Battery Ventures Closes Two New Funds Totaling $1.25 Billion

Global Firm Continues to Pursue Early- and Late-Stage Technology Investments With 12th Family of Funds; Elhafed Promoted to General Partner

Menlo Park, California, UNITED STATES

BOSTON, Feb. 06, 2018 (GLOBE NEWSWIRE) -- Battery Ventures, an investment firm focused on technology and innovation worldwide, has closed two new funds worth a combined $1.25 billion. They are Battery Ventures XII, an $800 million fund, and Battery Ventures XII Side Fund, a companion vehicle capitalized at $450 million to fund larger growth and private-equity investments.

Through these funds, Battery will continue its strategy of building disruptive businesses of all sizes across the technology landscape. Battery has carved out a niche by investing across all investment stages, ranging from seed- and early-stage deals to majority-ownership transactions exceeding $100 million.

Investments in the new funds will focus broadly on sectors including business software; enterprise-IT infrastructure, including cloud-computing, “big data” and artificial intelligence; consumer Internet and mobile, including media and financial technology; and industrial technology. Battery operates from five global offices and is currently expanding its operations in one of them, San Francisco. Battery opened its London office in late 2016.

In conjunction with the new funds, Battery has promoted Morad Elhafed to general partner. Elhafed, who first joined Battery in 2008, focuses on growth-stage and private-equity software investments in Europe and the U.S. A native of Morocco, he is based in the firm’s Boston office. Battery now has 10 general partners who are based across offices in Boston as well as San Francisco; Menlo Park, Ca.; and Herzliya, Israel.

Since its founding in 1983, Battery has invested in 385 companies globally, not including seed deals, resulting in 59 initial-public stock offerings and 154 mergers or acquisition events.

“The successful closing of Battery Ventures XII and Battery Ventures XII Side Fund illustrates our firm’s continuing, consistent growth through up-and-down market cycles, technology trends and new geographies over decades,” said Michael Brown, a Battery general partner. “We’re honored our limited partners have chosen to put their faith in us once again. In addition, we’re thrilled to announce Morad’s promotion, another example of how Battery promotes new leaders from within its ranks.”

Added fellow Battery General Partner Roger Lee: “We’re extremely grateful that so many talented entrepreneurs and business owners of all types continue to partner with us. These founders and executives are the backbone of our business, and we continue to learn from them.”

Rob Bernshteyn, the CEO of Battery portfolio company Coupa, an online spend-management company that went public in 2016, said: “The Battery Ventures team has been an invaluable partner to Coupa and supported our development from a cloud-software startup into an IPO-ready company and beyond. Battery’s deep knowledge of cloud software, its breadth of industry connections, and insights into constantly developing market dynamics were of immense help on our journey, each step of the way.”

For more information about Battery and its new funds, please see our related blog post and infographic here.

About Battery Ventures
Battery strives to invest in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, consumer Internet, mobile and industrial technology. Founded in 1983, the firm backs companies at stages ranging from seed to private equity and invests globally from offices in Boston, the San Francisco Bay Area, Israel and London. Follow the firm on Twitter @BatteryVentures, visit our website at and find a full list of Battery's portfolio companies here.


Rebecca Buckman
VP, Marketing Communications
Battery Ventures
650-292-2077 or

A photo accompanying this announcement is available at 

An infographic accompanying this announcement is available at 

BatteryVenturesGeneralPartners Battery Ventures Infographic