A couple of years after scoring its biggest fundraising amount to date, Boston-based Battery Ventures is raising even more billions for two separate funds, regulatory documents show.
Battery Ventures, a tech investment firm in the Seaport District known for participating in seed rounds all the way up to multimillion-dollar, majority-ownership transactions, raised just over $3 billion for its 14th fund, according to documents filed with the U.S. Securities and Exchange Commission last week.
In a separate filing, the firm says it also raised $530 million for what it calls its “Select Fund II.” Battery Ventures Select Fund I, announced last year, was a $400 million fund seeking to provide some of the firm’s later-stage companies with extra capital.
A spokesperson for Battery Ventures declined to comment on the new filings, citing regulatory reasons.
Battery Ventures, which turned 39 this year, traditionally invests in application software, infrastructure software, consumer marketplaces and industrial technology. It is currently deploying capital from its 13th family of funds capitalized at $2 billion, which Battery’s Boston-based general partner Michael Brown told the Business Journal in 2020 were primarily aimed at late-stage growth and buyout investments.
In 2014, Battery Ventures led the Series A financing of Guardicore, an Israeli anti-malware company that Akamai Technologies Inc. (Nasdaq: AKAM) acquired last year for $600 million.
In 2011, the firm backed Boston-based Internet retailer Wayfair (NYSE: W), now one of the biggest employers in Massachusetts. Active investments in tech companies based in greater Boston include the 2015 buyout of restaurant operations platform Crunchtime! Information Systems Inc. and an early-stage investment in IT infrastructure startup LogRocket in 2019.
Battery Ventures told the SEC it plans to raise $3.5 billion for its 14th fund and a total of $600 million for its select fund. The firm has five general partners based in Boston and a total of six offices in the U.S., London and Israel.