Dawn Capital raises $700m to support B2B software start-ups

26 Sep 2023

Image: Dawn Capital

The VC will provides funds up to $40m to Series A and B start-ups, while $80m will go to support Dawn Capital’s exiting portfolio winners from Series C onwards.

London-based VC firm Dawn Capital has raised $700m to invest in the next generation of B2B software companies across Europe.

The funding is going into two Dawn Capital funds, with $620m going into ‘Dawn V’. This flagship fund will support founders at the Series A and B stages, with initial cheques of $10m to $40m. The remaining $80m is going into the ‘Dawn Opportunities III’ fund, which will back the VC firm’s existing portfolio winners from Series C stage onwards.

“Our new capital will ensure we can continue to meaningfully back world-class founders building category-defining software companies from Europe across the technology stack, from Series A all the way to exit,” the company said.

“We are tremendously grateful to all of our investors, founders and team for enabling us to reach this milestone. And we can’t wait to see where our future founders and companies take us next.”

The firm was founded by Norman Fiore and Haakon Overli in 2007 and has grown to have more than a dozen partners and investors among its team.

Dawn Capital has invested in a number of notable companies over the years such as Collibra, a maker of data intelligence software; Showpad, which works in sales and marketing analysis; Dataiku, an enterprise AI company; and Minute Media, a digital media brand.

In its latest funding announcement, Dawn Capital said AI is pushing a new “technology shift” and is presenting opportunities for B2B software start-ups.

“AI is both a significant opportunity in itself, as well as a disruptor to every software category – and will unleash untold productivity gains for enterprise,” the VC firm said.

“Yet, the most exciting part for us is that European founders are poised to deliver some of the seminal companies that will underpin these tech stacks of the future, reflecting our share of fundamental research and the global economy.”

In 2021, Dawn Capital closed its later-stage Dawn Opportunities Fund II after it raised $120m. This was shortly after the VC firm participated in the $180m Series C round of B2B fintech firm Soldo.

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Leigh Mc Gowran is a journalist with Silicon Republic