Dawn Capital, one of Europe's biggest backers of business-to-business software companies, raised $700 million in two new funds — doubling down on its bid to find technology champions in the region at a time when venture capital funding for tech startups has dwindled.
"For us, the LP [limited partner] side, even those that weren't building programs in venture where lots of people felt historically, 18 months ago, they ought to be allocating a lot more to venture," Gubbins told CNBC in an interview.
That meant a lot of funds could only reup with existing managers or those with high convictions."
"It's the same as in those cycles where there is still capital out there, there are still investors investing.
Dawn Capital plans to invest in 20 companies with the new funds, which is the firm's fifth to date.
Persons:
Capital, Hannah Gubbins, Gubbins, Dawn
Organizations:
PayPal, Visa, Dawn Capital, CNBC, Capital, Dawn
Locations:
London