DIG Ventures Raises $120 Million Fund III: A Major New Funding Opportunity for Europe’s AI Infrastructure Startups.
DIG Ventures $120M Fund III: Investment Thesis, Founders, Criteria & Funding Opportunities for AI Startups
DIG Ventures has raised a $120M Fund III to invest in European pre-seed and seed AI, B2B SaaS and cloud infrastructure startups. Explore its founders, investment thesis, geography, portfolio and funding criteria.
DIG Ventures Closes $120 Million Fund III to Back the Infrastructure Behind the AI Revolution
For startups building the infrastructure that enables artificial intelligence, a significant new source of venture capital has emerged in Europe.
DIG Ventures, the London-based, operator-led venture capital firm, has closed its third fund at $120 million (€106 million). Fund III is designed to back approximately 30 European pre-seed and seed-stage companies working on the infrastructure underpinning the next generation of AI and enterprise software.
This is particularly relevant for founders developing technologies around AI infrastructure, data, identity, compliance, orchestration, enterprise software and cloud infrastructure.
For founders seeking funding, DIG Ventures is interesting not merely because of the size of Fund III, but because of the operating experience of its investment team and its stated intention to help European companies expand internationally, particularly into the United States.
Who Is DIG Ventures?
DIG Ventures describes itself as a European VC focused on B2B SaaS, AI and cloud infrastructure, primarily at the pre-seed and seed stages.
The firm’s roots go back to 2018, when it began as the family office of entrepreneur Ross Mason, founder of MuleSoft. It subsequently evolved into a dedicated venture capital firm backing technical founders at the earliest stages. EU-Startups
The firm’s positioning is distinctive: rather than functioning purely as a financial investor, DIG presents itself as an operator-led investor, with partners who have actually built, scaled and exited technology companies.
That operating background is central to its proposition to founders.
DIG says it can support portfolio companies in:
- Go-to-market strategy
- Enterprise sales
- Customer acquisition
- Product strategy
- Hiring
- Fundraising
- International expansion
- Building a US customer base
- Access to co-investors and its network
Its own website says the firm invests early, sometimes based on “just a deck and a vision”, and aims to move quickly through its investment process. DIG Ventures
The Founders and Key Investment Team
Ross Mason — Founding Partner
Ross Mason is the most prominent figure behind DIG Ventures.
He founded MuleSoft, an enterprise integration software company that grew from an open-source technical project into a major global enterprise software company.
MuleSoft went public and was subsequently acquired by Salesforce for approximately $6.5 billion. DIG’s official biography says Mason spent a decade in Silicon Valley before founding DIG Ventures in Europe. DIG Ventures
For startups, this background is particularly relevant because DIG’s investment thesis is heavily connected to enterprise software and infrastructure.
Mason’s experience gives DIG first-hand exposure to the challenges involved in moving a technical product from an early-stage concept to a globally distributed enterprise technology company.
Melissa Klinger — General Partner
Melissa Klinger was one of MuleSoft’s early commercial hires during the company’s expansion into Europe.
She worked across:
- Sales
- Customer success
- Strategy
- Go-to-market
She subsequently joined Ross Mason in launching DIG Ventures.
Her current role focuses particularly on helping technical founders develop their go-to-market functions, an important consideration for B2B and enterprise startups where technical excellence alone does not necessarily translate into commercial success. DIG Ventures
Rytis Vitkauskas — General Partner
Rytis Vitkauskas brings a different dimension to the investment team.
He previously invested at:
- Lightspeed
- Target Global
- Summit Partners
He also co-founded YPlan, which was acquired by Time Out Group in 2016.
DIG states that Vitkauskas has backed multiple unicorn companies, including Dash0, Personio, Matillion and Nord Security. DIG Ventures
His combination of entrepreneurial and venture-investing experience adds another layer to DIG’s early-stage investment capability.
How Large Is DIG Ventures Fund III?
The newly announced Fund III is $120 million (€106 million).
The fund plans to invest in approximately 30 European pre-seed and seed companies. EU-Startups
The fund is focused particularly on companies developing foundational technologies for AI and enterprise software.
Rather than concentrating primarily on consumer-facing AI applications, DIG is looking further down the technology stack.
Its reported areas of interest include:
1. Data
Infrastructure and technologies that enable enterprises and AI systems to securely access, manage and utilise data.
