DN Capital

Gülsah Wilke is Partner and Head of DN Capital's German office and co-founder of 2hearts, a platform for people with migrant backgrounds in tech. She previously served as COO at Ada Health, an investor at Axel Springer, a supervisory board member at StepStone, and a consultant at McKinsey and IBM.

Ian Marsh is a Partner at DN Capital focusing on UK investments in ecommerce, fintech and software. He joined in 2017 after serving as UK CEO of HelloFresh and leading UK operations at Rocket Internet, with earlier roles at Bain Capital Europe, McKinsey and Bain.

Co-founder of DN Capital (June 2000) and Managing Partner running the firm's US operations from the Sand Hill Road/Menlo Park office. He has invested in software and related businesses since 1990, focusing on enterprise software with some B2B online marketplaces and consumer mobile, and previously was CIO for technology investments at SUN Capital Partners in London.

Thomas Rubens joined DN Capital in 2012 and became Managing Partner in 2025, after starting his career in investment banking at Barclays Capital. He co-leads the firm's software team with a focus on Enterprise AI at Series A, and has backed companies such as Auto1, HomeToGo, Yassir and Incode.

Guy Ward Thomas is a Partner on DN Capital's European investment team focusing on fintech, AI and enterprise software, and enjoys backing founders solving complex enterprise problems with software and AI. He led DN's investment in Cognigy (sold to NiCE for $1B in 2025), was involved in Incode and Yassir, and sits on the boards of several portfolio companies including Hawk, ThanksBen, Unique, Fimple, Plumery, Napo, Hometree and Chattermill.

Co-founder of Tapjoy, former Product Manager at Google and Software Engineer at Xbox Live. Holds a BSe in Computer Engineering and an MBA in Entrepreneurship from the University of Michigan.

A serial entrepreneur and angel investor who was on the founding team at Aruba Wireless Networks and an early recruit at Desana Systems. He holds an MBA from Wharton and an MS in Electrical Engineering from Stanford.

A DN Capital alumna who previously served as an Investment Manager at the firm. She later founded two companies: Scalized, an advisory firm helping companies launch in China, and Turing Talent, which connects high-potential engineers and data scientists with jobs and mentorship. She holds a BSc in Computer Science from the University of Cambridge.

Fabrice Grinda built and sold three companies — including OLX, one of the world's largest classifieds sites — before co-founding FJ Labs with Jose Marin to invest at high volume in marketplaces. With well over a thousand investments including Alibaba, Coupang and Flexport, he ranks among the most prolific angel-style investors anywhere. He shares his marketplace theses and macro views prolifically on his personal blog and podcast.

An entrepreneur and early-stage investor who founded Karma (acquired by Facebook) and Tapjoy, worked on Facebook commerce, was an associate at Kleiner Perkins, and held a product role at Microsoft.

Massimo Prelz chairs DN Capital's Investment Committee, having joined the firm in 2001, and advises on investments, capital allocation and organisation. His venture and private equity career spans Olivetti, Alta Berkeley Associates, and Advent International, where he served as Managing Director for Europe.

Rasmus Areskoug is Co-Founder and CEO of Paraglide, which uses AI agents to help finance teams manage high-volume accounts receivable. He previously worked in growth equity at TCV, served as CFO of DN portfolio company GetAccept, and was part of DN's investment team focused on B2B and AI.

Former CEO of ServiceMagic Europe (an IAC company) with a decade of executive experience leading digital transformations at local advertising firms, including the IPO and sale of Dex Media. Co-founded MapQuest.com and holds an MBA from Harvard Business School.

Co-founder of Mister Spex, a leading European online retailer for eyewear, where he served as VP Product. He is an active business angel, entrepreneur, and computer scientist who joined DN Capital as an EIR and later Venture Partner.

Investment Analyst in DN Capital's Berlin office focusing on consumer and marketplace investments, primarily in Europe. Previously worked at FoodLabs, did business development at FINN and Apryl, and worked in corporate strategy at Siemens. Holds a master's in Management from HEC Paris & CEMS and a bachelor's in Business Administration from LMU Munich.

Costanza Carini leads global fundraising and LP relationships at DN Capital, and supports the firm's co-investment initiatives and liquidity solutions. She previously worked in investor relations and marketing at Target Global, and holds degrees from Loughborough University and Glasgow Caledonian University.

Head of Office and People at DN Capital since 2023, overseeing office operations, HR and people initiatives, and executive coordination. She holds a degree in Oriental Studies from La Sapienza University in Rome.

Jack Pierrepont joined DN Capital as an Investment Associate based in London. He previously worked on private investments at Windsong Asset Management, a San Francisco family office, and before that at Goldman Sachs Private Wealth Management. He holds a Bachelor's in Economics from Colgate University.

John Horton is Finance Director at DN Capital, joining in 2013. A chartered accountant who qualified at PwC with over twenty years in finance, he previously served as Head of Finance at Lion Capital and held senior finance and compliance roles at Vision Capital and Elderstreet Investments.

Investor at DN Capital in London focused on enterprise software, AI infrastructure, cybersecurity, and devtooling across Europe. Previously worked at growth equity firm Yttrium in Frankfurt and at Unilever's supply chain team in Rotterdam; holds a double MSc from ESSEC and Bocconi and a BSc from Rotterdam School of Management.

Maddie Coughlin joined DN Capital as an Investor in early 2025. She previously worked at BlackRock in trading, lending and liquidity before moving into public markets investing, and was an analyst at Redwheel's European Active Ownership team in London. She holds a first-class economics degree from the University of Bath.

Maria holds a bachelor's degree in Accounting and Finance from the University of Durham and previously gained experience at a start-up as a financial analyst and in the revenue department of a hotel in Japan. She joined DN Capital as a finance assistant in the London office.

Investment Associate at DN Capital's London office focused on SaaS and AI investments across Europe. Previously a strategy and growth consultant at McKinsey and an operator at a San Francisco mobility startup. Holds bachelor's and master's degrees in Mathematics from TUM and an MBA from the University of Oxford.

Michelle Cuttler joined DN Capital as General Counsel in 2017. She was previously a corporate partner at Paul Hastings and Kirkland & Ellis in London advising private equity clients on cross-border transactions, and served as Legal Director of an international NGO. She holds a JD from Georgetown and is admitted in New York.

Olivia Foyle joined DN Capital as a Team Assistant in early 2025, supporting administrative and operational activities and contributing to marketing and social media initiatives. She holds a first-class degree in Business Management and Marketing from Swansea University.

A DN Capital alumnus who previously served as a Principal focusing on marketplaces and SaaS in German and Dutch speaking markets. He co-founded VEECEE, a network for European VC investors, previously worked at McKinsey & Company in strategy consulting, and founded and led two companies in the Netherlands.

Investment Manager at DN Capital focused on applied AI investments across Europe and the USA, having joined in 2022. Previously worked at No Such Ventures in Amsterdam and private equity firm Ardian in Paris, as well as satellite operator Eutelsat.

Office Manager and Executive Assistant at DN Capital's Berlin office since August 2024, with prior EA experience at Ada Health and a background as a flight attendant. She holds a certification in office and project management.

Wenlin Xu is a Fund Controller on DN Capital's finance team. She previously worked in fund accounting at Bridges Fund Management and as a derivatives product controller at NatWest Markets, holds an MSc in Economics from UCL, and has passed all three CFA levels.