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Frontline Ventures Raises $200 Million to Invest in B2B Software Companies

by Pieter Werner

Frontline Ventures, which provides venture capital to B2B software companies, announces two new investment funds totaling $200 million. These new funds, called Frontline Growth and Frontline Seed, focus on the transatlantic expansion of B2B software companies, driving innovation in both North America and Europe.

The $200 million funding is split between Frontline Ventures’ Seed and Growth funds. With this investment, Frontline Ventures wants to help ambitious B2B software companies worldwide grow to become market leaders and ultimately go public.

Frontline Ventures was launched to bring the American mentality around venture capital to Europe. The company has expanded its presence in both regions in recent years to help B2B software companies conquer the transatlantic market. The United States and Europe are the two most important markets when it comes to technological innovation. Together they represent 70% of global software spending and 70% of the total value of venture capital in companies worldwide. Frontline Ventures helps companies in Europe expand to the US and vice versa, providing excellent support and a large network. Start-up companies benefit from this as well as companies in the growth phase that want to scale and expand internationally.

The Seed fund has made more than 80 investments in European startups in the past ten years. More than 70% of these companies have already transitioned to Series A financing and 60% of them have expanded into the US market.

Led by partners Will Pendergast, Zoe Chambers and William McQuillan, Frontline Ventures’ third European fund will focus on supporting companies in the pre-seed and seed investment rounds. Well-known portfolio companies of the Seed fund include Workvivo, Pointy and Qualio. And also Finbourne, Signal AI, Cloudsmith and Overwatch. The latter was acquired by Benchling from the United Kingdom.

“The US and Europe account for the majority of global software spending as well as total venture capital in companies worldwide. Frontline Seed’s mission for the past 12 years has been to help ambitious founders conquer the transatlantic market and get them on the path to an IPO,” said Will Prendergast, Partner at Frontline Seed. “This has led us to become an integral partner for the most promising B2B software companies in Europe. We support them by using our extensive network, from fundraising to market approach in America. Our success can be seen in all the companies that have moved to Series A rounds and expanded into the US market. And more companies will follow.”

Established five years ago, the Growth fund has backed more than a dozen North American companies with ambitions to expand into the European market. Led by Brennan O’Donnell and Stephen McIntyre, it focuses on companies between Series B and Series D. Well-known portfolio companies of the Growth fund include MosaicML, Lattice, Vanta, Attentive and Navan. The fund expects to realize its first IPO within the coming year.

“Although traditionally a market often overlooked by US entrepreneurs, Europe accounts for more than 30% of global IPO revenue for top performing B2B software companies,” said Brennan O’Donnell, Partner at Frontline Growth. “Our goal at Frontline is to bridge the gap between the US and European markets, while providing a platform for B2B software companies to become global market leaders.”

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