We’re excited to share with you today that three years after we opened up the doors at Scaleworks, we’ve raised our second equity fund.
The $80M fund will be put to good use as we continue to have amazing conversations with founders about the next steps for their companies. We’re in a time where winds are shifting towards raising less venture capital and focusing on building for the long-term.
In all honesty, our first fund probably worked out better than we originally envisaged! We’ve learned a lot in the last 3 years - mostly what you’d expect - that good companies are everywhere, but leaders who can get their arms around an existing business and scale it for the next phase of growth, are very rare breeds.
We are very lucky to have some amazing companies, building strong products that are heavily relied upon by tens of thousands of customers, and we’re excited about continuing to bring strong companies into the portfolio and building great teams to work with.
- Acquired 8 businesses in Fund 1, and 5 bolt-ons to existing companies.
- FollowUp was acquired in May of 2018
- Assembla was acquired in November of 2018
- In 2018, our portfolio saw a combined 52% growth in revenue
- Revenue in 2018 rose to $80M across the portfolio
- 307 total employees
We’re often told by more traditional VC and PE investors that “you don’t want to spend the money to do the work”, but that’s exactly what our Venture Equity model is and why we’re different! We are operators, not financiers, and our team loves to roll up their sleeves and dig into a new business.
Additionally, bringing more companies into the Scaleworks family means more jobs in San Antonio, Krakow and all over the world.
Stay tuned for more.
Lew Moorman and Ed Byrne
Co-founders and General Partners, Scaleworks