The Evolution Technology Fund III LP is the largest dedicated cybersecurity fund raised to date.
Growth and early growth
stage investor committed to investing in UK and EU based
cybersecurity companies safeguarding the digital world.
LONDON, April 25, 2024 /PRNewswire/ -- Evolution
Equity Partners announced the final closing of Evolution Technology
Fund III, LP on April
16th, 2024, and total capital commitments of
$ 1.1 Billion to back visionary
entrepreneurs building next generation cybersecurity companies that
safeguard the digital world. The fund raise was oversubscribed by
existing and new limited partners representing a diversified mix of
leading institutions, sovereign investors, insurance companies,
endowments, foundations, fund of funds, family offices, and
high-net-worth individuals. The capital commitment includes funding
from British Patient Capital, the UK's largest domestic investor in
venture and venture growth opportunities and a subsidiary of the
British Business Bank.
The capital committed gives Evolution Equity Partners a
dedicated pool of capital to pursue opportunities
for investment ranging from $20 million to $150
million in cybersecurity. The firm's strategy
is to build a well-diversified portfolio across key
cybersecurity company building ecosystems in the United States, United Kingdom, the EU and Israel. Significant investments made to date
by Evolution in the United Kingdom
and EU include: AVG Technologies, Quantexa, Panaseer, DF Labs,
Logpoint, CounterCraft, Cognitive Security, Eperi, Cybsafe, Tatum,
Elliptic, Arqit, Metomic amongst 60 portfolio companies the
firm has backed.
Richard Seewald, Founder and
Managing Partner at Evolution Equity Partners, said, " Over the
past 25 years, we have witnessed firsthand the strong cybersecurity
entrepreneurial talent pool in the UK and EU. First, while building
AVG Technologies, a European based cybersecurity company that our
team took public on the New York Stock Exchange in 2012 and
thereafter in numerous European companies we have helped scale. For
UK and EU based cybersecurity companies looking to build and grow
internationally, Evolution is the ideal partner to equip companies
with the knowledge, tools and strategy to drive performance and
outcome. The expertise that Evolution has on the ground in
Europe is unparalleled in the
industry. We look forward to working with best of breed
entrepreneurs and building European champions."
Christine Hockley, Managing
Director, Funds at British Patient Capital, said: "Evolution Equity
Partners' cybersecurity specialism coupled with proven
investment credentials positions them to successfully support the
UK's leading technology companies as they scale. We are delighted
to invest in this fund, which aligns with our objective of
supporting promising companies to access the long-term financing
they need to fulfil their growth potential."
Evolution Equity Partners was founded by investor and technology
entrepreneurs Richard Seewald and
Dennis Smith, who manage and lead
the firm, and a specialist team of 30 professionals based out of
New York City, Palo Alto,
London and Zurich. The team members have been founders,
operating executives and investors in leading software companies
around the world and are committed to the mission of helping
exceptional entrepreneurs develop market leading companies.
Evolution Equity Partners' Centers of
Excellence for Cybersecurity Growth,
the firm's high performance engine,
has a clear goal: To provide the
ultimate operating playbook on how to effectively take
cybersecurity startups from idea to IPO and help equip companies
with the knowledge, tools and strategy to drive performance.
About Evolution Equity Partners
Evolution Equity Partners, based in New York City, Palo Alto, London and Zurich, makes investments in rapidly growing
cybersecurity software companies that safeguard our digital world.
The firm was founded by investor and technology entrepreneurs
Richard Seewald and Dennis Smith, who manage and lead the firm and
its partners have been involved as founders, investors and as
senior operating executives in leading software companies around
the world. Evolution currently has over $2
billion of assets under management in a growing portfolio of
market leading companies. The Evolution partners include
Richard Seewald, Dennis Smith, Taher
Elgamal, Aron Khurana, J.R.
Smith, Karthik Subramanian,
Yuval Ben-Itzhak and Karel Obluk.
Learn more at www.evolutionequity.com and follow us at
LinkedIn and Twitter.
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