2. Identity
Technologies dealing with identity, authentication, security and trust across increasingly automated enterprise environments.
3. Compliance
AI and software infrastructure addressing regulatory, governance, security and compliance requirements.
4. Orchestration
Platforms enabling organisations to coordinate AI models, agents, applications and enterprise workflows.
These areas represent what can broadly be described as the control and infrastructure layers of enterprise AI. EU-Startups
What Is DIG Ventures’ Investment Thesis?
The core thesis can be understood as:
As AI makes software development faster and cheaper, the underlying infrastructure, systems and platforms that enterprises depend upon can become increasingly important.
DIG is therefore looking beyond simply asking:
“What AI application are you building?”
It is also interested in:
“What infrastructure will the next generation of AI applications depend upon?”
This distinction is important for founders.
An AI startup developing another consumer-facing application may not necessarily fit DIG’s thesis.
A company developing an underlying platform for:
- AI orchestration
- Enterprise data infrastructure
- AI security
- Identity
- Compliance
- Cloud infrastructure
- Developer infrastructure
- Enterprise AI workflows
may be considerably closer to the fund’s stated investment focus.
What Stage Does DIG Ventures Invest In?
DIG is principally focused on:
Pre-Seed
Companies that may still be extremely early, including startups where the founders are developing the product, validating the market or preparing for initial commercialisation.
Seed
Companies that have moved further toward product-market validation and early commercial traction.
The firm’s own website explicitly states that it backs pre-seed and seed-stage B2B SaaS, AI and cloud infrastructure companies. DIG Ventures
This makes DIG particularly relevant to founders who are still relatively early rather than companies already seeking large growth-stage rounds.
How Much Does DIG Typically Invest?
The exact Fund III cheque-size policy has not been publicly disclosed by DIG in the sources reviewed.
However, current third-party investor databases place DIG’s typical investment range at approximately $500,000 to $3 million, while noting that the firm can lead rounds. These figures should be treated as indicative rather than an official Fund III commitment. F4 Fund
For founders, the important point is that DIG is positioned as an early institutional investor, rather than a late-stage growth investor.
The firm has also indicated that it intends to lead most of the rounds it enters under Fund III.
What Geography Does DIG Ventures Cover?
The principal geographic focus of Fund III is Europe.
DIG describes itself as a European VC and Fund III is specifically designed to invest in approximately 30 European pre-seed and seed-stage companies.
However, the geographical strategy does not end with Europe.
One of DIG’s key value propositions is helping European startups expand into the United States.
The firm says it actively supports Europe-to-US expansion, including helping founders reach their first US customers. DIG Ventures
This is potentially valuable for European startups building enterprise products because the US represents a major market for enterprise technology and software.
Important point for non-European founders
Based on the publicly available Fund III information, Europe is the core investment geography.
Therefore, a startup headquartered in India, Singapore, the Middle East or the United States should not assume that it qualifies simply because its technology fits the AI thesis.
The company’s geographical eligibility should be confirmed directly with DIG Ventures before investing significant time in a fundraising process.
DIG Ventures’ Previous Track Record
The most interesting part of the story for founders is DIG’s existing portfolio.
Its portfolio includes companies working across:
- AI
- Developer infrastructure
- Enterprise software
- Data infrastructure
- Cloud
- Cybersecurity
- SaaS
- Revenue intelligence
- AI orchestration
- Observability
The firm’s portfolio includes Dash0, Nexos.ai, PolyAPI, Taktile, PlanetScale, Rasa, People.ai, Rossum, Prophecy, Karat, ComplyAdvantage, Flock, Tower and others. DIG Ventures
Notable Portfolio Examples
Dash0
Dash0 is an observability company founded by Mirko Novakovic, previously associated with Instana.
DIG invested in Dash0 and the company subsequently achieved significant financing milestones.
By March 2026, Dash0 had raised a $110 million Series B, according to the Fund III announcement.
Taktile
Taktile develops AI-based decisioning technology.
The company subsequently raised a $110 million Series C led by Goldman Sachs, illustrating the type of enterprise AI company that has progressed significantly after DIG’s early involvement.
Nexos.ai
Nexos.ai operates in AI orchestration.
Its founders include Tomas Okmanas and Eimantas Sabaliauskas, who are also associated with Nord Security.
