Image: Frontline Ventures
The latest $200m raise is divided between two Frontline funds: Seed and Growth. Previous investments include the likes of Workvivo, Signal AI and Cloudsmith.
Frontline Ventures, the Irish-headquartered venture capital firm, has just announced $200m across two funds aimed at seed and growth-stage B2B software start-ups.
Founded by Shay Garvey, Will Prendergast and William McQuillan in 2012, Frontline is one of Europe’s leading VC firms. It primarily invests in B2B software start-ups in Europe that have their eyes on the US market and want to eventually make an IPO.
Some of the companies it has invested in include MosaicML, Navan (formerly TripActions), Lattice, Vanta, Workvivo (acquired by Zoom), Pointy (acquired by Google) and Signal AI.
The latest $200m raise is divided between two Frontline funds: Seed and Growth. The former is the firm’s third European fund and will be led by Will Prendergast, Zoe Chambers and William McQuillan. It will focus on backing companies at the pre-seed and seed stages.
“The US and Europe account for the lion’s share of global software spend and global venture capital dollars. Frontline Seed’s mission over the past decade has been to help ambitious founders capture this critical transatlantic market and set them on the path to IPO,” said Prendergast.
“This has led us to become an integral partner for the highest potential B2B software businesses in Europe, who we support through our network on everything from fundraising to their US go to market. Our success is demonstrated by the high proportion of our portfolio companies that have graduated to Series A and expanded into the US market – with more yet to come.”
Meanwhile, the Growth fund was established five years ago and has since backed more than a dozen North American companies with ambitions to expand into the European market.
Under the leadership of Brennan O’Donnell and Stephen McIntyre, it targets companies from Series B to Series D.
“Though it is a traditionally overlooked market by US entrepreneurs, Europe accounts for over 30pc of the global revenues of top performing B2B software companies at IPO,” said O’Donnell, partner at Frontline Growth.
“Our goal at Frontline is to bridge the gap between the US and European markets, providing a platform for B2B software companies to become global category leaders.”
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