About Activant Capital
Activant Capital is a venture capital firm founded in 2015. It is primarily based out of Greenwich, United States. As of Sep 2026, Activant Capital is an active investor, having invested in 81 companies, with 8 new investments in the last 12 months. It primarily invests in Series B round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Retail and FinTech. Most recently it participated in the $***** Series A round of Limetax Overall, Activant Capital portfolio has seen 10 unicorns, 2 IPOs and 17 acquisitions including key companies like Airwallex, SAP and Indigo. A lot of funds co-invest with Activant Capital, with names like Goldman Sachs sharing a substantial percentage of its portfolio. Activant Capital has team of 14 people including 6 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Series B & 5 more
Portfolio Soonicorns
Activant Capital's List of Top Investments
Activant Capital has a portfolio of 81 companies, including 10 unicorns. Their most notable investments are in Celonis and Bolttech.Their portfolio spans across United States, Germany, Brazil and 11 more locations. They have invested in Enterprise Applications, Retail, FinTech and 20 other sectors, across stages such as Series A, Series B and 5 more. Here is the list of top investments by Activant Capital:1. Airwallex
Provider of financial infrastructure for processing payments and managing treasury. This platform enables businesses to accept payments, issue corporate cards, and manage expenses through integrated software. It facilitates currency conversion, international fund transfers, and automated billing processes. The system provides application programming interfaces for embedding financial services into other software products. It supports account management, payout distribution, and reconciliation workflows for commercial operations.
Key facts about Airwallex
- Founded Year: 2015
- Location: Melbourne (Australia)
- Valuation: $*****
- Stage: Series H
- Total Funding till date: $1.9B
- Employee Count: 2,947 as on Sep 30, 2026
- Investors: T. Rowe Price, Baillie Gifford and 52 Others
- Latest Funding Round: Series H, Jun 25, 2026, $*****
- Highlight: Editors' Pick
2. SAP
Provider of business applications, technology, and cloud enterprise resource planning. It offers a suite of solutions for financial, spend, and supply chain management. The company provides human capital and customer experience management tools. It delivers a business technology platform and transformation management software. The company offers sustainability and business network solutions.
Key facts about SAP
- Founded Year: 1972
- Location: Walldorf (Germany)
- Annual Revenue: €1B+ as on Dec 31, 2025
- Stage: Public
- Employee Count: 147,604 as on Sep 30, 2026
- Investors: Elliott Management, Triodos Investment Management and 13 Others
- Latest Funding Round: Grant (prize money), Nov 01, 2022, $*****
- Highlight: Public
3. Indigo
Provider of biological and sustainability solutions for the agriculture industry. The company offers biological products that harness the plant microbiome to protect crops. It also provides sustainability programs that help scale sustainable practices. These solutions aim to reduce emissions, conserve water, and improve farm profitability.
Key facts about Indigo
- Founded Year: 2013
- Location: Boston (United States)
- Valuation: $*****
- Stage: Series G
- Total Funding till date: $1.4B
- Employee Count: 1,322 as on Aug 31, 2026
- Investors: InvestX, Baillie Gifford and 26 Others
- Latest Funding Round: Series G, Sep 15, 2023, $*****
- Highlight: Editors' Pick
4. Bolttech
Provider of digital infrastructure for embedding insurance into customer journeys. This platform enables businesses to integrate protection products directly into existing sales processes through application programming interfaces. It facilitates product configuration, underwriting, and policy administration for various sectors including retail, telecommunications, and financial services. The technology supports the lifecycle of insurance programs by connecting insurers with distribution channels to manage quotes, claims, and servicing requirements.
Key facts about Bolttech
- Founded Year: 2020
- Location: Singapore (Singapore)
- Annual Revenue: SGD 1M - 10M as on Dec 31, 2024
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $640M
- Employee Count: 1,103 as on Aug 31, 2026
- Investors: Khazanah Nasional Berhad, Baillie Gifford and 22 Others
- Latest Funding Round: Series C, Jun 04, 2025, $*****
- Highlight: Editors' Pick
5. VTEX
Provider of SaaS-based collaborative commerce solutions for brands and retailers. The platform offers a proprietary cloud-based platform and tools to manage products, content, user experience, checkout, logistics, merchandising, marketing, order management, personalized promotion, multiple fulfillment options, and more. The company also offers an omnichannel solution with features including an order management system, content management system, logistics, inventory, pricing and campaign management, and more.
