Firm Continues Mission to Invest in Overlooked B2B Software Startups and Builds Leadership Team With Key Promotions
AUSTIN, Texas, May 12, 2022 /PRNewswire/ — Elsewhere Partners today announced the closing of its second fund, Elsewhere Partners II, L.P., with $175 million in new capital. It also announced the promotion of Sloane Child and Nick Stoffregen to Principal, both of whom previously served as Vice Presidents for the firm.
Since its launch in 2016, Elsewhere Partners has remained committed to providing operational expertise and thoughtful capital to scale B2B software companies located outside of traditional venture capital hubs. These companies often bootstrap their way to gaining product traction and see an opportunity to embrace accelerated, yet pragmatic, growth.
"Not every B2B software founder subscribes to the hyper-growth mentality that tends to run rampant in traditional investment circles. Investing, both our capital and our network, in companies that don’t always get the attention they deserve from the startup funding ecosystem at large, we’ve been able to make deeper connections and partner with founders on the path toward a meaningful exit," noted Chris Pacitti, Founder and Partner at Elsewhere Partners. "I’m thrilled our limited partners agree that supporting companies ready to evolve their product strategy and scale their go-to-market organizations is critical. Our team works with each founder to tailor access to the operational and market-specific expertise they need to succeed, and with Sloane and Nick moving into their new roles as Principals, we’re ready to deliver."
Partnering with capital-efficient software startups that have achieved customer traction and are already generating substantial revenue, Elsewhere will continue to focus on innovative businesses across IT infrastructure, developer tools, workforce management, cybersecurity and other sectors. The firm has already made several new growth investments from the fund, including: BackBox, a security automation provider; Portnox, a network access control platform; Sellers Shield, a residential real estate risk management platform; and greymatter.io, an enterprise microservices platform.
In their new roles, Child and Stoffregen will work with Elsewhere’s team of seasoned software investors to lead new investments for its growing portfolio and extensive network of 100+ operating advisors.
About Elsewhere Partners
Elsewhere Partners is a growth-stage venture capital firm that invests in Elsewhere Outliers – business software companies that are located outside of traditional venture capital hubs and have achieved substantial customer traction and revenue growth without significant outside funding. Elsewhere Partners combines transitional capital with transformational expertise to help companies achieve exit readiness on their own terms. www.elsewhere.partners.
SOURCE Elsewhere Partners