Updata Partners today announced its new growth equity investment fund, Updata Partners V, has closed with commitments of $280 million, over its original target of $225 million. The fund will invest in software and software-driven companies that have achieved initial operating scale and are at an inflection point in their growth. The fundraising is Updata’s largest to date, bringing the firm’s cumulative committed capital since inception to more than $750 million.
“This new fund is a milestone in our history and a positive endorsement of our growth equity strategy and results,” said Carter Griffin, General Partner. “We are grateful to our institutional investors for their confidence in us.”
Updata 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. Updata typically backs high-growth, founder-led companies looking for a partner to help them reach the next stage of development.