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Analyse your fitInvestment thesis
Europe's largest specialist B2B software investor, backing category-defining companies from Series A through exit. The flagship $620M fund (Dawn V) writes initial checks of $10M–$40M at Series A and Series B into European B2B software and fintech companies that have found product-market fit and are ready to scale internationally. A separate $80M opportunities fund (Dawn Opportunities III) enables follow-on investment from Series C to exit. Focus sectors include enterprise software, fintech, AI/ML, cybersecurity, and developer infrastructure.
Recent investments
| Company | Round | Size | Date |
|---|---|---|---|
| Runware | — | — | December 2025 |
| Flatpay | — | — | November 2025 |
| Blackwall (fka Botguard) | — | — | March 2025 |
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