DIG Ventures Closes $120 Mn Fund III to Back AI and Cloud Infrastructure Startups

Fund III will invest in companies building AI-powered enterprise software and cloud infrastructure. The firm is targeting startups at an early stage of development.

The fund is backed by Horsley Bridge, Sofina, Granite, and a leading US university endowment fund. Its entrepreneur investors include founders behind Slack, Datadog, Nord Security, Cast AI, Supercell, and Dash0.

"Our conviction as a fund is clear: as development accelerates and differentiation erodes, the truly scalable, defensible companies will be the ones building the foundations on which wider enterprise software depends. These are the companies whose advantages compound as the cost of building software falls, "said Ross Mason, founding partner at DIG Ventures.

Founded in 2018, DIG Ventures is led by Ross Mason, founder of enterprise integration company MuleSoft, which was acquired by Salesforce for $6.5 billion.

The team also includes Melissa Klinger, a former UK sales leader at MuleSoft, and Rytis Vitkauskas, founder of YPlan and former partner at Lightspeed Venture Partners.

DIG uses its team’s experience in building and running businesses to support its portfolio companies. The firm helps startups develop go-to-market strategies and expand into international markets.

According to DIG’s internal data, 80% of Fund II companies raised additional institutional funding within two years of DIG’s investment. More than 90% of commercially launched Fund II companies also entered the US market within 12 months.

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