AI orchestration is particularly relevant to DIG’s current Fund III thesis because enterprises increasingly need infrastructure capable of managing different AI models and workflows.
PolyAPI
PolyAPI focuses on enterprise middleware and API infrastructure.
The company was founded by Darko Vukovic, whose previous experience includes MuleSoft, Google and Oracle. DIG included PolyAPI among the companies backed from its previous fund.
DIG Has Already Produced Significant Exits
DIG’s portfolio also includes companies that have been acquired.
Examples include:
- Flock — acquired by Admiral
- Tower — acquired by MotherDuck
- Cofide — acquired by Keyfactor
- Makerpad — acquired by Zapier
- OneGraph — acquired by Netlify
The firm’s portfolio page lists these and other investments and exits. DIG Ventures
This is particularly relevant to founders evaluating an investor because an early-stage VC’s value is not determined solely by the size of its latest fund.
The firm’s experience helping companies navigate subsequent funding rounds, commercial expansion and exits can also matter.
What Makes DIG Ventures Different?
There are thousands of venture funds globally.
For a startup founder, therefore, the question should not simply be:
“Does this VC have money?”
It should be:
“Why is this VC specifically relevant to my company?”
DIG’s proposition is built around three elements.
1. Operator experience
Its partners have built technology companies rather than coming exclusively from traditional investment backgrounds.
2. Enterprise technology expertise
The fund is concentrated on B2B SaaS, AI and cloud infrastructure rather than being a generalist consumer VC.
3. International expansion
DIG explicitly aims to help European companies expand into the US.
For founders with global ambitions, this can be strategically important.
DIG Ventures’ Investment Process
DIG says its investment process is designed to be relatively fast.
Step 1 — Initial Meeting
The team evaluates:
- Founder background
- Vision
- Team
- Product
Depending on the opportunity, another partner may join a subsequent discussion.
Step 2 — Deep Dive
The firm may conduct:
- Technical sessions
- Go-to-market discussions
- Business analysis
- Network introductions
DIG says these sessions are intended to be useful to founders rather than simply functioning as a conventional diligence exercise.
Step 3 — Investment Committee
The opportunity moves to the investment committee, with DIG stating that decisions generally follow shortly afterwards. DIG Ventures
What Should a Startup Have Before Approaching DIG Ventures?
A founder considering DIG should carefully examine whether the company fits both the sector thesis and geographical mandate.
A strong pitch would ideally explain:
Technology
What technically differentiated infrastructure or software are you building?
Problem
What significant enterprise problem are you solving?
Market
How large is the addressable market?
Product
What has already been built?
Customers
Who is using it and what evidence exists that customers value the product?
Competitive Advantage
Why will competitors find it difficult to replicate?
Founder-Market Fit
Why is this particular founding team unusually well positioned to solve the problem?
International Potential
Can the business become a European company with a global market?
US Expansion
If relevant, how could the company acquire its first US customers?
These questions are especially important given DIG’s emphasis on helping companies move from European technical capability toward global commercial distribution.
What Kind of Startup May Be a Stronger Thesis Match?
Based on DIG’s publicly stated strategy, potentially relevant categories include:
AI Infrastructure
Platforms supporting the development, deployment, monitoring or management of AI systems.
AI Orchestration
Technology coordinating models, agents, tools and enterprise workflows.
Data Infrastructure
Technology that enables enterprises to manage, move, secure or utilise data for AI and software applications.
Identity & Security
Infrastructure for authentication, identity, permissions and secure AI/enterprise environments.
Compliance Technology
Technology addressing governance, regulatory compliance and risk associated with enterprise AI and software.
Cloud Infrastructure
Technology improving how modern enterprises build, deploy and manage cloud workloads.
B2B SaaS
Enterprise software solving substantial business problems with scalable software economics.
The common thread is not simply “AI.”
It is technology infrastructure with the potential to become important to the enterprise software stack.
What Startups May Need to Think About Before Applying
DIG’s strategy also highlights an important lesson for founders.
Not every AI company is an AI infrastructure company.
A startup may use AI extensively but still be primarily an application-layer business.
Founders should therefore explain precisely where their product sits within the technology stack.
