Updata Partners
Growth equityWashington · Growth–Late Stage · 38 people tracked
Also known as UPDATA MANAGEMENT, LLC
Investment thesis
Updata Partners invests in growth-stage B2B software and AI-driven companies based outside the Bay Area. It targets bootstrapped or lightly capitalized businesses with $5-50M ARR growing 25-100%+, writing equity checks of roughly $20-200M. The firm favors leaders who combine a growth mindset with capital efficiency, typically those with recurring-revenue models, repeatable go-to-market engines, and strong unit economics. Positioning itself as built by operators for operators, Updata offers board-level support, a curated network of vetted executives and advisors, and its proprietary BASE framework, emphasizing durable unit economics and thoughtful capital allocation over growth at all costs.
Source: firm website, verified Aug 25, 2026.
Team · 38 people
from the firm's websiteFounder mafia
The Updata Partners mafia →6 people who came through Updata Partners went on to found or lead other companies.
What they invest in
from 33 of 88 portfolio companiesSaaS ×22Enterprise Software ×17AI & Machine Learning ×14Cybersecurity ×7Data & Infrastructure ×6Marketing Tech ×6HR Tech ×5Developer Tools ×4
HQs:United States×21United Kingdom×2Netherlands×1
Who they back
founder profiles across 11 portfolio companiesFounding team size:solo founder×72 founders×33 founders×1
Investments · 88 tracked
founders shown can be your intro pathBy year:2026 · 12023 · 42020 · 12019 · 12018 · 12016 · 32015 · 12014 · 22012 · 22011 · 218 dated
Bigleaf provides SD-WAN and network optimization technology that manages connectivity across satellite, cellular, and metered circuits, offering automatic failover, redundancy, and data cap enforcement.
Cloud ComputingEnterprise SoftwareSaaSBeaverton, US
JOEL MULKEY(Executive Officer, Director)JOHN DESMOND(Director)BRUCE CHATTERLEY(Director)JEFF BURCHETT(Executive Officer)
Board seatJon Seeber· per SEC Form D
Co-investorsAlliance of AngelsBreakwater VenturesEastward Capital PartnersGoAhead VenturesOregon Venture FundPortland Seed Fund+1 more
Concord, US
Jessica Bailey(Executive Officer)Robert Scott(Executive Officer, Director)
BoardJohn Bullock(Director)Daniel Moss(Director)Harry Ruda(Director)
Board seatCarter Griffin· per SEC Form D
Co-investorsWindspeed Ventures
CData provides a centralized data connectivity layer that unifies hundreds of SaaS apps, databases, and on-prem systems behind one relational interface, giving AI agents governed, authenticated, and audited access to live business data via MCP.
AI & Machine LearningData & InfrastructureEnterprise SoftwareChapel Hill, US
Gent Hito(Executive Officer, Director)Amit Sharma(Executive Officer, Director)inKathy Priest(Executive Officer)
BoardJohn Burton(Director)inReid Conrad(Director)
Board seatCarter Griffin· per SEC Form D
Co-investorsAccelWarburg Pincus
Chicago, US
Maria Katris(Chief Executive Officer and Manager)Matt Moog(Manager)
BoardEllen Carnahan(Manager)Richard Burke(Manager)
Board seatCarter Griffin· per SEC Form D · $22M raise · filed Jul 2019
Santa Barbara, US
Craig Harris(Executive Officer, Director)Dave Ruehlman(Executive Officer)Tim Baskerville(Executive Officer, Director)David Ruehlman(Secretary & CFO)
BoardJames Morouse(Director)Erwin Lenowitz(Director)
Board seatJon Seeber· per SEC Form D · $12M raise · filed Mar 2016
LendKey operates an online lending platform that connects borrowers with credit unions and community banks for private student loans, auto loans, and personal loans.
B2B MarketplacesFintechMarketplacesSaaSNew York, US
Vincent Passione(Executive Officer, Director)Vince Passione(CEO & Founder)inAnoop Thyagarajan(Co-founder, Platform Engineering, Information and Data Security, and Infrastructure)in
BoardJosh Stein(Director)Danny Schultz(Director)
Board seatCarter Griffin· per SEC Form D
Co-investorsNorth Atlantic CapitalGotham VenturesStifel Financial CorpThreshold VenturesZelkova VenturesTTV Capital
Houston, US
Joseph Alapat(Executive Officer, Director)Michelle Accardi(Executive Officer, Director)Mayank Singhvi(Executive Officer)Nghia Tran(Executive Officer, Director)
BoardDan Moss(Director)James Pastoriza(Director)
Board seatCarter Griffin· per SEC Form D
Co-investorsLookout Ventures
Vancouver
William Tucker(Executive Officer)Ben Dombowsky(Executive Officer)Ram Charan(Director)Ronald Sugar(Director)James Socas(Director)Todd Buchanan(Executive Officer)
Board seatJames Socas· per SEC Form D · $10M raise · filed Sep 2023
PerformYard is a performance management platform that combines performance reviews, goal tracking, continuous feedback, engagement surveys, and 1:1 meetings in one AI-assisted system.
