DN Capital is a transatlantic venture capital firm with offices in London, Berlin, and San Francisco. Founded in 2000 by Nenad Marovac and Steve Schlenker, the firm focuses on early-stage and growth-stage technology companies, typically leading or co-leading Series A and Series B rounds. While DN Capital is not a crypto-native fund, the firm has selectively backed blockchain and fintech infrastructure plays that align with its broader thesis around financial technology disruption.
The firm manages multiple funds across its history, with reported assets under management estimated in the range of several hundred million euros across successive vehicles. DN Capital targets companies in Europe and North America, with particular strength in German-speaking markets and the UK tech ecosystem. Its investment style favors capital-efficient companies with clear paths to profitability rather than high-burn moonshots.
Notable Investments
- AUTO1 Group – Europe's largest used-car trading platform, which went public on the Frankfurt Stock Exchange in February 2021. One of DN Capital's most prominent exits.
- Shazam – The music recognition app acquired by Apple in 2018 for a reported $400 million. DN Capital was an early backer.
- Jobandtalent – Spanish workforce-as-a-service platform, backed through multiple rounds. Valued at over $2 billion at its 2021 Series E.
- Purplebricks – UK-based online estate agent. DN Capital participated in early rounds; the company later faced significant operational challenges and was acquired for a fraction of its peak valuation in 2023.
- Onfido – AI-powered identity verification platform, which is relevant to crypto KYC infrastructure. Acquired by Entrust in 2024.
Public information about DN Capital's specific cryptocurrency and blockchain portfolio is limited. The firm has not publicly disclosed dedicated crypto fund vehicles, and its blockchain-adjacent investments tend to be fintech or identity infrastructure companies rather than protocol-layer or DeFi projects directly.
Team
Nenad Marovac (Managing Partner) co-founded DN Capital and has led the firm's strategy since inception. He previously worked in investment banking and private equity across Europe. Steve Schlenker (Managing Partner) brings a background in technology entrepreneurship and has focused on the firm's US deal flow from its San Francisco office. The broader investment team includes partners and principals across London and Berlin offices, though detailed partner-level biographies are not comprehensively disclosed in public filings.
Recent Activity
Over 2024 and into 2025, DN Capital continued deploying from its later fund vehicles, with a stated focus on artificial intelligence applications, fintech infrastructure, and climate technology. The firm participated in follow-on rounds for several existing portfolio companies navigating a tighter venture market. No major new crypto-specific investments were publicly announced during this period. The exit of Onfido to Entrust in early 2024 represented a notable liquidity event for the fund.
DN Capital occupies a mid-tier position in European venture – respected for consistent execution and notable exits like Shazam and AUTO1, but not a top-tier crypto-native allocator. Founders seeking crypto-specific venture backing will find DN Capital more relevant as a fintech or infrastructure investor than as a dedicated Web3 fund. Its involvement in blockchain-adjacent deals appears opportunistic rather than thesis-driven, which limits its influence as a crypto ecosystem participant. For further background, see DN Capital's Crunchbase profile and coverage via TechCrunch.