- Updata Partners announced the final closing of Updata Partners VI, L.P. with aggregate capital commitments totaling over $308 million.
Growth equity investment company Updata Partners announced the final closing of Updata Partners VI, L.P. with aggregate capital commitments totaling over $308 million.
This oversubscribed fund continues Updata’s strategy of investing in software and software-driven companies with meaningful scale and rapid growth. And it is Updata’s largest fund to date. Including this fund, it brings the firm’s cumulative committed capital since inception to more than $1 billion.
Updata’s leadership averages over two decades in the software industry first as operators and then as investors. And they take a hands-on approach to working with capital-efficient software companies whose management teams are looking for both a capital provider and a strategic partner.
Updata Partners VI, L.P. will seek to make a few select platform investments each year, typically investing about $10-30 million of equity into each business with the potential for larger investments through LP co-investment. And Updata prefers to be the first institutional capital into a company and targets investments outside of Silicon Valley. So far, Updata has invested in more than 60 companies across North America, Europe, and Australia.
Key Quotes:
“This new fund is a validation of our growth equity strategy and we are grateful for the continued support from our investors. Updata’s founders were some of the earliest pioneers in the software industry and it is a privilege to continue their legacy by supporting other entrepreneurs in the space.”
-Updata Partners general partner Carter Griffin
“The best companies are led by teams who understand that building great products and executing on customer-focused strategies are the keys to success in the software industry. We are excited to continue working alongside innovative companies and to continue Updata’s legacy of success.”
-Updata Partners general partner Jon Seeber
