Growth equity and buyout firm investing in B2B software

Invictus Growth Partners

At a glance

Assets under management$1B (as of Jan 2026) S7
Latest fundInvictus Growth Partners funds closed in 2025, $574M (May 2025) S9
Check size$20M+ S1
Deal typesPlatform, Add-on, Growth S1
SectorsSoftware & SaaS, Cybersecurity, IT Services & MSP

What Invictus Growth Partners buys

Invictus Growth Partners is a growth equity and buyout firm in San Mateo, California, with a second office in Chicago. It invests only in B2B technology companies in three areas: cloud software, cybersecurity and financial technology. Its criteria call for a software-as-a-service company with at least $10 million of annual recurring revenue that was bootstrapped or built on little outside money, and for equity investments of $20 million or more. Its recent press releases describe majority stakes with equity checks of $30 million to more than $100 million, and the firm reports more than $1 billion under management.

Invictus raised $574 million of new capital in May 2025 and has since made new investments in Novi Labs and Informed.IQ. After closing, it offers its own AI platform, called DIANE, and a group of operating advisors to help companies sell and scale. Its companies often buy smaller software businesses, so a company below the $10 million bar is most likely to meet Invictus as an add-on, as Cover 4 PM, Turing Analytics and IriusRisk did.

Recent deals

Announced in the 24 months before October 28, 2026.

DateCompanyTypeSectorSource
May 2026RBN EnergyHouston energy market research, consulting and training firm added to Novi LabsAdd-onSource
Apr 2026Turing AnalyticsCalgary maker of the EVA upstream analytics platform added to Novi Labs to cover Canadian basinsAdd-onSoftware & SaaSSource
Jan 2026Cover 4 PMAutomotive supplier program management software added to Campfire Interactive; its co-founders stay onAdd-onSoftware & SaaSSource
Jan 2026IriusRiskThreat modeling platform combined with ThreatModeler; Invictus holds the majority and Paladin Capital stays a shareholderAdd-onCybersecuritySource
Dec 2025Informed.IQ$63 million growth equity investment in an AI loan verification and fraud prevention platformGrowthSoftware & SaaSSource
Jun 2025Novi Labs$35 million investment in an Austin AI energy analytics platform, partly to fund acquisitionsGrowthSoftware & SaaSSource
May 2025Invictus Growth Partners funds$574 million of new capital raisedFund closeSource
Jan 2025StructuredWeb$30 million investment in a channel sales and marketing software company, since renamed StructuredGrowthSoftware & SaaSSource

Portfolio by sector

From the firm's portfolio page S2.

Cloud Software

  • Campfire Interactive
  • Channelscaler
  • CYPHER Learning
  • LinkLive
  • Novi Labs
  • PeerSpot
  • Structured

Cybersecurity

  • Axiad
  • Binary Defense
  • ThreatModeler

Financial Technology

  • Boost Payment Solutions
  • Informed.IQ

Greymont’s take

How Invictus Growth Partners fits a seller

Invictus suits founders of software companies that grew without much venture money, reached $10 million or more of recurring revenue, and now want capital and help to scale. It is not a general buyer of IT services firms. Its one services holding, Binary Defense, is a managed detection and response provider built around its own security operations center, so a managed security firm with real software or a platform behind it fits better than a typical MSP.

A deal usually means selling a majority stake while the founder keeps a role. ThreatModeler's founder became its chief innovation officer, and LinkLive's co-founders kept board and leadership roles. Owners should ask how much of the company Invictus wants to own and what job they would hold afterward. They should also ask how its AI tools and operating partners would change how the company sells.

Questions owners ask

What size company does Invictus Growth Partners invest in?

Invictus looks for bootstrapped or capital-efficient SaaS companies with at least $10 million of annual recurring revenue. Its site lists equity investments of $20 million or more, and its recent releases describe $30 million to more than $100 million.

Does Invictus invest in managed security or IT services companies?

Once so far. It backs Binary Defense, an Ohio provider of managed detection and response and extended detection and response services, which announced a $36 million raise from Invictus in November 2022. Its other holdings are software companies.

Do Invictus companies make add-on acquisitions?

Yes. ThreatModeler bought IriusRisk and Campfire Interactive bought Cover 4 PM in January 2026, and Novi Labs bought Turing Analytics in April 2026 and RBN Energy in May 2026.

Does the founder stay involved after Invictus invests?

Often, yes. ThreatModeler's founder stayed on as chief innovation officer after the IriusRisk deal, the Cover 4 PM co-founders kept running that business under Campfire, and LinkLive's co-founders kept board and leadership roles.

Sources

  1. S1Invictus Growth Partners home page: focus and investment criteria Accessed October 28, 2026
  2. S2Invictus Growth Partners: Companies Accessed October 28, 2026
  3. S3Invictus Growth Partners: News and Perspective Accessed October 28, 2026
  4. S4Invictus Growth Partners: Contact (San Mateo and Chicago offices) Accessed October 28, 2026
  5. S5Informed.IQ Secures $63 Million from Invictus Growth Partners (December 16, 2025) Accessed October 28, 2026
  6. S6ThreatModeler Acquires IriusRisk (January 8, 2026) Accessed October 28, 2026
  7. S7Campfire Interactive Acquires Cover 4 PM (January 21, 2026) Accessed October 28, 2026
  8. S8Novi Labs Raises $35 Million from Invictus Growth Partners (June 25, 2025) Accessed October 28, 2026
  9. S9Invictus Growth Partners news list, page 3 (May 20, 2025 fund item) Accessed October 28, 2026
  10. S10Invictus Growth Partners: Binary Defense company page Accessed October 28, 2026
  11. S11Invictus Growth Partners news list, page 5 (2021 to 2022 items) Accessed October 28, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Invictus Growth Partners. Figures are as reported on the dates shown and may have changed. Request a correction

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