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Austin Ventures spinout Tritium Partners targets inaugural growth equity fundraise

31 Jan 2014

US growth investment firm Tritium Partners, launched last year by a pair former Austin Ventures executives, is seeking to raise its first fund in 2014, according to Buyouts.

Tritium focuses on internet & media, supply chain & logistics, and business & financial services.

It was co-founded by former Austin Ventures partners Phil Siegel and David Lack, who have invested in the growth equity space together since 1999, deploying over $625m of capital.

Representative investments by the Tritium team include HomeAway, RetailMeNot, ReTrans, Vovici and CreditCards.com.

On the firm’s website it said, “While the name on the door is new, the knowledge base, network and partnership philosophy of the team has remained unchanged. Their historical investment approach continues to guide their priorities.”

Siegel was formerly a general partner at Austin Ventures where he spent 14 years helping to launch and build the growth equity practice alongside Lack, who was at the firm 11 years. The pair are joined by principal Brett Shobe, who also joined from Austin Ventures.

In November 2013 nnounced that it has made an undisclosed financial commitment to launch a new growth-oriented acquisition vehicle in the internet services sector. Cliff Sharples, an industry veteran, will lead the venture as CEO.  Tritium said it was “actively evaluating” numerous acquisition opportunities in the Internet and online media services markets.

“We are excited about our partnership with Cliff and his team to help identify founders who have the same passion for building a leading, high-growth company in the media and Internet services space,” said Siegel. “We believe that there is a great opportunity to leverage our team’s knowledge from over a decade of successful investing in Internet growth companies, to help Cliff and his team launch their new Internet and media company.” Tritium’s principals have previously led large Internet acquisition initiatives and expect the capital commitment to Sharples and team to be comparable to those investments.

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