The software investor, an early backer of Twitter, has enlisted leaders from Boeing, Mercedes-Benz and other global companies to guide startups as they scale up.
Insight Partners, a software startup investor, has created an advisory group of more than a dozen prominent corporate information-technology executives, charged with helping fledgling IT companies through uncertain markets.
The move, which the firm is expected to announce Friday, includes chief information officers and other IT leaders from Boeing Group AG Schneider Electric SE, Bayer AG Walgreens Boots Alliance Inc. and Zurich Insurance Group AG, among other global companies.
The Insight Partners’ Enterprise Technology Exchange, as the group is being called, launched earlier this year and is already actively engaging with startups, the firm said.
The goal is to have experienced corporate tech chiefs provide real-world guidance for software startups as they scale up, said Insight Partners Executive Vice President Elizabeth van den Berg.
“Rolling out enterprise solutions is a complex exercise,” Ms. van den Berg said. “Sharing the best practices and insights fosters a dynamic software ecosystem.”
Membership in the advisory group also has privileges for participating chief information officers. Jan Brecht, CIO at Mercedes-Benz Group, said software startups play a key role in the technology strategy. Being part of the group, he said, offers an opportunity to discover emerging software makers early in their development.
The group is expected to gather at least once a quarter to discuss emerging digital trends and disruptive technologies with startup founders. The meetings will include an in-person summit “to have deeper discussions on pressing business challenges and obtain peer input in a private and trusted setting,” Ms. van den Berg said.
Insight Partners had over $90 billion in assets under management at the end of February. Since launching in 1995 as Insight Venture Partners, the New York-based firm has invested in more than 600 companies world-wide. It was an early backer of Twitter Inc., Shopify Inc. and DocuSign Inc., among other companies. More than 55 of its lifetime portfolio startups are now publicly traded, the firm says.
On Wednesday, Insight led a $25 million Series B fundraising round for artificial intelligence startup, a Tel software maker that enables companies to develop production-ready AI tools. Only a few weeks earlier, Insight led a $41 million Series B funding round for an open-source low-code software startup that helps IT developers build internal applications.
Likewise, many accelerators, which offer boot camp-like programs for startup founders—often in exchange for equity stakes—typically provide access to industry mentors, as well as successful startup founders and other business leaders.
“One of the biggest things a mentor like this can bring is being a sounding board,” said Maëlle, chief executive officer of a Boulder, Colo.-based accelerator. “When you’re a CEO, you need a safe space that’s not your team where you are able to navigate the tough questions.”
Other venture-capital firms also have mentoring programs.
Jeff Farrah, general counsel at the National Venture Capital Association, an investor trade group, said venture-capital firms are always looking to up their support for promising startups, beyond growth capital.
“Advisory groups with technical and business experts is a way for VCs to provide stellar resources to their portfolio companies as they grow and create jobs,” Mr. Farrah said.
You must be logged in to post a comment.