WASHINGTON--(BUSINESS WIRE)--Updata Partners today announced its new growth equity investment fund, Updata Partners V, has closed with commitments of $280 million, over its original target of $225 million. The fund will invest in software and software-driven companies that have achieved initial operating scale and are at an inflection point in their growth. The fundraising is Updata’s largest to date, bringing the firm’s cumulative committed capital since inception to more than $750 million.
“This new fund is a milestone in our history and a positive endorsement of our growth equity strategy and results,” said Carter Griffin, General Partner. “We are grateful to our institutional investors for their confidence in us.”
Updata believes the transformational role of technology, and specifically software, is still in its early stages, and the opportunity created by software-driven businesses will continue to spread to new industries, markets and products. This transformation, coupled with the proliferation of entrepreneurship into all corners of the economy, has created an enormous opportunity for growth equity. Updata typically backs high-growth, founder-led companies looking for a partner to help them reach the next stage of development.
“There are two kinds of capital we provide – financial capital, which is funding, and experience capital, which is the insight and acumen learned over years in our industry and markets,” said James Socas, General Partner. “Our growth equity focus and operating experience give us an edge in helping our portfolio companies avoid the many pitfalls on the path to success.”
Updata Partners V will make a few select investments each year, typically investing $10-20 million of equity in each opportunity. Updata prefers to be the first institutional capital into a business and targets investments outside of Silicon Valley. Updata provides capital to accelerate growth, and as former executives and entrepreneurs, Updata’s general partners collaborate with management teams to build leading companies that stand out in their markets.
About Updata Partners
Updata Partners is a leading technology growth equity firm based in Washington, DC. Led by an investment team averaging more than 25 years of technology experience, Updata invests in high-growth software and software-driven businesses where the combination of our capital and operating experience will help accelerate success.
Updata Partners is an Exempt Reporting Adviser under the Investment Advisers Act of 1940 in reliance on the venture capital fund adviser exemption set forth in Section 203(l) of the act. Most growth equity investments made by Updata Partners V will have characteristics typically associated with venture capital investments, including (i) long-term investments in operating companies that are not publicly traded, (ii) significant ownership stakes, and (iii) high degrees of board and management influence.
For more information, visit www.updata.com.