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Venture Capital
northzone.com

Investments

342

Portfolio Exits

68

Funds

10

Partners & Customers

1

About Northzone

Northzone is an early-stage venture capital fund partnering with founders at the Seed, Series A, and Series B stages. It invests across Europe and the U.S. Northzone was founded in 1996 and is based in London, England.

Headquarters Location

27 Kingly Street 3rd Floor

London, England, W1B 5QE,

United Kingdom

46 - 8 -599 05 880

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Latest Northzone News

Crypto Startup Magic Raises $52M in Round Led by PayPal Ventures

Jun 1, 2023

May 31, 2023 10:13 pm Magic, a Web3 wallet maker based in San Francisco, raised $52 million in a funding round led by PayPal Ventures and joined by prominent investors, including Synchrony, Volt Capital, KX, Northzone, and Cherubic. With the new funding round, Magic’s valuation now stands close to $500 million. Magic Raised Over $80M So Far Web3 wallet developer Magic announced on Wednesday it had bagged $52 million in a strategic funding round led by PayPal Ventures, bringing the project’s total funds raised to more than $80 million and valuing the company at just below $500 million. Other investors participating in the financing round include Cherubic, Synchrony, KX, Northzone, and Volt Capital. Even though the crypto wallet market is quite competitive, Magic has managed to stand out from its competitors by developing a white-label version that enables enterprises to provide wallets en masse to their customers. In other words, the company is on a mission to facilitate Web3 mass adoption by serving as a wallet-as-a-service (WaaS) provider for companies looking for simple ways to lure their clients to Web3. To achieve this, the crypto wallet maker develops an enterprise-grade, low-effort solution that allows Web3 migration, paving the way for lucrative revenue sources such as customer loyalty programs, digital collectibles, membership, and ticketing. The San Francisco-based Web3 firm already collaborates with prominent brands across retail, fashion, and gaming industries, such as Mattel, Xsolla, Macy’s, and Immutable. Magic Seeks to Simplify Web3 Onboarding Magic founder and CEO Sean Li discussed some of the biggest challenges companies face when trying to foray into Web3. To make this easier for them, the wallet maker has been focusing on building Web3 tools that clients can access through Web2-style interfaces, which they are already familiar with, Li told Fortune . “One of the biggest barriers to entry in Web is onboarding. Writing down a seed phrase on a piece of paper is backwards, like burying pirate treasure.” – Sean Li said. Earlier this year, crypto exchange Coinbase also launched a WaaS solution similar to Magic, which aims to facilitate Web3 onboarding. The product allows companies to develop fully customizable Web3 wallets using their apps, which makes the user onboarding process significantly simpler. Over the past year, several non-crypto companies have also unveiled plans to foray into the nascent Web3 world, emphasizing the tremendous potential of its underlying technologies. Some of those companies include SK Telecom , GameStop, and Wall Street giant JPMorgan . This article originally appeared on The Tokenist Sponsored: Find a Qualified Financial Advisor Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now .

Northzone Investments

342 Investments

Northzone has made 342 investments. Their latest investment was in Magic as part of their Series B on May 5, 2023.

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Northzone Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/31/2023

Series B

Magic

$52M

No

8

5/16/2023

Convertible Note

TIER

No

3

4/19/2023

Series A

Goals

$20M

No

3

4/17/2023

Series A

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$99M

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10

4/14/2023

Series D

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$99M

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10

Date

5/31/2023

5/16/2023

4/19/2023

4/17/2023

4/14/2023

Round

Series B

Convertible Note

Series A

Series A

Series D

Company

Magic

TIER

Goals

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Amount

$52M

$20M

$99M

$99M

New?

No

No

No

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Co-Investors

Sources

8

3

3

10

10

Northzone Portfolio Exits

68 Portfolio Exits

Northzone has 68 portfolio exits. Their latest portfolio exit was Fyndiq on February 16, 2023.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

2/16/2023

Acquired

$99M

1

12/24/2022

Asset Sale

$99M

Undisclosed Investors

2

5/3/2022

Acquired

$99M

2

1/24/2022

Acquired

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$99M

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10

9/2/2021

Acquired

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$99M

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10

Date

2/16/2023

12/24/2022

5/3/2022

1/24/2022

9/2/2021

Exit

Acquired

Asset Sale

Acquired

Acquired

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

Undisclosed Investors

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Sources

1

2

2

10

10

Northzone Acquisitions

1 Acquisition

Northzone acquired 1 company. Their latest acquisition was EPiServer on August 20, 2007.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

8/20/2007

$99M

Acq - Fin

1

Date

8/20/2007

Investment Stage

Companies

Valuation

$99M

Total Funding

Note

Acq - Fin

Sources

1

Northzone Fund History

10 Fund Histories

Northzone has 10 funds, including Northzone X.

Closing Date

Fund

Fund Type

Status

Amount

Sources

9/13/2022

Northzone X

$1,000.06M

1

11/18/2019

Northzone IX

Early-Stage Venture Capital

Closed

$500M

3

9/5/2016

NZVIII

Early-Stage Venture Capital

Closed

$335M

1

12/16/2014

Northzone VII

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$99M

10

4/1/2011

Northzone VI

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$99M

10

Closing Date

9/13/2022

11/18/2019

9/5/2016

12/16/2014

4/1/2011

Fund

Northzone X

Northzone IX

NZVIII

Northzone VII

Northzone VI

Fund Type

Early-Stage Venture Capital

Early-Stage Venture Capital

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Status

Closed

Closed

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Amount

$1,000.06M

$500M

$335M

$99M

$99M

Sources

1

3

1

10

10

Northzone Partners & Customers

1 Partners and customers

Northzone has 1 strategic partners and customers. Northzone recently partnered with Kriya on September 9, 2015.

Date

Type

Business Partner

Country

News Snippet

Sources

9/3/2015

Partner

United Kingdom

1

Date

9/3/2015

Type

Partner

Business Partner

Country

United Kingdom

News Snippet

Sources

1

Northzone Team

6 Team Members

Northzone has 6 team members, including current Chief Financial Officer, Stine Foss.

Name

Work History

Title

Status

Stine Foss

Chief Financial Officer

Current

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Name

Stine Foss

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Work History

Title

Chief Financial Officer

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Status

Current

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