DN Capital (US), Inc
DN Capital is a global early-stage venture firm, with an experienced team passionate about technology and working with exceptional entrepreneurs. Founded in 2000 by Nenad Marovac and Steve Schlenker, DN Capital is now one of Europe’s most established VC funds.
In the firm's own words, from its website.
9 additional investments, funds and LPs, 9 events, 1 verified contact (1 firm phone)
Every relationship, signal and contact on this record, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Nothing material in the last 180 days.
People to know
View all people- Class A MemberWhy: Named with investment responsibilityNo route on file yet
- Class A MemberWhy: Named with investment responsibilityNo route on file yet
Relationship network
18 connected entities2 observed roundsrounds 2019 to 2020
From financing rounds and every investor named in them, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the venture capital graph. A round's amount is the size of the round, not money that moved between two investors.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the rounds and sources behind it. Line weight is rounds together; dashed lines are inferred.
- Sponsor
- Company
- Capital provider
- Fund or vehicle
- Person
›How strength and recency are read
Co-investors are read from the rounds: three or more shared rounds is a strong observed relationship, two a repeat co-investor, one a single round. Funds and people are structural. Nothing is scored that a reader cannot check.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
How am I connected?
Name your firm, a company or a person, and DFX finds the published routes to DN Capital (US), Inc: a shared portfolio company or board, a prior employer, a co-investor, a shared LP or service provider. Every step is a filed or published record with its source; none is a guess about who knows whom.
See how you connect to DN Capital (US), Inc
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Investing
2 companies on record, 0 new in 12 months
Investments on record
What these amounts mean“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.Acquired, Public, Exited and Active are what the firm’s own portfolio card says, read on the date shown when you hover the chip; they are not deal dates. A company with no chip is one whose card states no outcome: DFX does not assume it is active.| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Kyte Systems Inc. | Form D equity offering | unknown · board | Steven Jeffrey Schlenker (strongly supported) | $7.6M form d sold | unknown | Dec 8, 2020 | Inference Form D |
| RecargaPay Holdings Inc. | Form D equity offering | unknown · board | Steven Jeffrey Schlenker (strongly supported) | $16.7M form d sold | unknown | May 9, 2019 | Inference Form D |
Stated thesis versus observed behaviour
- Sectors
- ai, fintech, consumer, marketplaces, energy, media
- Stages
- seed, series a, series b, growth, early, multi stage
- Geography
- europe, germany, global, globally, north america, uk
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
Team
2 current, 0 departed
Decision makers
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
Investment team
How the team is orderedPartners who lead rounds first (rounds led, then deals attributed, then seniority), then the rest of the investment team, then investor relations, finance and operations. A person named by two sources under two spellings is shown once.- Class A Member · 2 deals attributed
- Class A Member
Contacts
1 firm phone on record, each with its source. Values open with the complete profile.
Funds and LPs
11 vehicles, 1 LPs disclosed
Funds and vehicles
What these amounts meanGAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| DN Capital - Global Venture Capital VI Scsp | Fund | 2024 adv first reported | Early deployment | $77.4M Mar 31, 2026 | 28 | unknown | unknown |
| DN Capital Identity Spv LP | SPV or co-invest vehicle | 2022 adv first reported | Active deployment | $13.2M Mar 31, 2026 | 4 | unknown | unknown |
| DN Capital Gvc V Seed LP | Seed fund | 2022 adv first reported | Active deployment | $5.4M Mar 31, 2026 | 7 | unknown | unknown |
Limited partners
- 1 commitment to 1 fund · $9.5M disclosed
Known LPs and allocators
What these amounts and dates areEach commitment is counted once across the pension tape and the allocator graph. A commitment date prints only when the source printed one; otherwise the row carries the report date. A foundation’s 990-PF line is a holding at fair value, never a commitment. Rows without a fund on the venture graph are commitments to this manager.| Allocator | Type | Fund | Amount | Date | Source |
|---|---|---|---|---|---|
| San Diego City Employees' Retirement System | MUNICIPAL RETIREMENT SYSTEM | DN Capital - Global Venture Capital III LP | $9.5M committed | reported as of Mar 31, 2026 | Fact Pension disclosure |
| Skoll Foundation | FOUNDATION | DN Capital - Global Venture Capital II, LP | $6.6M fair value on the foundation's return | reported as of Dec 31, 2024 | Fact IRS Form 990 / 990-PF e-file returns |
| Skoll Foundation | FOUNDATION | DN Capital - Global Venture Capital III LP | $549,608 fair value on the foundation's return | reported as of Dec 31, 2024 | Fact IRS Form 990 / 990-PF e-file returns |
Relationships across DFX
1 co-investors · on 2 other DFX graphs
Co-investors
- 2019-05-091 shared deal · one time
Across DFX and the capital chainon 2 other DFX graphs · 6 capital paths ShowHide
- The same institution is held on Allocators, RIA and Wealth, matched by identifier. See which records
DN Capital (US), Inc is the same institution as 2 records in Allocators and RIA and Wealth.
