Business Insider Feature: Shazam investor DN Capital has raised €200 million for its new fund

Nenad Marovac and Thomas Rubens discuss the closing of DN Capital’s fourth fund, our investments and the likely impact of Brexit on the European VC ecosystem.

You can view Business Insider’s coverage via this link, with an excerpt below.

Covered by Business Insider’s Shona Gosh on 25th January 2018.

‘London-based venture capital firm DN Capital has raised €200 million (£175 million, $248 million) for its fourth investment fund, targeted at early-stage startups.

The fund is DN Capital’s biggest to date, with money from a mix of institutional investors, family offices, and high net worth individuals. Europe’s fund-of-funds, the European Investment Fund, has also invested.

DN Capital is one of the most established venture firms in Europe, founded in 2000 by current managing partners Nenad Marovac and Steve Schlenker. It has funded firms such as music recognition company Shazam, acquired by Apple for a reported $400 million (£281 million), online estate agents Purplebricks, and used car marketplace Auto1.

Two-thirds of the new fund will be targeted at startups in Western Europe, with the rest going to US companies.

Like other senior figures in the venture industry, Marovac is worried about the impact of Brexit on the UK’s blooming startup scene.

“The UK is a super thriving market, with great entrepreneurs, amazing academic institutions that are pumping out great technologies in artificial intelligence and in biosciences,” he told Business Insider. “It’s 10 out of 10. With Brexit, I don’t know how that will affect things in terms of the UK as a market. It’s currently the number one market in Europe, but it’s neck-and-neck with Berlin. We think Berlin is right up there.”

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