Volition Capital
Volition Capital is a Boston-based growth equity firm that invests $10M–$50M into founder-owned, profitable or near-profitable North American technology and consumer companies with $5M–$50M in revenue, managing over $1.7 billion across three funds.
- Company typePrivate
- Founded2010
- HeadquartersBoston, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Volition Capital does
Volition Capital is a Boston-based growth equity firm founded in January 2010 as a spinout of the U.S. operations of Fidelity Ventures. The firm invests $10 million to $50 million of minority equity into founder-owned, typically profitable or near-profitable technology and consumer companies generating between $5 million and $50 million in revenue, with a geographic focus on North America. Volition's capital base consists of three flagship vehicles: Volition Capital Fund IV, L.P. ($400M, closed December 2019), the dedicated Select Fund I, L.P. ($200M, closed December 2019) for follow-on investments in existing peak performers, and Volition Capital Fund V, L.P. ($675M, closed January 2023), giving the firm over $1.7 billion in assets under management as of 2026. Limited partners are drawn from endowments, foundations, hospitals, pensions, and family offices.
The firm's product platform is a fund-and-services architecture combining primary growth equity capital, follow-on capital, and post-investment operating support. Beyond the funds, Volition offers portfolio companies access to a Strategic Advisory Board of senior operating executives (including former HubSpot CFO JD Sherman), dedicated Operating Partners in finance (Steve Shaffer) and talent (Chris Fahey), and active board representation. The firm runs a substantial content operation including the Scaling Success podcast, Flash Feedback pitch deck review series, Founder Stories video series, and a Rule of 40 Index publication, all positioned as founder education and proprietary deal-sourcing channels. The structured pitch-deck submission portal at volitioncapital.com is the primary inbound deal-intake mechanism.
Volition earns revenue through two primary streams: recurring management fees on committed and invested capital across its three main funds, and carried interest (profit participation) on portfolio company exits. Marquee realizations include Chewy.com (Volition was the first institutional investor with $15M in 2013; sold to PetSmart for $3.35B in 2017 and IPO'd at ~$11B in 2019), Creatio (unicorn at $1.2B after $200M round led by Sapphire Ventures in 2024, with Volition participation), Securonix (>$1B growth round led by Vista Equity Partners), Connatix (exit to Court Square Capital), and VisualIQ (exit to Nielsen). The firm has received repeated GrowthCap recognition, including Top Growth Equity Firm of 2025, and Managing Partners Sean Cantwell and Roger Hurwitz have been individually named Top Software Investors in both 2024 and 2025.
Volition Capital firmographics
Firmographics- Name
- Volition Capital
- Legal name
- Volition Capital LLC
- Website
- http://www.volitioncapital.com
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Volition Capital is a Boston-based growth equity firm that invests $10M–$50M into founder-owned, profitable or near-profitable North American technology and consumer companies with $5M–$50M in revenue, managing over $1.7 billion across three funds.
- Ownership category
- akta.pro rank
Volition Capital industry classification
Industry- Product category
- Growth Equity / Private Equity Investment Management
- NAICS
- Other Financial Investment Activities (5239)
- SIC
- Investors, Nec (6799)
- akta.pro primary industry
- Late-Stage Venture Capital (Series C+) (FSANAAAC)
Keywords
Where Volition Capital is headquartered
LocationHeadquarters
- HQ city
- Boston
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Volition Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Growth Equity Fund Management Fees: Volition earns recurring management fees on committed and invested capital across its main growth equity funds (e.g., Volition Capital Fund IV at $400M, Fund V at $675M) and a parallel Select/follow-on fund for peak performers. As of 2026, the firm manages over $1.7 billion in assets under management.
- Carried Interest on Realized Exits: Profit participation on portfolio company exits and liquidity events, including historic exits such as Chewy.com (acquired by PetSmart for $3.35B in 2017 and later taken public at ~$11B), Connatix (sold to Court Square Capital), VisualIQ (sold to Nielsen), and Securonix ($1B+ growth investment led by Vista Equity Partners).
