London investment firm Dawn Capital has raised $700m (£572m) as it looks to nurture the tech talent and innovation blossoming across the continent.

The venture capital (VC) firm’s $620m flagship fund, Dawn V, aims to support software startups with initial investments ranging from $10-$40m at Series A and B stages.

It is the largest ever early-stage business-to-business (B2B) software fund in Europe, according to data company Preqin.

The remaining $80m will support sector winners from Dawn’s portfolio as they advance beyond Series C.

London-based VC Notion Capital has found business software companies made up 30 per cent — or $1.1 trillion — of the value of Europe’s tech sector in 2022.

And while Europe’s thriving software market provides fertile ground for investment, it has not been immune to the global tech downturn‘s recent onslaught of job cuts, chip shortages and international banking collapses.

The post-pandemic tech boom has passed and companies, large and small, are feeling the hit of rising interest rates, high inflation and a dearth of funds.

Haakon Overli, general partner at Dawn Capital, said: “Over the last 18 months, we have all witnessed the challenging macro environment.

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