British entrepreneur Ross Mason has raised $120 million for the third fund from DIG Ventures, the investment firm he launched after building MuleSoft into a multibillion-dollar enterprise software business.
Mason founded MuleSoft before selling the company to Salesforce for $6.5 billion. He launched DIG Ventures in 2018 and now leads the firm alongside Melissa Klinger, formerly UK sales lead at MuleSoft, and Rytis Vitkauskas, founder of YPlan and a former partner at Lightspeed Venture Partners.
The trio bring experience from building, scaling and investing in software companies, with DIG positioning itself as an operator-led investor for early-stage founders.
Its new Fund III is backed by investors including Horsley Bridge, Sofina, Granite and a leading US university endowment fund. Entrepreneurs behind companies including Slack, Datadog, Nord Security, Cast AI, Supercell and Dash0 have also invested.
The fund will focus on around 30 European companies at pre-seed and seed stage, particularly those developing infrastructure for AI-native enterprise software.
DIG believes the rapid fall in the cost and time required to build software is making areas such as data, identity, compliance and orchestration increasingly important as sources of long-term competitive advantage.
The firm intends to lead most of the investment rounds it participates in and has already started deploying capital from the new fund.
Mason said: “Our conviction as a fund is clear: as development accelerates and differentiation erodes, the truly scalable, defensible companies will be the ones building the foundations on which wider enterprise software depends.
“These are the companies whose advantages compound as the cost of building software falls.
“In Europe, we are seeing huge waves of innovation on this frontier – the continent is not short of technical talent. But the challenge is turning technical advantage into global distribution. Having built and sold enterprise software globally, our operator-led team knows what it takes to cross that gap.
“We built DIG to help founders do exactly that. We guide our startups from day zero through to their first US customers, and beyond. With Fund III, we’ll steer a further generation of founders towards global growth.”
DIG’s existing portfolio includes AI-native observability platform Dash0, which reached a $1 billion valuation following a $110 million Series B, and Taktile, which raised a $110 million Series C led by Goldman Sachs.
It has also backed CUBE, whose AI-powered regulatory technology is used by more than 30 global financial institutions, as well as AI recruitment platform Jack & Jill and AI orchestration company Nexos.ai.
The firm has also recorded several recent exits, including insurance infrastructure company Flock, acquired by Admiral for $109 million, data infrastructure platform Tower, acquired by MotherDuck, and workload identity platform Cofide, acquired by Keyfactor.
Mirko Novakovic, CEO at Dash0, commented: “I don’t think there is another VC in Europe that offers true partnership the way that DIG does.
“They think like founders, are deeply connected in the enterprise fabric globally, and never waiver from their conviction. Ross, Rytis and Melissa believed in Dash0 before we had much more than an idea.
“They brought a level of depth and experience that proved instrumental as we built a foundational technology, enabling us to get product decisions right and scale globally at a crazy pace.”
