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National Post
16 hours ago
- Business
- National Post
Sorenson Capital Announces $150M Ventures Fund III to Maintain Focus on Cybersecurity and B2B Software Investments
Article content PALO ALTO, Calif. — Sorenson Capital, a leading venture capital firm with offices in Palo Alto and Salt Lake City, today announced the launch of its third early-stage fund, Ventures III, with $150 million in capital commitments. This new fund underscores the firm's dedication to its focused investment strategy in cybersecurity and B2B software companies ranging from pre-revenue up to $5 million in ARR. Article content Ventures III maintains a comparable size to its predecessor, Ventures II, which was a $150 million fund, reflecting the firm's commitment to a consistent and focused approach. Specifically, by maintaining consistency in sector focus and fund size, Sorenson Capital ensures a collaborative style with each portfolio company whereby the team works closely with founders to execute go-to-market strategies, develop product offerings, source their first customers, and provide informed perspectives on industry trends. Article content With over two decades of experience in cybersecurity and B2B software, the firm brings extensive market knowledge and strategic insights to its investments, having invested in companies including BambooHR, CloudKnox (acquired by Microsoft), Fastly (IPO), Harness, Planera, Socure, and Talon Security (acquired by Palo Alto Networks). Article content Rob Rueckert, Managing Director at Sorenson Capital, stated, 'Our deliberate fund size is about maximizing our impact – for our LPs and our founders. We've seen firsthand that bigger doesn't always mean better in this business. Our consistent focus means we remain deeply involved with each of our investments from day one through exit.' Article content The firm remains committed to partnering with founders who are innovating across AI, B2B Software, Cybersecurity, and DevOps & Infrastructure, helping them through the entire company lifecycle. Sorenson Capital is actively investing out of Ventures III, with 9 companies already in the fund, including Andromeda Security, Bureau, Jump, and SmartSuite. These companies are tackling key challenges, including safeguarding against human and non-human identity breaches, preventing global identity fraud, delivering tailored agentic AI solutions for specific industries, and streamlining workflow management. Article content 'At Sorenson Capital, we're dedicated to helping our portfolio companies build scalable and repeatable go-to-market playbooks,' said Ken Elefant, Managing Director at Sorenson Capital. 'Our approach goes beyond just providing capital; we roll up our sleeves and work closely with founders to identify urgent pain points, define customer profiles, and develop products that solve real business problems. As we move forward, we'll continue to leverage our extensive networks and decades of experience in enterprise software and cybersecurity to provide a business development roadmap for our companies.' Article content About Sorenson Capital Article content Sorenson Capital is a venture capital firm that invests in product-first early and growth-stage companies in the cybersecurity and B2B software categories. Sorenson Capital has $1.6 billion in assets under management and its investments in product leaders include BambooHR, CloudKnox (acquired by Microsoft), Fastly (IPO), Harness, Planera, Socure, and Talon Security (acquired by Palo Alto Networks). The firm supports entrepreneurs through every stage of their journey to accelerate revenue growth and further their product leadership positions. For more information, visit: The portfolio companies listed above represent a subset of all investments made by Sorenson Capital. It should not be assumed that future portfolio investments will be profitable or equal to the success of the companies in this list. A complete list of Sorenson Capital investments is available upon request. The assets under management listed above are as of December 31, 2024. Article content Article content Article content Contacts Article content Media Contact Article content Article content Article content Article content
Business Wire
16 hours ago
- Business
- Business Wire
Sorenson Capital Announces $150M Ventures Fund III to Maintain Focus on Cybersecurity and B2B Software Investments
PALO ALTO, Calif.--(BUSINESS WIRE)-- Sorenson Capital, a leading venture capital firm with offices in Palo Alto and Salt Lake City, today announced the launch of its third early-stage fund, Ventures III, with $150 million in capital commitments. This new fund underscores the firm's dedication to its focused investment strategy in cybersecurity and B2B software companies ranging from pre-revenue up to $5 million in ARR. Ventures III maintains a comparable size to its predecessor, Ventures II, which was a $150 million fund, reflecting the firm's commitment to a consistent and focused approach. Specifically, by maintaining consistency in sector focus and fund size, Sorenson Capital ensures a collaborative style with each portfolio company whereby the team works closely with founders to execute go-to-market strategies, develop product offerings, source their first customers, and provide informed perspectives on industry trends. With over two decades of experience in cybersecurity and B2B software, the firm brings extensive market knowledge and strategic insights to its investments, having invested in companies including BambooHR, CloudKnox (acquired by Microsoft), Fastly (IPO), Harness, Planera, Socure, and Talon Security (acquired by Palo Alto Networks). Rob Rueckert, Managing Director at Sorenson Capital, stated, "Our deliberate fund size is about maximizing our impact – for our LPs and our founders. We've seen firsthand that bigger doesn't always mean better in this business. Our consistent focus means we remain deeply involved with each of our investments from day one through exit." The firm remains committed to partnering with founders who are innovating across AI, B2B Software, Cybersecurity, and DevOps & Infrastructure, helping them through the entire company lifecycle. Sorenson Capital is actively investing out of Ventures III, with 9 companies already in the fund, including Andromeda Security, Bureau, Jump, and SmartSuite. These companies are tackling key challenges, including safeguarding against human and non-human identity breaches, preventing global identity fraud, delivering tailored agentic AI solutions for specific industries, and streamlining workflow management. "At Sorenson Capital, we're dedicated to helping our portfolio companies build scalable and repeatable go-to-market playbooks,' said Ken Elefant, Managing Director at Sorenson Capital. 'Our approach goes beyond just providing capital; we roll up our sleeves and work closely with founders to identify urgent pain points, define customer profiles, and develop products that solve real business problems. As we move forward, we'll continue to leverage our extensive networks and decades of experience in enterprise software and cybersecurity to provide a business development roadmap for our companies." About Sorenson Capital Sorenson Capital is a venture capital firm that invests in product-first early and growth-stage companies in the cybersecurity and B2B software categories. Sorenson Capital has $1.6 billion in assets under management and its investments in product leaders include BambooHR, CloudKnox (acquired by Microsoft), Fastly (IPO), Harness, Planera, Socure, and Talon Security (acquired by Palo Alto Networks). The firm supports entrepreneurs through every stage of their journey to accelerate revenue growth and further their product leadership positions. For more information, visit: The portfolio companies listed above represent a subset of all investments made by Sorenson Capital. It should not be assumed that future portfolio investments will be profitable or equal to the success of the companies in this list. A complete list of Sorenson Capital investments is available upon request.
