DIG Ventures, the European early-stage firm founded by MuleSoft creator Ross Mason, has closed a third fund at $120M.
Fund III will back roughly 30 European companies at pre-seed and seed, concentrating on the infrastructure that sits beneath AI-native enterprise software. The firm plans to lead most of the rounds and has already started deploying.
Limited partners include Horsley Bridge, Sofina, Granite and a large US university endowment. The fund also counts founders from Slack, Datadog, Nord Security, Cast AI, Supercell and Dash0 as investor LPs.
Mason’s thesis rests on a simple observation. As AI makes software faster and cheaper to build, differentiation shifts away from the application layer and toward the foundations underneath it. Data, identity, compliance and orchestration become the defensible positions, because every company building enterprise software ends up needing them.
Founded in 2018, DIG is run by Mason, Melissa Klinger, a former UK sales lead at MuleSoft, and Rytis Vitkauskas, who founded YPlan and previously worked at Lightspeed. Salesforce bought MuleSoft for $6.5B, giving the team an operating playbook it now applies on go-to-market and international expansion.
The firm says 80% of its Fund II companies went on to raise additional institutional capital within two years.
