At more than $71 million, a Pennsylvania firm racked up the eighth largest venture capital investment in the country for the first quarter of 2012.
iPipeline, a provider of software services to the insurance and financial services markets, is based in Exton. The investors – whose individual investments were not disclosed – are NewSpring Capital, based in Radnor, Technology Crossover Ventures of Palo Alto and Volition Capital in Boston.
TCV is the biggest player, with $7.7 billion in capital under management. iPipeline is in heady company here, joining a portfolio that includes eHarmony, Expedia, Facebook, Groupon, Netflix and Zillow, among others.
“Our goal is to assume a similar leadership position for the international insurance industry,” Tim Wallace, iPipeline's CEO, said in a statement. “Our ability to aggressively invest in customer support, product development and the expansion of our sales and marketing resources will enable us to better support the needs and success of our customers. The acquisition of companies in the U.S. and abroad and organic growth remain key components of our growth strategy.”
TCV said it planned to “help the company continue its impressive growth in North America and expand into new markets around the world.”
NewSpring is a leading provider of private equity capital to the Mid-Atlantic region and Volition Capital invests in high potential, founder-owned companies across different technology sectors, including software, Internet, information services and tech-enabled services.
All three companies are represented on iPipeline's board of directors.
Source: PriceWaterhouseCoopers/National Venture Capital Association Money Tree Report; iPipeline
Writer: Elise Vider