DURHAM – Jurassic Capital, a Durham-based growth equity firm headed by Joe Colopy and Kevin Mosley, has closed an initial $20 million in commitments from investors for the firm’s first fund available to outside investors, the Jurassic Capital Growth Fund I.
The firm began investing in 2019, and has made three investments, all in companies based in North Carolina.
“We’ve invested in Corevist and Performance Culture,” Mosely said in a statement shared with WRAL TechWire. “Both companies were looking for our unique blend of capital and expertise. With our long-standing experience in Southeast, we have been able to tap into our network to add talent and expertise to these already great companies.”
Colopy noted that since the investment was made in Performance Culture, the company has relocated headquarters to Durham.
“We founded Jurassic to fill a gap for bootstrapped founders that need capital and expertise to scale their software businesses,” said Colopy in a statement. “I saw this gap while growing Bronto Software so, with this fund, I look forward to helping founders and their software companies overcome the scaling challenges that Bronto experienced,” added Colopy. Colopy is a co-founder and former CEO of Bronto Software, which sold for $200 million in 2015.
The firm will focus on providing growth equity to companies that are generating between $1 and $5 million in annual revenue, Colopy told WRAL TechWire in an interview. “The idea is that we’re looking for other great Bronto’s,” he said.
Mosley noted in a statement that the firm, using the invested capital in the first fund, plans to invest in 10 companies that are ready to scale.
Colopy told WRAL TechWire that $20 million is a starting place, but that the fund could add additional capital.
“It will grow bigger than $20 million, but this will be enough to start,” said Colopy, calling the fund and how it invests “a little bit different from early-stage venture capital funds that we have in the Triangle.”
That’s because the firm will focus on entrepreneurs who have not yet raised capital, also known as bootstrapping entrepreneurs, who’ve growth their business to surpass the $1 million revenue milestone, said Colopy.
“Typically, growth equity starts investing in companies that are at $10 million in annual revenue,” said Colopy. “But we’re able to begin to invest at $1 million in annual revenue, because of my experience at Bronto Software.”
The Jurassic Capital team also includes Chaz Felix, a co-founder of Bronto Software and the company’s former COO.