Silversmith Capital Partners
Software focused growth equity firm
Boston, MA

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Overall Rank: 9
Category: Emerging Growth
Category Rank: 2

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Profile

Silversmith Capital Partners is a Boston-based growth equity firm focused on partnering with and supporting the best entrepreneurs in growing technology and healthcare companies. Since its founding in 2015, the firm has raised three funds totaling $3.3 billion of capital under management. Silversmith typically invests between $20 million to $125 million in profitable, growing companies that have achieved scale in a capital efficient way and is flexible on deal structure. The firm has backed innovative SaaS & Information Services and Healthcare IT & Services companies including ActiveCampaign, Appfire, DistroKid, impact.com, Iodine Software, LifeStance Health, PDFTron and Webflow.


www.silversmith.com


Awards

2022 Top 25 Healthcare Investors, Jeff Crisan

2022 Top Women in Growth Investing, Lyndsay Kerwin

2021 Top 25 Growth Equity Firms

2021 Top 40 Under 40 Growth Investors, Brian Peterson, Sri Rao

2021 Top 25 Software Investors, Todd Maclean, Jim Quagliaroli

2021 Top 25 Healthcare Investors, Jeff Crisan, Jim Quagliaroli

2020 Top 25 Growth Equity Firms

2020 Top 40 Under 40 Growth Investors, Sri Rao, Brian Peterson, Nikhil Marathe

2019 Top 40 Under 40 Growth Investors, Sri Rao, Marc Munfa, Brian Peterson, Nikhil Marathe

2018 Top 40 Under 40 Growth Investors, Sri Rao, Marc Munfa, Brian Peterson

2017 Top 40 Under 40 Growth Investors, Marc Munfa, Sri Rao

2016 Top 40 Under 40 Growth Investors, Marc Munfa

Key People

Jeff Crisan, Managing Partner

Jeff co-founded Silversmith Capital Partners in 2015. In his role as a Managing Partner, Jeff focuses on investments in Healthcare IT & Services. Jeff’s healthcare services investments are centered around innovative care delivery models oriented towards value-based care that can be scaled both organically and through M&A. With more than 20 years investing in the healthcare sector, Jeff has led 10 investments for the firm including Iodine Health, LifeStance Health (Nasdaq: LFST), MediQuant, Nordic (acquired by Bon Secours Mercy Health), Panalgo (acquired by Norstella), Partners Surgical, Sound Physicians, Upperline Health, US Health Partners and Within3. Jeff received an AB in government and mathematics from Dartmouth College where he graduated magna cum laude, and an MBA with distinction from Harvard Business School.

Todd MacLean, Managing Partner

Todd co-founded Silversmith Capital Partners in 2015 and focuses on building lasting partnerships with exceptional entrepreneurs within the SaaS & Information Services sectors. With more than 20 years investing in the information technology sector, Todd has served on the board of 15 SaaS companies and has led 10 investments for the firm since its founding including, ActiveCampaign, Digital Map Products (acquired by LightBox), DistroKid, Higg, Onbe, Social Sentinel (acquired by Navigate 360), Unily, Venminder, Webflow and Zonos. Todd received an AB, cum laude, in English from Dartmouth College and an MBA with honors from The Wharton School of the University of Pennsylvania.

Jim Quagliaroli, Managing Partner

Jim co-founded Silversmith Capital Partners in 2015. In his role as Managing Partner, Jim focuses on investments across SaaS & Information Services. With 20+ years of investing experience, Jim has served on the board of more than 25 companies and has led 13 investments for the firm including, Absorb Software (acquired by WCAS), Centauri Health Solutions, Formstack, GiveCampus, impact.com, JETNET, Market Access Transformation (acquired by Genesis Research), Net Health, Opensignal, PDFTron, Red Awning, TMA Systems and Validity. Jim received an AB in English & American Literature from Harvard College where he graduated magna cum laude.

Lori Whelan, Managing Partner

Lori co-founded Silversmith Capital Partners in 2015 and is responsible for all of the firm’s finance, operations, and talent management activities. Most importantly, she focuses on ensuring the firms values are operationalized into the day-to-day culture of Silversmith. Lori received a BSE from The Wharton School of the University of Pennsylvania where she graduated magna cum laude, and her MBA with distinction from Harvard Business School.

Brian Peterson, General Partner

Brian Peterson joined Silversmith Capital Partners in 2015. At Silversmith, Brian focuses on investments across the firm’s two core verticals, Healthcare IT & Services and SaaS & Information Services. His investment experience at Silversmith includes Advanced Medical Strategies, Centauri Health Solutions, Iodine Software, LifeStance Health (Nasdaq: LFST), Market Access Transformation (acquired by Genesis Research), MediaLab, Net Health, Nordic Consulting (acquired by Bon Secours Mercy Health), and Sound Physicians. Brian graduated Phi Beta Kappa with a BBA from the Ross School of Business at the University of Michigan and received his MBA with honors as a Palmer Scholar from The Wharton School of The University of Pennsylvania.

Sri Rao, General Partner

Sri Rao joined Silversmith Capital Partners in 2015. At Silversmith, Sri focuses on investments in SaaS & Information Services, including sales, marketing, customer service and ecommerce related technology companies. His investment experience at Silversmith includes investments in ActiveCampaign, Appfire, AppHub, Constructor.io, DistroKid, Gearset, impact.com, Microblink, Northbeam, PDFTron Systems, Validity and Webflow. Sri graduated from the University of Pennsylvania with a BS from The Wharton School and a BAS from the School of Engineering and Applied Science.

