Mainsail Partners Raises $1.535 Bn Fund VII to fund B2B Software

Mainsail Partners, a growth equity firm that invests in bootstrapped B2B software companies to help them grow into market leaders, announced the closing of its seventh flagship fund, Mainsail Partners VII, L.P., at the hard cap of $1.535 billion in limited partner capital commitments, the largest in the firm’s 22-year history.

Strong support from existing and new investors allowed Mainsail to raise the oversubscribed fund in less than 100 days, bringing the total capital commitments raised by the firm to nearly $4 billion.

The fund continues Mainsail's strategy of providing not just capital but also operational support to its portfolio companies. Mainsail's dedicated Operations Team, comprised of experienced software operators, works closely with management teams to accelerate growth, optimize go-to-market strategies, and enhance product development. This hands-on approach is designed to help companies transition from founder-led operations to scalable, sustainable businesses.

Fund VII targets investments in companies with strong unit economics, recurring revenue models, and a clear path to market leadership. By focusing on businesses that have demonstrated product-market fit and are poised for accelerated growth, Mainsail aims to build a portfolio of category-defining software companies.

Recent Investments

Mainsail Partners VII has made several notable investments:

• ChiroHD: In April 2025, Mainsail invested $26 million in ChiroHD, an Atlanta-based practice-management software provider for chiropractors. The investment aims to incorporate AI into its products and bolster customer support.

• Inn-Flow: In March 2025, Mainsail invested $45 million in Inn-Flow, a Raleigh, NC-based business management and accounting software company for hotels. The funding will support product development and customer success initiatives.

• MirrorWeb: In September 2024, Mainsail invested $63 million in MirrorWeb, a Manchester-based digital communications archiving and compliance software company. The investment will enable MirrorWeb to accelerate product development and grow its customer success organization.

These investments reflect Mainsail's commitment to supporting founder-led, bootstrapped B2B software companies across various sectors and geographies.

Target Sectors and Geographies

Mainsail Partners VII focuses on investing in B2B software companies, including vertical SaaS, FinTech, security, healthcare IT, and select horizontal SaaS solutions. The fund primarily targets companies based in the United States and Canada.

Financial Characteristics of Target Companies

Mainsail Partners VII seeks to invest in companies with the following financial characteristics:

• Annual Recurring Revenue (ARR): $4 million to $25 million

• EBITDA: Positive or near break-even

• Valuation: Typically between $50 million and $250 million

By focusing on companies with strong financial fundamentals and growth potential, Mainsail Partners VII aims to build a portfolio of category-defining B2B software companies.