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European venture capital (VC) firm DN Capital announced that it has closed its fourth fund at €200 million ($247 million) as it looks to invest in seed-stage and series A-level startups in Europe and the U.S.
Founded in 2000, DN Capital is headquartered in London, though it claims additional hubs in Berlin and Silicon Valley. The company has invested in a number of notable startups across industries including fintech, digital health, marketplaces, and more.
DN Capital said that it has made a total of 65 investments (not including seed stage) in 9 countries, with 15 profitable exits to its name, including Endeca and Datanomic, which were both acquired by Oracle; Shazam was snapped up by Apple in a $400 million deal just last month.
DN Capital’s “oversubscribed” fourth fund marginally surpasses its previous €144 million pot in 2014 — though that one was three times the size of fund two — and it said that it plans to continue its strategy of investing primarily in Europe, with a particular focus on Germany, U.K., France, and the Nordic countries. Some additional investments will be made in U.S. startups on the West and East Coasts, where DN Capital has so far invested roughly one-third of its cash.
“Our guiding principle from day one has been for DN’s two founders to remain actively involved in every investment decision made by the firm,” explained DN Capital founder and CEO Nenad Marovac. “We were founded immediately after the tech bubble burst and raised our second fund as the global financial system went into meltdown, so we know what it’s like to be entrepreneurs in the face of adversity.”
DN Capital’s latest fund comes hot on the heels of a number of other Europe-based funds to come to fruition over the past year. Back in November, London-based Balderton closed a new $375 million pot for early-stage European startups, which came shortly after Seedcamp unveiled a fresh $54 million for pre-seed stage startups and Firstminute Capital’s $60 million seed-stage fund. Elsewhere, VC giant Atomico announced its fourth fund at $765 million in February 2017.
“The opportunity in Europe is extraordinary right now, and our global strategy positions us well to help companies born here become world beaters,” added DN Capital cofounder and managing partner Steve Schlenker. “With Fund four we will be looking to back ambitious entrepreneurs with the background, intellect, grit, and determination to take a startup and build it into a globally impactful business.”
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