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
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.