PeakSpan Capital, a four-year-old, Burlingame, Calif.-based venture firm, has closed its second fund with $265 million in capital commitments, according to a new SEC filing that shows that 68 investors were involved in the fundraise.
That’s a meaningful jump in size from the firm’s $150 million debut fund, which it closed in 2016.
PeakSpan was co-founded by Phil Dur, Brian Mulvey, and Matt Melymuka, longtime investors who’d worked together previously for an outfit that’s no longer around (Investor Growth Capital).
Their firm specializes in growth-stage business software companies.
PeakSpan had funded 11 startups with its first fund. Among its most recent bets is Cordial, a four-year-old, San Diego-based email platform that raised $15 million in Series B funding last summer led by PeakSpan; Inference, an eight-year-old, San Francisco-based company whose AI-driven self-service applications aim to replace human service and support agents (it has never announced its outside funding); and BookingBug, a 10-year-old, London-based customer engagement platform that raised $13.4 million in Series C funding last April, led by PeakSpan.
According to a new report published earlier this week by PwC and CB Insights, business software remains among the biggest areas of interest for VCs. According to the firms’ findings, 111 software deals (not relating to the internet or mobile) raised $3 billion from investors in the fourth quarter of last year, compared with 51 consumer products and services deals that attracted a collective $382 million.