Battery Ventures Closes New Funds Totaling Extra Than $3.8 Billion

BOSTON & SAN FRANCISCO–(BUSINESS WIRE)–Battery Ventures, a worldwide, technology-focused funding agency, has closed new funds totaling $3.8 billion to proceed backing modern firms worldwide in quite a lot of sectors.

The brand new funds—raised as Battery approaches 40 years of steady operations—embrace Battery Ventures XIV and a companion fund, collectively capitalized at $3.3 billion, and the $530 million Battery Ventures Choose Fund II, a automobile meant to make extra investments primarily in portfolio firms of the agency’s different funds.

Battery will use the brand new capital to proceed investing in firms in any respect phases, from seed and early-stage enterprise to buyout, in areas reminiscent of enterprise software program, together with fin-tech and healthcare-IT; infrastructure software program, together with information/AI, developer instruments and cybersecurity; client expertise; and industrial expertise and life-science instruments. The agency pursues a collaborative, research-driven model of investing and operates as one international staff from places of work in Boston, San Francisco, Menlo Park, New York, London and Tel Aviv.

Battery has invested in additional than 450 firms globally since its inception, excluding seed-stage offers, leading to 73 complete IPOs and 195 M&A occasions*. Eight of the agency’s firms staged IPOs in 2021, and 13 had M&A exits. The portfolio firms that went public final 12 months have been Affirm, Amplitude, Braze, Coinbase, Confluent, Olo, Scodix and Sprinklr.

“Battery has efficiently navigated up and down markets since its founding in 1983, and we stay extraordinarily optimistic concerning the potential for disruptive new expertise firms to be fashioned proper now, regardless of—and even due to—the present market circumstances,” mentioned Michael Brown, a Battery normal accomplice. “The elemental tendencies driving the sectors we goal, starting from company digital transformation to distant work to open banking to the rise of on-line commerce, are stronger than ever. We’re excited to accomplice with proficient founders and administration groups; leverage our differentiated, stage-agnostic technique; and make investments these new funds within the subsequent era of expertise firms.”

Together with the brand new funds, Zack Smotherman has been promoted to normal accomplice. He’ll proceed to develop the agency’s efforts investing within the industrial-technology and life-science instruments market. The economic expertise group has accomplished over 60 offers within the final 15 years, specializing in firms providing {hardware}, software program and companies for industrial and life science use instances, together with vital test-and-measurement instruments; office security expertise; and robotics, amongst different applied sciences.

As well as, Battery’s Shiran Shalev, based mostly in Tel Aviv, was promoted to accomplice. Shalev joined Battery in 2013 and focuses on venture- and growth-stage investments in monetary expertise and enterprise software program.

Battery additionally just lately employed veteran technology-sales govt Invoice Binch as an working accomplice and promoted a number of professionals in its rising portfolio-services and operations group. These embrace Karen Bommart, now investor-relations accomplice; Rebecca Buckman, advertising accomplice; Scott Goering, business-development accomplice; and Jenny Kang and Susanne Richman, now each expertise companions. Moreover, Max Schireson—the previous CEO of MongoDB who has been serving as a Battery executive-in-residence since 2015—was named working accomplice.

“We’re excited to announce these well-deserved promotions on our funding staff, which spotlight our penchant for selling homegrown expertise, in addition to our international footprint and talent to speculate throughout phases and numerous sectors,” mentioned Basic Companion Jesse Feldman. “On the companies aspect, the promotions—in addition to Invoice’s and Max’s new roles—spotlight our dedication to ramping up our experience in areas like recruiting, management, tradition, go-to-market companies and advertising. We’re excited to supply our portfolio much more strategic and tactical assist in these areas.”

Lastly, the brand new swimming pools of capital will permit Battery to proceed increasing its concentrate on “majority-growth” investments, offers during which the agency takes majority-ownership stakes in development firms, each bootstrapped and venture-backed. Battery has been backing such firms since 2008 and, since then, has accomplished majority-growth investments throughout 17 platform firms. Eight of these investments have been made within the final three years.

Battery closed its thirteenth household of funds totaling $2 billion in February 2020 and introduced Battery Ventures Choose Fund I, capitalized at $400 million, a 12 months later.

“I couldn’t have requested for a greater accomplice than Battery Ventures,” mentioned Robbie Payne, the CEO of CAMBRIO, a manufacturing-software firm acquired by Sandvik final 12 months. “The staff has all the time been skilled in, and intensely educated about, our market; well-networked; and all the time useful in areas together with technique, recruiting, and sourcing acquisitions.”

Ara Mahdessian, co-founder and CEO of ServiceTitan, added: “ServiceTitan has been proud to accomplice with Battery Ventures for over six years. The agency’s unbelievable expertise scaling B2B software program firms has confirmed to be extraordinarily impactful as we’ve grown to grow to be the ‘Working System of the Trades.’ The counsel Battery has offered us has been substantial. Many companies declare they’re greater than only a financial funding—and in my expertise, Battery really is.”

Lastly, Dice Software program Co-Founder and CEO Christina Ross mentioned: “We knew discovering a brand new enterprise accomplice within the present financial local weather can be particularly excessive stakes. In Battery, we discovered an skilled, well-networked investor who has seen this film earlier than—and we’re excited to start out our journey with the agency in our nook.” Battery led a Sequence B funding in Dice, a financial-software firm, final month.

About Battery Ventures

Battery companions with distinctive founders and administration groups creating category-defining companies in markets together with software program and companies, enterprise infrastructure, client tech, healthcare IT and industrial expertise and life-science instruments. Based in 1983, the agency backs firms in any respect phases, starting from seed and early to development and buyout, and invests globally from places of work in Boston, San Francisco, Menlo Park, New York, London and Tel Aviv. Observe the agency on Twitter @BatteryVentures, go to our web site at www.battery.com and discover a full record of Battery’s portfolio firms right here.

*Information via March 31, 2022. Battery Ventures offers funding advisory companies solely to privately supplied funds. Battery Ventures neither solicits nor makes its companies out there to the general public or different advisory purchasers. For extra details about Battery Ventures’ potential financing capabilities for potential portfolio firms, please discuss with our web site. For an entire record of portfolio firms, please click on right here.

https://www.businesswire.com/information/residence/20220713005953/en/Battery-Ventures-Closes-New-Funds-Totaling-Extra-Than-3.8-Billion

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