Global investment firm Battery Ventures has successfully closed its latest fund, Battery Ventures XV, at $3.25 billion, defying a challenging fundraising climate for the venture capital industry. The fund, secured in a remarkably swift four-month period, demonstrates significant and unwavering investor confidence in the firm's established, technology-focused strategy. This achievement signals stability and continued conviction in software and enterprise technology, even amidst widespread market uncertainty and rapid technological shifts.
Navigating a Cautious Venture Landscape
In a market where many firms are facing significant headwinds and longer fundraising cycles, Battery's ability to raise a fund comparable in size to its 2022 predecessor is a notable accomplishment. A remarkable 80% of the capital came from existing limited partners, a powerful endorsement of the firm's consistent performance and strategic direction. This deep-seated loyalty is underpinned by an impressive track record that includes generating over $10 billion in liquidity for investors in the last five years alone.
The firm's recent success is further highlighted by its 15 announced exit events in 2025, a testament to its stage-diversified approach that spans from early ventures to buyouts. This ability to realize returns in a muted exit environment has likely accelerated investor commitments and solidified its reputation. By maintaining its fund size rather than contracting, Battery sends a clear message of its intent to continue investing actively through the current market cycle.
Embracing AI as a Generational Opportunity
Battery Ventures views the rise of artificial intelligence not as a threat to existing software models but as one of the most consequential eras in technology history. General Partner Michael Brown emphasized that the firm is well-suited to capitalize on this moment, dismissing recent software stock selloffs as a market overreaction. The firm’s leadership believes established software companies are already adapting by integrating AI into their core products, reshaping business models, and altering pricing structures.
The firm's strategy involves investing across the software application and infrastructure layers, including AI, developer tools, and cybersecurity, while carefully avoiding direct competition with foundational model builders like OpenAI. This nuanced approach allows Battery to support the enabling technologies and applications that will be built upon new AI platforms. It reflects a deep understanding of the evolving tech stack and where sustainable value can be created in the long term.
A Diversified Global Investment Mandate
The new capital will be deployed across all investment stages, from early-stage ventures to growth equity and buyouts, continuing the firm's flexible mandate. Battery will maintain its focus on key sectors, including application and infrastructure software, industrial technology, and life-science tools where digital transformation is still accelerating. The firm's investment activities will span its core geographies of the United States, Europe, and Israel, leveraging its global team and recently expanded London office.
Operating since 1983, the firm employs a collaborative, research-driven investment style from its offices in the U.S., London, and Tel Aviv. This flexible, stage-agnostic approach has enabled it to navigate multiple market cycles and build an impressive portfolio of over 530 companies. Its investments in category-defining businesses like Databricks, Shopify, and Coinbase illustrate the breadth of its impact on the technology landscape.
The closing of Battery Ventures XV serves as a powerful statement of confidence in the enduring value of technology and software innovation. By leaning into market shifts with a clear thesis on AI and maintaining a long-term, diversified strategy, the firm is positioning itself to fund the next wave of category-defining companies. This successful fundraise ultimately underscores that even in a cautious market, significant capital flows toward proven investors with a clear and compelling vision for the future.