Macfarlanes advises Dawn Capital on $700m fundraise
Dawn Capital is Europe's largest specialist B2B software investor. The firm partners with innovative companies that, through exceptional teams, products, and business models can become category-defining, global titans. Dawn is an early-stage investor, backing companies at Series A and B, and continuing to fund the best-performing from growth rounds through to exit. Its roster of investments includes Mimecast (formerly NASDAQ-listed, taken private by Permira in a $5.8bn transaction), iZettle (sold to PayPal for $2.2bn cash), Tink (purchased by Visa for $2.0bn), LeanIX (recently acquired by SAP), as well as current market-leaders, Collibra, Dataiku, Quantexa, Minute Media, Copper, Elwood, Gelato and Soldo, amongst others.
The firm’s primary $620m vehicle, Dawn V, will support growing European B2B software firms with initial tickets ranging from $10m to $40m at Series A or Series B stages.
The $80m follow-on fund, Dawn Opportunities III, will provide further support, Series C stage and onwards, for outstanding portfolio companies, meaning the firm can go the distance from Series A through exit.
The Macfarlanes team was led by private funds partner Stephen Robinson with assistance from senior associate Sweta Tandle and associate Caroline Chu. Tax support was provided by Alicia Thomas and George Apps.