DN Capital nearing final close for third fund

Karin Wasteson
02 April 2014

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DN Capital Global Venture Capital III (DN GVC III) has raised €80m to date with a recent €3m contribution from Finnish Industry Investment.

In line with the strategy of its previous funds, DN GVC III deploys capital in seed and early-stage investments, targeting businesses in the software, mobile applications, digital media and e-commerce sectors across northern Europe and the US. First-round investments sit in the €250,000-10m range.

DN Capital GVC III has a target of €100m and held a first close on €51.5m in August 2012 with commitments from both existing and new investors. The close followed DN's successful trade sale of Apsmart to Thomson Reuters in June the same year, marking the GP's seventh exit in two years. Proskauer Rose is providing legal advice to the fund while Augentius is fund administrator. No placement agent has been appointed.

This is the first time Finnish Industry Investment has invested in a DN fund. The VC firm's two previous vehicles are European Digital Infrastructure I and DN GVC II. DN Capital's three funds have a total of €170m in assets under management.

Based in London, the VC also has offices in Berlin and Palo Alto. DN currently has more than 30 companies in its portfolio, including Shazam, Windeln.de and Avagent.