Battery Ventures

Rick Frisbie, Bob Barrett, and Howard Anderson founded Battery Ventures on Boston’s Batterymarch Street, expanding from one local office into a multiregional team.⁠[1][2]

After the dot-com crash, Battery expanded beyond startups into private equity buyouts of established technology companies, adapting through the 2008 financial crisis and post-pandemic market adjustments.⁠[1]

Since 2008, Battery has bought controlling stakes in growing businesses, both bootstrapped and venture-backed.⁠[3]

In 2009, WPPWPPWPP (WPP plc) is a marketing and communications services group headquartered in London. Its predecessor was Wire and Plastic Products, a wire and plastic products company registered in 1971; from 1985 it was transformed into a multinational communications services group and went on to acquire advertising groups including J. Walter Thompson, Ogilvy, Young & Rubicam and Grey. The company is listed on the London Stock Exchange, and its American Depositary Shares trade on the New York Stock Exchange (both under the symbol WPP); as of October 2026, its chief executive officer is Cindy Rose.Open the full entry sued over stock transactions at advertising technology company Spot Runner, naming Battery funds and other investors as defendants. WPP alleged that founders and other shareholders sold shares without adequate disclosure, characterizing this as a fraudulent scheme.⁠[4]

On August 23, 2011, the Ninth Circuit affirmed dismissal of the scheme-liability claims against all defendants because they alleged no conduct distinct from the existing omission allegations. It also upheld dismissal without prejudice. Some omission claims against Spot Runner’s two founders were reinstated. The ruling concerned pleading requirements; it did not find that Battery committed fraud.⁠[4]

In February 2013, Battery raised $900 million: $650 million for its tenth venture fund and $250 million for a companion fund. That December, it moved its headquarters from Waltham to One Marina Park Drive in Boston’s Seaport district.⁠[5]

Battery opened a London office in late 2016, expanding its European presence.⁠[6]

Battery researched “blue-collar software” for field and non-desk workers in 2016, then joined ServiceTitan’s Series B, targeting home-service scheduling, customer management, and payments through vertical software.⁠[7]

In February 2018, Battery announced $1.25 billion in new funds: $800 million for Battery Ventures XII and $450 million for a companion Side Fund supporting larger growth and private equity transactions. The announcement also named Morad Elhafed a general partner.⁠[6]

That year, Battery led ServiceTitan’s $62 million Series C.⁠[7]

Battery owned UK laboratory automation company SPT Labtech from 2018. The company makes liquid-handling, sample-preparation, and storage instruments, consumables, and related services for life-sciences research.⁠[8][9]

Battery established the Battery Foundation in 2019 to fund nonprofit organizations. Its stated priorities include technology education, health and well-being, employment and economic development, and local community initiatives.⁠[10]

In February 2020, Battery Ventures XIII and XIII Side Fund raised a combined $2 billion. Battery said it was expanding portfolio support in revenue growth, acquisitions, recruitment, and marketing alongside its investments.⁠[2]

Since February 2020, Battery’s four-member executive committee has comprised Neeraj Agrawal, Michael Brown, Jesse Feldman, and Chelsea Stoner. Membership typically rotates among general partners.⁠[11]

In 2021, Battery announced its first $400 million Select Fund for further investment in existing portfolio companies.⁠[12]

Portfolio companies listing that year included Affirm, Coinbase, Confluent, and Braze.⁠[3]

On June 22, 2022, EQT announced EQT IX’s £650 million purchase agreement for Battery’s SPT Labtech, subject to customary conditions and approvals, with closing expected in Q3.⁠[13]

In July 2022, Battery announced over $3.8 billion in funds: $3.3 billion for its fourteenth fund and companion, and $530 million for Select Fund II, mainly supporting existing companies in its other funds.⁠[3]

Battery cited ServiceTitan’s December 12, 2024 Nasdaq listing as a vertical-software example emphasizing specialized industry workflows and payments.⁠[7]

Battery added 25 portfolio companies in 2025, while its portfolio recorded 15 M&A events and one public listing. New investments covered AI software and infrastructure, cybersecurity, financial technology, life-sciences tools, and other fields.⁠[14]

In the official AI financing and operations interview, GP Marcus Ryu linked higher valuations to growth commitments and inference costs to uncertain long-term gross margins. Fellow GP Dharmesh Thakker advocated growing market share alongside better unit economics.⁠[15]

Both emphasized applications owning core workflows and systems of record for lasting customer relationships; integration, reliability, and change management could delay enterprise AI adoption beyond startups’ expectations.⁠[15]

On February 18, 2026, Battery announced its $3.25 billion fifteenth flagship fund, Battery Ventures XV. It highlighted AI applications and infrastructure while continuing to invest in industrial automation, sensors, analytical instruments, and technology upgrades at established businesses.⁠[16]

That month, the Orange County Employees Retirement System (OCERS) investment committee considered a $30 million commitment to Battery Ventures XV.⁠[11]

On June 25, 2026, Battery announced it had led a $60 million Series B for payroll and human-resources software company Warp. Battery argued that combining AI agents with rules engines could address cross-jurisdiction tax and employment compliance problems that fixed rules alone struggle to resolve.⁠[17]

Six days elapsed between an unsolicited investment offer and signing the term sheet. Battery partner Michael Brown joined Warp’s board.⁠[18]

On September 7, 2026, Battery announced a majority stake in Germany’s Sustainability at Work Group, which provides digital certification systems and consulting for sustainable supply chains. Jan Henke and Norbert Schmitz retained stakes and management roles. Battery planned to support international expansion and potential acquisitions.⁠[19]

Battery invests in application software, infrastructure software, consumer technology, industrial technology, and life-sciences tools.⁠[20]

As of 2026, offices were in Boston, San Francisco, Menlo Park, New York, London, and Tel Aviv.⁠[20]

Over $16 billion raised cumulatively; portfolio support covers recruitment, business development, marketing communications, operational guidance, and financial analysis.⁠[20]

Its public investment list includes Akamai, Coinbase, and Coupa.⁠[21]

Battery Ventures: Official website: https://www.battery.com/ (opens in a new window).⁠[20]

Battery Ventures X: Official account: https://x.com/BatteryVentures (opens in a new window).⁠[22]

Battery Ventures LinkedInLinkedInLinkedIn is a social networking platform for professionals. It was founded in 2002 by Reid Hoffman and others, launched in 2003, and listed on the New York Stock Exchange in 2011; after Microsoft acquired it for approximately $26.2 billion in 2016, it became a wholly owned Microsoft subsidiary. Its revenue comes from membership subscriptions, advertising, and recruitment solutions.Open the full entry: Official account: https://www.linkedin.com/company/battery-ventures/ (opens in a new window).⁠[23]

Battery Ventures Video Channel: Official account: https://www.youtube.com/@batteryventures (opens in a new window).⁠[24]