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

• Apr 2026investment
  DN Capital co-led a €3.2M Seed round in dehaze, a clinical AI company helping detect chronic diseases from patient data, alongside YZR Capital, ZOHO.VC, better ventures, and Angel Invest. linkedin.com
• Jan 2026investment
  Portfolio company Fimple raised a $10M follow-on round after DN co-led its $12M Series A in early 2025. linkedin.com
• Jan 2026investment
  Paraglide closed a Seed round with participation from DN Capital, alongside Born Capital and Bessemer Venture Partners. tracxn.com
• 2025leadership
  Rasmus Areskoug joined DN Capital as Principal and Head of Nordics, expanding the firm's European coverage following the hire of Gülsah Wilke as Partner and Head of Germany. uk.linkedin.com
• 2025leadership
  Gülsah Wilke joined as Partner and Head of the German office — DN Capital's first female partner — bringing experience from Ada Health, Axel Springer, and McKinsey. sifted.eu
• 2025press
  Portfolio company Cognigy was acquired by NiCE for $955M, described by DN Capital as Europe's largest-ever AI exit. dncapital.com
• 2025investment
  DN Capital announced an investment in elyndra (deal details not yet disclosed). linkedin.com

Notable investments

• DehazeSeedApr 2026linkedin.com
• FimpleSeries AFeb 2025linkedin.com
• ParaglideSeedJan 2026tracxn.com
• 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

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