Mainsail Partners, a San Francisco, CA-based growth equity firm that invests exclusively in bootstrapped software companies, closed $531 million for its fifth fund.
Mainsail Partners V, L.P. received support from existing investors and select new investors. This brings the total amount of capital raised by the firm to more than $1.2 billion since its inception in 2003.
Led by Gavin Turner, Managing Partner, the firm intends to use Fund V to continue investing in fast-growing, enterprise software companies in the range of $4 to $25 million of annual revenue.
Since 2003, Mainsail has invested in more than 50 growing companies and currently has 15 active portfolio companies. The firm takes an operational approach to investing by providing hands-on support to its portfolio companies. At the core of it is its Operations Team, comprised of former software executives and operators dedicated to working with management teams to help drive growth and long-term profitability. The team is organized around specific functional areas, or “Centers of Excellence”, where software companies tend to need help, including talent, sales, marketing, customer success, finance and product development.
At the end of 2019, the firm announced its first investment out of Fund V, SourceScrub, an information services software platform for the financial services industry. Last month, Mainsail announced the sale of former portfolio company Ncontracts and the sale of a majority of its stake in its portfolio company PestRoutes.