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Growth Equity
ftvcapital.com

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Investments

187

Portfolio Exits

79

Funds

8

Partners & Customers

1

About FTV Capital

FTV Capital is a multi-stage growth equity firm that invests in high-growth companies offering a range of solutions in business services, financial services, payments and transaction processing, and technology.

FTV Capital Headquarter Location

555 California Street Suite 2900

San Francisco, California, 94104,

United States

415-229-3000

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Research containing FTV Capital

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CB Insights Intelligence Analysts have mentioned FTV Capital in 1 CB Insights research brief, most recently on Oct 21, 2019.

Latest FTV Capital News

Paddle.com Market secures £162.88 million Series D investment led by KKR

May 12, 2022

10 minutes read The investment, at a valuation of $1.4bn, follows a period of rapid growth for the payments infrastructure company The round is led by KKR with participation from existing investors FTV Capital, 83North, Notion Capital, Kindred Capital, with additional financing from Silicon Valley Bank  Founded in the UK, Paddle will use the investment to accelerate its global expansion amid rapidly growing demand from scaling Software-as-a-Service (SaaS) companies  London, Tuesday 10th May:  Paddle , the provider of a complete payments infrastructure for SaaS companies, today announces it has raised $200m in Series D equity and debt financing at a valuation of $1.4bn, making it the UK’s latest unicorn. Led by KKR, a leading global investment firm, with participation from existing investors FTV Capital, 83North, Notion Capital, Kindred Capital, and debt financing from Silicon Valley Bank, the investment brings the total Paddle has raised to date to $293m. Paddle will use this investment to strengthen the growth of its platform and to meet the market opportunity that exists for a complete payment infrastructure provider for software companies globally, which will assist in enabling them to scale and sell their products faster, with less risk and lower costs. SaaS companies are experiencing a period of sustained growth, a trend that was accelerated by the surge in digital transformation during the Covid-19 pandemic and is set to continue as businesses and consumers become ever more used to using digital tools like Zoom to communicate, Miro to collaborate, or Canva to create. The SaaS sector, which was worth $397 billion in 2021, is expected to grow to  $692 billion in 2025 . * SaaS companies now have an incredible opportunity to compete and sell their products in any market in the world, but to do so they must also manage payments and operations across multiple geographies and navigate an increasingly complex web of local and international tax and data regulations. By integrating checkout, payment, subscription management, invoicing, international taxes and financial compliance processes, Paddle offers SaaS companies a completely different approach to payments infrastructure. Instead of assembling and maintaining a complex stack of payments-related apps and services, Paddle acts as a merchant of record for its customers. This enables sellers to activate new business models and enter new markets faster, more easily and with fewer operational and compliance issues. Paddle’s complete payments infrastructure is used by over 3,000 software companies in more than 200 markets worldwide. With a suite of new platform features and integrations – including the announcement of an alternative In-App Purchasing (IAP) system for iOS developers – as well as rapid international expansion, Paddle has more than doubled its revenue growth since November 2020, contributing to an impressive average annual revenue growth of over 175% over the last four years. It has also scaled its team from 140 to 275 across offices in London and New York, with more hires expected to match its acceleration as a business. Christian Owens, CEO and co-founder of Paddle, said: “The opportunity in software is enormous, with tens of thousands of incredibly innovative businesses bringing great products to market every year. Unfortunately, many SaaS companies still find their growth hindered by the operational challenges that arise when scaling; from handling subscriptions management or tax compliance to localizing payment options in every market. Paddle was created to remove these invisible barriers so that SaaS companies can just focus on building and selling software. 2021 was a fantastic year for us, but we are only just getting started. We have big plans for 2022 and beyond and we’re delighted to have the backing of so many fantastic investors who all share our vision.” Patrick Devine, Director at KKR, added: “Paddle is solving a significant pain point for thousands of SaaS companies by reducing the friction and costs associated with managing payments infrastructure and tax compliance. By simplifying the payments stack, Paddle enables faster, more sustainable growth for SaaS businesses. Christian and the team have done a phenomenal job building a category-defining business in this space, and we are excited to be supporting them as they embark on the next phase of growth.” KKR’s investment was made through its growth equity fund, Next Generation Technology Growth Fund II. About Paddle: Paddle helps SaaS companies grow faster with fewer distractions. Instead of wasting time, money, and resources assembling, maintaining, securing, and constantly updating a ‘best of breed’ payments stack, Paddle does it all. Because Paddle is a SaaS merchant of record, it takes away 100% of the payments complexity—handling all payment routing, tax collection, compliance, invoicing, subscription management, renewals, reporting, and fraud protection. Paddle has 275 employees serving over 3,000 software sellers in 245 countries and territories globally. Backed by investors including KKR, FTV Capital, Kindred, Notion, and 83North, Paddle aims to define the next wave of B2B SaaS leaders. Visit  www.paddle.com  or  www.twitter.com/PaddleHQ  for more information. About KKR KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at  www.kkr.com  and on Twitter  @KKR_Co . Press contact:

FTV Capital Investments

187 Investments

FTV Capital has made 187 investments. Their latest investment was in Paddle as part of their Series D on May 5, 2022.

