Dawn Capital

What Dawn Capital does

Dawn Capital is a London-based venture capital firm founded in 2006 and structured as Dawn Capital LLP, a limited liability partnership authorized and regulated by the UK Financial Conduct Authority. The firm specializes exclusively in B2B software investing, deploying capital primarily at Series A and B stages and selectively funding best-performing portfolio companies through growth rounds to exit. With approximately $2bn in assets under management, Dawn has invested in over 80 companies founded across 16 countries, building a portfolio concentrated in European enterprise software and fintech. The firm takes board or observer seats in every portfolio company, providing operational support on hiring, business development, international expansion, and follow-on capital. Certain funds benefit from InnovFin Equity backing through the European Investment Fund under the EU's Horizon 2020 program, and the firm became a signatory to the Principles for Responsible Investment in July 2023.

The firm's revenue model is the standard venture capital structure: management fees charged on committed or invested capital across successive funds, supplemented by performance-based carried interest on profitable exits. Limited partner commitments fund the firm's capital base; LP composition is not publicly disclosed. Dawn's exit track record is a primary marketing asset, headlined by Mimecast ($5.8bn exit to Permira), iZettle ($2.2bn to PayPal), Tink ($2.0bn to Visa), LeanIX (acquired by SAP), Shoreline (acquired by Nvidia), Granulate (acquired by Intel), and Zivver (acquired by Kiteworks). The firm was named Europe's top-performing venture capital fund manager by Preqin in 2023, with all funds ranking in the top quartile globally. Distribution and deal sourcing rely on direct founder outreach, a pan-European network of angels and co-investors, content publishing through a dedicated content hub, community events, and hackathons in partnership with portfolio companies.

Dawn Capital's investment thesis has visibly reoriented toward AI infrastructure and applications. 2025-2026 deals include Runware ($50M Series A lead, generative media infrastructure), Orbio ($21M Series A lead, AI workforce platform for frontline workers), Cortea (€12M seed lead, AI audit quality), Doubleword ($12M Series A lead, self-hosted AI inference), deepdots (€5.5M seed lead, AI customer feedback), Fonoa ($110M Series C participation, AI tax platform), Flatpay ($170M round, merchant payments unicorn), and Inforcer ($35M Series B, MSP platform for Microsoft Security and AI). The investment team is led by co-founders and General Partners Norman Fiore and Haakon Overli, with General Partner Evgenia Plotnikova, Partner Shamillah Bankiya, and additional investors including Andrea Guariglia and Atiyu Mehta. The firm's marketing presence includes content covering AI, Voice AI, Legal AI, Generative AI P&L, and Government tech.

Name

Dawn Capital

Legal name

Dawn Capital LLP

Website

https://dawncapital.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Dawn Capital is a London-based venture capital firm specializing in B2B software investments, managing approximately $2bn in assets and backing European enterprise software and fintech founders from Series A through growth stages.

Ownership category

akta.pro rank

Product category

Venture Capital Fund Management

NAICS

Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

akta.pro secondary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

Keywords

• Venture capital funding
• B2B software investment
• Early-stage venture capital
• FinTech venture investing
• Series A Series B funding

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Distribution channels1 record

Marketing channels5 records

Core offering

Dawn Capital is a London-based venture capital firm that invests in early-stage (predominantly Series A and B) B2B software and FinTech companies across Europe, with selective follow-on growth investment through to exit. The firm manages $2bn in assets, invests from its own funds raised from limited partners, and takes board or observer seats in portfolio companies while providing operational support to help founders build category-defining software businesses.

Product overview

Dawn Capital is Europe’s leading specialist B2B software venture capital investor, with assets under management of $2bn. The firm invests predominantly from Series A and B, and selectively funds growth rounds to exit. Dawn Capital provides investment capital and operational support to founders building the next generation of global software leaders. Notable successful exits include Mimecast (formerly NASDAQ-listed, taken private by Permira in a $5.8bn transaction), iZettle (sold to PayPal for $2.2bn cash), Tink (purchased by Visa for $2.0bn), and LeanIX (acquired by SAP). The firm has invested in over 80 companies founded out of 16 countries and was named Europe's top-performing venture capital fund manager by Preqin in 2023.

Differentiator

Problem solved

Functional benefit

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Principles for Responsible Investment (PRI)coreOthersDawn Capital became a signatory to the Principles for Responsible Investment (PRI) in July 2023. This reflects the firm's commitment to responsible stewardship and ESG considerations in its investment approach, aligned with institutional investor expectations.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Notion Capital: London-based VC firm specialized in B2B software and enterprise SaaS investing across Europe. Highly comparable to Dawn in stage focus (Series A/B), sector emphasis, and European geographic concentration.
• Balderton Capital: London-headquartered early-stage VC focused on European technology founders. Directly comparable stage orientation (Series A) and broad overlap with Dawn's B2B/fintech investment remit.
• Index Ventures: Pan-European (London/San Francisco/Geneva) venture firm with deep B2B software franchise at Series A/B. Strong match on stage, sector focus, and European deal flow.
• Atomico: London-based VC investing in European tech from Series A onward, founded by Niklas Zennström. Comparable stage focus and B2B/consumer overlap with Dawn's European franchise.
• Accel: Silicon Valley- and London-headquartered venture firm with strong European B2B software franchise at Series A/B. Co-investor in Fonoa with Dawn, indicating direct competitive overlap.
• Earlybird Venture Capital: European VC firm focused on technology-enabled businesses across early stages, with notable B2B software exposure. Comparable stage focus and European geographic mandate to Dawn.
• Northzone: Nordic-rooted European VC investing in Series A/B tech including B2B software. Overlaps with Dawn on stage, European geography, and B2B software conviction.
• Felix Capital: London-based early-stage VC investing in European technology and B2B opportunities. Comparable stage and European sector focus to Dawn Capital.
• MMC Ventures: London-based early-stage venture fund investing in enterprise B2B software and consumer internet. Directly comparable stage focus and B2B software vertical to Dawn.

Broad incumbents

• Insight Partners: Global growth/venture firm with a dominant software franchise. Co-invested with Dawn in Runware; broader scale and later-stage focus make it more of a scaled incumbent than a direct Series A rival.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/dawncapital
• LinkedInlinkedin.com/company/dawn-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments144 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dawn Capital