Dawn Capital eyes two new funds

Harriet Matthews
15 March 2022

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European software investor Dawn Capital has a regulatory filing related to its next flagship fund, Dawn Capital V, as well as a filing for Dawn Capital Opportunities III, which will back existing portfolio companies.

Filings related to Dawn Capital V and Dawn Capital Opportunities Fund III were registered in Luxembourg on 10 March 2022.

The GP held a final close for Dawn Capital IV in July 2020 on USD 400m. The fund makes early-stage investments in data and analytics, security technology, and financial technology, focusing on Europe. The vehicle makes initial investments of USD 5m - USD 20m and aims to make 20 investments in total over a three-and-a-half-year investment period, according to Unquote Data. Around 30% of the fund will be dedicated to follow-on rounds.

LPs in Dawn Capital IV include public bodies such as British Business Investments, the European Investment Fund and the European Investment Bank, as well as other institutional investors, according to Unquote Data.

Dawn Capital's Opportunities strategy invests in companies originally backed by the VC firm's flagship funds as they proceed to raise later-stage rounds at Series C and beyond. Dawn Capital Opportunities II held a final close in July 2021 on USD 120m and can invest up to USD 30m per round, according to Unquote Data.

According to Unquote Data, the LP base of Dawn Capital Opportunities II comprises existing investors, as well as new US and European LPs, including funds-of-funds, endowments and family offices. High net worth individuals, as well as Dawn Capital's founders, also backed the fund.

London-headquartered Dawn Capital's recent exits include the EUR 1.8bn sale of Sweden-based personal finance platform Tink to Visa in June 2021. In August 2021, Dawn sold its stake in UK-based social media management platform Conversocial in a USD 50m trade sale to Verint.

The GP's current portfolio includes Denmark-headquartered B2B template management software Templafy, Germany-based small business payment platform Billie, and Norway-based digital printing platform developer Gelato.

Dawn Capital declined to comment.