Wednesday, June 19, 2024

Contour Enterprise Companions, an early investor in Datadog and Movable Ink, lowers the goal for its fifth fund


Longtime New York-based seed investor, Contour Enterprise Companions, is making progress on its newest flagship fund after decreasing its goal.

The agency closed on $42 million, raised from 64 backers, for Contour Enterprise Companions Fund V, in keeping with an SEC filing from Might 17. The New York-based agency is concentrating on $70 million for its fifth flagship fund and began fundraising in Might of final 12 months.

Contour Enterprise Companions couldn’t be reached for remark.

The agency initially set out to raise $90 million, in keeping with an SEC submitting from Might 2023. It’s been a troublesome few years for enterprise funds trying to increase new autos. Previously 12 months, VCs together with DCVC, Tiger Global and Founders Fund, amongst others, have additionally lowered their fundraising expectations. Enterprise fundraising was down greater than 50% final 12 months in comparison with 2022’s record-breaking 12 months, in keeping with PitchBook information.

Contour writes checks between $500,000 and $1.5 million and prefers to steer rounds in seed and early-stage firms. The agency focuses on sectors together with SaaS, digital media and monetary companies and has a choice for firms primarily based in New York or within the Northeast.

Whereas Contour isn’t outfitted with a warfare chest of capital like some seed corporations, it has constructed a observe document of investing in stable firms.

The agency was one of many first checks into cloud analytics platform Datadog in 2011, which went on to IPO in 2019 with a $7.8 billion valuation. Contour backed lending-focused monetary platform OnDeck again in 2006, which has struggled in recent times, however had a notable exit when it went public in 2014 with a $1.3 billion valuation.

Contour’s energetic portfolio consists of product intelligence platform Pendo, which has raised greater than $460 million in enterprise funding, and was final valued at $2.6 billion. The corporate can also be an investor in Movable Ink, a knowledge startup that has raised practically $100 million and was final valued at $1.3 billion.

The practically 20-year-old agency has raised greater than $370 million since its founding in 2005 throughout 4 flagship funds and three alternative funds. The agency remains to be led by its two founding companions, Matt Gorin and Bob Greene.

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