AI & Machine LearningFuture of WorkHR TechSaaSArlington, US
Sean DunninBenjamin Hastings(Executive Officer, Director)
Board seatCarter Griffin· per SEC Form D
Co-investorsChartline Capital Partners
Piano provides event tracking and analytics infrastructure serving over 1,000 clients across 12 countries.
AdTechAI & Machine LearningData & InfrastructureEnterprise SoftwareMarketing TechSaaSAmsterdam, NL
Trevor Kaufman(Executive Officer, Director)Tim Dirrenberger(Executive Officer)Allison Munro(Executive Officer)Kweli Washington(Executive Officer)Alex Franta(Executive Officer)
Board seatJon Seeber· per SEC Form D
Co-investors3TS Capital PartnersNeulogy VenturesRittenhouse VenturesRunway Growth CapitalVCFA Group
Portland, US
BoardJill Nelson(Executive Officer, Director)
Board seatCarter GriffinJon Seeber· per SEC Form D
Bethesda, US
Guy Wolcott(Executive Officer, Director)Thomas Byrne(Director)Katy Murray(Director)Mark Walsh(Executive Officer, Director)Robert Stewart(Director)William Savage, Jr.(Director)
Board seatCarter Griffin· per SEC Form D · $7M raise · filed Feb 2018
Adthena provides a search intelligence platform that helps enterprise brands monitor and act on competitive activity across paid search surfaces, from Google Ads to AI-driven results like ChatGPT.
AdTechAI & Machine LearningMarketing Tech
Andrew Evetts(Founder)
Alert Logic delivers managed security services including threat detection and response, cloud security, and incident readiness for enterprises.
CybersecurityEnterprise SoftwareHouston, US
Paul Marvin(Executive Officer)Jim Lewandowski(Executive Officer)Robert Grayson Hall(Executive Officer, Director)
BoardDarren Battistoni(Director)Tony de Nicola(Director)Lisa Pearson(Director)
Co-investorsMercury FundWCAS
Amber Road provides global trade management software that helps companies digitize their supply chains, automate import/export trade compliance, screen trade parties, and gain visibility into shipments across regions.
Enterprise SoftwareLogistics & Supply ChainSaaS
Benivo provides employee relocation services combined with a SaaS platform for global mobility management, supporting policies such as managed services, lump sum, core-flex, and immigration on a single platform.
Future of WorkHR TechSaaSLondon, GB
Nitzan Yudan(Founder & CEO)in
Co-investorsGranatus VenturesSalica Investments
BoxCast provides live video streaming hardware and software, including pocket-sized encoders, a proprietary streaming protocol, OTT apps, and cloud-based audio mixing tools for broadcasters.
Creator EconomyHardwareMedia & EntertainmentSaaSCleveland, US
Gordon Daily(Executive Officer, Director)inSam Brenner(Executive Officer)Tera Mitter(Executive Officer)Peter Spaulding(Executive Officer)Mike Griffith(Executive Officer)Ron Hopper(Executive Officer)
Co-investorsFirst Leaf CapitalJumpstart Ventures
Built In operates an AI-powered platform connecting employers and job candidates, offering job listings and company insights to help people find where to work.
Future of WorkHR TechMarketplaces
Co-investorsBonfire VenturesDeciensDundee Venture CapitalPre-Seed to SucceedSteelSky Ventures
ContactMonkey is an internal communications platform that lets teams create, send, and measure employee emails, newsletters, and surveys directly from Outlook or Gmail, with AI-assisted editing and analytics.
Enterprise SoftwareHR TechSaaS
First Insight provides an AI-powered decision platform for retailers, brands, and manufacturers, using consumer feedback and predictive analytics to guide product design, merchandising, assortment planning, pricing, and supply chain decisions.
AI & Machine LearningRetail TechSaaSSewickley, US
Gregory J. Petro(Executive Officer, Director)Matthew Marshall(Executive Officer)James Maloney(Executive Officer)
BoardRichard Marcus(Director)Joel Adams(Director)
Co-investorsAdams Capital ManagementEscalate Capital Partners
FusionAuth is a customer identity and access management (CIAM) platform that manages authentication and access for users, services, and AI across self-hosted or cloud environments.
CybersecurityDeveloper ToolsSaaS
Glassbox provides a digital experience intelligence platform that automatically captures interactions from websites and mobile apps to analyze user behavior, performance, and session data.
