# DN Capital: portfolio, investments and team

> DN Capital is a vc firm based in United States. 202 investments on record, 9 in the last 12 months, latest Jun 2026. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/dn-capital (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# DN Capital

Last cheque observed Jun 2026; 202 cheques on record.

Email

Deploying now VC firm

Pre-seed Seed Series A Software AI Fintech

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Deploying now

**75%** of best year **9** **cheques in 12 months**, 202 on record

Since the last cheque **149** days **00** hrs **00** min **00** sec

Median round **$16M** Cheque size, as they say **$100K – $25M** Rounds led **6 of 202** Sole investor **32 rounds** Exits **11 from the portfolio** Mostly in **Germany, 35%**

Pitch DN Capital

## DN Capital highlights

- 01 9 cheques in the last 12 months
- 02 Mostly Series A and Seed: 55% of its rounds
- 03 Sole investor in 32 rounds, median $4.5M
- 04 11 exits from the portfolio

## What they do

> DN Capital is a global early-stage venture firm, founded in 2000 and based in London, Berlin and San Francisco. We focus on Seed, Series A and select Series B opportunities in Europe and North America. From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $100K – $25M as they say
- **Stages:** Pre-seed Seed Series A Series B Growth Pre-IPO
- **Sectors:** Software AI Fintech
- **Based in:** Menlo Park, United States
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **202 appearances**

- **2026** 7 rounds
- **Jun** **[Airspeed](https://millionrounds.com/company/airspeed)** Series A · GB · Ventureburn **$20M** *Led*
- **Jun** **[Sherpa](https://millionrounds.com/company/sherpa)** Pre-seed · US **$2.2M** With 3 others
- **Apr** **[Patronus Group](https://millionrounds.com/company/patronus-group)** Venture · DE **$13M** With 3 others
- **Apr** **[dehaze](https://millionrounds.com/company/dehaze)** Seed · DE **$3.7M** With 3 others
- **Mar** **[Interloom](https://millionrounds.com/company/interloom)** Seed · DE · TechStartups **$17M** *Led*
- **Jan** **[Nomagic](https://millionrounds.com/company/nomagic)** Series B · PL · Cogito Capital Partners **$10M** With 4 others
- **Jan** **[Paraglide AI](https://millionrounds.com/company/paraglide-ai)** Seed · SE **$5.0M** With 1 other
- **2025** 10 rounds
- **Dec** **[Ben](https://millionrounds.com/company/ben)** Series B · GB · TechStartups **$28M** With 5 others
- **Dec** **[Everli](https://millionrounds.com/company/everli)** Debt · IT **$10M** With 4 others
- **Jun** **[Aibidia](https://millionrounds.com/company/aibidia)** Series B · FI **$28M** With 3 others
- **May** **[Avegant](https://millionrounds.com/company/avegant)** Venture · US **$15M** With 4 others
- **May** **[Edurino](https://millionrounds.com/company/edurino)** Series B · DE **$19M** With 3 others
- **Apr** **[Jobandtalent](https://millionrounds.com/company/jobandtalent)** Growth · ES · TechCrunch **$103M** With 6 others
- **Apr** **[Hawk](https://millionrounds.com/company/hawk)** Series C · DE **$56M** With 4 others
- **Feb** **[Unique](https://millionrounds.com/company/unique)** Series A · CH · TechCrunch **$30M** *Led*
- **Feb** **[Fimple](https://millionrounds.com/company/fimple)** Series A · GB **$12M** With 1 other
- **Feb** **[Napo](https://millionrounds.com/company/napo)** Series B · GB **$15M** With 2 others
- **2024** 6 rounds
- **Dec** **[Evidently](https://millionrounds.com/company/evidently)** Series A · US **$15M** With 1 other
- **Nov** **[Tourlane](https://millionrounds.com/company/tourlane)** Series D · DE · TechCrunch **$26M** With 5 others
- **Oct** **[Plumery](https://millionrounds.com/company/plumery)** Seed · NL · QED Investors **$3.3M** With 6 others
- **Sept** **[Literacy Capital](https://millionrounds.com/company/literacy-capital)** Debt · GB **$40M** Sole investor
- **Jun** **[Cognigy](https://millionrounds.com/company/cognigy)** Series C · DE **$100M** With 3 others
- **Jan** **[Prometeo](https://millionrounds.com/company/prometeo)** Series A · UY **$13M** With 2 others
- **2023** 6 rounds
- **Nov** **[Filu](https://millionrounds.com/company/filu)** Seed · DE **$5.5M** Sole investor
- **Oct** **[Lanes & Planes](https://millionrounds.com/company/lanes-and-planes)** Series B · DE **$35M** With 3 others
- **Oct** **[OXOLO](https://millionrounds.com/company/oxolo)** Series A · DE **$14M** Sole investor
- **Sept** **[Numa](https://millionrounds.com/company/numa)** Series C · DE **$58M** With 2 others
- **Aug** **[GoStudent](https://millionrounds.com/company/gostudent)** AT · Firms' own news pages **$95M** *Led*
- **Mar** **[Cubyn](https://millionrounds.com/company/cubyn)** Series D · FR **$16M** With 4 others
- **2022** 13 rounds
- **Dec** **[Chattermill](https://millionrounds.com/company/chattermill)** Series B · GB **$26M** With 4 others
- **Nov** **[ScaleHub](https://millionrounds.com/company/scalehub)** Series A · DE **$8.0M** Sole investor
- **Oct** **[Patronus Group](https://millionrounds.com/company/patronus-group)** Series A · DE **$27M** With 3 others
- **Aug** **[PurpleBricks](https://millionrounds.com/company/purplebricks)** GB **$206K** Sole investor
- **Jul** **[Happeo](https://millionrounds.com/company/happeo)** Series B · FI **$26M** With 1 other
- **Jul** **[Sonovate](https://millionrounds.com/company/sonovate)** Debt · GB **$197M** With 3 others
- **May** **[Housfy](https://millionrounds.com/company/housfy)** Series B · ES **$32M** With 4 others
- **May** **[Tignis](https://millionrounds.com/company/tignis)** Series A · US **$7.2M** Sole investor
- **May** **[Triplemint](https://millionrounds.com/company/triplemint)** Venture · US **Undisclosed** With 4 others
- **Apr** **[Lawtech 365 Group](https://millionrounds.com/company/lawtech-365-group)** Seed · GB **$1.0M** Sole investor
- **Mar** **[Industrial Technology and Witchcraft](https://millionrounds.com/company/industrial-technology-and-witchcraft)** Seed · DE **$1.9M** Sole investor

