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Dawn Capital Completes $700M Fundraising to Back European Software Initiatives

Software spending globally has reached over $1 trillion this year, according to Dawn Capital. This figure is a significant increase from less than a decade ago when it was reportedly half of that amount. Furthermore, Gartner predicts that by 2050, software spend will reach an astonishing $7 trillion. Dawn Capital emphasizes that despite the challenging 18 months for the tech industry, software is still in its infancy and there is no going back.

Dawn Capital attributes this growth to the fact that digitization only moves forward and mega-trends are still in their early stages. For instance, cloud adoption in the enterprise sector is only at 25%, leaving room for significant growth. Additionally, major sectors such as finance and healthcare are still struggling with outdated legacy tech.

The venture capital firm also highlights the new societal challenges that will demand advancements in various areas, including energy transition, climate change, financial inclusion, and drug development.

Moreover, Dawn Capital believes that AI is the beginning of another major technology shift that will have a massive impact. They mention that AI is not even included in Gartner’s $7 trillion estimate. AI presents both a significant opportunity and a disruptor to every software category, unleashing untold productivity gains for enterprises. They draw a parallel between the impact of AI and the unveiling of the iPhone by Steve Jobs in 2007, stating that it is hard to fully comprehend the power of AI on personal and professional lives.

Dawn Capital is particularly excited about the potential of European founders in shaping the future of technology. They believe that European founders have the capability to deliver groundbreaking companies that will support future tech innovations. Europe offers structural advantages for software founders, including technical talent and regulatory leadership. Dawn Capital has recently announced their latest fundraise of $700 million to invest in European founders pioneering technology advancements. This fund includes the $620 million ‘Dawn V’ flagship fund, which is the largest early-stage B2B software fund ever raised in Europe, and the $80 million ‘Dawn Opportunities III’ follow-on fund. These funds will enable Dawn Capital to continue supporting founders at various stages, from Series A to exit, in building the next generation of software.

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