MuleSoft founder’s DIG Ventures closes $120M fund for AI infrastructure
DIG Ventures, the London-based firm led by MuleSoft founder Ross Mason, has closed its third fund at $120M. Fund III will back around 30 European pre-seed and seed-stage startups that build software infrastructure for AI.
Its institutional backers include Horsley Bridge, Sofina, Granite and an unnamed US university endowment. The founders of Slack, Datadog, Nord Security, Cast AI, Supercell and Dash0 have also put money in.
The fund targets what DIG calls control points, meaning the data, identity, compliance and orchestration layers that other software depends on. DIG plans to lead most of its rounds and has already started investing.
The thinking behind it is a shift in the economics of software. Because AI makes code cheaper and faster to write, DIG expects products to become harder to defend, with lasting value moving to the infrastructure underneath them.
“These are the companies whose advantages compound as the cost of building...
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