Growth equity investment firm Updata Partners, which focuses on B2B software companies, on Tuesday (May 24) announced the close of Updata Partners VII, L.P., with capital commitments of more than $608 million. The round marked Updata’s largest fundraising effort to date and brought its all-time committed capital to $1.5 billion.
Updata will use the funding to invest in management teams that are looking for both capital and strategic partners, the company press release said.
Updata’s recent investments include firms like Improvado, CData, Shufti Pro, Landtech, Altus Assessments, Vector Remote Care, Living Security, BoxCast, Liongard, Practifi and Bigleaf Networks.
“With Updata VII, we expect to continue our dedication to capital-efficient software businesses,” said Jon Seeber, general partner, in the company press release. “We are excited to draw on our long experience as entrepreneurs, managers, and investors as we continue to provide operating expertise to our current and future portfolio.”
Updata Partners has typically made only a handful of investments each year, investing up to $100 million of equity per company. The firm said it prefers to be the first institutional capital and targets investments outside of Silicon Valley.
Last year, Updata was the leading investor in an $88 million funding round by digital business platform Piano that also included Rittenhouse Ventures and LinkedIn. The analytics, personalization and subscription startup also raised $22 million in a Series B funding round in January 2019, also led by Updata Partners.
Since then, Piano acquired the data management platform Cxense, which is based in Norway. Piano has also expanded into the Asia-Pacific region and acquired France-based analytics platform AT Internet.