Bain Capital Ventures has raised $1bn for the close of a new fund focused on early- and growth-stage technology startups, taking its assets under management to $4.9bn.
The strategy includes a $650m core fund, supported by a $250m co-investment fund and over $100m of commitments from partners at buyout house Bain Capital.
Bain Capital is set to tap the fund to invest in businesses in the SaaS, infrastructure software, security, commerce, FinTech and healthcare sectors. The VC invests around roughly half of its capital into early-stage companies, according to a release.
Earlier this year Bain Capital joined investors in a $100m Series D funding round for International payment solutions provider Flywire.
Self-funded health plan business Centivo, also raised $34m in its Series A round this year, which was led by Bain Capital.
This announcement follows several billion-dollar exits and IPOs conducted by the tech investor including Blue Coat, DocuSign, Jet.com, Rapid7, SendGrid, SquareTrade and SurveyMonkey.
“Technologies like AI, cloud and autonomy are redefining entire industries and disrupting traditional business models,” said, Bain Capital Ventures managing director Ajay Agarwal.
Since launching its first vehicle in 2001, Bain Capital Ventures has invested more than $3.6bn of capital to support over 240 companies.
In Spring last year the VC launched its own network investing program for angel investors, leading to two Series A investments and 12 seed investments.
Earlier this year Bain Capital Private Equity appointed Brian Gladden as an operating partner and CFO for the firm’s North American portfolio.
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