Profile

Five Elms Capital is a growth investor in software businesses that users love, providing capital and resources to help companies accelerate growth and further cement their role as industry leaders.

With over $3 billion in assets under management and a team of over 80 professionals, Five Elms has invested in 79 software platforms worldwide. Beyond providing capital, Five Elms delivers strategic and operational expertise, focused on executing initiatives that move the needle on growth, retention, product and AI to set companies up for long-term success. For more information, visit fiveelms.com.

Awards

2025 Top Private Equity Firms, Top Women Leaders, Top Software Investors, Top 40 Under 40 Growth Investors, Top Growth Equity Firms

2024 Top Growth Equity Firms, Top 40 Under 40 Growth Investors, Top Software Investors, Top Private Equity Firms, Top Women Leaders

2023 Top Growth Equity Firms, Top 40 Under 40 Growth Investors, Top Women Leaders

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

2020 Top Growth Equity Firms

2015 Top Growth Equity Firms

Key People

Fred Coulson, Founder and Managing Partner

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, Partner

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, Rebrandly, and Sendlane.

Joe Onofrio, Partner

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, Magma Math, Scilife, Skedda, Userlane, and Vajro.

Ryan Mandl, Partner

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 360Player, Apptegy, AskNicely, ContractSafe, Field Agent, SingleOps, and Skedda.

Stephanie Schneider, Partner

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, Opiniion, POWWR, Reachdesk, ShippyPro & Skynamo.

Funds Raised

Since its inception in 2007, Five Elms Capital has shown a trajectory of strategic growth and fundraising capabilities. From its initial fund of $21M, to its most recent fund of $1.1B raised in 2024, Five Elms has remained committed to investing in lower middle market, capital-efficient B2B software companies. With total assets under management of over $3.1B, the firm’s success in fundraising is a testament to its strong industry relationships, deep understanding of the B2B software market, and consistent track record of partnering with high-growth companies.

Key Investments

Motivity: Invested March 2025
Sector: Software

Motivity is a leading SaaS provider of clinical software solutions for behavioral health providers

Magma Math: Invested November 2024
Sector: Software

Magma Math is a leading K-12 instructional math platform for teacher efficiency and classroom management.

Practice Better: Invested December 2022
Sector: Software

Practice Better is a leading SaaS provider of practice management software for health and wellness practitioners.

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.