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's Series A, a London-based company building an AI-powered execution layer for revenue teams, raising €17.2 million total. eu-startups.com
• Jun 2026investment
  DN Capital backed Gaussion, a London-based energy tech startup, which raised €24.5 million to power data centres, EVs, and drones. eu-startups.com
• May 2026investment
  Portfolio company Hometree exited, marking DN Capital's latest portfolio exit as of May 11, 2026. cbinsights.com
• Mar 2026fundraise
  DN Capital closed a new fund at $327 million, its latest vehicle targeting Seed, Series A, and select Series B investments across fintech, SaaS, digital media, e-commerce, and software. trysignalbase.com
• Mar 2026investment
  German startup Interloom raised €14.2 million in Seed funding for AI agent knowledge infrastructure, with DN Capital participating. eu-startups.com
• Jan 2026investment
  DN Capital co-led a $5 million round in Paraglide alongside Bessemer Venture Partners. The Swedish startup builds AI agents for accounts receivable management. linkedin.com
• Jun 2026press
  DN Capital celebrated its 25th anniversary with a dinner for founders, LPs, and investors across its London, Germany, and West Coast networks. uk.linkedin.com
• Dec 2025investment
  Portfolio company Cognigy was acquired by NiCE for $955 million — described as Europe's largest AI exit to date. DN Capital had led Cognigy's Series A in 2019. dncapital.com
• 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

Notable investments

• AirspeedSeries AJun 2026eu-startups.com
• GaussionUnknownJun 2026eu-startups.com
• InterloomSeedMar 2026eu-startups.com
• ParaglideSeedJan 2026linkedin.com
• HawkSeries C2025dncapital.com
• FimpleSeries A2025dncapital.com
• CognigySeries A2019dncapital.com
• Evidentlyundisclosed2026linkedin.com
• dehazeSeed2025–2026tracxn.com
• AibidiaSeries BJun 2025fintech.global
• CognigyExit (NiCE, $955M)2025dncapital.com
• TesseractSeries A2024dncapital.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/
• https://www.eu-startups.com/tag/dn-capital/
• https://www.trysignalbase.com/news/funding/dn-capital-closes-new-fund-with-327

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