Dig Ventures Closes $120M Fund to Target European AI Infrastructure

European venture firm Dig Ventures has closed a new $120 million fund dedicated to backing early-stage artificial intelligence infrastructure and enterprise software startups. Led by MuleSoft founder Ross Mason, the fund arrives at a critical juncture for European tech, where capital is increasingly concentrating around specialized, highly technical investment theses rather than broad SaaS generalists.

The new vehicle will target pre-seed and seed-stage investments, with Dig Ventures aiming to lead or co-lead rounds. By focusing on the infrastructure layer of AI—including developer tools, data pipelines, and core software architecture—the firm is positioning itself to capture value before application-layer solutions become commoditized. This strategy mirrors a broader trend in the US venture market, where technical founders are increasingly seeking out investors with direct operational and engineering backgrounds.

For European founders, the closing of this fund signals that despite a generally tighter fundraising environment for late-stage companies, early-stage capital remains highly active for deep technical plays. Dig Ventures’ ability to raise $120 million also demonstrates that limited partners (LPs) are still willing to commit capital to specialized managers who can offer hands-on technical validation and go-to-market expertise in complex enterprise sectors.

Looking forward, the success of this fund will depend on Dig's ability to win competitive deals against larger, multi-stage European and US firms that are increasingly hunting for early-stage AI deals in London, Paris, and Munich. The firm's operational heritage will be its primary lever as it attempts to secure meaningful equity stakes in Europe's emerging AI infrastructure stack.