EUROPE – DN Capital reaches EUR 50m first close

nathanwilliams
03 April 2008

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Unquoteт has learned from a limited partner that European early stage and growth equity investor DN Capital has reached a first close of its second fund, Global Venture Capital II (GVC II). The fund raised just under half of its EUR 100m target and should reach a final close by the end of the year. Separately, DN also appointed Philip Prescott as financial director. Prescott previously spent 10 years at CVC Capital Partners.

DN GVC II will invest two thirds of its money in Europe and the rest elsewhere, with a focus on the US and Central and Eastern Europe. By stage, around half is earmarked for early stage and the other half for growth equity deals, all in the software and digital media space.

Since the fund’s first close, three investments have been made, with another two in the pipeline. The investments are Tbricks, an algorythmic trading technology business based in Sweden and Russia; DezineForce, a UK engineering design and optimisation technology company; and Familybuilder, a US business that delivers genealogy applications online.

DN was created in 2001 by Nenad Marovac, formerly a partner at Advent International, and Steven Schlenker, who had been with SUN Technology. The team’s first fund raised EUR 47.5m and is fully committed to 14 companies, with Lagan, OLX, Endeca and Shazam in its portfolio. Co-investors include Bessemer Venture Partners, DFJ Esprit, Venrock and Morgenthaler, among others.