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Private Equity
springlakeequitypartners.com

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Investments

40

Portfolio Exits

11

Funds

6

Service Providers

1

About Spring Lake Equity Partners

Spring Lake Equity Partners is a Boston-based private equity firm. The firm invests equity capital in later-stage, technology-oriented private companies.

Spring Lake Equity Partners Headquarter Location

50 Rowes Wharf 5th Floor

Boston, Massachusetts, 02110,

United States

617-391-6300

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Latest Spring Lake Equity Partners News

Siena Secondary Fund acquired a stake in Testlio

Nov 1, 2021

Testlio Raises $12 million Series B round to Evolve Software Testing. Siena Secondary Fund acquired its stake in the firm from a previous employee right after the B Round investment. Testlio, the originator of networked testing, today announced that it has closed $12 million in Series B financing. The round was led by Spring Lake Equity Partners and was oversubscribed. It included participation from Series A co-leads Altos Ventures and Vertex Ventures US. With the round, Jeff Williams, Partner at Spring Lake Equity Partners, joins the Testlio Board of Directors. EstVCA member Siena Secondary Fund acquired its stake in the firm from a previous employee right after the B Round investment.Siena Secondary Fund (SSF) was established at the beginning of 2021 and provides liquidity for early investors, founders and employees of high-growth startups from the "New Nordics" (Baltic & Nordic) region. They target companies that are usually post series A, have a solid business model, and are still in a high growth phase. Rando Rannus, the General Partner of Siena Secondary Fund commented that Testlio is a perfect match for Siena’s strategy. „The company has shown a stable and gradual growth but has been somewhat observed from distance by Estonian investors. With the new investment round, the firm is again entering the fast growth phase and we are excited to be included in the journey,“ Rannus said. Photo: Siena Secondary Fund partners Rando Rannus and Rain TammTestlio founder Marko Kruustük added that in the last funding round, the company offered its employees the possibility to exercise company options. „It was great to see Siena Secondary Fund also joining in to offer possibilities for previous employees to exercise their options“.The series B funding round of TestlioDemand for a more impactful approach to software testing has skyrocketed with the unprecedented proliferation of digital technologies. Product and engineering teams are under pressure to increase development velocity and deliver exceptionally high-quality user experiences. Testlio helps clients such as Fox, Microsoft, the NBA, Netflix, and SAP release better products faster via burstable, on-demand testing on any device, in any location, and in any language.Testlio has exceeded a $20 million annualized revenue run rate this year after previously raising only $7.5 million in Seed and Series A capital. The company has increased revenue by 50 percent and employees by nearly 100 percent year-over-year. Testlio also delivered net income profitability for 10 straight quarters. With an emphasis on purpose, values, culture, and impact, Testlio has earned strong employee and customer reviews resulting in a 4.9 rating on Glassdoor, 4.7 on G2 and a 75 NPS from its customers.Without a need for extensive new funding, the Series B round was driven by a balanced stakeholder approach, profound personal connections, and a shared viewpoint on healthy capitalization. The new capital will be used to expand client services, deepen platform capabilities, fuel brand awareness, and drive geographic sales expansion. Additionally, the round included secondary proceeds for veteran Testlio employees at all levels.“Our clients deliver better digital experiences thanks to the networked testing model. Further, it is clear to me that the demand for more impactful software testing is hitting an inflection point,” said Steve Semelsberger, CEO of Testlio. “We are excited that Jeff Williams from Spring Lake Equity Partners has joined the Testlio board of directors. We considered multiple investors and wholeheartedly selected Jeff.”“Testlio is exactly the kind of company that Spring Lake Equity Partners loves to work with: growing, capital-efficient, innovating effectively, and in the middle of a massive market,” stated Williams. “We’ve been impressed by the Testlio team over the last two years that we’ve gotten to know them and we’re bullish for what’s ahead.”Read more about Testlio and the recent funding round HERE Read more about Siena Secondary Fund HERE**Photos: Testlio; foundme.io; https://unsplash.com/@davealmine

Spring Lake Equity Partners Investments

40 Investments

Spring Lake Equity Partners has made 40 investments. Their latest investment was in Testlio as part of their Series B on October 10, 2021.

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Spring Lake Equity Partners Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

10/26/2021

Series B

Testlio

$12M

Yes

3

8/19/2021

Series B

Trifecta Nutrition

$20M

Yes

7

10/7/2020

Series B - III

Illusive Networks

$24M

Yes

8

2/3/2020

Series D

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$99M

Subscribe to see more

10

1/2/2020

Series B

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$99M

Subscribe to see more

10

Date

10/26/2021

8/19/2021

10/7/2020

2/3/2020

1/2/2020

Round

Series B

Series B

Series B - III

Series D

Series B

Company

Testlio

Trifecta Nutrition

Illusive Networks

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Amount

$12M

$20M

$24M

$99M

$99M

New?

Yes

Yes

Yes

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

3

7

8

10

10

Spring Lake Equity Partners Portfolio Exits

11 Portfolio Exits

Spring Lake Equity Partners has 11 portfolio exits. Their latest portfolio exit was InsideView on May 04, 2021.

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

5/4/2021

Acquired

3

11/17/2020

Acquired

1

1/29/2020

Merger

1

00/00/0000

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$991

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10

00/00/0000

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Subscribe to see more

10

Date

5/4/2021

11/17/2020

1/29/2020

00/00/0000

00/00/0000

Exit

Acquired

Acquired

Merger

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Companies

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Valuation

$991

Acquirer

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Sources

3

1

1

10

10

Spring Lake Equity Partners Acquisitions

1 Acquisition

Spring Lake Equity Partners acquired 1 company. Their latest acquisition was Astadia on July 30, 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

7/30/2018

Acq - Fin - II

$11.02M

Acq - Fin - II

3

Date

7/30/2018

Investment Stage

Acq - Fin - II

Companies

Valuation

Total Funding

$11.02M

Note

Acq - Fin - II

Sources

3

Spring Lake Equity Partners Fund History

6 Fund Histories

Spring Lake Equity Partners has 6 funds, including Spring Lake Equity Partners II.

Closing Date

Fund

Fund Type

Status

Amount

Sources

11/5/2018

Spring Lake Equity Partners II

Expansions & Growth

$49.15M

1

7/30/2014

Spring Lake Fund I

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$99M

10

12/30/2008

Tudor Ventures IV

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$99M

10

3/30/2007

Tudor Ventures III LP

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$99M

10

6/1/2000

Tudor Ventures II LP

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$99M

10

Closing Date

11/5/2018

7/30/2014

12/30/2008

3/30/2007

6/1/2000

Fund

Spring Lake Equity Partners II

Spring Lake Fund I

Tudor Ventures IV

Tudor Ventures III LP

Tudor Ventures II LP

Fund Type

Expansions & Growth

Subscribe to see more

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Subscribe to see more

Subscribe to see more

Status

Amount

$49.15M

$99M

$99M

$99M

$99M

Sources

1

10

10

10

10

Spring Lake Equity Partners Service Providers

1 Service Provider

Spring Lake Equity Partners has 1 service provider relationship

Service Provider

Associated Rounds

Provider Type

Service Type

Counsel

Service Provider

Associated Rounds

Provider Type

Counsel

Service Type

Partnership data by VentureSource

Spring Lake Equity Partners Team

1 Team Member

Spring Lake Equity Partners has 1 team member, including former Managing Director, Michael Stansky.

Name

Work History

Title

Status

Michael Stansky

Managing Director

Former

Name

Michael Stansky

Work History

Title

Managing Director

Status

Former

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