Key facts about VTEX
- Founded Year: 2000
- Location: New York City (United States)
- Stage: Public
- Total Funding till date: $365M
- Employee Count: 2,144 as on Sep 30, 2026
- Investors: Lone Pine Capital, Riverwood Capital and 8 Others
- Latest Funding Round: Series D, Sep 28, 2020, $*****
- Highlight: Public
Activant Capital's Year-on-Year Investment Trends
Activant Capital has invested in 81 companies over the last 13 years, with an average of 6 new investments annually in the last 10 years. In 2025, it made 17 investments, while as of Sep 2026, it has made 7 investments in this year. Its most recent first time investment was in Limetax and most recent follow-on round was in Stuut.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 5 | 2 | 7 |
2025 | 14 | 3 | 17 |
2024 | 6 | 1 | 7 |
2023 | 3 | 2 | 5 |
2022 | 7 | 5 | 12 |
2021 | 11 | 7 | 18 |
2020 | 4 | 4 | 8 |
2019 | 4 | 0 | 4 |
2018 | 1 | 2 | 3 |
2017 | 3 | 1 | 4 |
Activant Capital's Investments by Stage
Activant Capital has made 22 investments in Series A stage with an average round size of $34.8M, 18 investments in Series B stage with an average round size of $40.5M and 9 investments in Seed stage with an average round size of $6.25M.Stage of entry | No. of Investments |
|---|---|
Series A | 22 |
Series B | 18 |
Seed | 9 |
Series C | 7 |
Series D | 5 |
Others | 2 |
Note: We have considered here, only first round of investments
Activant Capital's Investments by Sector
Activant Capital has a diverse portfolio, with companies operating in the Enterprise Applications, FinTech, Vertical SaaS, Consumer and Retail. Notably, it has invested in 77 Tech companies, 65 Enterprise (B2B) companies, 52 Software companies and at least 43 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 42 |
FinTech | 22 |
Vertical SaaS | 19 |
Consumer | 12 |
Retail | 12 |
Others | 64 |
Note: We have considered here, only first round of investments
Activant Capital's Investments by Geography
Activant Capital has made most investments in United States (44), followed by Germany where it has made 6 investments.Country | No. of Investments |
|---|---|
United States | 44 |
Germany | 6 |
United Kingdom | 3 |
Australia | 1 |
Brazil | 1 |
Others | 8 |
Note: We have considered here, only first round of investments
Activant Capital's recent investments
Activant Capital has made 7 investments in 2026 so far. Limetax and Stuut are the latest among them.Here are the most recent investments by Activant Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Sep 09, 2026 | Germany | Series A | 9701 | [+3] | |
Sep 03, 2026 | United States | Series B | 4191 | [+2] | |
Jul 14, 2026 | United Kingdom | Series A | 2802 | [+6] | |
Jul 09, 2026 | Germany | Seed | 9508 | [+2] | |
Jun 23, 2026 | New Zealand | Series B | 6626 | [+4] |
Unicorns in Activant Capital's Portfolio
Activant Capital has 10 unicorns in its portfolio - Owner, Tines, Tridge and others. The most recent unicorn in their portfolio is Owner. It became a unicorn in 2025, 1 years after Activant Capital first invested in it.Here is a list of unicorns in Activant Capital's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
72 | AI-powered platform for restaurant online ordering, marketing, and customer loyalty | 2019 | Palo Alto | Series D | zbwnllc | ||
70 | Developer of software for automating workflows and orchestrating technical tasks | 2018 | Dublin | Series C | yzived{ | ||
49 | B2B platform connecting buyers and suppliers in the food, agriculture, and marine sectors | 2015 | Seoul | Series D | tdovnpt | ||
53 | Online platform offering multi-category grocery products | 2021 | Luxembourg | Series D | pbgcqct | ||
77 | Provider of digital infrastructure for embedding insurance into customer journeys | 2020 | Singapore | Series C | wmpdrzv |
IPOs and Publicly Listed companies in Activant Capital's Portfolio
2 of Activant Capital's portfolio companies have become public. VTEX got listed on the New York Stock Exchange (NYSE), in Jul 2021 at marketcap of $1.36B and SAP got listed on the New York Stock Exchange (NYSE) at marketcap of $50B.Here are Activant Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 21, 2021 | - | - | 6319 | |
