Wing Venture Capital has closed Wing Two, its USD250 million second fund.
Wing Two has the backing of universities and private foundations.
Wing is a venture capital firm devoted to early-stage, long-term company building in business technology. The firm was founded in 2013 by Gaurav Garg and Peter Wagner, two veteran venture investors whose collective body of work includes dozens of early-stage companies, 16 of which went on to achieve billion-dollar-plus outcomes following IPOs or acquisitions.
Prior to launching Wing, Garg and Wagner were partners at Sequoia Capital and Accel Partners, respectively. Notable companies they have helped build and finance include FireEye, Jasper Wireless, Redback Networks, and Nimble Storage.
“Our belief that there is a better way to build great business technology companies has been one of the primary motivations behind Wing since day one,” says Wagner. “The cornerstone of this is a thoughtful craftsmanship approach that helps start-ups get key foundational issues right before they begin scaling.”
Another core motivation is the digital transformation of business driven by the combined forces of data, mobile and cloud. This is allowing start-ups to challenge incumbents in a wide range of categories, from cyber security to AI-powered enterprise applications and cloud-native infrastructure.
“We’re witnessing the biggest platform shift yet in business technology,” says Garg. “The digital transformation of all kinds of industries is putting many billions of dollars of value in play, enabling exceptional founders to build significant new companies.”
Wing’s first fund, which was raised in 2013, has 13 core investments as well as a seed programme. The firm’s portfolio companies include Cohesity, Moogsoft, Palerra (recently acquired by Oracle), Juvo, Instart Logic, and Shape Security.