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FTV Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/9/2022

Series D

Paddle

No

3

4/7/2022

Growth Equity

LogicSource

$180M

Yes

3

1/19/2022

Growth Equity

Gale Healthcare Solutions

$60M

Yes

11

12/27/2021

Unattributed VC

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$99M

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10

12/1/2021

Unattributed VC

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Subscribe to see more

10

Date

5/9/2022

4/7/2022

1/19/2022

12/27/2021

12/1/2021

Round

Series D

Growth Equity

Growth Equity

Unattributed VC

Unattributed VC

Company

Paddle

LogicSource

Gale Healthcare Solutions

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Subscribe to see more

Amount

$180M

$60M

$99M

New?

No

Yes

Yes

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

3

3

11

10

10

FTV Capital Portfolio Exits

79 Portfolio Exits

FTV Capital has 79 portfolio exits. Their latest portfolio exit was Centaur on April 04, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

4/4/2022

Acquired

1

3/1/2022

Acquired

$99M

8

10/21/2021

IPO

$99M

12

9/9/2021

Acq - Fin

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10

8/25/2021

Acq - Fin

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10

Date

4/4/2022

3/1/2022

10/21/2021

9/9/2021

8/25/2021

Exit

Acquired

Acquired

IPO

Acq - Fin

Acq - Fin

Companies

Subscribe to see more

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Valuation

$99M

$99M

Acquirer

Subscribe to see more

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Sources

1

8

12

10

10

FTV Capital Acquisitions

4 Acquisitions

FTV Capital acquired 4 companies. Their latest acquisition was Strata Fund Solutions on September 06, 2018.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

9/6/2018

$99M

Acq - Fin

3

8/20/2008

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$99M

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0

1/24/2007

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$99M

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0

9/6/2006

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$99M

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10

Date

9/6/2018

8/20/2008

1/24/2007

9/6/2006

Investment Stage

Companies

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Valuation

$99M

$99M

$99M

$99M

Total Funding

Note

Acq - Fin

Subscribe to see more

Subscribe to see more

Subscribe to see more

Sources

3

0

0

10

FTV Capital Fund History

8 Fund Histories

FTV Capital has 8 funds, including FTV VII.

Closing Date

Fund

Fund Type

Status

Amount

Sources

3/23/2022

FTV VII

$2,300M

1

6/17/2020

FTV VI

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$99M

10

9/26/2016

FTV V

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$99M

10

3/26/2014

FTV IV

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$99M

10

4/15/2008

FTV III

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$99M

10

Closing Date

3/23/2022

6/17/2020

9/26/2016

3/26/2014

4/15/2008

Fund

FTV VII

FTV VI

FTV V

FTV IV

FTV III

Fund Type

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Status

Subscribe to see more

Subscribe to see more

Subscribe to see more

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Amount

$2,300M

$99M

$99M

$99M

$99M

Sources

1

10

10

10

10

FTV Capital Partners & Customers

1 Partners and customers

FTV Capital has 1 strategic partners and customers. FTV Capital recently partnered with Vagaro on November 11, 2018.

Date

Type

Business Partner

Country

News Snippet

Sources

11/16/2018

Partner

United States

Vagaro Raises $63 Million in Growth Equity Led by FTV Capital

`` We are energized by our new partnership with FTV Capital , a firm that has helped many high growth companies , like Vagaro , build on their success to best meet customer needs , '' said Kerry Melchior , Vagaro 's chief of operations .

5

Date

11/16/2018

Type

Partner

Business Partner

Country

United States

News Snippet

Vagaro Raises $63 Million in Growth Equity Led by FTV Capital

`` We are energized by our new partnership with FTV Capital , a firm that has helped many high growth companies , like Vagaro , build on their success to best meet customer needs , '' said Kerry Melchior , Vagaro 's chief of operations .

Sources

5

FTV Capital Team

9 Team Members

FTV Capital has 9 team members, including current Controller, Philip Coats.

Name

Work History

Title

Status

James C. Hale III

Founder

Current

Philip Coats

Controller

Current

Bob Huret

Founding Partner

Current

Brad Bernstein

Oak Hill Capital Partners

Managing Partner

Current

Richard Garman

Managing Partner

Current

Name

James C. Hale III

Philip Coats

Bob Huret

Brad Bernstein

Richard Garman

Work History

Oak Hill Capital Partners

Title

Founder

Controller

Founding Partner

Managing Partner

Managing Partner

Status

Current

Current

Current

Current

Current

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