- Strategic Advisory & Operating Partner Engagements: Operating Partner engagements and Strategic Advisory Board involvement provide portfolio companies with executive coaching, board-building, finance leadership (e.g., Steve Shaffer — Finance Corner), and talent support (Chris Fahey, SVP of Talent) — value-added services that support the core equity investing business.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Growth equity minority investments typically ranging $10M–$50M per portfolio company, with additional follow-on capital from the dedicated Select fund for highest-performing portfolio companies. |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels10 records
Volition Capital product offering
Product offeringCore offering
Volition Capital is a Boston-based growth equity firm that invests $10M–$50M of minority equity into high-growth, founder-owned U.S. and North American technology and consumer companies typically generating $5M–$50M in revenue. The firm manages over $1.7 billion in assets under management across its main growth equity funds (Fund IV, Fund V) and a dedicated Select follow-on opportunity fund, and pairs capital with operating-partner support, a Strategic Advisory Board of executives, and ongoing thought-leadership content for founders.
Product overview
Volition Capital is not a software/SaaS company but a Boston-based growth equity firm that provides capital and operational support as its core offering. Its product architecture is a platform-plus-modules model consisting of (1) main growth-equity funds (Volition Capital Fund IV, L.P. and Volition Capital Fund V, L.P.) that deploy primary capital into high-growth, founder-owned technology companies, (2) a follow-on / opportunity fund (Volition Capital Select Fund I, L.P.) for late-stage investments into existing portfolio "peak performers," (3) the Strategic Advisory Board service that pairs portfolio founders with seasoned executives for guidance, (4) the Flash Feedback pitch deck review content series and Pitch Deck Submission intake form that act as deal-flow and founder-education touchpoints, and (5) content series such as the Scaling Success podcast (hosted by Managing Partner Sean Cantwell) and Finance Corner (from Operating Partner Steve Shaffer) that support founders and finance leaders across the portfolio. Together, these offerings form a single integrated growth-equity platform combining primary capital, follow-on capital, and post-investment support services rather than a unified technology product.
Differentiator
Problem solved
Functional benefit
Products and services
- Volition Capital Fund IV, L.P.
- Volition Capital Fund V, L.P.
- Volition Capital Select Fund I, L.P.
- Strategic Advisory Board
- Pitch Deck Submission / Flash Feedback Form
- Scaling Success Podcast
Quantifiable outcome
- Over $1.7 billion in assets under management (as of 2026)
- +7 more outcomes
Companies that use Volition Capital
Customer profileNamed customers13 records
Ideal customer profiles2 records
Volition Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Volition Capital partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered major and moderate.
- LinkbymajorLinkby, a performance PR platform, raised $15 million from Volition Capital (July 2025) to strengthen its leadership position. Volition Managing Partner Larry Cheng has championed the creator-economy thesis around Linkby, including the firm's 'Why We Invested' thesis post.
- Deloitte DigitalmajorStrategic alliance partner with Creatio (a Volition portfolio company), part of 250 new partnerships Creatio formed in 2024 including strategic alliances with Deloitte Digital, Accenture, and Coforge.
- AccenturemajorStrategic alliance partner with Creatio (a Volition portfolio company), part of 250 new partnerships Creatio formed in 2024 alongside Deloitte Digital and Coforge.
- CoforgemoderateStrategic alliance partner with Creatio (a Volition portfolio company), part of 250 new partnerships Creatio formed in 2024 alongside Deloitte Digital and Accenture.
- Fidelity Growth Partners EuropemoderatePer the 2010 spinout agreement, Volition Capital and Fidelity Growth Partners Europe (the European venture investment arm of Fidelity International) jointly manage six European portfolio companies originally developed while Volition's principals were at Fidelity Ventures.
- JD ShermanmajorVolition Capital Strategic Advisory Board Member. Former CFO of HubSpot and former CFO of Charles River Associates. Authored Volition's 'Working With Your Board' thought leadership piece (September 2025) and spoke at Volition Capital's Annual 2025 Leadership Summit.
