Battery Ventures, a technology-focused investment firm, has closed new funds totaling $3.8 billion.
Battery Ventures will use the new capital to make VC funding in companies at all stages, from seed and early-stage venture to buyout, in areas such as business software, including fin-tech and healthcare-IT; infrastructure software, including data/AI, developer tools and cybersecurity; consumer technology; and industrial technology and life-science tools.
Battery Ventures, which has offices in Boston, San Francisco, Menlo Park, New York, London and Tel Aviv, has invested in more than 450 companies globally since its inception, excluding seed-stage deals, resulting in 73 total IPOs and 195 M&A events. Eight of the firm’s companies staged IPOs in 2021, and 13 had M&A exits. The portfolio companies that went public last year were Affirm, Amplitude, Braze, Coinbase, Confluent, Olo, Scodix and Sprinklr.
“Battery has navigated up and down markets since its founding in 1983, and we remain extremely optimistic about the potential for disruptive new technology companies to be formed right now, despite—and even because of—the current market conditions,” said Michael Brown, a Battery general partner.
Zack Smotherman has been promoted to general partner and will grow investment in the industrial-technology and life-science tools market. The industrial technology group has completed over 60 deals in the last 15 years.
In addition, Battery’s Shiran Shalev, based in Tel Aviv, was promoted to partner. Shalev joined Battery in 2013 and focuses on venture- and growth-stage investments in financial technology and business software.
Battery recently hired technology-sales executive Bill Binch as an operating partner. It promoted several professionals in its growing portfolio-services and operations group. These include Karen Bommart, now investor-relations partner; Rebecca Buckman, marketing partner; Scott Goering, business-development partner; and Jenny Kang and Susanne Richman, now both talent partners. Additionally, Max Schireson — the former CEO of MongoDB who has been serving as a Battery executive-in-residence since 2015 — was named operating partner.
Battery closed its thirteenth family of funds totaling $2 billion in February 2020 and announced Battery Ventures Select Fund I, capitalized at $400 million, a year later.