Aug 03, 1998 | - | - | 3458 |
Acquired companies in Activant Capital's Portfolio
17 companies from Activant Capital's portfolio have been acquired. The most recent acquisition was Metronome in Jan 2026 by Stripe for $*****.Here are Activant Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jan 15, 2026 | Feb 25, 2025 | Series C | 1392 | |
Jun 24, 2025 | May 31, 2023 | Series B | 5884 | |
Apr 17, 2025 | May 20, 2020 | Series B | 5074 | |
Jun 27, 2024 | May 26, 2020 | Series A | 3799 | |
Nov 01, 2023 | - | - | 9537 |
Team profile of Activant Capital
Activant Capital has a team of 14 members including 6 Partners and 3 Principals located in United States, United Kingdom and 2 more locations. Activant Capital's team does not sit on the board of any company as of now.Here is a list of top team members in Activant Capital:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Greenwich | - | ||
Partner | New York | - | ||
Partner | Berlin | - | ||
Partner | London | - | ||
Partner | Cape Town | - | ||
Partner | New York | - | - | |
Principal | New York | - | ||
Principal | New York | - | - | |
Principal | New York | - |
Co-investors of Activant Capital
Over the past 13 years, 730 investors have co-invested in Activant Capital's portfolio companies. This includes funds and angels.
- Invested before Activant Capital: Sequoia Capital, Andreessen Horowitz and 304 others have invested in rounds before Activant Capital. There are 3 companies where Sequoia Capital has invested before Activant Capital and 3 companies where Andreessen Horowitz has invested before Activant Capital.
- Top Co-investors of Activant Capital: 244 investors entered a company along with Activant Capital. These include investors like Goldman Sachs (3 companies).
- Invested after Activant Capital: A total of 180 investors have invested in Activant Capital's portfolio after their investments. Top Investors include American Express (3 companies), Goldman Sachs (3 companies) and Baillie Gifford (2 companies).
Recent News related to Activant Capital
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Velocity Raises $38 Million to Expand Stablecoin Treasury PlatformVentureburn•Jul 14, 2026•Capital One Ventures, QED Investors, Activant Capital, FirstMark and 5 others
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Trinio Raises R$32 Million in Seed Round Led by Hi VenturesBaguete•May 27, 2026•Latitud, Hi Ventures, Gilgamesh, Caravela Capital and 1 other
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Adapt Raises $10M Seed to Become the AI Computer for BusinessAiThority•Jan 30, 2026•Headline, Activant Capital, Adapt, Cox Exponential and 2 others
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Airwallex raises USD $330m, sets dual HQ in San FranciscoCFOtech•Jan 07, 2026•Lingotto, Addition, T. Rowe Price, TIAA and 3 others
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FINNY Secures $17M Led by Venrock for AI Advisor Prospecting PlatformCrowdfund Insider•Dec 20, 2025•Venrock, Finny, Maple VC, Y Combinator and 11 others
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Airwallex acquires majority stake in PT Skye Sab IndonesiaMarkettech Apac•Dec 10, 2025•Skye Sab Indonesia, Airwallex, Activant Capital, Lingotto
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Airwallex Secures $498M Series G Funding, Valuation Soars to $12BSmartCompany•Dec 09, 2025•Addition, Airwallex, Robin Hood Ventures, TIAA and 3 others
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Airwallex Secures $330M Series G Funding Round Led by AdditionStartupNews•Dec 08, 2025•Addition, Airwallex, Salesforce, and 13 others
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Stuut Technologies Secures $29.5 Million Series A to Advance Autonomous Accounts Receivable AutomationPulse 2.0•Nov 20, 2025•Stuut, Vesey Ventures, Page One Ventures, Carya and 6 others
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Cardless Secures $60M Series C Funding Led by Spark Capital,Partners With Coinbase & Bilt To Transform Credit Card IndustryFinancial IT•Sep 22, 2025•Anthropic, Bilt Rewards, Cardless, Industry Ventures and 5 others
