DN Capital
DN Capital is a global early-stage venture capital firm founded in 2000, managing over $1bn in AUM and investing Seed-to-Series B capital in Software, AI, Fintech, and Consumer Internet companies across Europe and North America, with offices in London, Berlin, and Menlo Park.
- Company typePrivate
- Founded2000
- HeadquartersMenlo Park, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What DN Capital does
DN Capital is a global early-stage venture capital firm founded in 2000 by Nenad Marovac and Steve Schlenker, headquartered in London with regional offices in Berlin and Menlo Park. The firm invests Seed, Series A, and select Series B capital (up to €20m per company) across four verticals—Software, AI, Fintech, and Consumer Internet—in Europe and North America, with a documented footprint in 16 countries. Its 58 historical exits and 7 IPOs include Shazam (acquired by Apple), Endeca (acquired by Oracle for $1.07bn), Remitly (NASDAQ IPO 2021 at a $7bn valuation), Auto1 (Frankfurt IPO), and Cognigy (acquired by NiCE for approximately $955m in July 2025). The firm manages more than $1bn in assets under management and is supported by InnovFin Equity with EU/EFSI backing.
The firm earns revenue from two principal streams: management fees on assets under management and carried interest tied to successful portfolio exits and IPOs. The core product is not a technology platform but a curated investment vehicle and value-add platform: portfolio companies gain access to a pan-European and US network of entrepreneurs, angels, and corporate strategists, plus board-level involvement on Series A and later rounds, hiring and capitalization support, and assistance with cross-border (multi-city, multi-country) expansion. Deal sourcing is multi-channel, combining portfolio referrals, proactive thematic market mapping, and inbound business-plan submissions via the firm's website, supplemented by thought-leadership content and conference participation (NOAH, IPEM, Tech.eu).
Operationally, DN Capital is structured as DN Capital (UK) LLP (the FCA-authorized primary entity), with wholly owned subsidiaries DN Capital (US) Inc. and DN Capital (Germany) GmbH. The investment team is led by founders Nenad Marovac and Steve Schlenker alongside Managing Partner Thomas Rubens (promoted 2025), Chairman of the Investment Committee Massimo Prelz, and partners including Ian Marsh, Guy Ward Thomas, and Gülsah Wilke (Head of German Office since 2024), supported by investment associates, a finance function, and a General Counsel. Recent 2025–2026 activity shows a pronounced thematic rotation toward applied and agentic AI (Viktor, Airspeed, Interloom, Unique) alongside continued fintech exposure (Fimple, Ben, Remitly) and selective growth-stage participation (Job&Talent Series F at a €1.3bn valuation).
DN Capital firmographics
Firmographics- Name
- DN Capital
- Legal name
- DN Capital (UK) LLP
- Website
- https://dncapital.com
- Company type
- Private
- Founded year
- 2000
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- DN Capital is a global early-stage venture capital firm founded in 2000, managing over $1bn in AUM and investing Seed-to-Series B capital in Software, AI, Fintech, and Consumer Internet companies across Europe and North America, with offices in London, Berlin, and Menlo Park.
- Ownership category
- akta.pro rank
DN Capital industry classification
Industry- Product category
- Venture Capital
- NAICS
- Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Early-Stage Venture Capital (Series A/B) (FSANAAAB)
- akta.pro secondary industries
- Late-Stage Venture Capital (Series C+) (FSANAAAC), Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)
Keywords
Where DN Capital is headquartered
LocationHeadquarters
- HQ city
- Menlo Park
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
DN Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Management fees: VC fund management fees typically charged as percentage of assets under management
- Carried interest: Performance-based carried interest from successful portfolio exits and IPOs
Go-to-market motion2 records
Distribution channels2 records
Marketing channels7 records
DN Capital product offering
Product offeringCore offering
DN Capital is a global early-stage venture capital firm that invests Seed, Series A, and select Series B rounds of up to €20 million per company in four key sectors: Software, AI, Fintech, and Consumer Internet. The firm provides portfolio companies with growth capital, strategic guidance, board-level involvement, and access to a transatlantic network of entrepreneurs, strategic partners, and customers to support multi-country expansion. The firm manages over $1 billion in assets under management and earns revenue from management fees and carried interest on successful exits.
Product overview
DN Capital is a global early-stage venture capital firm, founded in 2000, with offices in London, Berlin, and San Francisco. The firm focuses on Seed, Series A, and select Series B investments in Europe and North America across four key sectors: Software, AI, Fintech, and Consumer Internet. DN Capital does not develop or sell technology products or services; rather, it provides growth capital, strategic guidance, and network access to portfolio companies. The firm has backed category leaders including Shazam, Auto1, Cognigy, Incode, Yassir, Endeca, and Remitly, and has achieved 58 exits and 7 IPOs across its investment history.
