About Turn/River
Turn/River is a venture capital firm founded in 2012. It is primarily based out of San Francisco, United States. As of Jan 2026, Turn/River is an active investor, having invested in 17 companies, with 1 new investment 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 Enterprise Infrastructure and FinTech. Most recently it participated in the $***** Unattributed round of STARLIMS Technologies Overall, Turn/River portfolio has seen 11 acquisitions including key companies like Redwood, Mailgun and ActiveState. A lot of funds co-invest with Turn/River, with names like Rackspace sharing a substantial percentage of its portfolio. Turn/River has team of 59 people including 7 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
PE, Series B & 2 more
Portfolio Soonicorns
Deals in last 12 months
Turn/River's List of Top Investments
Turn/River has a portfolio of 17 companies. Their most notable investments are in TestIO and Advanced Systems Concepts.Their portfolio spans across United States, Canada, Germany and 3 more locations. They have invested in Enterprise Applications, Enterprise Infrastructure, FinTech and 6 other sectors, across stages such as PE, Series B and 2 more. Here is the list of top investments by Turn/River:1. Redwood
Platform offering business and IT process automation solutions. It helps organizations automate manual tasks, orchestrate workflows, and manage IT processes, data, and infrastructure with accuracy, and enhanced decision making. It also offers solutions including devops automation, application management, infrastructure management, report distribution, managed file transfer, incident management, and more.
Key facts about Redwood
- Founded Year: 1993
- Location: Houten (Netherlands)
- Stage: Acquired
- Total Funding till date: $383M
- Employee Count: 741 as on Mar 31, 2026
- Investors: Accolade Partners and Turn/River
- Latest Funding Round: PE, May 11, 2021, $*****
- Highlight: Acquired
2. Mailgun
Mailgun has developed an API for developing and creating online email inboxes for apps and websites. With a single API call, it can send upto 1000 personalized emails with spam and bounce handling, detailed log and analytics. With email parsing engine it manages incoming emails to filter out spams, text part seperation from HTML only emails. Webhooks can be set up to receive real time notifications. With email validation API, it programmatically catch typos in email addresses submitted by users.
Key facts about Mailgun
- Founded Year: 2010
- Location: San Francisco (United States)
- Stage: Acquired
- Total Funding till date: $51.1M
- Employee Count: 52 as on Dec 31, 2021
- Investors: Zillionize, Spider Capital and 9 Others
- Latest Funding Round: Series B, Feb 22, 2017, $*****
- Highlight: Acquired
3. Invicti
Provider of web application and API security testing and management. The company’s platform discovers websites, applications, and APIs to detect vulnerabilities. It prioritizes vulnerabilities by risk and generates remediation tactics for developers. The platform integrates dynamic and static software composition analysis, giving visibility into open-source components. It supports container image scanning and scans REST, SOAP, and GraphQL APIs.
Key facts about Invicti
- Founded Year: 2006
- Location: Austin (United States)
- Stage: Series B
- Total Funding till date: $665M
- Employee Count: 334 as on Mar 31, 2026
- Investors: Summit Partners, Turn/River and 1 Other
- Latest Funding Round: Series B, Oct 20, 2021, $*****
- Highlight: Editors' Pick
4. ActiveState
Cloud-based integrated web development and automation platform. It provides solutions that give developers and enterprises the power and flexibility to develop in Java, Ruby, Python, Perl, Node.js, PHP, Tcl using Komodo IDE, Perl Dev Kit, and Tcl Dev Kit. The features include dependency elimination, automated packaging, etc. The clients include CISCO, SIEMENS, NASA, etc.
Key facts about ActiveState
- Founded Year: 1997
- Location: Vancouver (Canada)
- Stage: Acquired
- Employee Count: 74 as on Jul 01, 2024
- Investors: Uncorrelated Ventures, Turn/River and 3 Others
- Latest Funding Round: Unattributed, Jan 29, 2021, $*****
- Highlight: Acquired
5. TestIO
TestIO (formerly TestCloud) is an app testing company primarily targeting mobile app testing market which offers crowdsourced testing from its network of testers and as an option; also provides SaaS platform for developers a test management system to go with their own crowd of colleagues or preferred testers as well as automated testing. The company offers exploratory testing, test cases, usability testing, and security testing. Using testCloud’s platform, software development and QA departments can enhance their reach to 11k+ strong network of real-world testers with all types of end devices and operating systems while being able to shorten the testing period.
