Volition Capital Fund VI

Volition Capital

Status

ACTIVE

Global HQ

Boston, United States

Countries of investment

United States
Canada

Investment stages

Series A
Series B
Series C
Growth

Industries

B2B software
SaaS
Internet & consumer
Healthcare IT
Tech-enabled services
Data & analytics
Vertical software

About
Volition Capital is a Boston-based growth equity firm that partners with entrepreneurs who have built substantial businesses on their own terms. They invest across North America in companies that have proven product-market fit through revenue rather than fundraising. Their approach centres on preserving founder autonomy while providing capital and operational guidance to accelerate an already-working business.

Min check size: $10M
Max check size: $75M
Fund size: Unlock
NPS: Unlock

Investment Thesis

Volition Capital is a growth-stage firm investing in founder-owned software and tech-enabled services companies that have reached meaningful revenue without institutional capital. Their thesis is that capital efficiency signals durable business quality, so they target bootstrapped businesses where they can provide the first outside cheque. They focus on B2B software, internet/consumer, healthcare IT and tech-enabled services, taking minority positions and leaving founders in control rather than pursuing buyouts.

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Manager's Experience

Founded in 2010 in Boston by Larry Cheng, Roger Hurwitz and Sean Cantwell, who spun the firm out of Fidelity Ventures. Manages approximately $1.7 billion across five funds, with Fund V closing at $675 million in January 2023. The firm invests in founder-owned technology businesses with $5–50 million in revenue and meaningful founder ownership of 20% or more, taking minority stakes with board seats rather than control. Portfolio and exits include LogMeIn, Bullhorn, Demandware (acquired by Salesforce for $2.8 billion), Chewy, Thinkific, Onshape, ButterflyMX, Securonix and Grove Collaborative, with three unicorns and two IPOs to date. Larry Cheng is also publicly known as a Chewy board member and retail-investor communicator.