Updata Partners, the D.C. venture capital firm that has previously invested in companies ranging from VideoBlocks to Mashable, announced on Thursday that it has a new fund. And it's a big one, totaling $280.6 million in commitments.
"This new fund is a milestone in our history and a positive endorsement of our growth equity strategy and results," said Carter Griffin, a general partner at Updata. "We are grateful to our institutional investors for their confidence in us."
That confidence was enough to get the fund well past it's stated goal of raising $225 million for software-related companies. The money will go to recipients who are identified as having already scaled their operations and appear to be at inflection points in their growth stories, according to Updata's announcement.
The Updata Partners V LP fund had raised $160 million as of April, Securities and Exchange Commission records showed. The new fund will funnel cash into "a few select investments" of "$10-20 million of equity in each opportunity," the announcement explained. Those investments are all likely to occur in tech companies located outside of Silicon Valley.
Closed deals for the fund already include $35 million for the Atlanta-based loyalty and rewards company Bridge2 Solutions Inc., the Washington Business Journal reported.
"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, an Updata 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."
As of Thursday, Updata claims to have amassed a lifetime total of $750 million in committed capital.
