Summit raises $2.2B across two megafunds, and pulls in ex-CEO of SoulCycle as newest investor
While there has been a wealth of bad news the past few months in the venture capital world as firms take account of the changing macroeconomic conditions in the wake of COVID-19, that hasn’t stopped some top investment firms from continuing to raise huge piles of capital and getting bolder in their investment theses.
Case in point: Summit Partners, a venerable investor at the growth stage for startups and focused on the ecosystems in North America and Europe, has raised two new megafunds. The firm also announced that it has hired Melanie Whelan, who formerly was CEO of SoulCycle, as a new managing director. She is currently an EIR at the firm.