55 North successfully completed the first close of its DKK 2.2 billion (€300 million) fund, raising DKK 1 billion (€134 million) from cornerstone investors Novo Holdings and EIFO.

Headquartered in Copenhagen, Denmark, 55 North takes a stage-agnostic approach to investing in quantum technologies, accelerating the journey from lab to global markets.

Copenhagen, Denmark, 2 October 2025 – Novo Holdings, a leading life science investor, today announced that it has participated in the launch of 55 North, with the DKK 1 billion (€134 million) first close of the Company’s DKK 2.2 billion (€300 million) inaugural Fund I, thereby establishing its position as the sector’s largest pure-play quantum VC fund. Novo Holdings and Denmark’s Export and Investment Fund (EIFO) participated as cornerstone investors in the fund

Headquartered in Denmark, 55 North will be investing globally, with the Nordics and Europe as its anchor region. The fund has already made two investments; backing IQM in the Company’s latest DKK 2 billion (€275 million) Series B, and co-leading the investment in Kiutra’s DKK 97 million (€13 million) Series A-2.

Søren Møller, Managing Partner, Novo Holdings: “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, through which 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.”

“Quantum is no longer a science experiment, it’s a strategic imperative,” said Dr. Owen Lozman, Managing Partner, 55 North. “As classical computing nears its physical and computational limits in applications like drug discovery and AI, quantum is well positioned to accelerate these workloads. The support from Novo Holdings, which is already a significant investor in quantum and has a strong heritage within the quantum ecosystem, demonstrates that we are laying the foundation for the world’s quantum future.”

Peder Lundquist, CEO, EIFO: “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. This 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.”

Novo Holdings has committed DKK 1.4 billion (€188 million) to advance the emerging field of quantum technology, with Denmark as the centre of gravity. Building on Denmark’s strong research base and global partnerships, Novo Holdings is supporting start-ups and funds to ensure the Nordics play a leading role in shaping the future of quantum innovation, with particular emphasis on applications that can transform the life sciences and improve human and planetary health.

Drawing on the scientific heritage of Niels Bohr, alongside initiatives such as the Novo Nordisk Foundation’s Quantum Computing Programme, the Quantum Foundry, and the Novo Nordisk Foundation and EIFO’s €80 million investment to establish QuNorth, this investment marks a significant step in strengthening the Nordic quantum ecosystem and provides 55 North with access to a hub of expertise and innovation.

55 North is yet another example of the strong public-private collaboration in Denmark within the quantum field, and will benefit Danish and European businesses and society, to harness the untapped possibilities of quantum technology.

Novo Holdings Quantum Investments is anchored in the Novo Holdings Seed Investments team, with a dedicated sub-team focusing on direct and fund investments. Direct investments are focused on sensors and software with life science applications, while fund investments provide broader exposure to the wider quantum and deep tech landscape. The goal is to build a portfolio of several direct investments and fund commitments by 2030. With Denmark as the anchor point alongside a global mandate, access to the Nordic research base, infrastructure, and a strong tradition of public-private collaboration provide the right foundation to scale quantum technologies.

About Novo Holdings
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation, one of the world’s largest philanthropic enterprise foundations.

Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S and manages an investment portfolio with a long-term return perspective.

In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Principal Investments, Planetary Health Investments, and Asia teams, Novo Holdings invests in life science companies at all stages of development.

As of year-end 2024, Novo Holdings had Total Assets under Management of DKK 1,060bn (EUR 142bn).

About 55 North
55 North is a Copenhagen-based venture capital fund exclusively focused on the quantum technology stack and invests with a long-term investment horizon. It invests in startups at all stages, developing quantum computing, quantum communications, sensing and other enabling technologies. The team combines deep technical expertise with a proven investment track record, partnering with world-class investors, scientists and entrepreneurs to advance breakthrough quantum solutions. Supporting companies worldwide and targeting real-world applications that deliver significant economic and societal value, 55 North is committed to establishing Europe as a global hub for quantum innovation.