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D2 Fund is a venture capital organization founded in 2020, based in the United Kingdom. The firm specializes in supporting capital-efficient software businesses, particularly in the B2B sector. D2 Fund primarily invests in companies across the UK and Europe, focusing on those that demonstrate efficient entrepreneurship and sustainable business models. The fund is characterized by its emphasis on providing tangible returns on investment for its portfolio companies.
Currently, D2 Fund manages a portfolio of 12 companies and operates with a check size range of £100,000 to £750,000. The firm is known for its commitment to equity-efficient funding, allowing founders to retain more ownership while benefiting from strategic guidance and support. D2 Fund has established itself as a notable player in the venture capital space, particularly for startups seeking sustainable growth.
D2 Fund invests in capital-efficient software businesses, particularly within the B2B sector. The firm provides funding of up to £2 million, focusing on companies that exhibit mission-critical products and sustainable growth. The investment strategy emphasizes strong unit economics and efficient entrepreneurship, aligning with the fund's thesis of supporting businesses that prioritize long-term viability over short-term gains.
In addition to equity investments, D2 Fund offers alternative financing options, including debt and grant funding, to enhance the financial flexibility of its portfolio companies. The firm actively seeks startups in sectors such as SaaS, fintech, cybersecurity, healthcare, and commerce. D2 Fund's approach is particularly appealing to founders who are bootstrapped or near-bootstrapped, as it aligns with their goals of maintaining ownership while accessing smart capital.
D2 Fund's portfolio includes a diverse range of innovative companies, primarily in the B2B software space. Notable portfolio companies include:
Amory Poulden: Managing Partner at D2 Fund, Amory has extensive experience in venture capital and has been instrumental in shaping the fund's investment strategy. He has a background in supporting B2B software startups and is known for his focus on sustainable growth.
Joshua Minsk: Investment Principal, Joshua brings a wealth of knowledge in evaluating investment opportunities within the B2B sector. His expertise lies in identifying capital-efficient businesses that align with D2 Fund's thesis.
Nicholas Gaggero: Partner at D2 Fund, Nicholas has a strong track record in venture capital and has led several successful investments in the software space. He focuses on helping portfolio companies achieve their growth objectives.
Christian Fallesen: Advisor, Christian provides strategic insights and guidance to D2 Fund, leveraging his experience in the tech industry to support portfolio companies.
Jurgen Hornman: Advisor, Jurgen offers expertise in operational support and business development, helping startups navigate challenges and scale effectively.
To pitch D2 Fund, founders should visit the D2 Fund Pitch Submission page at https://d2.fund/pitch. It is important to include comprehensive information about the startup, including the business model, market analysis, and financial projections. D2 Fund appreciates detailed decks that clearly outline the company's value proposition and growth strategy.
Response times may vary, but founders can expect to hear back regarding their pitch within a few weeks. Warm introductions are preferred, but cold submissions are also accepted through the pitch portal.
As of March 2026, D2 Fund has maintained a portfolio of 12 companies, focusing on early-stage B2B SaaS investments. The firm has been actively deploying capital with initial checks ranging from £100,000 to £750,000. D2 Fund's investment philosophy emphasizes a 'default alive' approach, prioritizing sustainable business models over aggressive growth.
Recent activity includes ongoing support for its portfolio companies, which span various sectors such as SaaS, fintech, and cybersecurity. D2 Fund continues to explore alternative financing options to enhance the value of its investments, aligning with its commitment to sustainable growth.
What are D2 Fund's investment criteria?
D2 Fund focuses on capital-efficient B2B software businesses that demonstrate sustainable growth and strong unit economics. The firm seeks companies with mission-critical products and efficient entrepreneurship.
How can I apply or pitch to D2 Fund?
Founders can submit their pitch through the D2 Fund Pitch Submission page at https://d2.fund/pitch. It is recommended to include detailed information about the business model, market opportunity, and financial projections.
What makes D2 Fund different from other venture capital firms?
D2 Fund emphasizes an equity-efficient approach, allowing founders to retain more ownership while benefiting from strategic guidance. The firm also offers alternative financing options, such as debt and grant funding, which can be advantageous for startups.
What is the geographic scope of D2 Fund's investments?
D2 Fund primarily invests in companies located in the United Kingdom and Europe, focusing on the B2B software sector.
What is the typical check size for investments?
D2 Fund typically invests between £100,000 and £750,000 in its portfolio companies, with the potential for funding up to £2 million.
What kind of post-investment involvement does D2 Fund have?
D2 Fund provides strategic guidance and support to its portfolio companies, focusing on sustainable growth and helping them achieve their long-term business goals.
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