Summit Raised Two Megafunds and Named Melanie Whelan Managing Director
Summit Partners has raised over $2.2 billion for two new mega-funds and named Melanie Whelan, the former CEO of SoulCycle, as its new managing director, according to TechCrunch.
Summit raised a $1 billion growth equity fund and a €1.1 billion ($1.24 billion) fund targeting startups in North America and Europe respectively.
The funds will focus on growth equity-style investments, the company said. North American startups will have a check size of between $10 million and $60 million, while European startups will have a slightly larger size. The firm’s recent investments include cybersecurity platform RiskIQ, workflow automation startup AppWay, consumer bedding brand Brooklinen, etc.
Summit announced Melanie Whelan, who joined the firm as an Executive-in-Residence (EIR) in February, as its new managing director focusing on “high-growth consumer and technology-enabled services.”
Whelan joined SoulCycle as COO in 2012 and then served as CEO from 2015 to the end of 2019. There, she worked to expand the market and make the brand go public.
Summit has managed $21 billion with its 100 employees.