Wavecrest Growth Partners (Wavecrest), a growth equity firm focused on B2B software and technology-enabled services companies, announced the successful closing of its second fund, Fund II, at its hard cap of $290 million. The fund significantly exceeded its target, demonstrating strong investor confidence in Wavecrest’s investment strategy and team.
Fund II Backed by Diverse Investor Base
Fund II received substantial support from a diverse group of investors, including existing limited partners such as leading endowments, insurance companies, fund of funds, family offices, and pension funds. A notable number of new institutional investors also participated in the fundraise. Further highlighting confidence in Wavecrest’s approach, more than 30 current and former portfolio CEOs and Operating Advisors also made personal investments in Fund II.
Consistent Investment Strategy Focused on Collaborative Partnership
“We are deeply grateful for the trust placed in us by both new and existing investors,” said Deepak Sindwani, Co-Founder and Managing Partner of Wavecrest. “This includes the significant commitment from our portfolio CEOs and Operating Advisors. Our core strategy remains unchanged: partnering with capital-efficient B2B technology entrepreneurs in North America and Western Europe to help them scale and achieve their full potential through a collaborative and highly engaged partnership.”
Portfolio Company Success Fuels Continued Growth
Wavecrest’s inaugural fund, Fund I, has already invested in nine growth-stage companies, demonstrating a successful track record. Portfolio companies include Building Engines, Tier 1 Financial Solutions, SpinCar, Big Time Software, Volante Technologies, and MikMak.
“The strong performance of our portfolio companies, even during the challenges of the COVID-19 pandemic, is a testament to the hard work and dedication of our founders and their teams,” commented Vaibhav Nalwaya, Co-Founder and Managing Partner. “Their trust in choosing Wavecrest as a partner is humbling, and we remain committed to our disciplined investment approach as we deploy Fund II.” Even amidst the pandemic, Wavecrest continued to actively invest, completing four new platform investments and eight strategic add-on acquisitions in the past year.
Expanding Team and Expertise
Wavecrest has expanded its team to 13 professionals, including the addition of Colin Doherty as Growth Partner in 2020. Doherty brings extensive operational experience and works closely with portfolio company management teams to optimize go-to-market strategies, enhance operational efficiency, and strengthen leadership, ultimately driving sustainable growth and value creation. Gunderson Dettmer served as legal counsel for Fund II.
About Wavecrest Growth Partners
Wavecrest Growth Partners is a growth equity firm dedicated to investing in and partnering with market-leading B2B software and technology-enabled services companies. Wavecrest seeks out high-growth companies with established products and proven business models. The firm leverages its deep operational and investing expertise, along with its extensive network, to help accelerate growth and profitability. Wavecrest’s team possesses over five decades of combined experience in investing in and operating growth-stage B2B technology companies, resulting in a strong track record of successful outcomes. For more information, please visit wavecrestgrowth.com.
