2xN, a London-based venture capital company, has launched a $120m fund to invest in ‘quantum opportunities’ across America and Europe. They’re awarding $3m to $5m to 20 to 25 early-stage startups ranging from pre-seed to Series A. This funding follows a $50m fund unveiled in 2021 and marks its second funding after its creation. About 50% of the money is being held back to invest in portfolio firms in subsequent rounds.
2xN was founded by Lars Fjeldsoe-Nielsen, a Silicon Valley operator turned investor (previously of Dropbox, WhatsApp, Uber, and Balderton Capital), and Niels Nielsen, an entrepreneur and pioneer investor in Quantum Computing, in 2021. They support founders making significant societal impacts and pushing for a quantum future. Though primarily a quantum VC, 2xN also invests in other vital industries such as education, employment, mobility, and markets, all of which quantum technology can improve efficiency.
2xN invested $50 million in 21 businesses, including:
- Quantinuum – A merger of Cambridge Quantum with Honeywell Quantum Solutions with headquarters in the US and UK.
- Beacon – A digital supply chain and freight platform headquartered in the UK.
- Darktrace – A British-American information technology company that specializes in cyber-defense.
- QuantrolOx – A builder of automated machine learning-based control software for quantum technologies based in Finland.
- ULesson – An Ed-tech startup based in Nigeria.
- Kompasbank – A corporate bank that provides lending to the small and midsized corporate segment in Europe.
- Monta – An EV charging solution headquartered in Denmark.
- Tajir – A Pakistan-based B2B marketplace for mom and pop stores.
- WealthKernel – A London-based wealth management platform.
- Lenus – A B2B technology and innovation firm providing cloud-based SaaS to health professionals. They’re headquartered in Edinburg.
They’ve also co-invested in Accel, Andreessen Horowitz, Balderton Capital, and more than 85 angel investors. Its oversubscribed fund is supported by the Danish Growth Fund and family offices like Vivino and Ilyas Khan, the creator of Quantinuum.