For example:
Application → Workflow → Orchestration → Model → Data → Infrastructure
If the company’s competitive advantage lies in the underlying infrastructure or control layer, that should be clearly articulated.
Fund III LP Base
The latest Fund III is backed by institutional investors including Horsley Bridge, Sofina, Granite and a leading US university endowment, along with entrepreneurial investors including founders associated with companies such as Slack, Datadog, Nord Security, Cast AI, Supercell and Dash0, according to reporting on the fund close.
The combination of institutional capital and experienced technology entrepreneurs is notable because it potentially expands the network available to portfolio companies beyond conventional financial investors.
Why Fund III Matters for European Startups
The significance of the new fund goes beyond its $120 million headline size.
Europe has substantial technical talent, but many European startups historically face challenges in converting technical innovation into global commercial distribution.
DIG’s own thesis is that its operator experience can help address precisely this gap.
The firm says it intends to support companies from their earliest stages through their first US customers and beyond.
For a European technical founder, that makes the investor potentially relevant not only for capital but also for enterprise sales, go-to-market strategy and international expansion.
A Practical Funding Checklist for Founders
Before approaching DIG Ventures or any specialist VC, founders should prepare:
1. Investor-specific pitch deck
Do not send the same generic deck to every VC.
2. Clear investment thesis fit
Explain why your company belongs in the investor’s portfolio.
3. Technology differentiation
Especially for AI infrastructure companies, explain the technical moat.
4. Commercial evidence
Show customers, revenue, pilots, retention, contracts or other measurable validation where available.
5. Fundraising requirement
Clearly state:
- Amount being raised
- Current valuation/cap table
- Previous funding
- Existing investors
- Proposed use of funds
- Expected runway
6. Global strategy
Explain where the company is today and where it intends to be geographically in the next 3–5 years.
7. Data room readiness
Have financials, incorporation documents, cap table, IP documentation, customer information and other diligence materials ready.
How Intellex Strategic Consulting Can Help Startups Raise Capital
Finding the right investor is often more difficult than simply finding a list of investors.
The critical question is investor–startup fit.
Intellex Strategic Consulting Pvt. Ltd. works with entrepreneurs and businesses on fundraising and financial advisory requirements across India and international markets. Its public company information describes capabilities spanning investment banking, startup funding, PE/VC funding, debt financing and related financial advisory services. Intellex Consulting
For a startup approaching international investors such as DIG Ventures, preparation can include:
- Fundraising strategy
- Investor identification and mapping
- Pitch-deck positioning
- Financial modelling
- Investor outreach
- Fundraising documentation
- Due-diligence preparation
- Equity fundraising
- VC/PE investor access
- Strategic financial advisory
- International investor outreach
The objective should not be to approach the largest possible number of investors.
It should be to identify investors whose geography, stage, sector, cheque size and investment thesis genuinely match the company.
Intellex Strategic Consulting Pvt. Ltd.
For Startup Funding & Strategic Financial Advisory — India & Global
📱 WhatsApp: +91 98200 88394
📧 Email: intellex@intellexconsulting.com
Our Startup & Business Platforms
- VentureStreets.com — Startup funding and investor connectivity
- StartupStreets.com — Startup and entrepreneurial ecosystem
- CreditMoneyFinance.com — Credit and financial opportunities
- GrowMoreFranchisees.com — Franchise and business opportunities
For founders seeking capital, Intellex can assist in developing an investor-focused fundraising strategy and identifying potentially relevant investors in India and globally, subject to the startup’s sector, stage, geography, funding requirement and investor mandate.
Final Takeaway for Founders
DIG Ventures Fund III is a $120 million European early-stage fund with a highly specific thesis: back ambitious pre-seed and seed companies building B2B SaaS, AI and cloud infrastructure, particularly the foundational layers of enterprise AI.
Its team combines MuleSoft operating experience, enterprise go-to-market expertise and venture investing experience.
Its historical portfolio demonstrates exposure to AI, cloud, enterprise software, developer infrastructure and other technology businesses, with subsequent major funding rounds and several acquisitions. DIG Ventures
For founders, the key lesson is simple:
Don’t approach DIG merely because it has raised $120 million. Approach it if your company genuinely fits what DIG is trying to build with Fund III.
And for any founder considering an international fundraising process, investor selection should begin with thesis fit—not with the size or fame of the VC fund.
More Featured Posts: