Battery Ventures Closes New Funds Totaling More Than $3.8 Billion
Battery Ventures, a global, technology-focused investment firm, has closed new funds totaling $3.8 billion to continue backing innovative companies worldwide in a variety of sectors.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220713005953/en/
(Graphic: Battery Ventures)
The new funds—raised as Battery approaches 40 years of continuous operations—include Battery Ventures XIV and a companion fund, together capitalized at $3.3 billion, and the $530 million Battery Ventures Select Fund II, a vehicle intended to make additional investments primarily in portfolio companies of the firm’s other funds.
Battery will use the new capital to continue investing in companies at all stages, from seed and early-stage venture to buyout, in areas such as business software, including fin-tech and healthcare-IT; infrastructure software, including data/AI, developer tools and cybersecurity; consumer technology; and industrial technology and life-science tools. The firm pursues a collaborative, research-driven style of investing and operates as one global team from offices in Boston, San Francisco, Menlo Park, New York, London and Tel Aviv.
Battery has invested in more than 450 companies globally since its inception, excluding seed-stage deals, resulting in 73 total IPOs and 195 M&A events*. Eight of the firm’s companies staged IPOs in 2021, and 13 had M&A exits. The portfolio companies that went public last year were Affirm, Amplitude, Braze, Coinbase, Confluent, Olo, Scodix and Sprinklr.
“Battery has successfully navigated up and down markets since its founding in 1983, and we remain extremely optimistic about the potential for disruptive new technology companies to be formed right now, despite—and even because of—the current market conditions,” said Michael Brown, a Battery general partner. “The fundamental trends driving the sectors we target, ranging from corporate digital transformation to remote work to open banking to the rise of online commerce, are stronger than ever. We’re excited to partner with talented founders and management teams; leverage our differentiated, stage-agnostic strategy; and invest these new funds in the next generation of technology companies.”
In conjunction with the new funds, Zack Smotherman has been promoted to general partner. He will continue to grow the firm’s efforts investing in the industrial-technology and life-science tools market. The industrial technology group has completed over 60 deals in the last 15 years, focusing on companies offering hardware, software and services for industrial and life science use cases, including critical test-and-measurement tools; workplace safety technology; and robotics, among other technologies.
In addition, Battery’s Shiran Shalev, based in Tel Aviv, was promoted to partner. Shalev joined Battery in 2013 and focuses on venture- and growth-stage investments in financial technology and business software.
Battery also recently hired veteran technology-sales executive Bill Binch as an operating partner and promoted several professionals in its growing portfolio-services and operations group. These include Karen Bommart, now investor-relations partner; Rebecca Buckman, marketing partner; Scott Goering, business-development partner; and Jenny Kang and Susanne Richman, now both talent partners. Additionally, Max Schireson—the former CEO of MongoDB who has been serving as a Battery executive-in-residence since 2015—was named operating partner.
“We’re excited to announce these well-deserved promotions on our investment team, which highlight our penchant for promoting homegrown talent, as well as our global footprint and ability to invest across stages and diverse sectors,” said General Partner Jesse Feldman. “On the services side, the promotions—as well as Bill’s and Max’s new roles—highlight our commitment to ramping up our expertise in areas like recruiting, leadership, culture, go-to-market services and marketing. We’re excited to offer our portfolio even more strategic and tactical help in those areas.”
Finally, the new pools of capital will allow Battery to continue expanding its focus on “majority-growth” investments, deals in which the firm takes majority-ownership stakes in growth companies, both bootstrapped and venture-backed. Battery has been backing such companies since 2008 and, since then, has completed majority-growth investments across 17 platform companies. Eight of those of those investments were made in the last three years.
Battery closed its thirteenth family of funds totaling $2 billion in February 2020 and announced Battery Ventures Select Fund I, capitalized at $400 million, a year later.
“I could not have asked for a better partner than Battery Ventures,” said Robbie Payne, the CEO of CAMBRIO, a manufacturing-software company acquired by Sandvik last year. “The team has always been experienced in, and extremely knowledgeable about, our market; well-networked; and always helpful in areas including strategy, recruiting, and sourcing acquisitions.”
Ara Mahdessian, co-founder and CEO of ServiceTitan, added: “ServiceTitan has been proud to partner with Battery Ventures for over six years. The firm’s incredible experience scaling B2B software companies has proven to be extremely impactful as we’ve grown to become the ‘Operating System of the Trades.’ The counsel Battery has provided us has been substantial. Many firms claim they’re more than just a monetary investment—and in my experience, Battery truly is.”
Finally, Cube Software Co-Founder and CEO Christina Ross said: “We knew finding a new venture partner in the current economic climate would be especially high stakes. In Battery, we found an experienced, well-networked investor who has seen this movie before—and we’re excited to start our journey with the firm in our corner.” Battery led a Series B investment in Cube, a financial-software company, last month.
About Battery Ventures
Battery partners with exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure, consumer tech, healthcare IT and industrial technology and life-science tools. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from offices in Boston, San Francisco, Menlo Park, New York, London and Tel Aviv. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery's portfolio companies here.
