MuleSoft Founder's DIG Ventures Closes €106M Fund III

DIG Ventures, the firm founded by MuleSoft creator Ross Mason, has closed its third fund at €106 million, with a mandate to back early-stage European startups building AI and cloud infrastructure.

The close marks a step up in scale for the firm, which Mason established after selling MuleSoft to Salesforce in 2018 in a deal valued at $6.5 billion. Fund III will concentrate on the infrastructure layer of Europe's technology stack — the compute, tooling and platform businesses that underpin how companies deploy and scale artificial intelligence.

The fund's strategy reflects a clear read of where capital is heading. As AI adoption accelerates across European industry, demand is growing for the infrastructure that makes deployment possible: cloud platforms, data pipelines, developer tooling and integration software. Mason knows this territory first-hand. MuleSoft built its business on connecting enterprise systems, and the integration problem it attacked has only intensified as companies wire AI into legacy operations.

DIG Ventures has operated with a founder-led thesis since its inception. Mason's own path — from starting MuleSoft in 2006 to leading it through an IPO and a multi-billion-dollar acquisition — shapes how the firm selects and supports portfolio companies. The pitch to founders is straightforward: backing from an operator who has built, scaled and exited at the top end of the enterprise software market.

Fund III's €106 million corpus places it in the cohort of specialist European vehicles competing for infrastructure deals alongside the continent's largest generalist firms. For founders building AI infrastructure in Europe, the arrival of a dedicated pool of capital signals that local investors are prepared to underwrite the category at meaningful scale, rather than watching it migrate to US-based funds.

The fundraising environment makes the close notable. European venture fundraising has tightened since 2022, and funds focused on specific technical verticals have had to prove their thesis to limited partners. A €106 million commitment signals institutional confidence in both the AI infrastructure category and this team's ability to source and support winners in it.

Europe's AI infrastructure startup scene has expanded rapidly, spanning data centre software, model-serving platforms, observability tools and security layers designed for machine learning workloads. DIG Ventures will now deploy its new capital across this field, applying Mason's enterprise software lens to identify the businesses that become essential as AI moves from experiment to production.

The firm's deployment pace and first investments from Fund III will be the next test of the thesis — and a signal of which parts of Europe's AI infrastructure stack an operator-turned-investor believes will carry the next wave of enterprise value.