Oversubscribed Mercury Fund V Targets SaaS and Data Platform Startups Based ‘Between the Coasts’
Mercury Fund (“Mercury”), a premier early-stage venture firm focused on investments outside of traditional coastal tech hubs, announced the successful closing of Mercury Fund V (“Fund V” or the “Fund”), with $160 million in capital commitments. The Fund is Mercury’s largest to date and was oversubscribed, exceeding its initial target of $150 million. Fund V received significant support from existing investors and new limited partners, including university endowments, foundations, and family offices – many of which are based in the central-U.S. region where Mercury invests.
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Fund V builds upon the firm’s extensive track record of success throughout multiple economic cycles by investing in founders with unique experience who are building transformational SaaS and Data platforms in smaller tech markets. Because these regions often do not have ample startup ecosystems and resources like their coastal counterparts, Mercury utilizes an operationally-focused investment model, onboarding portfolio companies onto the firm’s platform and providing the resources they need to achieve rapid, sustainable growth. Since its launch in 2013, Mercury has helped create over $9 billion of enterprise value across its portfolio of over 50 companies.
“We are pleased by the substantial support we received for Fund V from both new and existing investors and thank them for placing their confidence in Mercury,” said Blair Garrou, co-Founder and Managing Director of Mercury Fund. “Their support is testament to the strength of our team, proven investment strategy, and the compelling opportunities for innovation that exist in cities across America.”
Fund V has already made several notable investments. These include: RepeatMD, a Houston-based patient engagement and fintech platform for doctors selling non-insurance reimbursed products; Polco, a Madison, Wisconsin-based community engagement polling platform for local governments, school districts, law enforcement, and state agencies; MSPbots, a Chicago-based AI-driven process automation platform for small and mid-sized managed service providers (MSPs); and Houston and Cheyenne, Wyoming-based Brassica, a financial infrastructure technology company developing enterprise solutions for the new era of alternative assets.
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Garrou added, “Over the past few years there has been a tremendous migration of talent, wealth and know-how to non-coastal venture markets and this surge of economic activity has further accelerated the creation of extraordinary new companies and technology. As the first venture capital firm to have recognized the attractiveness of these incredible regions a dozen years ago, we are excited to continue sourcing new opportunities to back founders and help these cities continue to grow and thrive.”
Gunderson Dettmer served as fund formation counsel for Mercury.
Mercury Fund is an early-stage venture capital firm partnering with software entrepreneurs to drive innovation across Middle America. Mercury’s investment themes target B2B and B2B2C SaaS and Data platforms enabling the digital transformation of markets, industries, and customer relationships.
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