Dawn Capital, a European venture capital firm dedicated to B2B software, closed Dawn IV, at €333m (approx. $400m).
The fund closed within six months of launch, after receiving support from existing and new investors from the US, Europe and Asia. The investors committing to the fund comprise leading institutional investors, including pension funds, endowment funds, fund of funds as well as family offices and high net-worth individuals.
Dawn IV will pursue the same strategy as its predecessor funds, investing in Series A and B rounds in Europe’s leading B2B software startups and continuing to fund the best-performing companies through growth rounds with follow-on funds to exits.
The fund will focus on four core thematic areas: Data & Analytics, Security, Fintech and Future of Work, targeting initial investments of $5m to $20m.
Having invested in nearly 40 companies across 14 European countries including Mimecast, iZettle, Collibra and Dataiku, among others, Dawn will provide capital and counsel to support leading founders to scale their business’s growth through talent, products and business models to become category-defining, global companies.
Led by co-founders and General Partners, Norman Fiore and Haakon Overli, Dawn targets the enterprise software market, which today is worth $1 trillion annually and within the next decade its value is expected to exceed $1.4 trillion. The firm believes a new 20-year investment cycle has just begun. The shift in the importance of B2B technology, driven by larger adoption of workplace technology, and powered by cloud computing, ever-lowering barriers to entry and multi-player categories is changing the way people live and work. As this innovation continues, with the growth of AI and no-code applications, the investment opportunities in Dawn’s area of expertise continue to increase.