DIG Ventures Closes $120M Fund III to Back European AI Infrastructure Startups

DIG Ventures has closed a $120 million third fund to invest in roughly 30 European pre-seed and seed-stage companies building AI-native enterprise software and cloud infrastructure. The firm plans to lead most rounds and says it will support portfolio companies as they pursue international growth. 37

Fund III at a glance

The fund’s institutional backers include Horsley Bridge, Sofina, Granite and a US university endowment. Its entrepreneur investors include founders associated with Slack, Datadog, Nord Security, Cast AI, Supercell and Dash0. 35

DIG plans to invest across about 30 companies and lead most of their funding rounds. Tech Funding News reports an initial investment range of $1 million to $5 million per company. 712

Why focus on AI infrastructure?

DIG’s stated focus is on the software that helps AI work inside businesses, rather than only on AI applications themselves. The investment areas named in reporting include data, identity, compliance and orchestration: layers that can support how enterprise software handles information, access and workflows. 13

The firm invests at pre-seed and seed, when founders are still developing products and figuring out how to reach customers. Its strategy is to back technical, enterprise-focused companies early and help them prepare for growth beyond their initial markets. DIG describes its remit as including B2B software, AI and cloud infrastructure. 316

Leadership and hands-on support

DIG’s leadership includes MuleSoft founder Ross Mason, former MuleSoft UK sales lead Melissa Klinger, and YPlan founder and former Lightspeed Venture Partners partner Rytis Vitkauskas. 59

The firm says it helps founders find early customers, establish repeatable sales processes, monetise open-source products, assess key hires and move beyond founder-led sales. It also describes support with product decisions, fundraising and connections to co-investors. 16

That support is relevant to the fund’s international-growth ambition: building enterprise infrastructure involves not just developing a product, but also finding customers and creating a sales motion that can be repeated. DIG presents this as its operating approach; the available material does not show that it guarantees successful expansion. 316

What the earlier track record can—and cannot—show

The available reporting does not establish Fund II’s investment returns. Even basic descriptions of its size are inconsistent: one directory lists Fund II at €90 million, while another says $100 million. 1718

Exit counts also vary across the supplied directory material: one snippet reports four exits, while another lists three. The information provided does not give enough consistent detail to assess the exits’ value or their contribution to fund performance. 1719

Those gaps matter. A fund’s size, portfolio count or number of exits alone cannot show investor returns or prove that the same approach will work for Fund III. For now, the strongest evidence about Fund III is its stated plan: back early European AI and cloud infrastructure companies, lead most rounds and provide operational support as they work toward international growth. 3716