Greenspring Associates
Investments
203Portfolio Exits
70Funds
69Partners & Customers
1About Greenspring Associates
Greenspring Associates invests in established and emerging venture capital fund managers, in expansion stage venture-backed companies, and in secondary investments in venture capital funds and companies. On July 7th, 2021, Greenspring Associates was acquired by Stepstone Group.

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Latest Greenspring Associates News
May 12, 2023
May 11, 2023 Jay Galeota Kallyope , a New York startup developing therapeutics for diseases with high unmet needs, has received a $8.2 million grant from the Bill & Melinda Gates Foundation. The grant adds to a huge war chest of $479 million Kallyope has raised from venture firms, including Baltimore-based Greenspring Associates. Greenspring’s stake in Kallyope, during its participation in a Series C round, is now held by New York-based StepStone Group after it acquired Greenspring in 2021. Commercialization Rights Under a four-year agreement with the Gates Foundation, Kallyope will develop bioactive compounds that can help undernourished pregnant and lactating women who are experiencing so-called environmental enteric dysfunctions (EED). Such compounds are expected to improve maternal, newborn and children’s health. Kallyope will retain the right to commercialize compounds derived from the program as possible therapeutics in other global regions. “This is a unique, inspiring opportunity for Kallyope to positively impact global health by leveraging our industry-leading research platform, Klarity, which integrates multiple sophisticated technologies to develop transformative therapeutics in the areas of metabolism, gastrointestinal disease, and neurological disorders,” said Kallyope president and CEO Jay Galeota , an industry veteran who previously led Inheris BioPharma. For 28 years, Galeota served Merck, holding the positions of chief strategy and business development officer and president of Emerging Business toward the end. He holds a Bachelor of Science in biology from Villanova University and is a graduate of Harvard Business School’s Advanced Management Program. Gut-Brain Axis Kallyope was founded by Nancy Thornberry, presently the company’s chairman, in 2015. She served as its CEO until 2021, and now chairs the company’s Research & Development team. Prior to Kallyope, Thornberry headed Merck’s franchise for diabetes and endocrinology. citybiz+ Sponsors
Greenspring Associates Investments
203 Investments
Greenspring Associates has made 203 investments. Their latest investment was in Panorays as part of their Series C on March 3, 2023.

Greenspring Associates Investments Activity

Date | Round | Company | Amount | New? | Co-Investors | Sources |
---|---|---|---|---|---|---|
3/25/2023 | Series C | Panorays | No | 33N Ventures, Aleph, Amichai Shulman, BlueRed Partners, Greenfield Partners, Greenspring Associates, Lane Bess, Moneta Ventures, Oak HC/FT Partners, and Undisclosed Investors | 2 | |
12/20/2021 | Series D | Turing | $87M | Yes | 10 | |
11/18/2021 | Series C | Trusted | $94M | Yes | 9 | |
11/9/2021 | Series D | |||||
10/19/2021 | Series D |
Date | 3/25/2023 | 12/20/2021 | 11/18/2021 | 11/9/2021 | 10/19/2021 |
---|---|---|---|---|---|
Round | Series C | Series D | Series C | Series D | Series D |
Company | Panorays | Turing | Trusted | ||
Amount | $87M | $94M | |||
New? | No | Yes | Yes | ||
Co-Investors | 33N Ventures, Aleph, Amichai Shulman, BlueRed Partners, Greenfield Partners, Greenspring Associates, Lane Bess, Moneta Ventures, Oak HC/FT Partners, and Undisclosed Investors | ||||
Sources | 2 | 10 | 9 |
Greenspring Associates Portfolio Exits
70 Portfolio Exits
Greenspring Associates has 70 portfolio exits. Their latest portfolio exit was Ribbon on May 08, 2023.
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 |
---|---|---|---|---|---|
5/8/2023 | Acquired | 1 | |||
9/6/2022 | Acquired | 3 | |||
6/17/2022 | Reverse Merger | 4 | |||
Date | 5/8/2023 | 9/6/2022 | 6/17/2022 | ||
---|---|---|---|---|---|
Exit | Acquired | Acquired | Reverse Merger | ||
Companies | |||||
Valuation | |||||
Acquirer | |||||
Sources | 1 | 3 | 4 |
Greenspring Associates Acquisitions
1 Acquisition
Greenspring Associates acquired 1 company. Their latest acquisition was PCI Pharma Services on June 21, 2012.
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 |
---|---|---|---|---|---|---|
6/21/2012 | Other | $79M | Acq - Fin |
Date | 6/21/2012 |
---|---|
Investment Stage | Other |
Companies | |
Valuation | |
Total Funding | $79M |
Note | Acq - Fin |
Sources |
Greenspring Associates Fund History
69 Fund Histories
Greenspring Associates has 69 funds, including Greenspring Micro III.
Closing Date | Fund | Fund Type | Status | Amount | Sources |
---|---|---|---|---|---|
12/18/2020 | Greenspring Micro III | $145.65M | 2 | ||
11/2/2020 | Greenspring Opportunities VI (Cayman) | $68.45M | 2 | ||
11/2/2020 | Greenspring Opportunities VI | $578.18M | 2 | ||
10/28/2020 | Greenspring SPV VII-E | ||||
3/30/2020 | Greenspring IL Master II |
Closing Date | 12/18/2020 | 11/2/2020 | 11/2/2020 | 10/28/2020 | 3/30/2020 |
---|---|---|---|---|---|
Fund | Greenspring Micro III | Greenspring Opportunities VI (Cayman) | Greenspring Opportunities VI | Greenspring SPV VII-E | Greenspring IL Master II |
Fund Type | |||||
Status | |||||
Amount | $145.65M | $68.45M | $578.18M | ||
Sources | 2 | 2 | 2 |
Greenspring Associates Partners & Customers
1 Partners and customers
Greenspring Associates has 1 strategic partners and customers. Greenspring Associates recently partnered with Disruption Corporation on February 2, 2015.
Date | Type | Business Partner | Country | News Snippet | Sources |
---|---|---|---|---|---|
2/12/2015 | Partner | United States | Disruption, Greenspring Partner on VC Data Analytics Platform ARLINGTON , Va. -LRB- Feb. 12 , 2015 -RRB- -- Disruption Corporation and Greenspring Associates today announced they have partnered to build a scalable data analytics platform delivering predictive and visual analytics on Greenspring Associates 's existing portfolios , prospective deals and the venture capital industry as a whole . | 1 |
Date | 2/12/2015 |
---|---|
Type | Partner |
Business Partner | |
Country | United States |
News Snippet | Disruption, Greenspring Partner on VC Data Analytics Platform ARLINGTON , Va. -LRB- Feb. 12 , 2015 -RRB- -- Disruption Corporation and Greenspring Associates today announced they have partnered to build a scalable data analytics platform delivering predictive and visual analytics on Greenspring Associates 's existing portfolios , prospective deals and the venture capital industry as a whole . |
Sources | 1 |
Greenspring Associates Team
5 Team Members
Greenspring Associates has 5 team members, including , .
Name | Work History | Title | Status |
---|---|---|---|
Rupert Montagu | Founder | Current | |
Name | Rupert Montagu | ||||
---|---|---|---|---|---|
Work History | |||||
Title | Founder | ||||
Status | Current |