Dawn, the venture capital fund dedicated to B2B software and fintech, has closed the Dawn Capital Opportunities Fund at $125m.
The fund will see the firm double down on investments in the European tech companies in Dawn’s portfolio and elsewhere, with a specific focus on C-rounds and beyond.
The new fund will enable Dawn to invest up to $70m in European entrepreneurs that are building scalable technology to solve tech challenges facing businesses today.
The fund was backed by institutional and family office investors across Europe and the US, including British Patient Capital.
Haakon Overli, General Partner at Dawn Capital, said: “Europe has significant depth of tech talent, increasingly skilled entrepreneurs, and a growing back catalogue of success stories, many of which have been backed by Dawn.
“Our investors and the Dawn team felt real conviction around the concept of the Opportunities Fund as we were seeing exciting companies in our portfolio that want to run longer and be around as independent companies for years to come.”
Catherine Lewis La Torre, CEO at the British Patient Capital, added: “Our investment into Dawn’s Opportunities Fund provides additional patient capital for more established high growth potential businesses looking to scale up.
“Enabling these types of businesses to access the long-term investment they need to achieve their growth potential is a key aim for British Patient Capital, and we look forward to working with Dawn as they continue to develop their portfolio companies into world-class businesses.”
Dawn has backed some of Europe’s most successful technology entrepreneurs such as Peter Bauer and the team at Mimecast and Felix Van de Maele and the team at Collibra.
Felix Van de Maele, Founder and CEO of Collibra, commented: “The support of our significant investors has enabled Collibra to grow from our early origins in Belgium to become a global category leader.
“Historically, it has been a challenge to find such support—and the capital necessary to grow—in Europe. We are pleased that we were able to count on our long-standing backers at Dawn for a substantial commitment from the new Opportunities Fund in connection with our recent $100m funding round led by Alphabet’s growth fund, CapitalG.”
The Dawn Capital Opportunities Fund brings the firm’s total funds raised to $570m making Dawn one of the largest VCs in Europe, and the largest specialist fund in the European ecosystem.