Greenwich, Connecticut-based Activant Capital has closed a $129 million late-stage venture fund.
The firm was founded in 2013 by Steve Sarracino and has seen six liquidity events so far, a sizeable chunk of the 18 companies it’s invested in. One of those was Hybris, an e-commerce software business that sold to SAP for $1.4 billion. They also invested in Upland Software, which went public.
And Sarracino, who invests alongside partner Peter McCoy, is expecting many more “exits” over the next 15 years, the life cycle for its funds. This compares to the standard fund length of 10 years and allows Activant to be “very very long-term focused,” said Sarracino.
They also plan to invest after companies go public. Activant “can buy into the IPO and continue to support the business,” he said.
Some of the categories they are most enthusiastic about right now include warehouse management, logistics, voice and agriculture. Activant also invests a lot in commerce, Internet of Things and data. Sarracino hopes that the team can differentiate itself by having an expertise in niche industries and by taking a “consultative approach.”
He touted Activant’s investments in NewStore, a mobile retail platform. They’ve also been investing in Turvo, a logistics platform. RetailNext is an e-commerce analytics portfolio company that he’s also enthusiastic about.