Profile

Founded in 1983, Battery is a global, technology-focused investment firm with offices in the U.S., Europe and Israel. The firm practices a collaborative, research-focused style of investing and regularly makes early, growth and buyout investments in the same technology sector. Battery is now investing its 14th family of funds, capitalized at more than $3.8 billion, and has raised more than $13 billion since inception. The firm’s core areas of focus are business software; infrastructure software, including data/AI, developer tools and cybersecurity; and industrial tech/life-science tools.

Battery’s key strengths include: 

Experience/track record: Battery was founded in 1983 and, as of September 2025, has invested in more than 530 companies, excluding seed-stage deals—73 of which have gone on to stage initial-public offerings, and more than 225 of which resulted in M&A events.

Stable capital base: Battery has raised more than $13 billion since inception. In July 2022, the firm announced it had closed two funds totaling $3.8 billion: Battery Ventures XIV and a companion fund, together capitalized at $3.3 billion, and the $530 million Battery Ventures Select Fund II, a vehicle intended to make additional investments primarily in portfolio companies of the firm’s other funds. 

Stage-agnostic approach: Battery invests across all stages, from seed to buyout, giving the firm a unique perspective on companies at all stages of maturity in core technology sectors. Its growth equity business continues to grow. 

Research-based culture: The firm invests thematically, diligently researching new and emerging technology sectors and identifying category leaders to back across stages.

Battery’s growth-equity practice leverages the firm’s more than three decades of experience identifying and building technology companies, across all stages of development, to grow promising businesses into global technology leaders. 

Battery helps companies grow in a variety of ways, including by: 

Investing in organic growth spanning both product R&D and sales & marketing, as well as growing the organization and bringing in talent at all levels; 

Pursuing strategic acquisitions—Battery can help portfolio companies accelerate growth by pursuing highly strategic, add-on acquisitions. The Battery team serves as an outsourced M&A division to evaluate opportunities to acquire companies that may fill holes in a product line, offer complementary products and services or help a company expand into new geographies; 

Driving profitability improvements, including by leveraging economies of scale created through acquisitions; 

Helping with business strategy, including go-to-market and sales planning; and 

Leveraging its portfolio services offering to help portfolio companies with hiring and talent management, business development, go-to-market counsel, and help with finance/analytics and marketing/communications. 

Battery does not have a one-size-fits-all answer to value creation. The firm’s philosophy is to be as helpful as possible to grow portfolio companies in collaboration with management teams. 

The Battery team embraces complex situations and provides highly flexible capital to meet the needs of a diverse range of deal types, including buyouts of family or founder-owned companies; public to privates; and divisional carve-outs of business units.

www.battery.com

Awards

2025 Top Private Equity Firms, Top Growth Equity Firms

2024 Top Growth Equity Firms

2023 Top Growth Equity Firms, Top Women Leaders, Top Healthcare Investors, Best Growth Investment Firms

2022 Top Growth Equity Firms, Top 40 Under 40 Growth Investors, Top Software Investors, Top Women Leaders, Top Healthcare Investors

2021 Top Growth Equity Firms, Top 40 Under 40 Growth Investors, Top Software Investors

Features

Software Growth Investor: Battery’s Satoshi Harris-Koizumi

GrowthCap’s RJ Lumba spoke with Satoshi Harris-Koizumi on April 23, 2025. Satoshi is a Partner at Battery Ventures, a global, technology-focused investment firm investing across early, growth, and buyout stages. He leads later-stage and majority investments in software companies across sectors including hospitality, manufacturing, engineering, and supply chain.

Key People

Chelsea Stoner, General Partner

Chelsea focuses on investments in the software and healthcare-IT sectors. She is particularly interested in vertically focused SaaS companies. Chelsea currently sits on the Northwestern University Engineering School Board, as well as the University of Chicago Booth School Private Equity Council. Currently Chelsea also serves on the Healthcare Technology Advisory Council for the Cleveland Clinic and is currently on the board of the National Venture Capital Association.

Morad Elhafed, General Partner

As a general partner at Battery, Morad focuses on growth and private-equity investments in the software sector. He is active in the firm’s investment activities in North America and Europe. Based in the firm’s Boston office, Morad works closely with Battery’s London team.

Michael Brown, General Partner
Since joining Battery Ventures in 1998, Michael has made, or managed, multiple investments spanning the enterprise software, financial-services and technology-enabled business-services markets. Michael served as the chair of the National Venture Capital Association for the 2021-2022 term.

