Early-stage B2B Software Investor Arthur Ventures Raises $470M for Two New Funds

Arthur Ventures, a venture capital firm that primarily invests in early-stage B2B software companies, raised $470 million for two new funds, the largest funds yet for the Minneapolis-based company.

The firm said $300 million will go into a core fund – Arthur Ventures V – used to invest in new companies, while $170 million will go into a growth capital fund – Arthur Ventures Growth IV – to provide cash to companies it is already invested in.

Its core fund will have an investment range between $3 million and $30 million per deal, and its growth fund will range between $10 million and $50 million.

Led by Patrick Meenan and Ryan Kruizenga, Arthur Ventures has more than 50 active investments in software companies serving a variety of industries, including financial services, cybersecurity and IT services.

The latest capital raise puts Arthur Ventures over $1 billion in total assets. The firm raised $155 million in 2019 and $72.5 million in 2017. It raised $45 million for its first fund in 2013.