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Alternative Assets  + VC  | 
Former Salesforce Co-CEO Keith Block Launces Enterprise Software VC Firm with $400M Target Fund

Former Salesforce Co-CEO Keith Block Launches Enterprise Software VC Firm with $400M Target Fund

Former Salesforce Co-CEO Keith Block is targeting a $400 million debut fund and just reached its first close for his newly established enterprise software venture capital firm Smith Point Capital.

Cloud data company 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.

San Francisco-based Smith Point intends to back enterprise software startups, especially in the growth stages, with a particular emphasis on cloud computing, artificial intelligence, and machine learning.

Burke Norton, a former senior managing director at Vista Equity Partners, and Chris Lytle, former president of Longfellow LP, joined Block in founding Smith Point. The firm has invested in two startups, an AI and machine learning company and an electronic consumer goods marketplace.

“We founded Smith Point to meet the needs of growth-stage enterprise software entrepreneurs who need capital and real-world operational guidance from industry veterans in order to achieve the full potential of their businesses,” said Block.

Pictured: Keith Block, Smith Point Capital Founder and CEO

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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