DN Capital launches $350 million fund as European venture boom rolls

BERLIN (Reuters) – DN Capital, a venture capital fund that has backed startups including Germany’s AUTO1, said on Friday it was launching a new fund worth $350 million, bringing total assets under management to $950 million.

The London- and Berlin-based investor’s Fund V will back early-stage entrepreneurs in Europe, Britain and the United States building businesses around the adoption of digital technology, which has accelerated during the COVID-19 pandemic.

Four portfolio companies have hit billion dollar-plus valuations already this year, including AUTO1 which floated on the German stock market in February and newly listed Mister Spex, DN Capital said in a statement.

Fund raising by European venture capitalists has hit a record 55.5 billion euros ($65.7 billion) in the year to date – comfortably beating the total of 39.2 billion euros for all of last year, according to figures from Dealroom.co. ($1 = 0.8445 euros)

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