Good European VC business

Northzone cashed out its entire equity position in Kahoot for exactly $153.2 million. This is a last tranche in an offload process started after getting Softbank involved in the company 4 months ago.

Northzone were investors in Kahoot early on, circa 2015, sold some of the holding when Kahoot went public on the local market from Oslo in 2019(-ish) and then re-upped their position in a $62 million worth of stock deal early last year.

Not a bad return, huh?

It is not a coincidence, here’s some other selected Northzone’s portfolio companies:

  • Trustpilot - last valued at $1bn, NZ entered via a $4.5M series A in 2011.
  • Klarna - last valued at $10bn, NZ entered via a $80M secondary in 2015 at $2.2bn valuation.
  • Personio - last valued at $1.7bn, NZ entered via $12M series A in 2017
  • fuboTV - last valued at $4bn, NZ entered via $55M series C in 2017 (led)
  • Tier - last valued at $1bn, NZ entered via €25M series A in 2018 (led)
  • Hopin - last valued at $2bn, NZ entered via a £5M seed round in 2020.

FuboTV is the only non-European from the stack.

Also important - the funds they invested from:

  • 2010 - Northzone VI €130M
  • 2014 - Northzone VII €250M
  • 2016 - Northzone VIII €350M
  • 2019 - Northzone IX $500M

The returns of each of the above deals covers the size of a fund, more or less. This is what good VC business looks like, we actually made a detailed profile those guys about a year ago.

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