DFX found 2 relationships across 2 datasets
Which record it is in each graph, what it is called there, and how the two were matched.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Checking your plan…
DN Capital (US), Inc sits on 6 traced paths of capital across the graphs.
DFX traced 6 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Evidence and history
14 dated events, 85 observations from 3 sources
Timeline
- Mar 31, 2026DN Capital Gvc VI Seed LP first reported on Form ADV by DN Capital (US), Inc (Venture Capital Fund), GAV $468,640
- Mar 27, 2024DN Capital - Global Venture Capital VI Scsp first reported on Form ADV by DN Capital (US), Inc (Venture Capital Fund), GAV $18,368,044
- Mar 31, 2022DN Capital Gvc V Seed LP first reported on Form ADV by DN Capital (US), Inc (Venture Capital Fund), GAV $772,344
- Mar 31, 2022DN Capital Identity Spv LP first reported on Form ADV by DN Capital (US), Inc (Venture Capital Fund), GAV $7,500,000
- Mar 30, 2021DN Capital - Global Venture Capital V Scsp first reported on Form ADV by DN Capital (US), Inc (Venture Capital Fund), GAV $183,968,517
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 31, 2026 · 11 private fundsShowHide
- Headquarters
- Park City, UTadviserinfo.sec.gov
- Office address
- unknownadviserinfo.sec.gov
- Business phone
- unknownadviserinfo.sec.gov
- Website
- DNCAPITAL.COM
- SEC adviser type
- Exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- Venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
- Latest Form ADV
- Mar 31, 2026
- Private funds reported
- 11 (11 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets, adviser total
- $866Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Owners on Schedule A
- DN Capital (uk) LLP (Owner), owns 75% or more
Classification history
Classification history
Every classification this record has carried2 on recordShowHide
- Sep 23, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $866M across 11 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $789M across 10 vehicles
Evidence
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | VC exemption, VC funds reported | Mar 31, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 27, 2024 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 27, 2024 | Fact | Form ADV |
| First Form ADV filing | 2012-03-29 | Mar 31, 2026 | Fact | Form ADV |
| First Form ADV filing | 2012-03-29 | Mar 27, 2024 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-30 | Oct 1, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-29 | Sep 30, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-25 | Sep 26, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-23 | Sep 24, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-21 | Sep 23, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-22 | Sep 23, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1 | Sep 12, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-31 | Mar 31, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-31 | Mar 31, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-03-27 | Mar 27, 2024 | Fact | Form ADV |
| SEC status | ERA - Active | Mar 31, 2026 | Fact | Form ADV |
| SEC status effective | 2012-03-29 | Mar 31, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 31, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 27, 2024 | Fact | Form ADV |
| Business phone | Mar 31, 2026 | Fact | Form ADV | |
| Business phone | Mar 27, 2024 | Fact | Form ADV | |
| Contact page url | Sep 30, 2026 | Fact | ||
| Contact page url | Sep 16, 2026 | Fact | ||
| Description | Sep 30, 2026 | Fact | ||
| Description | Sep 16, 2026 | Fact | ||
| Description | Sep 12, 2026 | Fact | ||
