Growth equity firm investing in software, AI and data companies

Spectrum Equity

At a glance

Latest fundSpectrum Equity Fund XI, $2.5B (Oct 2026) S4
Check size$25M to $250M S2
Deal typesGrowth, Minority, Platform, Add-on S2
GeographyNorth America, Europe S3
SectorsSoftware & SaaS, Cybersecurity

What Spectrum Equity buys

Spectrum Equity is a growth equity firm founded in 1994, with offices in Boston, San Francisco and London. It has raised more than $12.5 billion across eleven main funds and backed more than 190 companies. Today it focuses on software, artificial intelligence and data businesses that already have a proven product, loyal customers and recurring revenue, and it is often the first institutional investor a founder takes on. Fund XI, a $2.5 billion fund closed in October 2026, is aimed at founder-owned companies with little or no prior outside capital.

Spectrum usually invests $25 million to $250 million per company and is flexible on structure. It leads minority recapitalizations that let owners sell part of their stake, provides growth capital, and also buys control. Recent examples include a majority stake in Poppins Payroll, a bootstrapped household payroll company, and the first outside investment in Symmetric, a profitable healthcare supply chain data business. Its portfolio companies also buy smaller software firms, such as Tenstreet's purchases of DriverReach and TextLocate.

Recent deals

Announced in the 24 months before October 22, 2026.

DateCompanyTypeSectorSource
Oct 2026rhome customer portfolioCustomers of a Stuttgart travel compliance software company moved to WorkFlexAdd-onSoftware & SaaSSource
Oct 2026Spectrum Equity Fund XI$2.5 billion raised in a single, oversubscribed closeFund closeSource
Oct 2026Symmetric Health SolutionsFirst outside capital for a profitable hospital supply chain data company founded in 2018GrowthSoftware & SaaSSource
Sep 2026Xapien$56 million round led by Spectrum for AI due diligence softwareGrowthSoftware & SaaSSource
Mar 2026WorkFlexGrowth round led by Spectrum for a European cross-border work compliance platformGrowthSoftware & SaaSSource
Feb 2026sploseAUD$46 million round for practice software used by allied health clinicians in AustraliaGrowthSoftware & SaaSSource
December 2025YakkertechOptical pitch-tracking company bought by WIN RealityAdd-onSource
Oct 2025SavvyMoney$225 million minority round co-led by PSG and Canapi Ventures, with Spectrum investing againInvestmentSoftware & SaaSSource
Oct 2025CyberCubeMore than $180 million for cyber risk analytics used by insurers and brokersGrowthSoftware & SaaSSource
Sep 2025Poppins PayrollMajority stake in a bootstrapped household payroll provider, with a new CEO named at closingPlatformSoftware & SaaSSource
Jul 2025Quavo Fraud & Disputes$300 million for dispute and fraud management software used by banks and credit unionsGrowthSoftware & SaaSSource
June 2025Blast MotionSwing sensor maker bought by WIN RealityAdd-onSource
June 2025FableSocial reading app joined Everand, part of ScribdAdd-onSource
May 2025CreditSnapLoan and deposit onboarding software for banks and credit unions added to SavvyMoneyAdd-onSoftware & SaaSSource
May 2025Awardco$165 million Series B with Sixth Street Growth for employee rewards and recognition softwareMinoritySoftware & SaaSSource
Apr 2025The Hotels NetworkHotel marketing personalization software added to LighthouseAdd-onSoftware & SaaSSource
Apr 2025LitmusEmail testing and optimization software company acquired by ValidityExitSoftware & SaaSSource
Apr 2025airfocusProduct management and roadmapping software added to Lucid SoftwareAdd-onSoftware & SaaSSource
Mar 2025DriverReachTruck driver recruiting and compliance software added to TenstreetAdd-onSoftware & SaaSSource
Feb 2025TextLocateDriver messaging tool for logistics brokers added to TenstreetAdd-onSoftware & SaaSSource
Jan 2025ONR ApplicationsResident apps and websites for community managers added to CINC SystemsAdd-onSoftware & SaaSSource
Nov 2024Empyrean SolutionsHg made a large investment; Spectrum stayed a shareholder and invested alongside HgInvestmentSoftware & SaaSSource
Nov 2024LighthouseAbout $370 million round led by KKR, with Spectrum staying investedInvestmentSoftware & SaaSSource
Nov 2024Visual LeaseLease management software sold to CoStar Group five years after Spectrum investedExitSoftware & SaaSSource

Portfolio by sector

From the firm's portfolio page S3.