Scale indicators8 records
Recent moves8 records
Expansion highlights6 records
Volition Capital competitors and assessment
Company assessmentDirect peers
- TA Associates: Boston-based growth equity firm investing $10M-$200M into profitable, founder-owned technology, consumer, and healthcare companies — virtually the same mandate and check-size band as Volition Capital, with a comparable Boston DNA.
- Summit Partners: Boston-headquartered growth equity and venture investor backing profitable or near-profitable technology, healthcare, and consumer companies with similar minority-growth-equity structures to Volition's Fund IV/V model.
- Insight Partners: Large-scale growth equity investor focused on high-growth technology and software businesses — overlapping target market and stage, though typically writing larger checks than Volition's $10M-$50M range.
- General Atlantic: Global growth equity firm providing capital and strategic support to growth-stage companies, with significant overlap in software/consumer investments — though larger check sizes and global reach than Volition.
- JMI Equity: Baltimore-based growth equity firm investing in founder-owned software, internet, and tech-enabled services businesses — directly comparable in check size ($10M-$50M+), stage, and sector focus to Volition Capital.
- Edison Partners: Growth equity firm investing $10M-$50M into high-growth, profitable technology-enabled businesses; Volition has even co-invested alongside Edison Partners in Recycle Track Systems, indicating direct relationship and shared market.
- Accel-KKR: Growth equity firm focused on majority and minority investments in middle-market software and technology-enabled services — overlapping with Volition's software/tech-enabled services mandate at similar revenue and check-size bands.
- Sapphire Ventures: Growth-stage venture and equity investor focused on enterprise technology companies; led Creatio's $200M round at a $1.2B unicorn valuation in which Volition participated — directly comparable in stage and software focus.
Broad incumbents
- Bain Capital Tech Opportunities: Bain Capital's growth-equity strategy focused on technology companies across stages — larger, broader platform that competes with Volition in the upper end of its check-size range and at later stages.
- Vista Equity Partners: Large enterprise-software-focused private equity firm that led Securonix's $1B+ growth investment in 2022 — a Volition portfolio exit — competing in the same SaaS/enterprise software segment at a much larger scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Volition Capital social profiles
Digital presenceVolition Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Volition Capital leadership team
Management profileNumber of profiles
Profiles13 records
Volition Capital subsidiaries and ownership
Company hierarchySubsidiaries34 records
Volition Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Volition Capital M&A and investment
M&A and investmentM&A
Investments97 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Volition Capital
What does Volition Capital do?
Volition Capital is a Boston-based growth equity firm that invests $10M–$50M of minority equity into high-growth, founder-owned U.S. and North American technology and consumer companies typically generating $5M–$50M in revenue. The firm manages over $1.7 billion in assets under management across its main growth equity funds (Fund IV, Fund V) and a dedicated Select follow-on opportunity fund, and pairs capital with operating-partner support, a Strategic Advisory Board of executives, and ongoing thought-leadership content for founders.
Is Volition Capital a public or private company?
Volition Capital is a private company. It is classified as management employee owned and is currently operating.
When was Volition Capital founded?
Volition Capital was founded in 2010. It employs 11 to 50 people.
Where is Volition Capital based?
Volition Capital is headquartered in Boston, United States, in the North America region.
How does Volition Capital make money?
Three revenue lines are on record. Growth Equity Fund Management Fees are the primary driver. The others are carried Interest on Realized Exits and strategic Advisory & Operating Partner Engagements.
Who are Volition Capital's main competitors?
Direct peers on record are TA Associates, Summit Partners, Insight Partners, General Atlantic, JMI Equity, Edison Partners, Accel-KKR and Sapphire Ventures. Broad incumbents are Bain Capital Tech Opportunities and Vista Equity Partners.
Does Volition Capital have an API?
No public API is recorded for Volition Capital.
What industry is Volition Capital in?
Volition Capital's product category is Growth Equity / Private Equity Investment Management. Its primary akta.pro industry code is FSANAAAC, Late-Stage Venture Capital (Series C+). Its NAICS code is 5239 and its SIC code is 6799.