Marc Munfa, Operating Partner

Marc joined Silversmith Capital Partners in 2015. At Silversmith, Marc collaborates with entrepreneurs and management teams across the Silversmith portfolio as they look to accelerate their growth. This role includes everything from honing their go-to-market strategies, building out leadership teams, completing strategic acquisitions, and preparing businesses for exit. Marc also manages lender relationships for the firm. Marc graduated from Duke University with a BA in economics and history where he graduated summa cum laude, and received his MBA from Harvard Business School.

Funds Raised

Silversmith was founded in 2015 with the mission to build a firm with a collaborative, team-based culture that is focused on partnering with and supporting the best entrepreneurs in technology and healthcare. Since then, the firm has closed three growth equity funds totaling $2.0 billion capital under management.

Fund Name Size Date
Silversmith Partners Fund IV $1.3B July 2022
Silversmith Capital Partners Fund III $880M September 2020
Silversmith Capital Partners Fund II $670M January 2018
Silversmith Capital Partners Fund I $460M August 2015

Key Investments

Absorb Software: Invested August 2017, Exited May 2021
Sector: SaaS & Information Services

SaaS-based learning management system (LMS) for business, higher education, and government/non-profit agencies.

ActiveCampaign: Invested September 2016
Sector: SaaS & Information Services

SaaS-based marketing automation platform primarily for SMBs.

DistroKid: Invested September 2018, Realization October 2021, current portfolio company
Sector: SaaS & Information Services

Digital music distribution software for independent musicians and record labels.

impact.com: Invested June 2016, Realizations July 2021 and February 2022, current portfolio company
Sector: SaaS & Information Services

SaaS platform that helps marketers automate partnerships that drive revenue.

Iodine Software: Invested November 2018, Realization November 2021, current portfolio company
Sector: Healthcare IT

Artificial intelligence-based software solutions for health systems that reduce errors and omissions in clinical documentation.

LifeStance Health: Invested February 2017, Recapitalization May 2020, IPO June 2021, current portfolio company
Sector: Healthcare Services

Provider of outpatient psychiatric and behavioral health services across the U.S.

Webflow: Invested November 2018
Sector: SaaS & Information Services

Provider of no-code software solutions that allow customers to design, build and launch applications via its proprietary platform.

Capital Responsibility

Since its founding, Silversmith Capital Partners has embraced ESG initiatives as part of its firm culture. Silversmith was founded with two mandates – to partner with the very best entrepreneurs in technology and healthcare companies as they build and grow their companies, and to do this with a values-based, collaborative team culture. The firm believes that operating from the foundation of its values of integrity, humility, teamwork and conviction allows it to hire and retain the best investors, partner with the best entrepreneurs, and provide the best returns to investors.

Culture: Silversmith believes that diversity in thought and backgrounds can be a competitive advantage and has been deliberate in establishing a culture that promotes collaboration, equality and inclusion. The firm believes it makes the best decisions leveraging all of its collective perspectives and is committed to providing development opportunities to allow everyone at the firm to perform to the best of their ability and grow into leadership positions at the firm.

Investment Strategy: As a partner to companies developing innovative technologies in the SaaS and information services and healthcare IT and healthcare services sectors, Silversmith works closely with the management teams in which it invests to support, promote and integrate ESG initiatives across their organizations. A number of Silversmith’s investments are making environmental impacts by reducing carbon footprints and improving efficiencies, as well as social impacts through healthcare-directed programs.

Partnerships: Silversmith has established formal partnerships with leading organizations that support traditionally underrepresented candidates through mentoring, educational programs, and career opportunities and supports numerous non-profit community organizations each year.

CEO Reviews

Jason VandeBoom, Founder & CEO, ActiveCampaign

“Silversmith is just different from other firms out there. They are truly founder friendly and supportive in their nature. I know a lot of people say this, but they actually live it.”

Juli Spottiswood, Chairman, Onbe

“Silversmith is more of a family. They are real people who care. They care about one another, about their founders and the people at their portfolio companies. This is rare, if not unique.”

William Chan, Founder, Iodine Software

“Jeff, Brian and the Silversmith team are highly knowledgeable investors who understand the healthcare space. Just as importantly, they are great partners, advisors, sounding boards and are always there to back you up and cheer you on. As a founder, you need that.”

Mike Owens, CEO & Founder, Absorb Software

“Silversmith set itself apart by showing me how much they understood my business and outlined a vision for the future of the company. They really understood our business model and did not just come in with a predefined playbook like others did. Jim and Marc were also truly interested in Absorb and the people at the company. I knew from our first meeting they really wanted to know about the human component to the business which was important to me.”

Randall Ward, Co-founder & CEO, Appfire

“Board rooms often house 160 IQs and egos that could double as wallpaper, but newly emerging investors like Sri Rao and his firm Silversmith Capital Partners represent a disruptive changing of the guard.”

David Yovanno, CEO, impact.com

“Silversmith has been an invaluable investment partner as we invest in sales and marketing initiatives, expand our geographic footprint, and acquire complementary technology.”

Mark Simner, TMA Systems

“We all strive to create value in the companies in which we operate, and I have found Silversmith Capital Partners transparency and insights to be refreshing. Their willingness to debate and challenge ideas is empowering and I believe leads to great outcomes. I would highly recommend Silversmith Capital Partners to any Founder, CEO or leadership team interested in fueling future growth.”

Adam Miller, Founder & CEO, Centauri

“It’s all about your reputation in this business and Silversmith has the best. The firm has been everything I could hope for in a partner.”

Mark Briggs, Chairman & CEO, Validity

“Numbers are not important to me, it’s the people who matter when it comes to an investment partner.”