VC firm raises $600m for ‘future of work’ tech

Silicon Valley-based Scale Venture Partners has closed Scale Venture Partners Fund VII with $600 million in committed capital. The fund continues on Scale’s strategy of investing in cloud and software as a service companies that are transforming how enterprises work. The firm’s previous fund (Fund VI) closed in July 2018 with $400 million in assets. Scale Fund VII will be managed by partners Stacey Bishop, Rory O'Driscoll, Andy Vitus, Ariel Tseitlin, and Alex Niehenke. The firm has also promoted Jeremy Kaufmann to principal, Sam Baker to vice president, and John Gianakopoulos to senior associate. In addition, Chris Yin recently became the firm's newest principal, joining Scale from RainforestQA, where as VP Product he led the product, design, support, and community teams. “Fund VII will build on the focus areas that have driven our success to date: future of work technologies, cloud infrastructure, industry verticals and security,” said Vitus, partner at Scale Venture Partners. “We are increasingly interested in how machine intelligence, widespread platform interoperability via APIs and automated data capture allow a new class of enterprise software that we’ve come to call ‘Cognitive Apps.’” According to Vitus, these applications sit on top of SaaS platforms as a way to fully automate simple tasks and augment users performing complex tasks. Scale expects more AI-first companies to make creative use of algorithms, connectivity and data to build new capabilities. Scale has had a number of recent Series B round investments including in human resources software startup Papaya Global, as well as with real estate tech group Spruce Holdings. Recent public offerings from Scale’s portfolio include Bill.com, JFrog and Root Insurance. "Scale led our Series C nearly five years ago and continued as a partner all the way through our IPO this year," said Shlomi Ben Haim, founder and CEO of JFrog. "From day one, Scale supported our strategic decision making with a data-driven approach and Scale Studio benchmarks. Their understanding of the SaaS market and guidance were valuable at each phase of our growth." "Scale led our Series C nearly five years ago and continued as a partner all the way through our IPO this year," said Shlomi Ben Haim, founder and CEO of JFrog. "From day one, Scale supported our strategic decision making with a data-driven approach and Scale Studio benchmarks. Their understanding of the SaaS market and guidance were valuable at each phase of our growth." Scale Studio, launched in 2018, is a benchmarking platform that contains financial and metrics on more than 800 private companies across 8,000 fiscal quarters. It is used by founders and company leaders to support their decision making.

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