| Headquarters | Park City, UT | Mar 31, 2026 | Fact | Form ADV |
| Headquarters | Menlo Park, CA | Mar 27, 2024 | Fact | Form ADV |
| Office address | Mar 31, 2026 | Fact | Form ADV | |
| Office address | Mar 27, 2024 | Fact | Form ADV | |
| Self-described type | Venture capital “Welcome - DN Capital - Venture Capital” | Sep 30, 2026 | Fact | |
| Self-described type | Venture capital “Welcome - DN Capital - Venture Capital” | Sep 16, 2026 | Fact | |
| Self-described type | Venture capital “Welcome - DN Capital - Venture Capital” | Sep 12, 2026 | Fact | |
| Legal form | Corporation | Mar 31, 2026 | Fact | Form ADV |
| Legal form | Corporation | Mar 27, 2024 | Fact | Form ADV |
| Portfolio page | Sep 30, 2026 | Fact | ||
| Portfolio page | Sep 16, 2026 | Fact | ||
| Portfolio page | Sep 12, 2026 | Fact | ||
| Private funds reported | 11 | Mar 31, 2026 | Fact | Form ADV |
| Private funds reported | 11 | Mar 31, 2026 | Fact | Form ADV |
| Private funds reported | 10 | Mar 27, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $866M | Mar 31, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $866M | Mar 31, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $789M | Mar 27, 2024 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | Mar 31, 2026 | Fact | Form ADV |
| Stated geography | Europe, germany, global, globally, north america, UK “geography words on the home page” | Sep 30, 2026 | Fact | |
| Stated geography | Europe, germany, global, globally, north america, UK “geography words on the home page” | Sep 16, 2026 | Fact | |
| Stated geography | Europe, germany, global, globally, north america, UK “geography words on the home page” | Sep 12, 2026 | Fact | |
| Stated sectors | AI, fintech, consumer, marketplaces, energy, media “sector words on the home page” | Sep 30, 2026 | Fact | |
| Stated sectors | AI, fintech, consumer, marketplaces, energy, media “sector words on the home page” | Sep 16, 2026 | Fact | |
| Stated sectors | AI, fintech, consumer, marketplaces, energy, media “sector words on the home page” | Sep 12, 2026 | Fact | |
| Stated stages | Seed, series a, series b, growth, early, multi stage “stage words on the home page” | Sep 30, 2026 | Fact | |
| Stated stages | Seed, series a, series b, growth, early, multi stage “stage words on the home page” | Sep 16, 2026 | Fact | |
| Stated stages | Seed, series a, series b, growth, early, multi stage “stage words on the home page” | Sep 12, 2026 | Fact | |
| Team page | Sep 30, 2026 | Fact | ||
| Team page | Sep 16, 2026 | Fact | ||
| Team page | Sep 12, 2026 | Fact | ||
| Venture funds reported | 11 | Mar 31, 2026 | Fact | Form ADV |
| Venture funds reported | 11 | Mar 31, 2026 | Fact | Form ADV |
| Venture funds reported | 10 | Mar 27, 2024 | Fact | Form ADV |
| Website | Mar 31, 2026 | Fact | Form ADV | |
| Website | Mar 27, 2024 | Fact | Form ADV | |
| Site title | Sep 30, 2026 | Fact | ||
| Site title | Sep 16, 2026 | Fact | ||
| Site title | Sep 12, 2026 | Fact |
How this is scored
Scores, classification basis and filing advisersInstitutional venture firm, confirmedShowHide
Venture manager, reported GAV $866M across 11 vehicles
- importance
- gav: 0.59 · funds: 1 · people: 0.16 · investments: 0.11 · co investors: 0
- active deployment
- investments 12m: 0 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: not scored
- emerging manager
- fund count: 12 · reported gav: $866M · first adv filing: 2012-03-29 · years since first filing: 14.5
Fits, record history and connections
scored matches for this investor, every identity change, every edge
Record history
- Adviser's first ADV filing2012-03-29source on record
The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.