DIG Ventures has raised $120 million for its third fund, backed by Horsley Bridge, Sofina, Granite and an endowment from a leading U.S. university. The fund will target about 30 European pre-seed and seed-stage AI-native enterprise software and cloud infrastructure startups, with a focus on data, identity, compliance and orchestration infrastructure. Its entrepreneurial limited partners include members of the founding teams of Slack, Datadog, Nord Security, Cast AI, Supercell and Dash0. DIG Ventures plans to lead most investment rounds and has already begun deploying capital.