at Novo Holdings, noted: “We see quantum technologies as a transformative enabler of life science solutions that can ultimately improve the health of people and the planet worldwide.”

Denmark’s Minister for Industry, Business and Financial Affairs, Morten Bødskov, added: “In Denmark, we proudly carry on Niels Bohr’s legacy as we inaugurate the world’s largest quantum fund today. With it, we can invest in the major quantum breakthroughs of the future and more quickly get ideas out of the labs and into our society.”

55 North will invest globally in quantum technologies, focusing on computing, sensing, and communication. The firm aims to accelerate the transition of quantum innovation from research labs to commercial applications, with Denmark as its base for scaling internationally.

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