When Ross Mason started MuleSoft in 2006, Europe was a very different place to build an enterprise infrastructure company. Early-stage capital for deeply technical software was limited, and Mason ultimately moved to Silicon Valley to build the business. MuleSoft went public and was later acquired by Salesforce for $6.5 billion. Two decades later, Mason is putting money behind founders attempting to build the next generation of infrastructure from Europe.
His firm, DIG Ventures, has closed Fund III at $120 million, targeting roughly 30 pre-seed and seed companies across Europe and Israel. DIG expects to lead most rounds, with reported investments ranging from about $1 million to $5 million.
But Fund III is not built around finding another AI application.
DIG’s thesis starts with the opposite assumption: as AI makes software faster and cheaper to produce, the application itself can become easier to copy. Mason believes durable value will increasingly sit in the control points underneath that software: data, identity, compliance, accountability and orchestration.
Its portfolio already makes that argument tangible. ACI connects AI agents with software tools. Encore lets agents provision cloud infrastructure. Dash0 is building observability infrastructure. Vectorize focuses on vector search, while Cofide built workload identity technology. These are not products most end users will notice, but they solve problems that become harder as companies deploy more autonomous software.
The fund is also backed by people who have already built those kinds of companies. Institutional LPs include Horsley Bridge, Sofina, Hillman and Granite, while founders and executives from Datadog, Slack, GitHub, Nord Security and Dash0 have invested as LPs.
That network complements DIG’s own operating team. Mason works alongside Melissa Klinger, who helped build MuleSoft’s European commercial operation, and Rytis Vitkauskas, the former YPlan founder and Lightspeed investor. DIG says its involvement stretches from product and first customers to hiring, fundraising and eventual US expansion.
There is a useful symmetry here.
Mason once crossed the Atlantic because that was where an ambitious infrastructure company had the strongest ecosystem around it. Fund III is a $120 million bet that Europe can now create those companies at home, then send the companies global instead of sending the founders away.
