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British Patient Capital commits £48.8m to Dawn Capital’s new Opportunities Fund to fund later stage, high-growth businesses

Press release 20 June 2019

  • The Opportunities Fund, together with the 2018 Dawn III fund ($235m), total over $360m

  • The new fund allows Dawn to make investments of up to $70m in later stage, high-growth European businesses, as well as its most successful portfolio companies
  • New fund will allow Dawn’s more mature portfolio companies, such as Showpad and Collibra, to increasingly have the choice to keep being backed by European capital

British Patient Capital, a subsidiary of the British Business Bank, has committed £48.8m into Dawn Capital’s new Opportunities Fund, as it closes at $125m.

The new fund will enable Dawn to invest up to $70m in European entrepreneurs that are solving the greatest tech challenges facing businesses with scalable, game-changing technology.

The fund will see the Dawn double down on investments in the most promising companies in European tech in their portfolio and elsewhere, with a specific focus on C-rounds and beyond. In addition, Dawn will also be looking to invest in other high-performing late-stage European tech companies to expand its portfolio.

The Fund is backed by institutional and family office investors across Europe and the US.

Europe has significant depth of tech talent, increasingly skilled entrepreneurs, and a growing back catalogue of success stories, many of which have been backed by Dawn.

Our investors and the Dawn team felt real conviction around the concept of the Opportunities Fund as we were seeing exciting companies in our portfolio that want to run longer and be around as independent companies for years to come. The new fund means we can support the next wave of success stories further through their journeys. We remain very grateful for the continuing support of our investors and are excited to continue working for our amazing founders who allowed us to reach this milestone.

Haakon Overli General Partner at Dawn Capital

Our investment into Dawn’s Opportunities Fund provides additional patient capital for more established high growth potential businesses looking to scale up. Enabling these types of businesses to access the long-term investment they need to achieve their growth potential is a key aim for British Patient Capital, and we look forward to working with Dawn as they continue to develop their portfolio companies into world-class businesses.

Catherine Lewis La Torre CEO, British Patient Capital

Further Information

Notes to editors

About British Patient Capital

British Patient Capital is the trading name of British Patient Capital Limited, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.

Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large scale businesses. British Patient Capital has been given new resources of £2.5bn and will deliver a programme designed to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up. Find out more at britishpatientcapital.co.uk.

British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. Neither British Business Bank nor its principal operating subsidiaries are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

The investment from British Patient Capital into Crane does not amount to any endorsement or warranty from British Business Bank, the British Business Bank plc, or the government of the UK.

About Dawn

Dawn Capital (“Dawn”) is the largest VC fund dedicated to B2B software and B2B fintech start-ups across Europe. Dawn invests from Series A onwards, backing companies that develop world-leading offerings with unbeatable economics. Currently investing out of its third fund of $235 million, Dawn offers ambitious founders operational and financial support to deliver exceptional value growth. Dawn portfolio companies include Mimecast (NASDAQ: MIME with $2.7 market cap), iZettle (sold to PayPal for $2.2BN cash), Collibra, Showpad, Dataiku, Templafy, Quantexa and Garrison, with many others looking to join their ranks.

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