AI & Machine LearningData & InfrastructureEnterprise SoftwareMarketing TechSaaSGlen Head, US
Yaron Gueta(Founder)inRichard Levinson(Executive Officer)Eric Wheeler(Director)Marianne Caponnetto(Director)Christopher Hummel(Executive Officer)Dorothy Young(Executive Officer, Director)
Co-investorsBrighton Park CapitalStand Up VenturesSusquehanna Growth EquityFinTech CollectiveGefen CapitalIbex Investors+3 more
Digital HealthEnterprise SoftwareHealthtechSaaS
Co-investorsJMI Equity
HG Insights provides AI-driven B2B intelligence datasets covering markets, technology adoption, IT spend, and buyer intent, along with analytics, copilots, and AI agents that automate go-to-market execution.
AI & Machine LearningData & InfrastructureMarketing TechSaaSSales Tech
Rohini Kasturi(Chief Executive Officer)inSatish Grandhi(Chief Technology Officer)inVibhu Pratap(Chief Development Officer)inScott Gordon(Chief Marketing Officer)in
Co-investorsBenhamou Global VenturesBonfire VenturesCounterpart VenturesEPIC VENTURESRiverwood CapitalScOp Venture Capital
Co-investorsRevolution
David Brown(Co-founder)
Improvado is a marketing data platform that connects to 1000+ marketing sources across paid, organic, CRM, analytics, retail media, and ecommerce, maps them to a shared data model, and delivers dashboards and AI-driven answers.
AI & Machine LearningData & InfrastructureMarketing Tech
Daniel Kravtsov
Co-investors500 GlobalBullpen CapitalCabra VC
Jama Connect is a requirements management platform used by technology and aerospace companies for product development and compliance.
Developer ToolsEnterprise SoftwareSaaS
Co-investorsFrancisco PartnersInsight PartnersMadrona Venture GroupOregon Venture Fund
Jellyvision creates custom digital communication tools and content—such as videos and interactive experiences—to help employers raise employee awareness and engagement with their benefits programs.
HealthtechHR TechInsurTechSaaS
Brian Meager(President)inBrynn Michelich(Chief Operating Officer)inAshley Ferguson(Chief Revenue Officer)inDeepa Sharan(Chief Technology Officer)in
Co-investorsJackson Square Ventures
Santa Monica, US
Rajesh Reddy(Executive Officer, Director)Venkat Ramaswamy(Director)Gopal Rangachary(Executive Officer)Carter Griffin(Director)Surendra Jain(Director)Neill Brownstein(Director)
AI & Machine LearningDeveloper ToolsEnterprise SoftwareSaaS
Co-investorsFrancisco PartnersOak HC/FTR136 VenturesSavano Capital Partners
LandTech is a platform that combines market, planning, and contextual data to help land and property professionals source, assess, and progress development sites from opportunity through to planning submission and funding.
Construction TechData & InfrastructurePropTech
Co-investorsJLL Spark Global VenturesJLL Spark
Living Security offers a human risk management platform that measures and responds to employee security behaviors rather than relying solely on awareness training.
CybersecurityEnterprise SoftwareSaaSAustin, US
Ashley Rose(CEO & Co-Founder)Drew Rose(Co-Founder)
Co-investorsCathexis VenturesSilverton Partners
Web-based business intelligence software (acquired by Marlin Equity Partners)
Co-investorsLLRSummit Partners
Irvine, US
Philip Weston(Director)John Vigouroux(Executive Officer, Director)Bruce Green(Executive Officer)Mahendra Vora(Director)Simon Wilson(Director)Michael Eisenberg(Director)
Co-investorsXRC
Nerdio builds Nerdio Manager, a management and automation platform for cloud virtual desktop infrastructure (VDI) and Desktop as a Service, with native integration to Microsoft tools such as Azure Virtual Desktop.
Cloud ComputingEnterprise SoftwareSaaS
Vadim Vladimirskiy(Co-founder & CEO)inJoseph Landes(Co-founder & President)in
Co-investorsGeneral AtlanticMK CapitalLead Edge Capital
Netwrix offers 1Secure, a platform that unifies data and identity security, giving organizations control over data access and helping with compliance.
CybersecurityEnterprise SoftwareSaaS
Co-investorsToba CapitalW Capital PartnersCenterbridge Partners, L.P.TA Associates
Produces intelligent surveillance systems based on advanced machine vision.
Co-investorsNovak Biddle Venture Partners
PathFactory is an AI-powered content experience platform that helps B2B companies deliver personalized buyer journeys and capture first-party engagement data to drive revenue.
AI & Machine LearningEnterprise SoftwareMarketing Tech
Co-investorsKillick Capital
Co-investorsLLR
Portnox provides a cloud-native network access control platform that secures and enforces access for users, devices, and AI agents across wired, wireless, VPN, SaaS, and on-prem environments.
