DN Capital, a UK venture fund has just had seven exits in two years, according to Unquote UK. The latest is the Thomson Reuters acquisition of its portfolio company, Apsmart, a mobile solutions startup. The GP also sold Endeca to another big name strategic buyer, Oracle, for USD 1 billion, and it sold Datanomic a few months previously, also to Oracle.
Datanomic was the third exit for Fund II and allowed the VC to announce it had paid back the vast majority of invested capital in the vehicle, generating a 30% gross IRR. These kind of returns are going to help to dissipate the long held notion that European VC cannot deliver returns comparable to the US technology market. The exits are from DN Capital’s second fund.
The PE firm was founded in 2000 by Nenad Marovac and Steve Schlenker as Digital Networks and backs early-stage business and growth opportunities in the software, e-commerce and digital media sectors.