Software investor Mainsail Partners has closed its biggest fund on $915m, boosting its total capital raised to $2.2bn.
The oversubscribed Fund VI was closed in less than three months. Mainsail previously closed Fund V on $531m in 2020.
The firm said Fund VI will continue with the strategy of targeting $30m to $60m investments in rapidly growing, founder-led software companies and providing significant operational support to help them scale.
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Gavin Turner, managing partner and co-founder of Mainsail Partners, said, “We are grateful for the support of our existing investors and excited to welcome new investors into the Mainsail family.
“Last year was the most active in Mainsail’s history in terms of the number of new investments and portfolio companies that were acquired or went public. We believe this momentum is validation of our approach to partnering with bootstrapped founders and providing hands-on operational support to help their companies scale fast and efficiently.”
Mainsail had invested in more than 60 companies since 2003. It runs an operations team to work with portfolio companies on business operations including recruitment, marketing strategies and product launches.
The firm sold some of its stake in PestRoutes to Gryphon Investors in 2020, less than two years after buying into the company. It remained as a minority investor after the deal.
Source: Altassets
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