*Data through March 31, 2022. Battery Ventures provides investment advisory services solely to privately offered funds. Battery Ventures neither solicits nor makes its services available to the public or other advisory clients.For more information about Battery Ventures’ potential financing capabilities for prospective portfolio companies, please refer to our website. For a complete list of portfolio companies, please click here.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
New Study From Egon Zehnder and Kearney Debunks the Myth of a Workplace Generational Divide28.9.2022 16:00:00 CEST | Press release
Egon Zehnder, the world’s preeminent leadership advisory firm, in partnership with Kearney, a leading global management consulting firm, today released findings from a new survey with over 8,000 respondents from eight different countries dismissing the myth of a generation divide in the workplace and showing that despite what is often believed, Gen Z, Millennials, Gen X and Boomers are more alike than different when it comes to workplace matters. The survey, titled “Different Generations, Same Ideals: What Workers of All Ages Value in their Jobs,” analyzed the similarities and differences among generations and found that they share more commonalities, especially when it comes to personal well-being, work-life balance, and desired traits from leadership. The most notable difference between the generations is how each group defines and plans to achieve their career desires. Key Findings from the survey include: Personal well-being, stability, and work-life balance matter more than money
BYD Announces Pre-sale Prices of European Passenger Car Range28.9.2022 15:35:00 CEST | Press release
BYD announces the pre-sale prices of its new European passenger car range. The world’s leading manufacturer of new energy vehicles and power batteries immediately introduces three full-electric passenger vehicles which will be delivered to Norway, Sweden, Denmark, the Netherlands, Belgium, Luxembourg and Germany. Before the end of the year customers in France and the United Kingdom will also have access to BYD’s zero-emission vehicles. After that, more dealers will be appointed supporting BYD’s plans to cover all major markets in Europe. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220928005587/en/ BYD Europe Product Premiere 2022 The pre-sale price for the BYD ATTO 3 is € 38,000. The BYD HAN and TANG pre-sale prices are € 72,000. These pre-sale prices apply to Germany as a reference for Europe and may differ from country to country. The three full-electric BYD vehicles are technologically advanced and well-suited to the e
Monrol Will Establish a Legal Entity and Manufacturing Facility in Germany28.9.2022 15:27:00 CEST | Press release
Following an ongoing assessment of its entire operation, Eczacıbaşı-Monrol Nuclear Products Co. (Monrol) has decided to establish a legal entity and manufacturing facility in Germany. The new facility will focus on the manufacture of SPECT products and radiopharmaceutical products for radioligand therapy(*) such as Gallium-68 generator and n.c.a Lutetium-177. Developed by Monrol R&D teams, these products are widely used in the production of radiopharmaceuticals for cancer patients. The facility will also have a dedicated division for state-of-the art cGMP Contract Development and Manufacturing Organization (CDMO) services. Monrol plans to make the site a center of excellence for both radiopharmaceutical production and scientific and industry collaborative efforts to create innovations. The facility is expected to be up and running by 2026 at an estimated cost of around 30 million euros. (*) Targeted radioligand therapy is an innovative approach to cancer treatment that is considered to
Fore Biotherapeutics Announces Fast Track Designation Granted by FDA to FORE8394 for the Treatment of Cancers Harboring BRAF Class 1 and Class 2 Alterations28.9.2022 15:00:00 CEST | Press release
Fore Biotherapeutics (Fore Bio), a precision oncology company dedicated to developing innovative treatments that provide a better outcome for cancer patients, today announced that the U.S. Food and Drug Administration (FDA) has granted Fast Track Designation (FTD) to FORE8934, its investigational, novel, small-molecule, orally available inhibitor for the treatment of patients with cancers harboring BRAF Class 1 (V600) and Class 2 (including fusions) alterations who have exhausted prior therapies. The FDA's Fast Track designation is designed to facilitate the development and expedite the review of drugs intended to treat serious conditions and fill an unmet medical need. A drug that receives Fast Track designation may become eligible for Accelerated Approval, Priority Review, or Rolling Review if relevant criteria are met. “The FDA's Fast Track Designation for FORE8394 underscores the urgent need faced by patients with advanced BRAF-muted cancers who have no other options,” said Stacie
Quectel Announces New SC680A LTE Smart Module to Drive Digital Transformation and Machine Vision AI Applications28.9.2022 15:00:00 CEST | Press release
Quectel Wireless Solutions, a global IoT solutions provider, today announces that it has released its new SC680A smart module which features broad connectivity options including LTE Cat 6, Wi-Fi 802.11ac and Bluetooth 5.0 with powerful system performance and rich multimedia functions. The SC680A smart module is targeted towards mid-tier IoT devices including POS and payment terminals, industrial handhelds for logistics and warehousing, in-vehicle infotainment and dashcam solutions as well as micro-mobility applications and small electric cars. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220928005031/en/ Quectel's new SC680A LTE smart module (Photo: Business Wire) “We are excited to introduce another highly integrated smart module which gives global customers more flexibility in their IoT device designs,” said Norbert Muhrer, President and CSO of Quectel. “It enables a variety of industrial and consumer IoT verticals with
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom