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London-based B2B software investor Dawn Capital raises $120M for second later-stage fund

B2B software is a trillion-dollar industry and Europe has become the centre of this industry-defining tech. London-based Dawn Capital is one of the leading specialist B2B software investors in Europe. Now, it has closed Dawn Opportunities Fund II and raised $120 million (nearly £86 million) to continue investing growth funds to its best-performing portfolio companies.

With this later stage capital, Dawn can provide founders with a source of European investment. As a specialist, hands-on investor, it also ensures Dawn’s portfolio company founders benefit from Dawn’s team’s long-term support and expertise as they help guide them from Series A to successful IPOs and large M&A transactions.

Dawn Opportunities Fund II

The Dawn Opportunities Fund II follows the footsteps of its predecessor Dawn Opportunities I, which made its first investment, in a Series D round for Collibra, the world’s leading data intelligence platform, in January 2019.

The new fund will invest up to $30 million in the Series C+ growth rounds of the best-performing companies within its flagship portfolio. It will make investments into the companies that continue to prove their value and category dominance, in turn enabling its investors to capture the inherent value in these companies to exit.

The fund received strong support from Dawn’s existing LP base as well as attracting new investors from the US and Europe. The investors committing to the fund comprise global blue-chip institutions investors, including endowment funds, fund of funds, asset managers and family offices, and illustrious group of HNWs including Dawn’s portfolio founders.

Haakon Overli, General Partner at Dawn, said: “There has never been a better time to be a B2B founder in Europe. As a market with significant tech and operational talent, a sophisticated investor and adviser network, and a growing catalogue of success stories, the opportunity to build a new class of B2B software leaders has never been greater. We raised our first Opportunities fund and now its successor, as part of our long-standing commitment to our founders, so we can continue to meaningfully support their journeys and back them from Series A to substantial exits. We look forward to seeing where the next generation of success stories within our portfolio take us.”

Florian Douetteau, Co-Founder and CEO at Dataiku, said: “Since their first investment, Dawn has been a very supportive and strategic partner. They have participated in our funding rounds through both their flagship and opportunities funds, ensuring they have remained deeply invested in our success. As a European investor, they are somewhat unique in being able to support their companies from Series A to exit. So I see the closing of their latest fund as a great opportunity for more Dawn founders to gain longstanding access to the expertise and networks they bring.”

Mina Mutafchieva, Partner at Dawn, said: “The last 18 months have been pivotal for B2B software. Defined by substantial societal, economic and technological shocks, the spotlight was firmly cast on the power of software to save and define enterprise. Across the board we saw the value of our companies, as they facilitated productivity, collaboration and distributed working at scale. The fantastic support of our investors for our latest Opportunities fund shows the significant appetite they have to continue to gain greater access to these category-defining companies, whose tech is powering the software stacks of hundreds of thousands of enterprises globally.”

Portfolio companies

Dawn Capital has built a strong track record of helping European founders scale B2B companies to large, successful outcomes globally. The fund has invested in global enterprise AI platform Dataiku, digital-first media company Minute Media, sales enablement platform Showpad and contextual decision intelligence platform Quantexa. These companies are B2B businesses founded in Europe and continue to grow strongly with the delivery of exceptional technology and products.

Also, it has been a longstanding investor in three of Europe’s largest B2B exits including email security provider Mimecast, mobile payment provider iZettle, and most recently Tink, Europe’s leading open banking platform. Together, iZettle and Tink mark the second and third largest fintech M&A exits in Europe, with Dawn being the only investor in both.