London-based venture capital firm 2xN has launched a $120m (£99.8m) fund to invest in 20 to 25 quantum computing startups across Europe and the US.
Its oversubscribed fund – its second following a $50m fund unveiled in 2021 – will write cheques of $3m to $5m per company from the pre-seed to Series A stage.
Founded by Lars Fjeldsoe-Nielsen and Niels Nielsen, 2xN is backed by the Danish Growth Fund and family offices. Fjeldsoe-Nielsen, previously of Dropbox, WhatsApp, Uber and Balderton Capital, is the sole general partner at the 2xN fund.
While 2xN’s primary focus is on quantum computing companies it has also invested in startups hailing from sectors such as education, mobility and work.
“The commonality is that quantum will really impact all these four sectors significantly,” Fjeldsoe-Nielsen told Sifted, which first reported the fund.
Nielsen said: “Having seen the growth of the quantum computing sector from the inside out, the innovations and potential of this space are unmatched. This creates both an opportunity for us as investors, and entrepreneurs and operators at heart, to be a part of something truly ground-breaking while also bringing the credibility and knowledge needed to help our LPs, co-investors and networks, enter this space.”