North Bridge Gets $580M for Second Growth Equity Fund
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Waltham, MA-based North Bridge Growth Equity has raised a second fund, saying it has more than $580 million in committed cash to bankroll growing companies that have a technology focus.
North Bridge’s growth equity arm got its start with a $545 million fund, which was raised in 2007. It lists 12 portfolio companies for that fund on its website, including publicly traded parts manufacturer Proto Labs (NYSE: PRLB) and Manchester, NH-based Dyn, a provider of online services such as DNS and e-mail delivery.
North Bridge says it looks for companies with $15 million-$300 million in annual revenue, typically investing between $15 million and $75 million.
North Bridge says its strategy also includes putting money into companies “that are entrepreneur owned and managed, and have grown to tens of millions in revenue with little or no outside capital.”
On its website, the firm also hints that it shouldn’t be mistaken for an aggressive, drive-down-costs private equity firm: “We act like a minority investor regardless of our investment stake, partnering with management to help build exceptional businesses.”
North Bridge Growth Equity operates alongside a sister VC firm, North Bridge Venture Partners. The overall firm also has an office in Palo Alto, CA.