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There’s a whole lot of data and information that’s stored in the cloud, and it’s critical that consumers and enterprises alike be able to trust that this information is safe and accurate. Such is the primary investing thesis of Underscore VC, a three-year-old, Boston-based early-stage firm that is today taking the wraps off a second fund that it just closed with $115 million in capital commitments. Among its investors: Boston Children’s Hospital, the fund of funds Greenspring Associates, and family offices, including that Henry McCance, chairman emeritus of Greylock Partners.
If you haven’t heard of Underscore, you probably don’t live in Boston, where the firm sprung up in 2015, created by veterans of the startup scene there. Cofounder Michael Skok spent the previous 12 years with Boston-based firm North Bridge Venture Partners. Cofounder John Pearce is the former CEO of Demandware.
Investment - Salsify - Product - Experience - Management
The largest investment it has made so far is in Salsify, a “product experience management platform” whose $30 million Series C round was led by Underscore. Another company that has received an outsize portion of Underscore’s capital is Zaius, a maker of marketing software. Underscore wrote its initial seed check and co-led its Series A round and, last month, participated in its $30 million Series B round, which was led by Insight Venture Partners.
Skok says Underscore invests anywhere from “hundreds of thousands of dollars” into the “millions or beyond,” adding that in the case of Salsify, in order to maintain Underscore’s pro rata share, it spun up a special purpose vehicle — essentially a pop-up venture fund that comes together to invest in a single company...
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