London-based 2xN, a venture capital firm, announced on Tuesday that it has launched a new $120M (approximately €118M) fund to support quantum computing-centric startups across Europe and the US.
2xN’s fund is backed by the Danish Growth Fund and several family offices, including the founders of e-scooter startup Voi and wine marketplace Vivino, and Ilyas Khan, founder of Quantinuum, reports Sifted.
“The competitive landscape in European VC is undergoing a seismic shift – triggered by the arrival of US funds and fuelled by the evolving market conditions that are playing out before us. Today, European investment decisions are made at a pace not previously dreamt of. Founders evaluate potential investors based on merit and referrals from other founders. Family offices and alliances of smaller funds are increasingly the preferred choice by founders,” says the company.
The UK VC plans to invest in 20 to 25 early-stage startups across Europe and the US, from pre-seed to Series A. Over time, the VC will write cheques ranging from $3M to $5M per company.
2xN unveiled its first fund of $50M (approximately €49M) in stealth mode in 2021. With the first fund, the VC made 21 investments in companies including Quantinuum and StudySmarter.
2xN: What you need to know
Founded by Lars Fjeldsoe-Nielsen, a Silicon Valley operator turned investor, and Niels Nielsen, an entrepreneur and pioneer investor in Quantum Computing, 2xN focuses on quantum computing startups and those in mobility, collaboration, marketplace, and edtech.
The VC is on a mission to create positive network effects for the founders and LPs.
“The 2xN team offers a unique “best of both worlds” approach that merges the platform service typically seen from institutional investors with the kind of dedicated, hands-on trusted support of angels,” says the company.
To date, the company has invested in 23 companies across two continents: the US and Europe.
Additionally, 2xN has co-invested and seen follow-on rounds with firms such as Accel, Andreessen Horowitz, Balderton Capital, Founders Fund, Kleiner, and Sequoia, as well as more than 85 angels.
