Battery Ventures racks up $3.8bn across two new funds

• The tech-focused investment firm has raised $530 million for its second select fund, Battery Ventures Select Fund II
• Zack Smotherman has been promoted to general partner
• Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout

Battery Ventures has raised $3.8 billion across two new funds.

Battery raised $3.3 billion for its fourteenth fund Battery Ventures XIV and a companion fund. And the tech-focused investment firm has raised $530 million for its second select fund, Battery Ventures Select Fund II.

Battery Ventures Select Fund II will make additional investments primarily in portfolio companies of the firm’s other funds

Battery 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 successfully 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, in a statement. “The fundamental trends driving the sectors we target, ranging from corporate digital transformation to remote work to open banking to the rise of online commerce, are stronger than ever.”

In conjunction with the new funds, Zack Smotherman has been promoted to general partner. Also, Battery’s Shiran Shalev, based in Tel Aviv, was promoted to partner. And, Battery also recently hired veteran technology-sales executive Bill Binch as an operating partner and 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, a 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.

Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout. The firm has offices in Boston, San Francisco, Menlo Park, New York, London and Tel Aviv.