Having already got the likes of Shazam, Seedcamp and Purplebricks in its portfolio, London-based venture capital firm DN Capital has raised a third fund so that it can add to its stock.
The GVC III fund will have a focus on backing entrepreneurs in the software, mobile applications, digital media and e-commerce sectors and has been supported by a combination of family offices, institutional investors and sovereign wealth funds.
By raising $200 million, DN Capital now has $320 million of funds under management and has backed 50 companies since its inception in 2000.
Founder and managing partner of DN Capital Nenad Marovac says that the fund was ‘well ahead’ of its target and oversubscribed.
‘GVC III is far and away our largest fund to date and a real validation of our strategy, performance and our ability to generate first-rate returns for our investors.
‘Judging by the terrific start-ups in the European market at the moment, we are certain that we are meeting some of tomorrow’s biggest success stories and are now perfectly positioned to support them.’
More on DN Capital:
- Nenad Marovac on what VCs are looking for
- Second round of fundraising for PHG
- Shazam closes huge $40 million investment deal
On top of the investments the DN Capital team has made, the firm has secured a number of exits – the most recent of which involving the sale of Berlin-based travel start-up JustBook to British buyer Secret Escapes.
Also leaving its portfolio have been smartphone services provider Apsmart to Thomson Reuters in 2014 and customer service software provider Kana to Verint Systems in 2012.
The new fund will target businesses primarily in the UK, Germany and Nordics – with an allocation also set aside for US companies expanding into Europe.
Bjorn Tremmerie, head ERP-EIF Dachfonds at the European Investment Fund, adds, ‘The team at DN Capital are amongst the savviest in the business and given their strong track record, we are confident that they offer a particularly rigorous approach to the opportunities in the venture market in Europe today. Venture is certainly very compelling at present also in Europe.’
