What Building for Ten Years Teaches You About Year Ten

PeakSpan’s 2025 Year In Review Is Here

When market conditions improved in 2025 and capital began to move faster, we didn't speed up; we sharpened our focus and operated with precision.

That might sound counterintuitive in a year when private SaaS investing split into two distinct camps: AI-native companies commanding abundant capital at premium valuations on one side, and everyone else struggling for oxygen on the other. But after ten years of building PeakSpan, we've learned that the right time to reinforce your principles is precisely when they become the exception rather than common practice.

2025 by the numbers:

• $412M in capital deployed*
• 18 investments (13 follow-ons with existing portfolio partners)
• 4 full or partial liquidity events
• 57 total portfolio partnerships
• $2.5B+ in assets under management

* Inclusive of deployed capital and pre-negotiated investment rights across all PeakSpan investment vehicles (including co-invest)

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Here's what our tenth year taught us about staying the course.

Follow-On Investments Signal Conviction, Not Convenience

We deployed $412M in capital in 2025*, with thirteen of our eighteen investments going to existing portfolio partners. We doubled down, and in some cases, even tripled down.

That concentration reflects conviction earned through years of working alongside entrepreneurs who pressure-test decisions early, execute with discipline, and build businesses that compound over time. When you know how a founder thinks through hard problems, backing them again becomes obvious.

“From the very beginning, they pushed our thinking in a constructive way and helped us view our market and business through a sharper lens.” -Casper Henningsen, Co-Founder & CEO, GetWhy

We're building relationships that span stages of company-building, and our strategic follow-on investments are the proof.

Liquidity Events Prove the Value of Early Alignment

Four meaningful exit outcomes materialized in 2025:

• Oaky was acquired by Plusgrade after sustained capital-efficient growth and five consecutive years of category recognition
• Konnecto was acquired by Partnerize (backed by Accel-KKR), extending an AI-driven vision for partnership automation
• GroupBy was acquired by Rezolve AI after doubling revenue scale and establishing leadership in AI-powered commerce search
• XOi completed a $230M strategic investment led by KKR Growth, generating partial liquidity while preserving our long-term exposure alongside a world-class partner

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Each reflected years of strategic positioning, operational focus, capital-efficient growth, and a shared commitment to durable company-building. Build businesses where strategic relevance becomes inevitable, and by the time a transaction materializes, the foundational work is already complete.

Your Platform Either Compounds or Calcifies

We built infrastructure that scales with an entrepreneur's ambition.

Platform growth in 2025:

• 450+ member PeakSpan Expert Community (PEC) of operators and practitioners
• 20+ Master Classes on best practices, operational frameworks, and playbooks for scale-up company-building
• Fourth patent awarded for our proprietary analytics, automation, and intelligence platforms (ADA, DEWEY, ANNA)
• Our Distinct Value Creation Engine delivered hands-on support to drive excellence in execution, early and often, across go-to-market strategy, AI, pricing, product, and more

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This work compounds because of what we've learned across 57 portfolio partnerships. When an entrepreneur faces a critical pricing decision or needs to augment or rebuild their go-to-market motion, we connect them with our PEC operators who've navigated the exact same inflection point. The technology backbone matters, but the real value lies in how these systems enable our team to deliver outsized impact with increasing efficiency.

People Build Generational Firms

2025 team growth:

• 8 promotions across our investing, operations, and technology
• 6 new full-time hires
• 75% of the investing team (excluding partners) started as Summer Analysts
• 3,235 applications to our Growth Equity Immersion Program (111% YoY growth)
• 19 Summer Analysts selected from 1,000+ applicants

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People are the fuel that powers the PeakSpan engine. That 75% figure matters because it reflects a deliberate choice: build from within. Develop talent over years, not months. Create continuity and amplification in how we execute our strategy, support of our portfolio entrepreneurs, and deliver on our commitment to durable value creation.

We also marked our tenth year by convening the entire team in the Dolomites for L’Altezza Chiama (“The Height Calls”), to celebrate and reflect on the climb behind us and align on the peaks ahead.

Restraint Compounds Over Cycles

When macroeconomic conditions improved, and capital started flowing freely, we held the line on alignment, capital-efficiency, strategic fit, and the ideal entrepreneur profile (IEP) that has and continues to define our portfolio partnerships. That meant not following the herd and exercising immense discipline in entering new partnerships. It meant investing more deeply in existing portfolio partners, where conviction has compounded over the years.

"What stands out most is the consistency."
Colton Seal, Founder & CEO, Routefusion

We recognize that, as a decade-old firm with $2.5B+ in assets under management, we have a commitment and responsibility: to our LP stakeholders, to our portfolio entrepreneurs and teams, and to our team, which we do not take lightly.

Recognition in 2025:

• GrowthCap Top Growth Equity Firms (third consecutive year)
• Phil Dur: GrowthCap Top Software Investors
• Matt Melymuka: GrowthCap Top 40 Under 40 Growth Investors (second consecutive year)
• Jack Freeman: GrowthCap Top 40 Under 40 Growth Investors

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The above is the result of the unwavering support of our LP stakeholders, who support our long-term vision; our portfolio entrepreneurs, who trust us with their life’s work; and our exceptional team, who execute our mission with excellence every single day.

What Comes Next

The software landscape will continue fragmenting. AI will accelerate some businesses and expose others. Market conditions will shift, capital will tighten and loosen, and investors will chase whatever narrative captures attention.

We'll keep doing what we've done for ten years: backing bold, category-defining software scale-ups led by entrepreneurs who care more about building durable businesses than capturing headlines. We will continue showing up with capital, conviction, and a platform engineered to help them scale with clarity.

Restraint means acting only when conviction is earned, and that's what Year Ten taught us and what will define the next ten.

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Read the full 2025 Year in Review