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **2 named**

NJ **Nenad Joseph Marovac** Chairman, CEO and Director i Form ADV

SJ **Steven Jeffrey Schlenker** President and Director i Form ADV

We also hold **23** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$866M** gross assets of its funds Oct 2026

**6+** funds on file numbered funds in its name

**Exempt** reporting adviser venture or small private funds

- **Legal name:** DN Capital (us), INC
- **SEC number:** CRD 161513

Who backs their funds

## 2 LPs on record in DN Capital's funds

- **Funds:** 1

The institutions that put money into its funds, which the firm then invests in companies. Source: an LP list.

- [**Id4 Ventures** 1 fund](https://millionrounds.com/fund/id4-ventures) Fund Vintage Committed DN Capital - -
- [**PFR Ventures** 1 fund](https://millionrounds.com/fund/pfr-ventures) Fund Vintage Committed DN Capital - -

## Exits from the portfolio

Companies it backed that were later bought or listed **11 in all**

**[Shazam](https://millionrounds.com/company/shazam)** Bought by [Apple](https://millionrounds.com/fund/apple) **$400M** Sept 2018

**[Mobile Roadie](https://millionrounds.com/company/mobile-roadie)** Bought by Intellectsoft **Undisclosed** Oct 2015

**[SHIFT](https://millionrounds.com/company/shift)** Bought by Brand Networks **$50M** May 2015

**[Quandoo](https://millionrounds.com/company/quandoo)** Bought by [Recruit Holdings](https://millionrounds.com/fund/recruit-holdings) **$219M** Mar 2015

**[Distill](https://millionrounds.com/company/distill)** Bought by [Gild](https://millionrounds.com/fund/gild) **Undisclosed** Mar 2014

**[Apsmart](https://millionrounds.com/company/apsmart)** Bought by [Thomson Reuters](https://millionrounds.com/fund/thomson-reuters-ventures) **Undisclosed** Jun 2012

**[Endeca](https://millionrounds.com/company/endeca)** Bought by [Oracle Corporation](https://millionrounds.com/fund/oracle) **Undisclosed** Oct 2011

**[Datanomic](https://millionrounds.com/company/datanomic)** Bought by [Oracle Corporation](https://millionrounds.com/fund/oracle) **Undisclosed** Jun 2011

**[Familybuilder](https://millionrounds.com/company/familybuilder)** Bought by Intelius **Undisclosed** Jun 2011

**[Lagan Technologies](https://millionrounds.com/company/lagan-technologies)** Bought by KANA Software **Undisclosed** Nov 2010

**[Jacobs Rimell Limited](https://millionrounds.com/company/jacobs-rimell-limited)** Bought by [Amdocs](https://millionrounds.com/fund/amdocs-ventures) **Undisclosed** Apr 2008

An exit counts when it came after the firm's first round in the company. From historical deal records.

