Arrowroot Capital Management, a B2B software-focused venture firm, has pulled in $62m for its fourth flagship fund, so far.
It was revealed last year that the investor was seeking to raise $315m for the vehicle. At this stage, the firm has received contributions from seven accredited investors, according to the latest US Securities and Exchange Commission filing.
The firm is still looking to raise a further $253m for the vehicle. It is unclear in the document whether the $315m specified goal is a hardcap.
Probitas Fund Group has been named as the placement agent for the fund and is operating across 23 US states.
Arrowroot’s predecessor fund held a final close of $177m in 2017, after it beat its initial target of $175m.
The California-based firm completes minority, majority and buyout deals in B2B software companies. The firm invests between $5m and $25m; however, it also looks for larger opportunities and add-on acquisitions.
Its portfolio holds a handful of FinTech companies. Last year, the firm participated in the undisclosed investment round of ClickFox, a journey analytics platform. The platform is used by financial services, insurance firms, utilities and telecom companies, and others, to optimise services through customer behaviour analytics.
Other portfolio companies include cybersecurity platform Cygilant, asset performance solution 4tell, and portfolio management automate software developer Keyedin.
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