The Riverside Company, a global private investment firm, has closed $235 million in capital commitments as part of its new fund.
Named Riverside Acceleration Capital (RAC) Opportunity Fund II, the company will earmark this fund for B2B software companies and it claims that this fund “more than quadruples” RAC’s growth equity investment capacity.
RAC provides growth equity, growth royalty loans, advice and operating resources, specifically designed for B2B software companies to help them navigate the transition from their early scale-up phase to their rapid acceleration stage.
So far, RAC has supported more than 65 acceleration-stage software companies towards their growth efforts, expansion opportunities and scaling internationally.
Commenting on the closing of the fund, RAC managing partner Jim Toth said: “It furthers our mission of providing both flexible capital and value-added resources to support software innovation and growth.”
“Not just at RAC, but all across Riverside, we are focused on finding and backing B2B SaaS businesses with compelling growth potential,” said Riverside Co-CEO Stewart Kohl.
“We believe these firms have the ability to change the way we work, make our days more efficient and interesting and improve our ability to collaborate with one another.”
Founded in 1988 and headquartered in New York City, The Riverside Company offers private capital for business owners and employees at the smaller end of the middle market. Within it, RAC offers technology companies the capital needed for growth and product launches without diluting ownership, control or optionality.