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North Bridge closes $580M for its second fund

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North Bridge Growth Equity closed $580 million to fuel its second big investment fund, which it announced earlier today.

The new fund will target privately held tech startups that have managed to generate revenue in the tens of millions range without raising much outside capital. North Bridge’s portfolio includes startups from various sectors of tech, including digital media, health care, cloud computing, materials, and communication infrastructure.

The firm has previously funded over 170 companies, such as Acquia, Actifio, Cool Planet, Demandware, Mavenir Systems, and Proto Labs.

The new fund, which follows the same investment strategy as its first, will be managed by the firm’s general partners Matt Blodgett, Doug Kingsley, Mike Pehl, and Russ Pyle. The new fund brings North Bridge’s total capital under management to more than $1.1 billion.

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