Cloud ComputingCybersecurityEnterprise Software
Practifi is a CRM and relationship management platform built on Salesforce for wealth management firms and financial advisors, offering AI-powered automation, compliance workflows, client insights, and integrations with custodians and portfolio systems.
AI & Machine LearningFintechSaaS
Shufti provides an AI-powered identity verification and fraud prevention platform covering KYC, KYB, AML screening, document and biometric verification for global customer onboarding and compliance.
AI & Machine LearningCybersecurityFintech
Co-investorsNovak Biddle Venture Partners
Storyblocks operates a subscription-based stock media library of over 6 million human-made video clips, audio, sound effects, and templates for creators and video producers.
Creator EconomyMedia & EntertainmentSaaS
Co-investorsNorth Atlantic Capital
TJM Labs builds AI agents that automate pharmacy operational tasks such as prescription intake, data entry, refills, prior authorization, and patient communication, working across pharmacies' existing systems with pharmacist oversight.
AI & Machine LearningDigital HealthHealthtechSaaSBear, US
Jonathan Adly(Founder & CEO)Patrick Meenan(Director)
Co-investorsArthur Ventures
Trustwave (operating as LevelBlue) is a managed security services provider offering 24/7 threat detection, investigation, response, and cloud security services for enterprises.
CybersecurityEnterprise SoftwareChicago, US
Richard Garman(Director)Tim Nicholson(Director)Mark Iserloth(Executive Officer)Howard Smith(Director)Stuart Harvey(Director)Andrew Bokor(Executive Officer)
Co-investorsBright Pixel CapitalFTV CapitalJMI EquityPaladin Capital GroupPartners for GrowthPartners for Growth (PFG)+1 more
Salt Lake City, US
Chris Featherstone(Executive Officer)David Turcotte(Executive Officer)Rodney Rasmussen(Executive Officer, Director)David Mock(Director)Peter Bookman(Executive Officer, Director)
Digital.ai applies agentic AI across the software delivery lifecycle — including planning, security, testing, and DevOps — to help large enterprises release software faster and with less risk.
AI & Machine LearningDeveloper ToolsEnterprise Software
Co-investorsAccelSusquehanna Growth Equity
Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.
Exits · 4
IPOs and acquisitions across the tracked portfolioHarmony Information Systemsacq. by WellSkyKryon Systemsacq. by NintexLogi Analyticsacq. by Marlin Equity PartnersNetwrixacq. by TA Associates
Portfolio news
latest coverage across their companies.png)
Benivo · benivo.com · Jul 30, 2026
LandTech · techmarketview.com · Jul 22, 2026

Piano · smdp.com · Jul 13, 2026
TJM Labs · finsmes.com · Jul 9, 2026
Trustwave · bitscale.ai · Feb 24, 2026
Jellyvision · getlatka.com · Jan 17, 2026
First Insight · bitscale.ai · Oct 10, 2025
Glassbox · financialit.net · Aug 7, 2025
Fund performance · per public LP disclosures · 8
as of Dec 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| Updata Partners VII, L.P.LPs: Texas Municipal Retirement System, District of Columbia Retirement Board | 2022 | — | 33.6% | 1.64x | 0.40x |
| Updata Partners VI, L.P.LPs: Texas Municipal Retirement System, District of Columbia Retirement Board | 2020 | — | 17.2% | 1.89x | 0.70x |
| Updata Co-InvestmentLPs: San Diego City Employees' Retirement System | 2014 | — | 16.5% | 2.83x | 2.83x |
| Updata Partners V, L.P.LPs: Texas Municipal Retirement System | 2014 | — | 18.4% | 2.16x | 1.34x |
| Updata Partners IVLPs: The Regents of the University of California | 2007 | — | 9.9% | 1.31x | 1.31x |
| Updata Venture Partners IV, L.P.LPs: The Regents of the University of California | 2007 | — | 12.5% | 1.37x | 0.10x |
| Updata Partners IIILPs: The Regents of the University of California | 2005 | — | 7.6% | 1.55x | 1.55x |
| Updata Venture Partners III, L.PLPs: The Regents of the University of California | 2004 | — | -0.5% | 0.97x | 0.67x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- How many investments has Updata Partners made?
- Updata Partners has 80 tracked investments, 3 of which have exited via acquisition or IPO, including 1 dated in the last 24 months.
- What stage does Updata Partners invest at?
- Updata Partners invests at the Growth, Late Stage stages.
- What is Updata Partners's typical check size?
- Updata Partners typically writes checks of $20M – $200M.
- What sectors does Updata Partners focus on?
- Updata Partners focuses on AI & Machine Learning, Enterprise Software, SaaS.
- Where is Updata Partners located?
- Updata Partners is headquartered in Washington, US.
- Who does Updata Partners co-invest with?
- Updata Partners most often shares deals with Accel, Bonfire Ventures, Francisco Partners, among 63 tracked co-investors.
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