Key facts about TestIO
Turn/River's Year-on-Year Investment Trends
Turn/River has invested in 23 companies over the last 11 years, with an average of 1 new investment annually in the last 10 years. As of Jan 2026, it has made 1 investment in this year. Its most recent first time investment was in STARLIMS Technologies.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 1 | 0 | 1 |
2025 | 0 | 0 | 0 |
2024 | 0 | 0 | 0 |
2023 | 0 | 0 | 0 |
2022 | 0 | 0 | 0 |
2021 | 3 | 0 | 3 |
2020 | 1 | 0 | 1 |
2019 | 1 | 0 | 1 |
2018 | 1 | 0 | 1 |
2017 | 1 | 0 | 1 |
Turn/River's Investments by Stage
Turn/River has made 3 investments in PE stage with an average round size of $383M, 3 investments in Series B stage with an average round size of $233M, 2 investments in Series A stage with an average round size of $5M and 2 investments in Unattributed stage.Stage of entry | No. of Investments |
|---|---|
PE | 3 |
Series B | 3 |
Series A | 2 |
Unattributed | 2 |
Note: We have considered here, only first round of investments
Turn/River's Investments by Sector
Turn/River has a diverse portfolio, with companies operating in the Enterprise Applications, Enterprise Infrastructure, HealthTech, Vertical SaaS and Business Services. Notably, it has invested in 16 Enterprise (B2B) companies, 16 Tech companies, 13 Software companies and 12 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 9 |
Enterprise Infrastructure | 5 |
HealthTech | 2 |
Vertical SaaS | 2 |
Business Services | 1 |
Others | 3 |
Note: We have considered here, only first round of investments
Turn/River's Investments by Geography
Turn/River has made most investments in United States (5), followed by Canada where it has made 1 investment.Country | No. of Investments |
|---|---|
United States | 5 |
Canada | 1 |
Germany | 1 |
Israel | 1 |
Netherlands | 1 |
Others | 1 |
Note: We have considered here, only first round of investments
Turn/River's recent investments
Turn/River has made 1 investments in 2026 so far - STARLIMS Technologies.Here are the most recent investments by Turn/River:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jan 15, 2026 | Israel | Unattributed | 4542 | - | |
Oct 20, 2021 | United States | Series B | 4849 | ||
May 11, 2021 | Netherlands | PE | 8300 | - | |
Jan 29, 2021 | Canada | Unattributed | 2436 | - | |
Feb 18, 2020 | Romania | PE | 8219 | - |
Acquired companies in Turn/River's Portfolio
11 companies from Turn/River's portfolio have been acquired. The most recent acquisition were PairSoft in Dec 2025 by TA.Here are Turn/River's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Dec 17, 2025 | - | - | 8383 | |
Sep 10, 2024 | May 11, 2021 | PE | 4779 | |
Feb 16, 2024 | Feb 18, 2020 | PE | 5484 | |
Nov 07, 2023 | Jan 29, 2021 | Unattributed | 8180 | |
Apr 11, 2023 | - | - | 6359 |
Team profile of Turn/River
Turn/River has a team of 59 members including 7 Partners and 21 Principals located in United States. Turn/River's team does not sit on the board of any company as of now.Here is a list of top team members in Turn/River:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | San Francisco | - | ||
Partner | San Francisco | - | ||
Partner | San Francisco | - | ||
Partner | San Francisco | - | ||
Partner | Oakland | - | ||
Partner | San Francisco | - | - | |
Partner | Menlo Park | - | ||
Principal | San Francisco | - | ||
Principal | San Francisco | - | ||
Principal | San Francisco | - | ||
Principal | San Francisco | - |
Co-investors of Turn/River
Over the past 11 years, 12 investors have co-invested in Turn/River's portfolio companies. This includes funds and angels.
- Invested before Turn/River: Zillionize, Y Combinator and 7 others have invested in rounds before Turn/River. There is 1 company where Zillionize has invested before Turn/River and 1 company where Y Combinator has invested before Turn/River.
- Top Co-investors of Turn/River: 3 investors entered a company along with Turn/River. These include investors like Rackspace (1 company).
Recent News related to Turn/River
•
StarLIMS Receives Strategic Investment From Turn/River CapitalFinSMEs•Jan 15, 2026•Turn/River, STARLIMS Technologies, Simpson Thacher, Kirkland & Ellis and 2 others
•
PairSoft Announces Majority Growth Investment from TA AssociatesBakersfield•Dec 17, 2025•Turn/River, TA, PairSoft
•
Paessler GmbH Appoints Jason Teichman as CEO to Drive Next Phase of GrowthPR Newswire•Sep 30, 2025•Turn/River, Paessler
•
SolarWinds Acquired by Turn/River Capital for $4.4 BillionAPMdigest•Apr 17, 2025•SolarWinds, Turn/River
•
•
Turn/River Capital’s $2.5 Billion Closing of Fund VIGlobal Legal Chronicle•Apr 07, 2025•Turn/River, Kirkland & Ellis
•
•
TurnRiver Capital Closes Oversubscribed $2.5 Billion Fund VIBusiness Wire•Mar 19, 2025•Turn/River, Redwood, Vista Equity Partners
•
SolarWinds acquired by Turn/River Capital for $4.4bnTahawulTech.com•Feb 15, 2025•SolarWinds, Turn/River, Goldman Sachs, Jefferies and 6 others
•
Turn/River to take IT management software firm SolarWinds private in $4.4bn dealPrivate Equity Wire•Feb 10, 2025•SolarWinds, Turn/River
