DIG Ventures has closed Fund III with £90 million to invest in startups building the software infrastructure AI cannot scale without. The fund backs founders building at the frontier of the AI infrastructure ecosystem, targeting approximately 30 European pre-seed and seed-stage companies innovating across AI-native enterprise infrastructure.
Fund III is built on DIG Ventures’ conviction that as software becomes cheaper to create, enduring value will accrue to companies that own the critical control points behind it. The investment focus includes data, identity, compliance and orchestration layers on which other companies depend, with DIG Ventures intending to lead most rounds and already deploying capital from the fund.
Fund III is backed by LPs including Horsley Bridge, Sofina, Granite and a leading US university endowment fund, alongside entrepreneur LPs such as the founders behind Slack, Datadog, Nord Security, Cast AI, Supercell and Dash0. According to DIG Ventures’ internal portfolio data, 80% of Fund II companies raised further institutional capital within two years of DIG Ventures’ investment, and over 90% of commercially launched Fund II companies entered the US market within 12 months.
DIG Ventures’ previous fund, Fund II, is its first institutional vehicle and stands in the top decile globally for its vintage and size based on Carta TVPI and IRR data. The portfolio includes Dash0, the AI-native observability platform valued at $1 billion following its $110 million Series B, Taktile, which raised a $110 million Series C led by Goldman Sachs, and CUBE, whose AI-powered regulatory technology is used by over 30 global financial institutions, as well as AI HR platform Jack & Jill and AI orchestration platform Nexos.ai.
DIG Ventures was launched in 2018 and is led by Ross Mason, founder of enterprise integration company MuleSoft, which Salesforce acquired for $6.5 billion, Melissa Klinger, former UK sales lead at MuleSoft, and Rytis Vitkauskas, founder of YPlan and a former partner at Lightspeed Venture Partners. The operator-led team brings first-hand experience of building, scaling and exiting software businesses and leverages this experience to support portfolio founders in turning products into a repeatable go-to-market motion and establishing global distribution.
Our conviction as a fund is clear: as development accelerates and differentiation erodes, the truly scalable, defensible companies will be the ones building the foundations on which wider enterprise software depends. These are the companies whose advantages compound as the cost of building software falls. In Europe, we are seeing huge waves of innovation on this frontier - the continent is not short of technical talent. But the challenge is turning technical advantage into global distribution. Having built and sold enterprise software globally, our operator-led team knows what it takes to cross that gap. We built DIG to help founders do exactly that. We guide our startups from day zero through to their first US customers, and beyond. With Fund III, we’ll steer a further generation of founders towards global growth.
I don't think there is another VC in Europe that offers true partnership the way that DIG does. They think like founders, are deeply connected in the enterprise fabric globally, and never waiver from their conviction. Ross, Rytis and Melissa believed in Dash0 before we had much more than an idea. They brought a level of depth and experience that proved instrumental as we built a foundational technology, enabling us to get product decisions right and scale globally at a crazy pace.
