- Copenhagen-based 55 North has raised €134 million in its first close, with backing from Novo Holdings and Denmark’s Export and Investment Fund (EIFO)
- The fund has already invested in two quantum startups: Finnish firm IQM and German cooling technology company Kiutra
What happened
Denmark has launched 55 North, which will become the world’s largest dedicated quantum venture capital fund with a target of DKK 2.2 billion (€300 million). The fund has completed its first close at DKK 1 billion (€134 million), with cornerstone investors Novo Holdings and EIFO.
Headquartered in Copenhagen, 55 North will invest globally whilst maintaining the Nordics and Europe as its anchor region. The fund has wasted no time deploying capital, having already backed IQM in the company’s latest DKK 2 billion (€275 million) Series B funding round, and co-led an investment in Kiutra’s DKK 97 million (€13 million) Series A-2.
The venture represents another dimension of Denmark’s quantum ambitions. Novo Holdings has committed DKK 1.4 billion (€188 million) to advance quantum technology, with Denmark as the centre of gravity. This summer, the Novo Nordisk Foundation and EIFO invested €80 million to establish QuNorth and acquire a Microsoft-powered quantum computer called Magne.
Why it’s important
The fund’s managing partner, Dr Owen Lozman, emphasised that quantum computing is “no longer a science experiment, it’s a strategic imperative”, noting that classical computing is nearing its physical and computational limits in applications such as drug discovery and artificial intelligence.
The investment underscores Europe’s determination to compete with the United States and China in quantum technology, a field expected to revolutionise industries from pharmaceuticals to cybersecurity. EIFO chief executive Peder Lundquist stated that “quantum will shape industries, economies, and security frameworks worldwide”, explaining why “Europe must act decisively to secure a leading position”.
Denmark’s push builds on its scientific heritage and existing quantum ecosystem. The country benefits from the legacy of physicist Niels Bohr, alongside initiatives including the Novo Nordisk Foundation’s Quantum Computing Programme and the Quantum Foundry. With substantial public-private collaboration and the highest per capita investment in quantum technology globally, Denmark is positioning itself as Europe’s quantum hub.
