Novo Holdings, the investment company of the Novo Nordisk Foundation, has published its Quantum Investments Annual Review 2025, reporting that its portfolio has reached approximately €100 million ($145.5 million USD) in investments since launching its dedicated quantum team in 2024. This marks a first-year achievement toward the company’s broader DKK 1.4 billion (€188 million) ($217.1 million USD) long-term commitment to quantum technologies.
The investment strategy is designed to accelerate the development of a competitive European quantum ecosystem, with a dual focus on direct investments in applications related to healthcare and the green transition, and fund investments to broaden exposure across the international quantum stack. The total portfolio spans hardware, software, and specialist venture funds:
- Direct Investments: Sparrow Quantum (Denmark, deterministic photonic chips) and Phasecraft (UK, quantum algorithms for materials, energy, and life sciences).
- Fund Investments: 55 North (Denmark, quantum venture fund, where Novo Holdings is a cornerstone investor), Quantonation II (France, specialist quantum VC), and Playground Global IV (US, deep-tech fund).
The strategic initiative views quantum as entering the “megaquop” era, transitioning out of the NISQ phase toward systems with error correction and logical qubits. Novo Holdings aims to build a portfolio of 8–10 direct investments and several fund positions by 2030, with Denmark as its anchor but with a global outlook.
Jeroen Bakker, Partner, Novo Holdings Quantum Investments, noted that the team made a fast start in its first operational year, building a balanced portfolio and developing partnerships. The company’s strategy is aligned with the Novo Nordisk Foundation‘s pursuit of advancing quantum technologies to address critical challenges in human and planetary health.
Read the full Novo Holdings report summary here and the investment review here.
November 10, 2025
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