## The cheque

Pre-seed Seed Series A

Median round joined **$16M** the round, not its cheque Alone, median **$4.5M**

Led 6 of 202 rounds **3%**

- **Said size:** $100K – $25M
- **Sole investor:** 32 rounds
- **Last cheque:** Jun 2026
- **Exits:** 11 from the portfolio

Rounds by stage said on their site

- Series A said *46*
- Seed said *42*
- Series B said *36*
- Venture *22*
- Series C *15*
- Pre-seed said *-*
- Growth said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Fabrice Grinda](https://millionrounds.com/fund/fabrice-grinda) 12
- [500 Global](https://millionrounds.com/fund/500-startups) 9
- [Y Combinator](https://millionrounds.com/fund/y-combinator) 8
- [Bessemer Venture Partners](https://millionrounds.com/fund/bessemer-venture-partners) 7
- [FJ Labs](https://millionrounds.com/fund/fj-labs) 7
- [Cherry Ventures](https://millionrounds.com/fund/cherry-ventures) 6

**Pitching DN Capital?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as DN Capital. A count of rooms they were both in, not a relationship either has claimed.

[**Fabrice Grinda** Angel **12** rounds together](https://millionrounds.com/fund/fabrice-grinda)[**500 Global** Angel **9** rounds together](https://millionrounds.com/fund/500-startups)[**Y Combinator** Accelerator **8** rounds together](https://millionrounds.com/fund/y-combinator)[**Bessemer Venture Partners** VC firm **7** rounds together](https://millionrounds.com/fund/bessemer-venture-partners)[**FJ Labs** VC firm **7** rounds together](https://millionrounds.com/fund/fj-labs)[**Cherry Ventures** VC firm **6** rounds together](https://millionrounds.com/fund/cherry-ventures)[**Founders Fund** VC firm **6** rounds together](https://millionrounds.com/fund/founders-fund)[**Piton Capital** VC firm **6** rounds together](https://millionrounds.com/fund/piton-capital)[**360 Capital** VC firm **5** rounds together](https://millionrounds.com/fund/360-capital)[**Kima Ventures** VC firm **5** rounds together](https://millionrounds.com/fund/kima-ventures)[**Target Global** VC firm **5** rounds together](https://millionrounds.com/fund/target-global)[**B2venture** VC firm **4** rounds together](https://millionrounds.com/fund/b2venture)

## Recently backed

The latest companies DN Capital put money into.

[**Patronus Group** $13M · Apr 2026](https://millionrounds.com/company/patronus-group)[**dehaze** $3.7M · Apr 2026](https://millionrounds.com/company/dehaze)[**Interloom** $17M · Mar 2026](https://millionrounds.com/company/interloom)[**Nomagic** $10M · Jan 2026](https://millionrounds.com/company/nomagic)[**Paraglide AI** $5.0M · Jan 2026](https://millionrounds.com/company/paraglide-ai)[**Everli** $10M · Dec 2025](https://millionrounds.com/company/everli)

## On podcasts

1 episode naming DN Capital in the title, and 2 more that mention it.

- [Scaling Europe](https://millionrounds.com/podcasts/scaling-europe) 3 Sept 2025 · 27 min Guy Ward Thomas, Partner at DN Capital, and early investor in Europe's largest AI exit to date With [Ward Thomas](https://millionrounds.com/person/ward-thomas) Mentions [DN Capital](https://millionrounds.com/fund/dn-capital) Apple PodcastsShow page

### Mentioned in

- [Scaling Europe](https://millionrounds.com/podcasts/scaling-europe) 17 Dec 2025 · 20 min Sebastian Fallert: Co-founder and CEO of Ben announcing a $27m fundraise! Apple PodcastsShow page
- [Startup Europe](https://millionrounds.com/podcasts/sifted) 17 Aug 2023 · 15 min Founder of a top European VC firm accused of sexual harassment Apple Podcasts

## Quick answers about DN Capital

### What does DN Capital invest in?

DN Capital invests most often at Series A and Seed (55% of the rounds on record), in sectors such as Software, AI and Fintech.

### How active is DN Capital?

202 investments on record, 9 of them in the last 12 months, and it led 6. The most recent was in Jun 2026.

### What has DN Capital invested in recently?

Its most recent investments on record: Airspeed (Series A, Jun 2026), Sherpa (Pre-seed, Jun 2026) and Patronus Group (Venture, Apr 2026).

### How big are DN Capital's cheques?

The median round it joins is $16M. It says it writes cheques of $100K to $25M.

### Does DN Capital lead rounds?

Sometimes: it led 6 of its 202 investments on record (3%).

### Where does DN Capital invest?

Most of the companies it backs are in Germany (35%), the United Kingdom (23%) and the United States (13%).

### Is DN Capital investing now?

Yes: it is actively investing, with 9 investments in the last 12 months.

### Who does DN Capital invest alongside?

Most often Fabrice Grinda (12 rounds together), 500 Global (9 rounds together) and Y Combinator (8 rounds together).

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