Updata Partners raises $608 million | PYMNTS.com

Growth capital investment firm Updata Partners, which focuses on B2B software vendors, announced Tuesday, May 24, the closing of Updata Partners VII, LP, with capital commitments of more than $608 million. The round marked Updata’s largest fundraising 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 seeking both capital and strategic partners, the company’s press release said.

Recent Updatedata investments include companies like Improvado, CData, Shufti Pro, Landtech, Altus Assessments, Vector Remote Care, Living Security, BoxCast, Liongard, Practifi and Bigleaf Networks.

“With Updata VII, we plan to continue our commitment to capital-efficient software companies,” said Jon Seeber, general partner, in the company’s press release. “We are excited to leverage our long experience as entrepreneurs, managers and investors as we continue to provide operational expertise to our current and future portfolio.”

Updata Partners has typically only made a handful of investments each year, investing up to $100 million in equity per company. The company said it preferred to be the first institutional capital and target investments outside of Silicon Valley.

Related: Piano gets $88 million from LinkedIn, Updata and Rittenhouse

Last year, Updata was the lead investor in an $88 million funding round by digital business platform Piano, which 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.

Piano has since acquired Norway-based data management platform Cxense. Piano also expanded into the Asia-Pacific region and acquired France-based analytics platform AT Internet.

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