Sverica Capital Management has made the latest in a string of investments since the rapid hard cap close of its $450m Fund V last October.
The buyout house has backed independent US Salesforce consulting partner Coastal Cloud alongside Salesforce Ventures.
Coastal Cloud was started in 2012, it says with the goal of creating a modern consulting firm focused on client outcomes, led by expert onshore consultants enjoying the flexibility of the company’s “live at the beach, work in the cloud” business model.
Sverica managing partner Jordan Richards said, “Cloud services has been a longtime focus for Sverica and now, more than ever, companies need to digitally transform the way they connect with their customers, employees, and partners.
“Coastal Cloud’s solutions not only enable their clients to succeed by deploying Salesforce’s leading technology stack, but they also provide core business processes and dashboard driven analytics to allow them to operate more efficiently and effectively.”
Sverica struck its $450m Fund V hard cap in just three months through a ‘one and done’ final close last October.
That raise put Fund V’s total well above the $275m Sverica collected for its fourth fund in 2016 – also a hard cap close.
Sverica said the vehicle would be used to continue its strategy of investing in companies that are, or have the potential to be, category leaders within their respective industries in technology, business services, healthcare and high-value industrial sectors.
Deals done since then include backing sales performance management and compliance software business Gryphon Networks and fertility clinic network In Vitro Sciences.
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