Forestay

Forestay began operating around 2018 as the first vehicle for technology investment under Waypoint Capital, an investment enterprise associated with the Bertarelli family, focusing on growth companies already generating revenue in enterprise software, data-driven business models, fintech, cloud computing and IT infrastructure; at the time Waypoint was its only limited partner. In its first year it took part in the Swiss company Nexthink’s $85 million financing round and invested in the robot control software company BlueBotics.⁠[1][1][1][1][1][1]

In May 2019, managing partner Frederic Wohlwend said Forestay planned to invest in five companies a year, put 25% of its capital into Switzerland, build a portfolio of 10 to 15 companies by 2022, and generally hold positions for no more than four to five years. Wohlwend had long served as chief information officer of the biotech company Serono, working with Ernesto Bertarelli for many years.⁠[1][1][1][1][1]

In 2021, Forestay led a $12 million Series A round for Stratio, a Portuguese company providing predictive maintenance for commercial vehicle fleets.⁠[2][3]

On July 3, 2024, Forestay announced that its second fund, Forestay Capital II ILP (Forestay II), had secured $220 million in commitments to invest mainly in fast-growing enterprise AI and SaaS companies in Europe and Israel, with a sweet spot of leading early growth rounds of $10 million to $15 million. Its investors included large family offices in Europe and Switzerland, among them Anaïs Ventures, the investment vehicle of certain members of the Firmenich family.⁠[4][5][5][5][5]

As of July 2024, the first fund had backed 13 companies, including Wasabi, Nexthink, Scandit and K2View, of which three reached unicorn status and two were acquired at an average gross internal rate of return exceeding 50%; Swiss companies in the first fund included Nexthink, Scandit, BlueBotics and Kandou. The second fund had already invested in the Israeli cybersecurity company Veriti and the Swiss engineering intelligence company Neural Concept. Wohlwend said Forestay does only enterprise AI and SaaS, no hardware, and mainly invests at Series B.⁠[5][5][5][2][2]

On September 29, 2026, the cybersecurity company RecoRecoReco is an enterprise cybersecurity company founded in 2020 by Ofer Klein, Gal Nakash and Tal Shapira. Its products have expanded from securing collaboration tools and SaaS applications to securing AI agents, discovering the connections among an enterprise’s applications, identities, permissions and agents and revoking risky access; as of September 2026, the company had raised $140 million in total.Open the full entry announced $55 million in additional funding in which Forestay participated as a new investor alongside AT&T VenturesAT&T VenturesAT&T Ventures is the corporate venture capital arm of the US telecommunications company AT&T, investing mainly in early-stage technology companies from seed to Series B in areas including networking and edge computing, the internet of things, robotics and physical AI, cybersecurity, and data and AI.Open the full entry, Quadrille CapitalQuadrille CapitalQuadrille Capital is an independent investment manager headquartered in Paris, France, specializing in venture capital and growth equity, which invests in technology and healthcare companies in Europe and the United States through four strategies: direct growth equity, commitments to venture funds (primary), secondaries and an evergreen fund; as of 2023 it managed about €1.6 billion in assets.Open the full entry and others; Forestay’s individual contribution was not disclosed. Forestay lists Reco in its portfolio as a Series B+ company backed since 2026.⁠[6][7][3][3]

Forestay typically leads but can also follow into larger rounds, targeting enterprise AI companies with proven product-market fit that are raising Series A, B or C rounds of $20 million to more than $100 million, and makes three to four investments a year. By its own account, as of October 2026 it had raised more than $650 million since inception, had more than 25 portfolio companies, and had recorded seven exits and three unicorns.⁠[8][8][8][8][9][9][9][9]

Its publicly listed portfolio includes Reco, Fonoa, Pivot, Luminance, Buynomics, Neural Concept, Datavations, Veriti, Manta, Scandit, Wasabi, Kandou, K2view and Stratio, among others; rounds led by Forestay include Pivot’s $40 million Series B (co-led with Notion Capital), Buynomics’ $30 million Series B, Datavations’ $17 million Series A and Manta’s $35 million Series B, and its early investment Nexthink was acquired by Vista Equity Partners for $3 billion.⁠[3][3][3][3][3][3][3]

Forestay was founded as the enterprise technology fund of B-FLEXION, the private investment firm established by the Bertarelli family, and draws on that multi-strategy group, which invests across private equity, real estate, life sciences, insurance and hedge funds, to reach enterprise customers; its website’s legal notice is issued by B-FLEXION Fund Management (Jersey) Limited. As of October 2026, the team was led by managing partner Frederic Wohlwend, with Deborah Pittet as partner, and had offices in London and Geneva.⁠[5][8][10][11][11][9]

Forestay Capital: Official website: https://www.forestay.vc/ (opens in a new window).⁠[12]

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: Public profile: https://www.linkedin.com/company/forestay-capital/ (opens in a new window)⁠[9]