Former Salesforce Co-CEO Keith Block is targeting a $400M debut fund for his newly established VC firm Smith Point Capital.
The firm has reportedly already held a first close of the fund. Smith
Point intends to back enterprise software startups, especially in the
growth stages.
- The firm expects to deploy 75% of the fund's capital into startups that have demonstrated between $50M to $250M in annual recurring revenue (ARR).
- Block reckons, "There has never been a better time to invest in software than there is right now," as valuations have dropped.
- ServiceNow is the anchor investor in the fund and will also serve as a strategic partner.
- Other fund backers include The Hillman Company, Solamere Capital, Carnegie Mellon, and David A. Tepper.
- In
addition to the VC division, the firm is launching Smith Point
Precision Advisory Network, which aims to bring industry leaders to
guide portfolio startups.
