Venture Capital: M33 Raises $260M to Fund “Scrappy, Bootstrapping” Founders

February 25, 2020 | Latest News, News, Venture Capital
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In its second fund, M33 will continue to back hi-tech startups who grew their way to profitability without institutional support.

Boston-based M33 Growth is led by Brian Shortsleeve, Gabe Ling, and Mike Anello. The three co-founders and managing directors have set a very clear path for M33’s venture financing.

They look to fund boot-strapped, high-growth companies located outside traditional startup hubs. Preferably, these firms should be in the software, healthcare and services sectors throughout North America.

Additional prerequisites include the use of cutting-edge technology, strong products, deep domain experience, and a highly customer-centric approach.

Moreover, M33 Growth invests only in a limited number of teams. The reason: “to roll up our sleeves and dive deep with our companies” and help them become the next great success stories in American business.

M33 Growth II

The firm raised $260 million from top-notch endowments, foundations, and institutional investors. It also secured commitments from highly reputed founders and CEOs. This second fund follows on the firm’s $180 million debut launch in October 2017. (Crunchbase)

All three co-founders and managing directors are alumni of General Catalyst, according to Crunchbase. However, Shortsleeve also served with the Massachusetts Department of Transportation and the Massachusetts Bay Transportation Authority. Anello worked at Tesla and Valor Equity Partners and filled other roles, including as director in various other companies.

“Our second fund marks not only the next milestone for our firm but also a tremendous platform to continue to expand the sales and go-to-market expansion and strategic sourcing platform that we believe will drive growth in our companies,” said Shortsleeve in a statement.

M33 Growth currently has a team of 15 employees.

M33 Growth portfolio

The firm has invested in AssuriCare, RHI Group, The Oncology Institute, TITAN Cloud and Waterfield Energy.

Related Story: Venture Capital: Atomico’s Fifth Fund Eclipses $750M Target; Raises $820M

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