Copenhagen-based 55 North, the world’s largest dedicated quantum technology venture capital fund, said it has announced the first close of its €300 million inaugural Fund I at €134 million, establishing its position as “the sector’s largest pure-play quantum VC.”

The fund was co-founded by Owen Lozman, Helmut Katzgraber and Kai Hudek, who are expert quantum and deep-tech specialists; EIFO (the Export and Investment Fund of Denmark), and Novo Holdings, as anchor investors; and European VC firm Vsquared Ventures and US-based Cambium Capital.

55 North will invest stage-agnostically across the globe, and has already executed two investments, backing European quantum leader IQM in the company’s latest €275 million Series B, and co-leading the investment in Kiutra’s €13 million Series A-2.

“Quantum technologies have become a strategic priority at national, European, and global levels, with the EU, UK, Germany, France, and Denmark embedding them into core security and innovation frameworks,” said 55 North.

“The G7 recently pledged coordinated action amid $40 billion in global public funding – underscoring that leadership is now critical for economic sovereignty, climate resilience, and national security, across the globe.

“The Danish government, which launched its National Strategy for Quantum Technology in 2023, has firmly committed to advancing the field as part of its long-term innovation agenda, which included the mandate for EIFO to spearhead the creation of a world-leading quantum investment fund.

“Against this backdrop, the anchoring of 55 North by EIFO and Novo Holdings marks a significant step in strengthening the global quantum ecosystem and its headquartering in Denmark provides the fund with access to a central hub of expertise and innovation, the ideal base for the fund to invest in quantum technologies across the globe.”

Owen Lozman, Managing Partner of 55 North, said: “Quantum is no longer a science experiment, it’s a strategic imperative.

“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.”

EIFO CEO Peder Lundquist said: “We are thrilled to see 55 North launch. To fulfil the strategic objective of the Danish Government, we have teamed up with strategic partners to incubate a world-leading platform ready to invest in the important field of quantum technology.

“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.”

Søren Møller, Managing Partner, Novo Holdings, said: “We are very pleased to act as cornerstone investors in 55 North alongside EIFO, which shares our conviction that quantum innovation holds the potential to address some of the most critical challenges in human and planetary health. Innovation requires capital, and it is therefore essential to make the necessary resources available to the companies that create the solutions of tomorrow. This marks an important step in Novo Holdings’ quantum investment strategy, where we aim to back the most promising companies driving progress in the field. We see quantum technologies as a transformative enabler of life science solutions that can ultimately improve the health of people and the planet worldwide.”

Morten Bødskov, Danish Minister for Industry, Business and Financial Affairs, said: “We need to seize the potential of quantum technology. It can help us solve some of the major challenges we are facing. Just look at the opportunities within, for example, cybersecurity and supply chain optimization. But courage and investment are needed.

“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.”