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DN Capital is a global early-stage venture capital firm founded in 2000 by Nenad Marovac and Steve Schlenker. The firm operates from its headquarters in London, with additional offices in Berlin and San Francisco. DN Capital has approximately $789 million (EUR 700 million) in assets under management (AUM) across 10 funds, and it has built a diverse portfolio of 168 companies.
Over its 25-year history, DN Capital has achieved notable milestones, including backing 6 unicorns, facilitating 6 IPOs, and overseeing more than 50 acquisitions. The firm employs a team of 42 professionals, including 8 partners, who bring extensive experience and sector expertise to the table. DN Capital's strategic presence in key markets allows it to effectively support entrepreneurs across Europe and North America.
DN Capital focuses on early-stage investments in four primary sectors: software, artificial intelligence (AI), fintech, and consumer internet. The firm targets Seed, Series A, and select Series B investment opportunities, providing capital support ranging from $2 million to $15 million. Their investment strategy emphasizes backing category-leading companies that demonstrate strong growth potential and innovation.
The firm actively seeks technology-driven businesses that can leverage their deep sector expertise and extensive network. DN Capital's investment thesis highlights a commitment to supporting entrepreneurs with not only capital but also strategic guidance, ensuring that portfolio companies are well-positioned for success in competitive markets.
DN Capital's portfolio includes a diverse range of companies, showcasing its focus on technology and innovation. Notable exits from the firm include:
Current portfolio companies include:
DN Capital's portfolio reflects its commitment to investing in category-leading companies across its targeted sectors.
Nenad Marovac: Co-founder and partner, previously at 3i Group and a background in technology investments.
Steve Schlenker: Co-founder and partner, with experience in venture capital and private equity.
Costanza Carini: Partner, specializing in fintech and consumer internet investments.
Maddie Coughlin: Partner, focused on software and AI sectors.
Michelle Cuttler: Partner, with expertise in operational support for portfolio companies.
Maria Drobot: Partner, involved in early-stage investments across various sectors.
Raoul Oscar Fiano: Partner, with a focus on technology-driven businesses.
Olivia Foyle: Partner, specializing in market entry strategies.
John Horton: Partner, with a background in venture capital and technology.
Tordis Kohl: Partner, focused on consumer internet platforms.
Julian Lutterman: Partner, with experience in software investments.
Ian Marsh: Partner, specializing in operational support.
Jack Pierrepont: Partner, with a focus on fintech.
Massimo Prelz: Partner, involved in early-stage technology investments.
Georgiana Prica: Partner, with expertise in AI.
Marissa Rimelle: Partner, focused on consumer internet.
Thomas Rubens: Partner, specializing in software.
Guy Ward Thomas: Partner, with a background in venture capital.
Gülsah Wilke: Partner, involved in fintech investments.
Celine Xiao: Partner, specializing in AI.
Wenlin Xu: Partner, focused on operational support.
Founders interested in pitching to DN Capital should use the online application form available at this link. The firm prefers detailed decks that outline the business model, market opportunity, and team qualifications.
On December 1, 2025, DN Capital made its latest investment, continuing its active engagement in the venture capital ecosystem. Over the past 12 months, the firm has completed 5 investments, reflecting its commitment to supporting early-stage technology-driven businesses.
DN Capital has a history of notable exits, including the acquisition of Shazam by Apple for approximately $400 million and the IPO of Auto1 in Frankfurt. The firm maintains a strong portfolio, with 6 unicorns and 6 IPOs to date.
What are DN Capital's investment criteria?
DN Capital invests in early-stage companies primarily in the software, AI, fintech, and consumer internet sectors. They focus on Seed, Series A, and select Series B opportunities, providing check sizes ranging from $2 million to $15 million.
How can I apply or pitch to DN Capital?
Founders can pitch to DN Capital through their online application form available at this link. The firm encourages detailed presentations that highlight the business model, market opportunity, and team background.
What makes DN Capital different from other venture firms?
DN Capital distinguishes itself through its extensive experience in early-stage investing, a strong track record of successful exits, and a pan-European and transatlantic network that provides valuable insights and resources to portfolio companies.
What is DN Capital's geographic scope?
DN Capital primarily invests in Europe and North America, with a focus on technology-driven businesses in these regions.
What is DN Capital's post-investment involvement like?
DN Capital actively engages with its portfolio companies, providing strategic guidance and support to help them scale and succeed in their respective markets. This includes board involvement and access to their extensive network.
What is the typical response time for pitches?
While response times can vary, DN Capital aims to provide feedback to founders within a few weeks of receiving a pitch.
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