The superstar investor behind some of Battery Ventures’s largest exits
This article originally ran in Term Sheet, Fortune’s newsletter about deals and dealmakers. Sign up here.
We talk a lot about sexy venture capital firms and the (consumer) companies they back. You know what’s sexier? Making cold, hard cash.
Since its founding in 1983, B2B tech-focused investment firm Battery Ventures has invested in 426 companies (excluding seed deals), resulting in 61 total initial public offerings and 167 M&A events.
Now, the firm is announcing a new $1.2 billion for its flagship fund, Battery Ventures XIII, and an additional $800 million for a side fund that will invest in later-stage growth and buyout deals. Battery will invest across B2B software, information infrastructure, and cybersecurity.
While other media outlets have already reported news of the funds, I want to draw your attention to someone in particular: Chelsea Stoner, the general partner who has been integral to some of Battery’s largest exits in recent days.
Stoner is a growth investor who has risen through the ranks at Battery to become the first (and only) female partner in the firm’s 37-year history. She often pursues software-healthcare companies in markets that a lot of other investors overlook.
Stoner keeps a low profile, and when I interviewed her for Term Sheet’s ‘5 Qs with a Dealmaker,’ she was not too keen on self-promotion. But her impressive track record speaks for itself. Stoner has had several hefty exits over the years—Glassdoor was acquired for $1.2 billion, Intacct for $850 million, and Brightree for $800 million. Groupon, Guidewire, Marketo, Avalara, and RealPage all IPOed. Her other portfolio companies, including WebPT, Data Innovations, and ClearCare, were also acquired but their financial terms weren’t disclosed.
Brightree’s CEO credits Stoner and her team for helping boost the company’s revenues from $8 million to over $100 million. “We do deals for a living, so we should be able to be on the ground helping them execute acquisitions,” she told Term Sheet in 2018. “In Brightree’s example, I was helping them develop relationships with acquisition targets, create models, and negotiate the docs.”
Although Stoner’s been flying under the radar for many years, she’s an investor you don’t want to bet against.
WHAT’S UP WITH AIRBNB? The Wall Street Journal published a story yesterday claiming that Airbnb lost $322 million over the first nine months of last year. The losses could potentially hurt Airbnb’s valuation as it looks to go public later this year. You can read the fullstory here, and I’ll have more analysis on this tomorrow.
- Fenergo, an Ireland-based digital enabler of client and regulatory technology for financial services, raised $80 million. DXC led the round and was joined by the venture arm of Dutch bank ABN Amro.
- SoundCloud, a Berlin-based open audio platform, raised $75 million in funding from SiriusXM.
- Carbon Relay, a Boston-based provider of AI driven solutions to data centers, raised $63 million in funding. Insight Partners led the round.
- Nova Credit, a Palo Alto, Calif.-based cross-border consumer credit reporting startup, raised $50 million in funding. Kleiner Perkins led the round, and was joined by investors including Canapi Ventures and existing investors Index Ventures, General Catalyst, Nyca Partners, Sound Ventures, Alex Rodriguez and U2 guitarist the Edge.
- Hazelcast, a Palo Alto, Calif.-based open source in-memory computing platform, raised $28.5 million in funding to bring its total Series D round to a total of $50 million. Investors include The European Bank for Reconstruction and Development and Deutsche Investitions-und Entwicklungsgesellschaft mbH, C5 Capital, Bain Capital Ventures, Earlybird Venture Capital and Capital One Growth Ventures.
- Deep Instinct, a New York-based cybersecurity company, raised $43 million in Series C funding. Millennium New Horizons led the round, and was joined by investors including Unbound, LG Technology Ventures, NVIDIA, HP Inc. and Samsung.
- Course Hero, a Redwood City, Calif.-based online learning platform, raised $40 million in funding at a $1.1 billion valuation. Investors include New View Capital.
- Alpha Foods, a Glendale, Calif.-based producer of plant-based foods, raised $28 million in funding. AccelFoods led the round, and was joined by investors including New Crop Capital, Green Monday Ventures and Blue Horizon.
- PredictHQ, a New Zealand-based demand intelligence company, raised $22 million in Series B funding. Sutter Hill Ventures led the round.
- Stilla Technologies, a France-based provider of digital PCR solutions for high-precision genetic analysis, raised €20 million ($22 million) in Series B funding. Investors include TUS-Holdings, Illumina Ventures, Kurma Partners, LBO France, Paris Saclay Seed Funds, BNP Paribas Développement and Idinvest Partners.
- Model9, an Israel-based cloud data management for mainframes, raised $9 million in Series A funding. Intel Capital led the round, and was joined by investors including StageOne, North First Ventures and GlenRock Israel.
- Nerdio, a Chicago-based definitive Microsoft Azure automation solution for managed service providers and IT Professionals, raised $8 million in Series A funding. MK Capital led the round.
- Aiera, a New York-based event intelligence and insights platform, raised $7 million in funding. Fin Venture Capital led the round, and was joined by investors including Macquarie Group, Citi Markets FinTech Investments, and Franklin Templeton.
- Bit Fry Game Studios, a Portsmouth, N.H.-based arcade-action sports video game developer, raised $3.5 million in funding. Investors include 1Up Ventures and BITKRAFT Esports Ventures.
- Dealroom, a Netherlands-based operator of a platform that connects professional investors, corporates, and local governments for sharing data, raised €2.75 million euros ($3 million) in Series A funding. Shoe Investments and Knight Venture Capital co-led the round.
PRIVATE EQUITY DEALS
- Entrepreneurial Equity Partners acquired Kronos Foods Corp, a Glendale Heights, Ill.-based manufacturer and distributor of Mediterranean food products. Financial terms weren't disclosed.
- Trilantic North America acquired Gorilla Commerce, a Westport, Conn.-based e-commerce platform specializing in the development and sale of home and pet products through direct-to-consumer channels. Financial terms weren't disclosed.
- PT Triputra Agro Persada, an Indonesian plantation company backed by Singapore’s sovereign wealth fund GIC Pte, is preparing for an initial public offering in the country that could raise about $500 million, per Bloomberg citing sources. Read more.
- Enhanced Healthcare Partners sold West Dermatology, an Irvine, Calif.-based provider of dermatology services, to Sun Capital Partners, Inc. Financial terms weren't disclosed.
- The Raine Group sold Parchment, a Scottsdale, Ariz.-based education platform for issuing and receiving academic and professional credentials. Financial terms weren't disclosed.
FIRMS + FUNDS
- KKR, a New York-based global investment firm, raised $1.3 billion for its KKR Global Impact Fund SCSp.
- Underscore VC promoted Lily Lyman to partner.
- David Eisenberg joined Cambridge Associates as a managing director.
- The Angel CoFund named George Whitehead and Alliott Cole partner and non-executive director.
- Derick Prelle joined Butterfly as partner and head of portfolio operations.