DN Capital

Quick read

DN Capital is a multi-stage venture capital firm founded in 2000 by Nenad Marovac and Steve Schlenker, with offices in London, Berlin, and Silicon Valley. It backs Seed through Series B companies in fintech, SaaS, marketplaces, and digital health, and has raised approximately $600M across its funds. Notable exits include Shazam (Apple), Auto1 (IPO), Endeca (Oracle), and Cognigy (acquired by NiCE for $955M).

Key facts

Founded

2000

Founders

Nenad Marovac, Steve Schlenker

Employees

42

Sectors

generalist, saas, fintech

Website

www.dncapital.com

Investment thesis

DN Capital backs Seed, Series A, and select Series B companies in fintech, SaaS, marketplaces, and digital health across Europe and the US, targeting businesses with the potential to become global category leaders. The firm operates as a transatlantic fund with deep roots in the European ecosystem, particularly Germany/DACH, the Nordics, and the UK.

Recent activity

• Jun 2026investment
  DN Capital invested in Airspeed (formerly Glyphic) as part of its Series A round on 4 June 2026. Airspeed's AI-driven revenue platform supports deal tracking, CRM updates, and customer communication; monthly usage nearly tripled in early 2026. cbinsights.com
• May 2026investment
  Portfolio company Hometree exited on 11 May 2026, marking DN Capital's most recent portfolio exit. cbinsights.com
• Apr 2026press
  DN Capital has now backed 169 companies in total, with 3 new investments recorded in the prior 12 months as of April 2026. tracxn.com
• 2026investment
  DN Capital backed Evidently, an AI healthtech company, joining Framework Venture Partners, Fellows Fund, and existing investor Clear Ventures in the round. linkedin.com
• 2026leadership
  Rasmus Areskoug joined DN Capital as Principal and Head of Nordics, expanding the firm's coverage in the Nordic region. uk.linkedin.com
• Jun 2026investment
  DN Capital led a $20M Series A for Airspeed (formerly Glyphic, rebranded 20 May 2026), an AI platform for enterprise revenue automation. Vi Partners, Framework Venture Partners, and Atlassian Ventures also participated. Airspeed has 200 customers across 20 countries and nearly tripled monthly run volume from January to April 2026. techfundingnews.com
• Apr 2026investment
  DN Capital participated in a Seed VC round for Dehaze, an AI healthtech startup that raised €3.2M led by YZR Capital. tracxn.com
• Apr 2026investment
  Portfolio company Artur'In exited — DN Capital's most recent portfolio exit as of late April 2026. cbinsights.com
• Jan 2026investment
  DN Capital co-led a $5M seed round for Paraglide, an agentic AI platform for accounts receivable automation, alongside Bessemer Venture Partners. The Nordic Web Ventures and Born Capital also joined. fintech.global
• Dec 2025press
  Cognigy, a DN Capital portfolio company first backed at Series A in 2019, was acquired by NiCE for $955M — Europe's largest AI exit at the time of announcement. dncapital.com
• Oct 2025investment
  Dating app happn, a DN Capital portfolio company backed since Series A, was acquired by Hello Group Inc. dncapital.com
• 2025investment
  Hawk raised $56M in Series C funding led by One Peak, with DN Capital and other existing investors including Macquarie Group, Rabobank, BlackFin Capital Partners, Sands Capital, Picus Capital, and Coalition participating. dncapital.com

Notable investments

• AirspeedSeries AJun 2026cbinsights.com
• Evidentlyundisclosed2026linkedin.com
• dehazeSeed2025–2026tracxn.com
• ParaglideSeedJan 2026fintech.global
• HawkSeries C2025dncapital.com
• AibidiaSeries BJun 2025fintech.global
• FimpleSeries AFeb 2025fintech.global
• CognigyExit (NiCE, $955M)2025dncapital.com
• TesseractSeries A2024dncapital.com
• NomagicSeries B2023dncapital.com
• GoStudentSeries B2021dncapital.com
• EdurinoSeries A2022linkedin.com

Key people

Named individuals at the firm. We don't expose direct email or phone — use their LinkedIn for outreach.

• Nenad Marovac · Co-Founder & Managing Partner
• Steve Schlenker · Co-Founder & Managing Partner
• Gülsah Wilke · Partner & Head of Germany
• Guy Ward Thomas · Partner
  LinkedIn
• Rasmus Areskoug · Principal & Head of Nordics
• Celine Xiao · Investment Team (Berlin)
  LinkedIn
• Thomas Rubens · Partner

Sources

• DN Capital – Official Website
• DN Capital – Wikipedia
• DN Capital – LinkedIn
• Interview with Gülsah Wilke – Sifted
• DN Capital – Tracxn
• DN Capital – CB Insights
• https://techfundingnews.com/ex-deepmind-researchers-including-indian-origin-cambridge-alum-raise-20m-for-airspeed-to-turn-revenue-teams-insights-into-action/
• https://fintech.global/2026/01/27/paraglide-raises-5m-to-bring-ai-agents-to-ar-automation/
• https://www.dncapital.com/blog/
• https://fintech.global/2025/02/04/turkish-fintech-fimple-raises-12m-to-advance-core-banking-solutions/
• https://www.linkedin.com/in/jack-pierrepont-572232311/

Other VCs in Germany

• Earlybird Venture Capital · Multi-stage VC, Berlin·
• Project A Ventures · Early-stage VC, Berlin·
• Cherry Ventures · Early-stage VC, Berlin·
• Point Nine Capital · SaaS-only VC, Berlin·
• High-Tech Gründerfonds · Seed VC, Bonn·
• HV Capital · Multi-stage VC, Munich (ex-Holtzbrinck Ventures)

Explore VCs by sector

• Generalist in Germany
• SaaS in Germany
• Fintech in Germany

Globally

• Generalist worldwide
• SaaS worldwide
• Fintech worldwide

Frequently asked