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- 58 successful exits across portfolio
- +2 more outcomes
Companies that use DN Capital
Customer profileNamed customers5 records
Segments3 records
Ideal customer profiles2 records
DN Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
DN Capital partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered minor.
- Kay Mason FoundationminorCo-founder Nenad Marovac is a longstanding supporter of the Kay Mason Foundation, a South African charity providing funding for talented, underprivileged school-age students.
- Hilinski's HopeminorCo-founder Steve Schlenker supports Hilinski's Hope, a US non-profit promoting awareness and providing resources for student athletes around mental health.
- Level 20minorDN Capital demonstrates its approach to equality through involvement with Level 20 which promotes equality of opportunities in the venture capital world.
- Diversity VCminorDN Capital demonstrates its approach to equality through involvement with Diversity VC which promotes equality of opportunities in the venture capital world.
Scale indicators5 records
Recent moves6 records
Expansion highlights6 records
DN Capital competitors and assessment
Company assessmentDirect peers
- LocalGlobe: London-based Seed-stage VC investing across Europe in software, fintech, and consumer — directly comparable to DN Capital's Seed-stage focus and UK base.
- Index Ventures: London/San Francisco-based venture firm investing from Seed to growth across Europe and North America in software, fintech, and consumer internet — a near-direct competitor for the same founder pool and round sizes as DN Capital.
- Atomico: London-based early-to-growth stage VC founded by Skype's Niklas Zennström, focusing on European technology companies and frequently co-investing alongside DN Capital (e.g., Ben Series B, Job&Talent Series F).
- Accel: Global early-stage firm with strong London office and European/US presence, investing in software and consumer — directly comparable in stage, sector focus, and transatlantic platform to DN Capital.
- Balderton Capital: London-based early-stage VC focused on European software, fintech, and consumer internet companies from Seed through Series A — directly competing for UK and European Seed/Series A rounds.
- Earlybird Venture Capital: Berlin-based early-stage European VC with deep DACH network, directly comparable to DN Capital's Berlin office presence and pan-European Seed/Series A focus.
- Notion Capital: London-based VC investing in B2B SaaS and enterprise software across Europe, overlapping with DN Capital's software/AI vertical focus and UK/EU footprint.
- Speedinvest: Vienna-based early-stage VC with sector-specific funds across fintech, deep tech, SaaS, and consumer — competing with DN Capital across DACH and broader European Seed rounds.
- Creandum: Nordic/European early-stage VC investing in Seed and Series A software and consumer companies, comparable in stage, geography, and vertical focus to DN Capital's European operations.
- Northzone: Stockholm/London/New York-based early-to-growth VC with comparable transatlantic presence and software/consumer focus, competing for similar Nordic and pan-European deals.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
DN Capital social profiles
Digital presenceDN Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
DN Capital leadership team
Management profileNumber of profiles
Profiles15 records
DN Capital subsidiaries and ownership
Company hierarchySubsidiaries2 records
DN Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
DN Capital M&A and investment
M&A and investmentM&A
Investments332 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about DN Capital
What does DN Capital do?
DN Capital is a global early-stage venture capital firm that invests Seed, Series A, and select Series B rounds of up to €20 million per company in four key sectors: Software, AI, Fintech, and Consumer Internet. The firm provides portfolio companies with growth capital, strategic guidance, board-level involvement, and access to a transatlantic network of entrepreneurs, strategic partners, and customers to support multi-country expansion. The firm manages over $1 billion in assets under management and earns revenue from management fees and carried interest on successful exits.
Is DN Capital a public or private company?
DN Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was DN Capital founded?
DN Capital was founded in 2000. It employs 11 to 50 people.
Where is DN Capital based?
DN Capital is headquartered in Menlo Park, United States, in the North America region.
How does DN Capital make money?
Two revenue lines are on record. Management fees are the primary driver. The others are carried interest.
Who are DN Capital's main competitors?
Direct peers on record are LocalGlobe, Index Ventures, Atomico, Accel, Balderton Capital, Earlybird Venture Capital, Notion Capital, Speedinvest, Creandum and Northzone.
Does DN Capital have an API?
No public API is recorded for DN Capital.
What industry is DN Capital in?
DN Capital's product category is Venture Capital. Its primary akta.pro industry code is FSANAAAB, Early-Stage Venture Capital (Series A/B), with a secondary code of FSANAAAC, Late-Stage Venture Capital (Series C+). Its NAICS code is 52394 and its SIC code is 6282.