Dawn Capital closes new $120m later-stage fund

22 Jul 2021

Image: Dawn Capital

The fund will offer up to $30m to the firm’s existing portfolio companies to help them grow.

Dawn Capital, a London-based VC firm specialising in business-to-business (B2B) software start-ups in Europe, has closed its later-stage Dawn Opportunities Fund II having raised $120m.

The investor said the fund will offer up to $30m to existing Dawn Capital companies in their growth rounds, and that it will follow the same strategy as Dawn Opportunities I.

That fund has invested in a number of up-and-coming names in B2B including Quantexa, an analytics platform; 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.

Dawn Capital said this fund brings its total raised over the past year to $520m. Its total assets under management now sit around $1.5bn.

The firm was founded by Norman Fiore and Haakon Overli in 2007, and now has five partners including Mina Mutafchieva, Evgenia Plotnikova and Josh Bell.

“There has never been a better time to be a B2B founder in Europe,” Overli said. “As a market with significant tech and operational talent, a sophisticated investor and adviser network, and a growing catalogue of success stories, the opportunity to build a new class of B2B software leaders has never been greater.

“We look forward to seeing where the next generation of success stories within our portfolio take us.”

Florian Douetteau, co-founder and CEO at Dataiku, added: “Since their first investment, Dawn has been a very supportive and strategic partner. They have participated in our funding rounds through both their flagship and opportunities funds, ensuring they have remained deeply invested in our success. As a European investor, they are somewhat unique in being able to support their companies from Series A to exit.

“So I see the closing of their latest fund as a great opportunity for more Dawn founders to gain longstanding access to the expertise and networks they bring.”

Last month, Visa agreed to acquire Dawn Capital investee Tink for €1.8bn. The Swedish start-up builds APIs for financial institutions and other fintech outlets.

Yesterday (21 July), Dawn also participated in the $180m Series C round of B2B fintech firm Soldo.

Jack Kennedy is a freelance journalist based in Dublin