Battery Ventures raises $2bn for two new funds

The multi-stage investor has raised $2 billion for two news funds, including $1.2 billion for its main fund and $800 million for a companion vehicle that invests in later-stage growth and buyout transactions.

Multi-stage Battery Ventures, which invests in such tech as business software and enterprise IT, announced it has raised two funds for a combined $2 billion. The firm raised $1.2 billion for its main fund, Battery Ventures XIII, and $800 million for Battery Ventures XIII Side Fund, a companion vehicle that invests in later-stage growth and buyout transactions alongside the main fund.

Battery Ventures also promoted Zack Smotherman to partner. He joined the firm in 2013 as vice president and later was promoted to principal.

Source: Firm announcement