Profile

Five Elms Capital is a globally recognized growth equity firm, exclusively investing in innovative B2B software companies. With a robust portfolio of over 35 active investments and assets under management exceeding $1.6B, the firm has demonstrated a consistent track record of strategic growth since its founding in 2007. Five Elms’ investment strategy, developed by its partnership and refined over the firm’s 16+ year history, targets control and control-oriented investments in companies where Five Elms can be a partner in growth to founders by employing its operational toolkit to accelerate top-line growth and further professionalize its businesses.

The team at Five Elms Capital brings a unique blend of operational expertise and an entrepreneurial spirit, underpinned by a belief in fostering long-term relationships and personalized investment strategies that drive meaningful results.

Awards

2023 Top Growth Equity Firms

2023 Top 40 Under 40 Growth Investors, Ryan Mandl

2023 Top Women Leaders in Growth Investing, Stephanie Schneider

2022 Top 25 Growth Equity Firms

2022 Top 40 Under 40 Growth Investors, Joe Onofrio

2022 Top Women Leaders in Growth Investing, Stephanie Schneider

2020 Top 25 Growth Equity Firms

2015 Top 25 Growth Equity Firms

Key People

Fred Coulson

Fred is the Founder and Managing Partner of Five Elms, as well as the Founder and Chairman of Spring Venture Group, a 1,000+ person digital insurance platform in the senior healthcare market. Before founding Five Elms & SVG in 2006, Fred spent several years at TH Lee Putnam Ventures, Morgan Stanley & Citibank Asset Management. 

Thomas Kershisnik

Thomas is a Partner at Five Elms and sits on the firm’s Investment Committee. In addition to being a lead deal partner, Thomas manages operations and investor relations for the firm. Thomas has spent his entire career investing in software businesses at Five Elms. He currently serves on the boards of Covideo, DarkOwl, Lumar, OpenReel, Rebrandly, and Sendlane. 

Joe Onofrio

Joe is a Partner at Five Elms and co-chairs the firm’s Investment Committee. Prior to Five Elms, Joe invested in public and private markets in the U.S. and Asia with Jayhawk Capital. Joe currently serves on the boards of Crelate, FMX, GoReact, IntelligenceBank, Karbon, Skedda, Userlane, and Vajro. 

Ryan Mandl

Ryan is a Partner at Five Elms and sits on the firm’s Investment Committee. Ryan has spent his entire career investing in software businesses at Five Elms. In addition to being a lead deal partner, Ryan oversees Five Elms’ Sourcing Team. He currently serves on the boards of Apptegy, AskNicely, ContractSafe, Field Agent, Playvox, SingleOps, Skedda, and Tagger.

Stephanie Schneider

Stephanie is a Partner at Five Elms and sits on the firm’s Investment Committee. Stephanie has been at Five Elms for over 8 years, and has been involved in over 20 deals during that time. Prior to joining Five Elms, Stephanie was an investment banker at Citigroup in their technology group and at Sterne Agee in their financial services group. She currently serves on the board of Ten Thousand Coffees, Claravine, Continu, Covideo, POWWR, Reachdesk, ShippyPro & Skynamo.

Funds Raised

Since its inception in 2007, Five Elms Capital has shown an impressive trajectory of strategic growth and fund-raising capabilities. From its initial fund of $21M, to its most recent fund of $780M raised in 2021, Five Elms has remained committed to its strategy of investing in lower middle market, capital efficient B2B software companies outside of Silicon Valley. With total assets under management of over $1.6B, the firm’s success in fundraising is a testament to its strong industry relationships, its deep understanding of the B2B software market, and its consistent track record of partnering with high-growth companies.

Key Investments

Practice Better: Invested December 2022
Sector: Software
Practice Better is a leading SaaS provider of practice management software for health and wellness practitioners.

ContractSafe: Invested November 2022
Sector: Software
ContractSafe is a leading SaaS provider of contract management software.

Skedda: Invested August 2022
Sector: Software
Skedda is a leading SaaS provider of booking, scheduling, and management software for shared physical spaces.

FMX: Invested August 2019
Sector: Software
FMX is a leading SaaS provider of property management software for facility managers.

Onboard: Invested July 2018; Partially Sold to JMI Equity in June 2021
Sector: Software
Onboard is a leading SaaS provider of collaboration software for boards of directors and employees.

Apptegy: Invested May 2017; Partially Sold to JMI Equity in May 2023
Sector: Software
Apptegy is a leading SaaS provider of marketing and communications software for K-12 districts.

Service Fusion: Acquired by EverCommerce in October 2020
Sector: Software
ServiceFusion is a leading SaaS provider of field management software for home service providers.