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Evolution Equity Partners is an international venture capital firm founded by technology entrepreneurs in 2014. The firm operates from offices in New York, Palo Alto, Zurich, and London, focusing on the cybersecurity sector. Evolution Equity Partners has established itself as a leader in this space, with a total assets under management (AUM) exceeding $2 billion across its funds.
The firm closed its latest fund, Evolution Technology Fund III, LP, in April 2024, raising $1.1 billion, making it the largest dedicated cybersecurity fund at the time of its closing. This fund is oversubscribed and allocates approximately 75% of its capital to early-growth stage investments, 15% to later-growth stage, and 10% to early-stage venture capital. Evolution Equity Partners has backed around 60 portfolio companies throughout its history, showcasing its commitment to supporting innovative startups.
Notable milestones include significant exits such as Carbon Black, which was acquired by VMware for $2.1 billion, and OpenDNS, acquired by Cisco for $635 million. The firm’s diverse limited partner base includes institutions, sovereign investors, insurance companies, endowments, foundations, fund-of-funds, family offices, and high-net-worth individuals.
Evolution Equity Partners primarily invests in the cybersecurity sector, with a growing interest in artificial intelligence (AI). The firm supports startups at both seed and growth equity stages, providing insights into product development, go-to-market strategies, and operational excellence. The check sizes range from $20 million to $150 million, allowing the firm to engage with companies at various stages of their growth journey.
The firm’s investment thesis emphasizes the importance of navigating the complexities of building successful companies in the rapidly evolving cybersecurity landscape. Evolution Equity Partners seeks to partner with entrepreneurs who demonstrate strong technical expertise and a clear vision for their products. The firm’s collaborative approach fosters an environment where startups can benefit from shared knowledge and resources across its global network.
In addition to cybersecurity, the firm has expanded its focus to include AI, recognizing the increasing intersection between these two fields. This strategic shift positions Evolution Equity Partners to capitalize on emerging trends and innovations within the cybersecurity domain, particularly as AI technologies become more integrated into security solutions.
Evolution Equity Partners has a diverse portfolio of over 60 companies, primarily in the cybersecurity sector. Notable portfolio companies include:
Other companies in the portfolio include Armis, Aqua Security, Beyond Identity, BluBracket, and Bright, each contributing innovative solutions to the cybersecurity landscape. The firm has also achieved notable exits, including:
Richard Seewald: Co-founder and Managing Partner at Evolution Equity Partners, Richard has a background as a technology entrepreneur and investor. He has led numerous successful investments in the cybersecurity sector.
Dennis Smith: Co-founder and Managing Partner, Dennis brings extensive experience as an investor and technology entrepreneur. He has a strong track record in guiding startups through their growth phases.
Karthik Subramanian: Partner at the firm, Karthik has a background in technology and investment, focusing on cybersecurity innovations.
Taher Elgamal: Partner at Evolution Equity Partners, Taher has significant experience in the cybersecurity field, contributing to the firm’s expertise in this sector.
To pitch to Evolution Equity Partners, founders should visit their website at Evolution Equity Partners. The pitch deck should include a comprehensive overview of the business model, market analysis, and financial projections. It is recommended to highlight the team’s expertise and any traction the startup has achieved.
Response times can vary, but founders should expect a thorough review process. Warm introductions are preferred, as they can facilitate a more favorable evaluation of the pitch.
In April 2024, Evolution Equity Partners closed its latest fund, Evolution Technology Fund III, LP, raising $1.1 billion. This fund is noted for being the largest dedicated cybersecurity fund at the time of its closing and was oversubscribed.
The fund allocates approximately 75% of its capital to early-growth stage investments, 15% to later-growth stage, and 10% to early-stage venture capital. This strategic allocation reflects the firm’s commitment to supporting startups at various stages of their development.
Recent notable exits from the firm’s portfolio include Carbon Black, acquired by VMware for $2.1 billion, and OpenDNS, acquired by Cisco for $635 million. These exits highlight the firm’s successful investment strategy in the cybersecurity sector.
What are Evolution Equity Partners' investment criteria?
The firm primarily invests in the cybersecurity sector, focusing on startups at seed and growth equity stages. They look for companies with strong technical expertise and a clear vision for their products.
How can I apply or pitch to Evolution Equity Partners?
Founders can pitch their ideas through the firm's website at Evolution Equity Partners. It is advisable to include a detailed business plan and financial projections in the pitch deck.
What makes Evolution Equity Partners different from other venture capital firms?
Evolution Equity Partners leverages deep industry expertise in cybersecurity and AI, providing strategic guidance in product development, market entry, and operational scaling. Their collaborative environment allows startups to benefit from shared knowledge across their global network.
What is the geographic scope of Evolution Equity Partners?
The firm invests primarily in North America and Europe, with a focus on the cybersecurity sector. They also have a growing interest in Israeli startups.
What is the typical check size for investments?
Evolution Equity Partners typically invests between $20 million and $150 million per company, depending on the stage of the startup and its growth potential.
What kind of post-investment involvement can founders expect?
The firm provides comprehensive support to its portfolio companies, including mentorship in product development, go-to-market strategies, and operational excellence. They aim to guide startups through their growth journey, from initial concept to successful IPO.
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