Bain Capital Ventures Fund 2021 raises $1.3bn

Alessia Argentieri
25 May 2021

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Bain Capital Ventures, the VC arm of private equity firm Bain Capital, has closed its Bain Capital Ventures Fund 2021 (Fund 2021) on $1.3bn.

The fund is composed of two vehicles: a $950m core fund for seed and series-A deals and a $350m vehicle for growth-stage investments.

Fund 2021 is larger than its predecessor, which raised $1bn in 2018, across a $650m core fund and a smaller co-investment fund for larger growth investments.

Fund 2021 intends to focus on trends that have accelerated during the last few years, including digital commerce; fintech and embedded payments; decentralised finance and crypto; digital healthcare; and next-generation cloud infrastructure.

The fund is able to invest from $1m of seed capital to $100m of growth equity.

Bain Capital Ventures was initially established in Boston 20 years ago as a firm exclusively dedicated to series-A rounds. Since then, the firm has expanded its mandate to also include growth equity, and has scaled up its staff, building two teams in San Francisco and New York.

Among its notable investments are rounds for e-commerce messaging platform Attentive, which has been valued at €2.2bn; digital transaction management specialist DocuSign; French publisher of e-commerce platforms Mirakl; e-commerce business Jet.com; and healthcare platform Signify Health.

Despite the larger size of its latest fund, the firm will remain primarily committed to early-stage, specifically seed and series-A rounds.

Over the last 12 months, Bain Capital Ventures has made 37 seed and series-A investments, representing 88% of all its new investments, with the majority of these companies being pre-revenue at the time of the initial funding.

The firm has also invested directly in emerging VC managers, backing 50 pre-seed and seed funds, which have collectively invested in around 2,000 companies.