Irish VC Frontline Ventures, focusing on B2B software companies, has raised $200 million across two funds – Frontline Growth and Frontline Seed. These new funds will propel the transatlantic expansion of B2B software companies, fostering innovation in both North America and Europe.
The $200 million raise is divided between Frontline’s Seed and Growth funds. It will be used to nurture the growth of ambitious B2B software companies with the potential to be category leaders and eventually IPO.
Seed fund and its portfolio companies
Led by partners Will Prendergast, Zoe Chambers, and William McQuillan, Frontline’s Seed fund has made over 80 investments in European startups over the past decade, of which more than 70% have already graduated to Series A funding and 60% expanded to the US market.
The latest seed fund will focus on backing companies at the pre-seed and seed stages. Notable seed portfolio companies include Workvivo, Pointy, Qualio, Finbourne, Signal AI, Cloudsmith, and Overwatch, which was acquired by Benchling.
Growth fund and its portfolio companies
The Frontline Growth Fund has backed over a dozen North American companies with ambitions to expand into the European market. Under the leadership of Brennan O’Donnell and Stephen McIntyre, it targets companies through Series B to Series D.
Growth-stage portfolio companies include notable names such as MosaicML, Lattice, Vanta, Attentive, and Navan, and the fund is anticipating its first IPO within the next year.
Transforms European VC trend
Frontline Ventures was launched to transform the venture mindset in Europe to make it on par with that of the US. The VC firm has expanded its presence in both regions to help B2B software companies capture the transatlantic market.
The US and Europe are the two most critical markets for tech innovation and together account for 70% of global software spend and 70% of global venture capital dollars. The firm’s US-Europe corridor offers unparalleled support and critical connections, benefiting both seed- and growth-stage companies as they scale and expand internationally.
“The U.S. and Europe account for the lion’s share of global software spend and global venture capital dollars. Frontline Seed’s mission over the past decade has been to help ambitious founders capture this critical transatlantic market and set them on the path to IPO,” said Will Prendergast, Partner at Frontline Seed. “This has led us to become an integral partner for the highest-potential B2B software businesses in Europe, who we support through our network on everything from fundraising to their U.S. go-to market. Our success is demonstrated by the high proportion of our portfolio companies that have graduated to Series A and expanded into the U.S. market – with more yet to come.”
“Though it is a traditionally overlooked market by U.S. entrepreneurs, Europe accounts for over 30% of the global revenues of top performing B2B software companies at IPO,” said Brennan O’Donnell, Partner at Frontline Growth. “Our goal at Frontline is to bridge the gap between the U.S. and European markets, providing a platform for B2B software companies to become global category leaders.”
