Boston-based Flint Capital has closed on a $160 million venture capital fund. The vehicle aims to support early-stage firms in Cybersecurity, Fintech, B2C, SaaS, and other sectors. The fund will seek European and Israeli startups that want to expand into the US market.
Flint has previously closed two funds. The first one is said to have delivered an IRR of around 25% and has three unicorns in its portfolio: Socure (valued at $4.5 billion), WalkMe (acquired by SAP), and Flo (#1 Women Health App).
Other notable exits include CyberX (acquired by Microsoft), Voca.ai (acquired by Snap), and MatchCo (acquired by Shiseido).
Dmitry Smirnov, partner at Flint Capital, said while venture markets remained subdued, they raised 1.5X more than the prior fund. He said that many previous investors not only chose to continue their investment but increased their contributions.
Flint Capital was launched in 2013 by Smirnov, who independently raised $40 million for the first fund.
Smirnov has added two partners with new skills: Andrew Gershfeld, a former B2C entrepreneur, and Sergey Gribov, who brings experience in B2B, enterprise SaaS, and cybersecurity.