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Alternative Assets  + VC  |  April 27, 2023
Former Salesforce Co-CEO Keith Block Launces Enterprise Software VC Firm with $400M Target Fund
Joe Palmisano
By: Joe Palmisano

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 of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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