Avenue Growth Partners Announces the Close of Its Second Fund at Hard Cap
Avenue Growth Partners Announces the Close of Its Second Fund at Hard Cap
Fund II Significantly Oversubscribed, Exceeding Initial $125 Million Target
Avenue Growth Partners (“Avenue”), an early growth equity firm backing category-defining vertical technology companies, today announced the close of its second fund, Avenue Growth Partners Fund II, at $155 million. The fund, which follows Avenue’s $83 million debut fund, was significantly oversubscribed and closed at its hard cap.
Fund II has attracted a diverse base of institutional capital, with limited partners spanning public pensions, private foundations, funds of funds, and prominent family offices, including Accolade Partners, Fairview Capital, GCM Grosvenor, Partners Capital, and The Metropolitan Museum of Art.
“A concentrated portfolio is core to our strategy. Every founder we back gets our full attention because our goal is to help them win their category. Fund II lets us do that with more resources behind each partnership,” said Ryan Russell, Co-Founder and Partner.
Portfolio Momentum
Avenue’s portfolio continues to demonstrate strong momentum across both funds. Two Fund I portfolio companies, Hive and Minga, recently completed recapitalizations with later stage growth equity and buyout firms.
Avenue also announced its two most recent Fund II investments:
Scispot — The AI-native operating layer for life sciences labs, which raised an $8 million Series A led by Avenue.
Billables AI — An AI-native timekeeping & revenue operations provider for law firms, which raised a $10 million Series A led by Avenue.
“Avenue has been and continues to be a great partner,” said Jason Richards, Founder and CEO of Minga. “They helped us craft the operational playbook to scale, and that partnership didn’t stop when we recapped the business — they’re still building with us for our next phase of growth.”
“AI is making it possible for small teams to build deeply embedded products in industries that were historically too complex or specialized to automate,” said Brian Goldsmith, Co-Founder and Partner. “The founders we back are building AI-native platforms in sectors including labs, trucking, legal, and equipment dealerships — categories where the next great technology companies will be built.”
Goodwin Procter LLP was legal counsel to Fund II.
About Avenue Growth Partners
Avenue Growth Partners is an early growth equity firm backing exceptional founders building category-defining vertical technology companies. The firm partners closely with management teams to scale durable, category-winning businesses. Learn more at www.avenuegp.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260721795812/en/
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