European B2B software venture capital firm Dawn Capital has received $700m (£572.9m) for two of its funds.
The majority of the raise at $620m (£507.3m) will be deployed into its fund Dawn V, which provides investments of up to $40m (£32.7m) in Series A and B rounds.
The remaining capital will be deployed in follow-up investment at Series C and later via a fund called Dawn Opportunities III.
“Over the last 18 months, we have all witnessed the challenging macro environment,” said Haakon Overli, general partner at Dawn Capital.
“We firmly believe it is a great point in the cycle to be investing and see the opportunity in Europe only increasing.”
Dawn Capital has backed the likes of Mimecast, PayPal-acquired iZettle and Quantexa.
Existing fund investments include tax compliance platform Fonoa and embedded insurance maker Cover Genius.
Alongside the announcement, Dawn has promoted Hannah Gubbins, formerly head of investor relations and marketing, to partner.
“As our entrepreneurs like to remind us, AI has been around for a long time,” says Norman Fiore, general partner at Dawn Capital. “The change today is that AI has pushed its way from the engineering teams into the boardroom.”
AI is a “coming prevalence” and “disrupter” to all types of software, Fiore added.
Founded in 2007, Dawn Capital is based in London and has a team of 35 people.