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Boston - base Flint Capital just closed its third fund at $ 160 million , four times the amount of its initial 2013 fund . The majuscule will be carve up evenly between early and belated stage investments , with the firm duplicate down on IT , cybersecurity , fintech and digital wellness startups . Its success is in large part because of a unequaled strategy over who its motor lodge as special partner investors .
The firm is over a decade erstwhile , found by partner Dmitry Smirnov , who was antecedently CEO of Russia - based investment funds business firm FINAM Global . He immediately made an irregular determination : instead of quest after traditional LP like pension investment company or endowments , he essay out IT enterpriser , trust they would want a front row stern to the next generation of technology .
Sergey Gribov , one of Flint ’s three partners , said the house also has a globose mandate and invests powerfully in Europe and Israel — as long as the inauguration has its eye on expanding into the US . “ We do n’t really care where physically the team is locate , as long as we go off to the US market , ” he said .
That ’s been a serious strategy for Flint : the business firm has backedidentity substantiation startup Socure , last valued at $ 4.5 billion , espousal chopine WalkMe , which was acquire by SAP for $ 1.5 billion , and Flo , the women ’s health app recently valued atover $ 1 billion .
For this late fund , mate Andrew Gershfeld highlighted that several investor were actually founder that Flint bet on years ago . He gave the example of Nir Giller and Omer Schneider , the founders of CyberX , a cybersecurity company that Microsoft acquired in 2020 . For Gershfeld , founding father like these reinvesting their profits into Flint was a sign “ that we were doing something right . ”
Flint ’s successful fundraise is a vote of confidence amongst a dire fundraising atmosphere for pocket-sized , or younger emerging funds . This year , funding for speculation firms is the lowest it ’s been since 2019 , and , of the few that have secured capital , established firms are taking a freehanded and bigger cut of the Proto-Indo European , according to the Q2 2024 Pitchbook - NVCA Venture Monitor .
It demand the Flint collaborator 18 months to fundraise and , while the fund was anchor by previous investor , they find the lethargy of the current market . “ The conversion from that first conversation into becoming a special partner discharge during this class , ” Gershfeld enjoin . “ It ’s a fact – we ca n’t say that it is not the case . ”
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The fundraise is particularly impressive as the partner have spent the last twelvemonth helping their Israeli startups , like Cynomi and Sensi . AI , fundraise throughout the warfare in Gaza . Gribov , who on a regular basis travel to Israel , recalled video - chatting with founders decked out in combat gear wheel , or coaching troupe who had portions of their workforce take out into the military . His effort paid off : Sensi . AI , a digital wellness inauguration , close its $ 31 million Series Bin tardy June .
Gribov said that seeing these company thrive despite the global conflict made him more confident than ever in Flint ’s spheric authorization . “ A lot of company remain to deliver and even outperform , ” he said .
