Dig Ventures raises a $120M third fund to back Europe's AI infrastructure startups

London-based Dig Ventures has raised a $120 million third fund to invest in early-stage startups building the infrastructure behind AI, Sifted reports. [verify: LPs and fund terms, the Sifted article is paywalled]

Dig was set up in 2018 by Ross Mason, founder of MuleSoft, which Salesforce bought for $6.5 billion, and Melissa Klinger, MuleSoft's former UK sales lead. It began as Mason's family office before becoming a VC firm, and invests at pre-seed and seed, mainly in Europe, while also looking at Israel and the US.

Its previous fund, its first institutional one, closed at $100 million in April 2025, backed by The Hillman Company, Granite Capital, Sofina and Grove Street. The portfolio includes People.ai, Karat, Bubble, ComplyAdvantage, PlanetScale, Rasa and Taktile.

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