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QNDL Participations launches €60 million fund for early stage quantum startups

The venture capital firm, which previously backed Qblox,Q*Bird, and Quantware, is expanding its focus beyond the Netherlands to support global quantum startups

Published on January 24, 2025

QNDL

Quantum-focused venture capital (VC) firm QDNL Participations has today announced the first close of its new fund, worth €25 million. The firm targets €60 million for the fund, expanding its vision to back early-stage quantum technology startups wherever they are based.

QDNL Participations was established to accelerate the Dutch quantum technology ecosystem with a €15 million fund. That fund has invested in nine of the Netherlands’ most high-potential quantum startups, including Qblox, QuantWare, QphoX, and Q*Bird.

The new fund expands the firm’s focused and active investment thesis to quantum startups worldwide. In preparation for this, QDNL Participations has grown its team. Last year, it appointed Silicon Valley-based quantum computing pioneer Chad Rigetti as venture partner, and London-based Kris Kaczmarek recently joined as investment director from quantum VC firm 2xN.

The firm has also bolstered its in-house expertise by appointing two special advisors, Nadia Carlsten (CEO of the Danish Centre for AI Innovation) and Charles Marcus of the University of Washington. The fund's investors include family offices, high-net-worth individuals, funds-of-funds, and endowments, and it continues to receive support from the Quantum Delta NL Foundation.

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The firm’s ultimate goal is to become the definitive investor in quantum technologies globally at a time when fields like quantum computing and quantum security are increasingly expanding beyond the lab and into early commercialization.

“Our aim is to invest in and help shape category-defining quantum technology companies,” says Ton van 't Noordende, General Partner at QDNL Participations. “We at QDNLP believe now is the optimal window for early-stage quantum investments, with maturing technology and markets combining with significant non-dilutive capital tailwinds to create ideal conditions for new and early-stage ventures."

"Our goal is to help identify and build the next wave of global leaders in quantum technology and become the best-performing quantum-specific venture firm. And that level of expertise really is required. The quantum space is just too specialized, and the companies and market so unique that a generalist or hands-off investment model just won’t work,” he added.

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