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Business
Grayhawk Capital raises $76M for third fund
Scottsdale firm continues investing in Arizona-based companies
Posted
A Scottsdale venture capital firm has raised $76 million in a new fund with an eye on investing in local and national companies.
Grayhawk Capital on Wednesday announced the closing of it third fund to continue its focus on fueling early-stage innovative software companies for growth.
“Investor interest in our new fund exceeded our expectations, a testament to the value of the platform our team has been building since 1999,” said Sherman Chu, co-founder and managing partner of Grayhawk Capital, in a press release. “We’ve experienced continued and often increased level of support from our prior fund's investors, and welcomed a new group of financial and strategic technology-focused investors to the Grayhawk community.”
Grayhawk Capital invests in early-stage companies before those companies go out and seek addition funding rounds.
Since the end of 2020, Grayhawk Capital has seen five realizations and its portfolio companies have collectively completed over $740M in new financings. The firm invests in software companies working in health care, cyber, fintech, marketing and productivity sectors.
“It has been inspiring to see the growing recognition of the value of investing in enterprise software solutions,” said Brian Burns, co-founder and managing partner, Grayhawk Capital, in a press release. “We applaud the remarkable founders and entrepreneurs in our portfolio companies. In the two decades our team has been investing together, the depth and quality of our pipeline of new opportunities has never been stronger, and we could not be more excited for the future of the companies and their leadership we look to invest in.”
Grayhawk Capital also is looking to expand its investing base for companies, but remains committed to looking at Arizona companies.
“We look forward to continuing to invest in Arizona-based companies and other underserved markets in the U.S., as well as Israeli-founded companies based in, or moving to, the U.S.,” said Brian Smith, managing partner, Grayhawk Capital, in a press release. “Our recent acceptance into the SBA’s SBIC program demonstrates the impact capital investments have in these markets.”
Grayhawk’s primary profile of companies that it invests in are early business-to-business software-as-a-service companies that generate between $2 million and $6 million in annual recurring revenue and that have demonstrated strong initial traction primarily in the enterprise sector.
“We look forward to continuing on Grayhawk’s excellent track record and investment thesis in this third fund and supporting the companies and their teams both financially and strategically,” said Leib Bolel, partner, Grayhawk Capital.
