Updata Partners, a Washington, DC-based technology growth equity firm, closed its latest growth equity investment fund, at $280m.
Updata Partners V will invest in software and software-driven companies that have achieved initial operating scale and are at an inflection point in their growth. The fund will make a few select investments each year, typically investing $10-20m of equity in each opportunity.
Updata, which provides capital to accelerate growth and collaborates with management teams to build their companies, prefers to be the first institutional capital into a business and targets investments outside of Silicon Valley.
Led by General Partners Carter Griffin and James Socas, the firm believes the transformational role of technology, and specifically software, is still in its early stages, and the opportunity created by software-driven businesses will continue to spread to new industries, markets and products. This transformation, coupled with the proliferation of entrepreneurship into all corners of the economy, has created an enormous opportunity for growth equity.
The fundraising brought Updata’s cumulative committed capital since inception to more than $750 million.