Yahoo
19 hours ago
- Business
- Yahoo
Exclusive: Sorenson Capital raises $150 million third fund to chase security and enterprise software deals
Sorenson Capital—like Mormonism, the electric guitar, and frisbee—has origins in Utah, and expanded beyond. Rob Rueckert, who spent 15 years at Intel Capital, joined the VC firm in 2015 right as it was looking beyond Utah. 'A number of people tried to recruit me before, and I was happy where I was at,' said Rueckert. 'Sorenson made a lot of sense for me because it scratched an itch. At the time, it was a regional fund. They said: 'We want to grow the practice to be a national fund. We want to grow our asset classes. We want you to do that for us.'' Sorenson has since done just that: The firm—now with offices in both Salt Lake City and Palo Alto—has invested in CloudKnox (acquired by Microsoft in 2021), Fastly (went public in 2019), Harness (valued at $3.7 billion), and Talon Security (acquired by Palo Alto Networks for a reported $600 million). Now, Sorenson has raised its third fund at $150 million, Fortune can exclusively report. The new fund is close in size to the firm's second fund. 'We're experts in B2B software and security,' said Ken Elefant, Sorenson partner. 'We are definitely not a generalist fund. We're definitely not a 'spray and pray' fund. We work very closely with our founders to open up doors with customers and partners. The only way that you can do that is to have a really good idea on how that industry works and who'd be the initial buyers for that product.' Sorenson's strategy is notable for its stark clarity. The firm, full stop, focuses on early-stage companies and emphasizes scaling over product development. The firm focuses solely on enterprise software and cybersecurity (the portfolio is about 40% security right now). The portfolio is deliberately small and structured to stay that way, as Sorenson makes between six and seven investments each year. The firm's emphasis specializes in helping startups with go-to-market, building sales and marketing teams. 'That's where we help out, because that's where [founders] need it most,' said Rueckert. 'That's where an investor that's seen the movie over and over again can pick up tips and tricks.' Parker Ence, CEO and cofounder at Jump, told Fortune via email that Sorenson has helped recruit employees, navigate fundraising, and found the startup 'way before we had product market fit, and consistently checked in with us, encouraged us, sent us a steady stream of introductions to potential customers and industry experts.' Enterprise software and cybersecurity are both in the AI set to change in the AI era. Traditional customer relationship management (CRM) software is particularly in the crosshairs, said Rueckert, who believes AI will automate data collection and generate insights automatically, says CRMs will change completely over the next five years. 'The whole purpose of the CRM was to have the person input the data and then have the manager look at it,' said Rueckert. 'Then they attempt to make some decisions. If all of that can be done with AI, why do you need a CRM?' Cybersecurity is also set to be affected by AI: 'When we moved from on-prem to the cloud, we knew there would be security issues associated with that,' Elefant said. 'And when we move from deterministic software to AI software, there are going to be huge changes, as well.' In the end, it's a strategy notable for its discipline—Sorenson is as much defined by what it is as what it's not. And it's gotten results: A source familiar with the firm's performance said that Sorenson has zero write-offs to date, and only three companies have ever exited below cost, but capital was still recovered. Why does this matter? It means that Sorenson, which declined to comment on those metrics, has been creative about finding the best possible outcome for companies, even those that aren't soaring. 'We're not trying to be all things to all people,' said Rueckert. 'We're not going to make the product better. We're investing in the company because we believe in the CEO, and we believe in the product.' See you tomorrow, Allie GarfinkleX: @agarfinksEmail: a deal for the Term Sheet newsletter here. Nina Ajemian curated the deals section of today's newsletter. Subscribe here. Fortune recently unveiled a new ongoing series, Fortune AIQ, dedicated to navigating AI's real-world impact. Our second collection of stories make up a special digital issue of Fortune in which we explore how technology is already changing the way the biggest companies do business in finance, law, agriculture, manufacturing, and more. These companies are rolling up their sleeves to implement AI. Read more AI avatars are here in full force—and they're serving some of the world's biggest companies. Read more Will AI hold up in court? Attorneys say it's already changing the practice of law. Read more Banking on AI: Firms such as BNY balance high risk with the potential for transformative tech. Read more Recycling has been a flop, financially. AMP Robotics is using AI to make it pay off. Read more AI on the farm: The startup helping farmers slash losses and improve cows' health. Read more Can AI help America make stuff again? Read more This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