Dharmesh Thakker, General Partner

Dharmesh joined Battery Ventures in 2015 to focus on early-venture and growth-equity investments in areas including cloud infrastructure, big data, security and next-generation enterprise applications. Prior to Battery, Dharmesh was a managing director at Intel Capital, where he led the firm’s global cloud and big-data practice and made early- and later-stage investments in companies globally.

Jesse Feldman, General Partner

Jesse invests in buyout and growth-equity transactions in the industrial-technology and enterprise-software markets. Jesse’s portfolio companies often pursue aggressive, inorganic growth strategies, and he has worked on more than 40 add-on acquisitions. He has extensive experience working with businesses across the U.S. and Europe.

Neeraj Agrawal, General Partner

Neeraj, a seasoned investor who has backed many high-profile, B2B software companies, joined Battery in 2000. Neeraj, who writes and speaks frequently on software and other industry topics, focuses on B2B software investments and coined the “T2D3” growth paradigm for SaaS companies.

Zack Smotherman, General Partner

Zack joined Battery in 2013 and focuses on later-stage, buyout investments in industrial technology and life science tools. Prior to Battery, Zack was an investor at WestView Capital Partners, where he evaluated and executed middle-market buyout and recapitalization transactions across the tech-enabled services and software sectors.

Funds Raised

Founded in 1983, Battery is a global, technology-focused investment firm with offices in the U.S., Europe and Israel. The firm practices a collaborative, research-focused style of investing and regularly makes early, growth and buyout investments in the same technology sector. Battery is now investing its 14th family of funds, capitalized at more than $3.8 billion, and has raised more than $13 billion since inception. The firm’s core areas of focus are application software; infrastructure software; consumer tech; and industrial tech.

Capital Responsibility

For decades, Battery has served as a responsible, research-driven industry leader, partnering with the world’s most promising technology founders and leaders at all stages of growth.

Battery is dedicated to equal opportunity for its internal team members. The firm has an active DEI committee, focused on internal mentorship and cross-team collaboration, and many members of the firm have undergone training at “Battery University,” an in-depth orientation designed to pass down learnings about the firm’s history as well as investment and market topics.

In 2019, Battery created The Battery Foundation. This group—a donor-advised fund at the Boston Foundation, one of the country’s largest and oldest charitable foundations—seeks to give back to the community by offering grants to non-profit groups in areas including technology education; health and wellness; jobs and economic development; and other grassroots causes. Every quarter, internal Battery team members select a non-profit organization to receive a grant. Past recipients have included Horizons for Homeless Children, which works to alleviate the trauma and stress of homelessness on both children and their families, and ShelterBox, a group providing emergency shelter, tools and household supplies to displaced families after disaster. 

Battery has also invested in many companies with an environmental-sustainability component.

CEO Reviews

David Benigson, CEO of Signal AI

I view Battery Ventures as a vital and trusted partner. Their deep domain expertise and strategic insight have been instrumental as we’ve scaled our risk and reputation intelligence business. From guiding our growth strategy to partnering with teams across the organization, they consistently add value and operate as an extension of our leadership team. I am grateful for their partnership and the perspective they bring as we continue to scale.

Robbie Payne, former CEO of CAMBRIO

“As the CEO of manufacturing-software company CAMBRIO, which was acquired in 2021 by Sweden’s Sandvik, I could not have asked for a better partner than Battery Ventures. Immediately upon their initial investment in the company in 2018, it was clear that the team was experienced in and extremely knowledgeable about our market, well-networked and proved always helpful in many areas including strategy, recruiting, and sourcing acquisitions.”

Randy Eckels, CEO, Clubessential Holdings

Battery Ventures has truly put the “essential” in Clubessential Holdings since the inception of our multi-year, successful partnership. The entire Battery team has provided exceptional operational and strategic advice at every stage in our journey. From helping us make 18 acquisitions in five countries, to supporting our operations, to strengthening our market position as a major vertical-software and integrated payments facilitator in our served markets, Battery provides the energy, intellect, pattern recognition and personal touch that powers our profitable growth story. I’m forever thankful we found such a capable business partner that I, and my entire senior leadership team, seek out and enjoy collaborating with on a regular basis.”

The executive commentary and portfolio companies listed in this profile are examples of companies with which Battery Ventures has partnered in achieving business goals and may not be representative of all companies within Battery’s portfolio. Battery did not compensate the portfolio company executives or companies in connection with the statements provided by such executives.