Ankona Capital announced the final closing of its second fund with $129 million in total commitments, which is roughly double the size of its inaugural fund. The Ankona team is going to continue to focus its investments on early growth-stage business-to-business (B2B) software companies and follow its proven strategy of helping companies reach scale and sustainability through smart and capital-efficient growth.
Ankona was launched in 2019 by a team of successful investors and software company founders. And Ankona’s partners understand the entrepreneurial company-building journey along with seeking partnerships with founders from startup to scale, providing empathetic support and operational guidance that aligns with founder interests.
Ankona made four investments to date from its new fund: Bonusly, an employee recognition and reward platform; Alleva, a data-driven electronic medical record (EMR) and practice management system for behavioral health facilities; Rivet, a healthcare revenue acceleration platform; and VideoAmp, a media measurement and optimization platform.
Ankona’s inaugural fund closed in June 2021 at $66 million, which oversubscribed from its $50 million target. Along with the managing partners, Ankona has an operating partner team that includes five former founders who have started, built and sold software companies including Zingle (acquired by Medallia), SafeSend (acquired by Lead Edge Capital), Telogis (acquired by Verizon), OGSystems (acquired by Parsons) and DealerSocket (acquired by Solera) for more than $2.5 billion combined.
KEY QUOTES:
“We originally chose to partner with Ankona because of their operational experience and track record as company founders themselves. This was tested immediately as we lost access to our capital during the bank run. Ankona immediately stepped up to ensure we could make payroll the following Monday.”
— Raphael Crawford-Marks, founder and CEO of Bonusly
“We want to build relationships so that we are the ‘first call’ for our CEOs. We will be the first to celebrate wins and the toughest fighters in the foxhole through setbacks.”
— Brian Mesic, Managing Director at Ankona Capital
