Battery Ventures has closed two new funds, Battery Ventures X (BV X) at its $650 million target, and Battery Ventures X Side Fund (BV X Side Fund) at its $250 million target. The firm’s last fund, Battery Ventures IX with $750 million in capital commitments, closed in March 2010.
“The landscape has changed dramatically over the years, and we’ve evolved our business to continue to find and fund the most innovative entrepreneurs and management teams around the world,” said Scott Tobin, Battery General Partner. “We’re grateful for the continued vote of confidence and the longstanding relationship we have with our limited partners, and are proud that they recognize our impact on the market and our contribution to growing the technology companies of the future.”
The new funds will continue Battery’s strategy of investing in seed, early, growth and buyout opportunities in technology and related markets. Battery pursues investments worldwide, with the majority of its investments in North America, Israel and Europe. The firm targets investments from as little as a few hundred thousand dollars during the formative stages of a business, to more than $100 million to support later stage growth and buyout situations. BV X and BV X Side Fund will be co-invested, with the Side Fund providing the flexibility to support larger growth and buyout situations without disrupting the concentration in BV X.
Key investment sectors for Battery in the coming years include:
- SaaS/software for business users, including analytics exploiting big data
- IT infrastructure including networking, cloud, scale-out and flash storage
- Unique ecommerce, retail and yield management models that leverage mobility and high service levels
- Technology-enabled business services
- Buyouts in markets such as later stage software and industrial technologies, which are ripe for consolidation
Battery Ventures was founded in 1983 and is based in Boston with additional offices in Silicon Valley and Israel (www.battery.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 2-22-13
