Rittenhouse Ventures has closed its second fund at $18 million. The limited partners of Rittenhouse Fund II includes Ben Franklin Technology Partners and Innovate in PA. Philadelphia-based Rittenhouse Ventures focuses on Mid-Atlantic software companies.
PHILADELPHIA, Sept. 22, 2016 /PRNewswire/ — Rittenhouse Ventures today announced the final closing of Rittenhouse Fund II. At $18 million of committed capital, Rittenhouse II builds upon the firm’s strong performance in the Rittenhouse Fund I portfolio, which includes Tabula Rasa Healthcare, Core Solutions, Halfpenny Technologies, and Take the Interview.
“Our mission is to partner with entrepreneurs to deliver right-sized investments, deep expertise, regional relationships, and successful financial outcomes,” said Saul Richter, Co-Founder and Managing Partner. “We greatly appreciate our investors’ shared vision in our focused investment strategy.”
Based in Philadelphia, Rittenhouse Ventures targets investments in capital-efficient, Mid-Atlantic software companies that provide business-to-businesses solutions in healthcare, life sciences, finance, human resources, and general business services.
Rittenhouse II has already made seven investments—GSI Health, Kynectiv, Workplace Dynamics, Life.io, Haystack Informatics, WealthHub Solutions, and KickUp. The Rittenhouse team supports portfolio companies through its expertise in fundraising strategies, business operations, technical development, and market assessments. Rittenhouse Ventures also takes an active role in board leadership, connects entrepreneurs to its Directors Network, and hosts Portfolio Leaders Forum events.
Bruce Luehrs, Co-Founder and Managing Partner, explained, “Since 1998, our team has proudly served as capital providers to the region. In the process, we have developed a strong network of companies, executives, and investment partners that creates value for our portfolio.”
Investors in Rittenhouse Fund II include Ben Franklin Technology Partners and Innovate in PA, run by the Commonwealth of Pennsylvania, along with distinguished individuals—CEOs, investors, and industry experts. “We’ve been proud to be part of the Rittenhouse story from the start,” said Ben Franklin President and CEO, RoseAnn B. Rosenthal. “The Rittenhouse team is aligned with our focus on delivering the right capital and guidance to growing technology companies. They carefully execute an investment strategy that helps our region flourish in exciting ways.”
About Rittenhouse Ventures
Over the past eight years, Rittenhouse Ventures, which manages $33 million of assets (AUM), has made 18 total investments in regional software companies. Rittenhouse promotes capital-efficient growth strategies for businesses with over $1 million in annual recurring revenue that seek $1-3 million in new capital. The Rittenhouse investment team has a proven track record of successfully partnering with companies from investment to exit, employing fundraising strategies that minimize entrepreneurs’ dilution. Across the team’s collective investment experience, exit values have exceeded $1 billion through acquisitions or initial public offerings.