Santa Monica, Calif.-based March Capital raised more than $650 million for its latest fund focused on mission-critical enterprise technology and software.
March Capital Fund IV makes venture and early growth investments in innovative, fast-growing companies in the cloud software, cybersecurity and cloud/data infrastructure sectors. The fund close marks a season of rapid growth at the firm that was founded in 2014 and now has $1.65 billion in assets under management.
“As endowments, sovereign wealth funds and family offices continue to be more selective in their allocation to venture and growth capital, we are thrilled to increase the size of our fund and area deeply appreciative of the support of both our new and existing investors,” said March Capital Co-Founder and Managing Partner Jamie Montgomery, in commenting on the firms largest fundraise to date.
The firm is focused on the opportunities arising from the use of artificial intelligence (AI) for intelligent business applications. The firm has experience in investing and building companies with AI at their core. Some of these companies include: CrowdStrike, Expel, Forter, ASAPP, Uniphore, ThoughtSpot, Nile, and Generate Biomedicines.
“Even as world economies slow down, and valuations reset, the pace of enterprise digitization through AI-driven process automation and intelligent business decision-making continues to accelerate,” said Sumant Mandal, March Capital co-founder and managing partner. “Our strategy of focusing on mission-critical enterprise software companies has proven to be effective through any economic cycle and we continue to be strong believers in secular technology trends such as Artificial Intelligence, cloud adoption within the enterprise, distributed computing frameworks, new infrastructure to manage the explosion of data, and the creation of secure technology footprints for enterprises worldwide.”
The firm anticipates selectively investing further in a select number of these companies and making 12-15 new meaningful investments in Fund IV.