Consumer

  • AllTrails
  • Datacamp
  • Headspace
  • In Tandem
  • Kajabi
  • Otter.ai
  • Poppins Payroll
  • Prezi
  • Rover
  • Scribd, Inc.
  • The Knot Worldwide
  • WIN Reality

Education Technology

  • Presence

Enterprise Software

  • Awardco
  • B-Stock
  • Lucid Software
  • WorkFlex

Financial Technology

  • CINC Systems
  • Empyrean Solutions
  • Quavo Fraud & Disputes
  • RapidRatings
  • SavvyMoney
  • Spreedly
  • Zenwork

Healthcare Information Technology

  • Employee Navigator
  • RxVantage
  • splose
  • Symmetric
  • VBA

Insurance Tech

  • CyberCube
  • Origami Risk

Marketing & Sales Technology

  • Bitly
  • Customer.io
  • SponsorUnited
  • Varicent

Risk Management

  • Linxup
  • Netcraft
  • Tenstreet
  • Xapien

SMB Software

  • Lighthouse

Transportation & Logistics

  • Benchmark Mineral Intelligence
  • DispatchTrack

Travel & Hospitality

  • Goldbelly

Past investments: Litmus, Visual Lease

Greymont’s take

How Spectrum Equity fits a seller

Spectrum suits founders of software, data or information businesses that have grown with little or no outside money and now want a well-funded partner. A founder can sell part of the company and keep running it, or sell a majority, as Poppins Payroll's founders did in September 2025. Spectrum also helps its companies buy smaller competitors, so a software business that fits a platform such as Tenstreet in trucking or CINC Systems in community association software may meet Spectrum's portfolio as a buyer.

A majority deal can bring a new CEO: Poppins named an outside chief executive at closing. An owner should ask whether Spectrum expects to change leadership, how long it usually holds a company, and how it plans to exit. Recent exits include sales of Visual Lease to CoStar and Litmus to Validity, and in other cases Spectrum stayed invested when a larger investor such as Hg or KKR came in.

Questions owners ask

Is Spectrum Equity a venture capital firm?

No. It calls itself a growth equity firm and backs software, AI and data businesses that already have proven products and recurring revenue. Its newest fund is aimed at founder-owned companies with little or no prior institutional capital.

How much does Spectrum Equity invest in a company?

Generally $25 million to $250 million, with room for follow-on investments. Recent examples include $300 million for Quavo in July 2025 and more than $180 million for CyberCube in October 2025.

Will Spectrum Equity buy a majority of a company?

Yes, though it also leads minority deals. It names change-of-control transactions as one of the structures it uses, and in September 2025 it bought a majority stake in Poppins Payroll, a bootstrapped household payroll provider.

Does Spectrum Equity invest outside the US?

Yes. It has a London office, and current holdings include WorkFlex in Amsterdam, splose in Adelaide, and Lighthouse and Netcraft in England, alongside US companies such as Quavo, Symmetric and Tenstreet.

Sources

  1. S1Spectrum Equity home page Accessed October 22, 2026
  2. S2Spectrum Equity: About (history and investment criteria) Accessed October 22, 2026
  3. S3Spectrum Equity: Portfolio (individual company pages show sector, status and headquarters) Accessed October 22, 2026
  4. S4Spectrum Equity Closes Oversubscribed $2.5 Billion Fund XI (October 8, 2026) Accessed October 22, 2026
  5. S5Spectrum Equity: News Accessed October 22, 2026
  6. S6Poppins Payroll Announces Growth Investment from Spectrum Equity (September 16, 2025) Accessed October 22, 2026
  7. S7Symmetric Health Solutions Secures Significant Growth Investment From Spectrum Equity (October 6, 2026) Accessed October 22, 2026

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

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