Dawn Capital has announced a $700 million fundraise for its B2B software fund.

The London-based investor said its primary $620 million vehicle, Dawn V, will support growing European B2B software firms with initial tickets ranging from $10 million to $40 million at Series A or Series B stages.

The remaining £80 million follow-on fund, Dawn Opportunities III, will provide further support for Series C stage and onwards.

Dawn Capital shared that 50 per cent of commitments had been raised from existing LPs and 50 per cent from new investors from across the US, Europe, the Middle East, and Asia.

These include sovereign wealth funds, pension funds, endowments, funds of funds, family offices and high net-worth individuals, all investing alongside a number of Dawn's portfolio founders, it added.

“Over the last 18 months, we have all witnessed the challenging macro environment,” said Dawn Capital co-founder and general partner Haakon Overli. “We founded Dawn to support founders building global B2B software leaders from Europe, and this ethos has not changed.”

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