2xN investing in 20 to 25 quantum-related startups in Europe and the US

Venture capital firm 2xN has launched a $120 million fund to finance U.S. and European companies working in quantum computing and related sectors.

2xN plans to invest an average of up to $5 million in each of up to 25 very early-stage startup companies.

Half of the fund is intended to be saved to be reinvested in later rounds of portfolio companies. The company previously launched a $50 million fund in 2021.

2xN was founded by Lars Fjeldsoe-Nielsen, previously of Dropbox, WhatsApp, Uber and Balderton Capital, and Niels Nielsen. The company is backed by the Danish Growth Fund and family offices.

Quantum enterprises 2xN has previously invested in include Cambridge Quantum, which last year merged with Honeywell to create Quantinuum, and quantum machine learning software specialist QuantrolOx.

The company also intends to invest in other high-tech companies working in the mobility, collaboration, marketplace and educational technology sectors.

“Having seen the growth of the quantum computing sector from the inside out, the innovations and potential of this space are unmatched,” said Nielsen. “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 limited partnerships, co-investors and networks, enter this space.”