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Another US investor — Activant Capital — is opening an office in Europe as the continent heats up

Earlier this week, we caught up with Steve Sarracino the founder of the growth-equity firm Activant Capital in Greenwich, Conn., We’d last talked with Sarracino back in early April of last year, as people around the world were being forced into their homes by the pandemic, and his firm was ju…

  • Posted on 31st Aug, 2021 08:56 AM
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Another US investor — Activant Capital —  is opening an office in Europe as the continent heats up Image

Earlier this week, we caught up with Steve Sarracino the founder of the growth-equity firm Activant Capital in Greenwich, Conn., We’d last talked with Sarracino back in early April of last year, as people around the world were being forced into their homes by the pandemic, and his firm was just closing its third fund with $257 million in capital commitments.

As we learned, Activant, which tends to invest in e-commerce infrastructure and payments companies, is now (according to an SEC filing), nearing a close on a fourth fund that has targeted $425 million. It has — like a growing number of other U.S. firms — also opened a new office in Berlin, headed by Max Mayer, a former investor with Global Founders Capital.

We talked a bit about Activant’s growing interest in Europe and what underlies it. We also talked about the velocity of deal-making right now and what Sarracino makes of one of the hottest trends of the year: the many roll-ups of third-party sellers on Amazon. Excerpts from that conversation follow, edited lightly for length.

TC: How long have you been investing in Europe?

SS: A long time. We’d invested in Hybris [an e-commerce company that was acquired by SAP in 2013 for $1.5 billion]. We’re also investors in NewStore [a six-year-old, Berlin- and Boston-based SaaS company that was founded by serial entrepreneur Stephan Schambach, who also founded Demandware].

We go back and forth to London all the time; it’s easy from the East Coast. But the continent is a different story. You really need to have a presence on the ground there.

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