DN Capital, a global venture capital firm, closed its fourth fund, at €200m (£177m).
The fourth fund, which was oversubscribed, will primarily back Seed and Series A-stage companies developing marketplaces, SaaS, fintech, digital health and consumer mobile apps.
To date, the firm – led by Nenad Marovac, founder and CEO and Co-founder and Managing Partner Steve Schlenker – has made 65 investments (excluding seed deals) in nine countries, which have resulted in 15 profitable exits (3 IPOs and 12 trade sales), over 50% of which had enterprise values of between $150m and $1.2 billion. These include Endeca (Oracle), Purplebricks (AIM: PURP) and Quandoo (Recruit).
Roughly two-thirds of DN Capital’s investments have been made in Europe, through its London and Berlin bases, with the remainder coming from the firm’s Silicon Valley office in Menlo Park.
With Fund IV, the team’s European focus will be on companies in Germany, the UK, the Nordics and France, while its US investments will primarily be on the West Coast and the Boston-New York corridor.
The announcement follows a successful few weeks for DN Capital, which saw portfolio companies Shazam acquired by Apple and Auto1 receive a €460m investment from SoftBank’s Vision Fund.