Wonga and Mimecast backer Dawn Capital raises new £63 million fund

Early-stage investor Dawn Capital has achieved a first close on its Dawn Capital II fund – targeted at businesses in the cloud, software and consumer internet sectors.

Dawn Capital has raised £63 million to invest in UK and European-based technology ventures, with contributions coming from the likes of the European Investment Fund and the UK Future Technologies Fund.

With a portfolio which includes online short-term lender Wonga, email management company Mimecast and retailer Bathrooms.com, Dawn Capital will be focusing on Series A investments.

The firm has highlighted the cloud, software, consumer internet and platform infrastructure and financial services technology sectors as areas which the fund will target.

The £63 million it has raised is a first close, with the fund set to remain open for a ‘limited time’ to bring in a small number of further investors.

Institutions which have already committed interest to Dawn Capital II are the European Investment Fund, the UK Future Technologies Fund and Capital for Enterprise through the new VC Catalyst Fund.

More on Dawn Capital:

Haakon Overli, general partner at Dawn Capital, says that part of the success in achieving a first close can be attributed to the firm’s existing portfolio companies which have showed, he says, that ‘exceptional performance’ of UK start-ups in a ‘globally competitive’ technology sector is possible.

He adds, ‘We are very proud to progress from our origins as an Enterprise Capital Fund to raising a larger fund.

‘This was made entirely possible by Capital for Enterprise in awarding us an ECF mandate as a first-time fund manger and then closing Dawn Capital II via a commitment by their new VC Catalyst Fund.’

Adrian Beecroft, chairman of Dawn Capital, former chairman of the British Private Equity and Venture Capital Association and author of the government’s recent Beecroft report, comments, ‘We look forward to working with some of the most exciting companies in the UK and Europe.

‘These high-growth companies will be the catalysts for reinventing entire industries during the next decade and beyond that will bring growth back to our UK economy.’

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for GrowthBusiness.co.uk from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

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