About This Fund
QDNL Participations is a Netherlands-based venture capital fund dedicated exclusively to early-stage quantum technology investing. Established to accelerate the thriving Dutch quantum technology ecosystem, QDNL Participations was founded by General Partner Ton van 't Noordende and anchored by Quantum Delta NL Foundation, the national program driving the Netherlands' quantum strategy. The firm operates from The Netherlands, with team members also based in the United Kingdom and the United States, reflecting an increasingly global investment mandate.
The fund's strategy centers on identifying and backing category-defining quantum technology companies at the earliest stage of their development, before institutional capital typically engages. QDNL Participations invests in quantum computing, quantum security and cryptography, and quantum networking — the three pillars of the emerging quantum technology stack. Its hands-on investment approach combines direct capital with technical diligence support, co-investment facilitation with follow-on investors, and access to the deep European quantum research ecosystem anchored in Delft, Eindhoven, and Amsterdam universities. The fund's global fund announced its first close at €25 million in January 2025, with a target size of €60 million, expanding the firm's prior strategy beyond the Netherlands to early-stage quantum startups worldwide.
QDNL Participations' inaugural €15 million Netherlands-focused fund backed nine of the country's most high-potential quantum startups, including Qblox (quantum control electronics), QuantWare (custom superconducting processors), QphoX (quantum transducer and network infrastructure), and Q*Bird (quantum key distribution). These portfolio companies have collectively raised substantial follow-on capital from institutional investors including EIT Digital, NATO Innovation Fund, and corporate strategics, validating QDNL's early-stage selection methodology. In 2025, the firm rebranded to Ground State Ventures while maintaining continuity of investment team and strategy.