Venture capital firm Forestay has announced the successful completion of fundraising for its second fund, Forestay Capital II ILP, securing $220 million in funding.
Forestay was formed as the Enterprise Technology Fund of B-FLEXION, a private entrepreneurial investment firm founded by the Bertarelli family, known for building Serono into the world’s third largest biotechnology company prior to its merger with Merck KGaA.
Forestay is in the lead investment sweet spot of $10-15 million in early growth, investing in visionary teams that are reaching inflection points in their growth and actively partnering to drive accelerated growth.
Forestay I has backed 13 companies, including Wasabi, Nexhink, Scandit and K2View, three of which became unicorns and two were acquired with average gross margins of over 50%.
Forestay II is focused on enterprise AI and SaaS companies, and the fund has already partnered with enterprise AI startups such as cybersecurity solutions company Veriti and engineering intelligence company Neural Concept.
“The completion of Forestay II is evidence of the success of our investment strategy, highlighted by a hands-on approach in our commitment to making high-conviction investments,” said Fred Wohlwend, founder and managing partner of Forestay Capital.
“Our strategic focus has enabled us to cultivate a focused portfolio of future category leaders in enterprise AI and SaaS, and with Forestay II we are well poised to continue driving innovation and scale in this space.”
For its second fund, Forestay is backed by some of Europe’s largest family offices, including in partnership with Anaïs Ventures, the investment vehicle of certain members of the Firmenich family.
Julien Firmenich, Limited Partner at Forestay II, commented:
“Forestay’s focused investment strategy and operational capabilities, honed through years of industry experience, are perfectly aligned with our vision. We are excited to join Forestay II and look forward to driving innovation together with them.”
Main image: Frederic Wohlwend, founder and managing partner at Forestay Capital. Photo: Uncredited.
