DIG Ventures has closed its third fund at $120 million, deepening its bet on early-stage enterprise infrastructure and artificial intelligence companies built by technical founders in Europe and Israel. The firm, which positions itself as an operator-led venture capital outfit, plans to use Fund III to continue a strategy established by founder Ross Mason: finding founders at the earliest possible stage and staying close to them as they scale globally oriented technology businesses.
The fund's backers reflect a mix of institutional capital and operator money, a combination that has become increasingly common as founders seek investors who understand the operational demands of building enterprise software rather than just the financial mechanics of funding rounds. Limited partners include Horsley Bridge Partners, Sofina, Hillman, and Granite, alongside a notable roster of individual technology founders. For companies raising capital in this environment, understanding what to compare before you pay for infrastructure, security tooling, or vendor services often matters as much as the funding itself, since early operational choices shape how defensible a product becomes later.
Operators Betting on Operators
What distinguishes this fund's investor base is the concentration of founders who have already built and scaled the kinds of companies DIG hopes to find again. Datadog co-founder and CEO Olivier Pomel, Slack co-founder Cal Henderson, former GitHub chief executive and Entire founder Thomas Dohmke, Nord Security co-founders Tomas Okmanas and Eimantas Sabaliauskas, and Dash0 founder Mirko Novakovic are all limited partners in Fund III. Their presence signals something beyond capital: a bet that pattern recognition from building infrastructure and security companies translates into sharper judgment about which early-stage founders are worth backing.
This operator-heavy structure is not unique to DIG, but it reflects a broader shift in how specialist venture firms differentiate themselves. In crowded enterprise and AI investment categories, access to capital is rarely the bottleneck for promising founders. Access to people who have navigated the same technical and commercial decisions - pricing enterprise contracts, building security postures that satisfy large customers, or managing global expansion - is harder to manufacture, which is why firms increasingly recruit domain-specific operators as limited partners rather than relying solely on institutional money.
Why Europe and Israel, and Why Infrastructure
DIG's regional focus is deliberate. Europe and Israel have produced a disproportionate share of enterprise infrastructure and cybersecurity companies relative to their size, driven by deep technical talent pools, strong computer science and engineering education, and, in Israel's case, a long history of technology transfer from military and intelligence backgrounds into commercial ventures. Yet founders in these regions have historically faced a funding gap at the earliest stages compared with counterparts in the United States, where seed-stage capital for technical, infrastructure-heavy ideas is more abundant.
Fund III is explicitly aimed at closing that gap for companies tackling what DIG calls technically complex and globally relevant problems - a category that increasingly includes AI infrastructure, data tooling, developer platforms, and security products built to serve enterprise customers worldwide rather than a single domestic market. As enterprise buyers grow more cautious about vendor sprawl and more demanding about security and compliance, the startups best positioned to win contracts will likely be those built with global scrutiny in mind from day one, rather than retrofitted for it later.