Volition Capital
UnclaimedAt a Glance
- Check Size
- $10M – $50M
- Stage
- Series B+
- AUM
- $1.5B+
- Sectors
- Enterprise, SaaS, Consumer
- Founded
- 2010
- HQ
- Boston, MA
About Volition Capital
Volition Capital was founded in 2010 by Larry Cheng, Sean Cantwell, and Roger Hurwitz as a growth equity firm with a unique focus on profitable, founder-led companies seeking their first institutional investment. Based in Boston, the firm targets bootstrapped technology companies that have already achieved product-market fit and sustainable growth without external funding. This approach allows Volition to partner with proven entrepreneurs who maintain control while accessing capital and expertise for acceleration.
The firm typically invests $10-50 million in companies generating $10-100 million in revenue, focusing primarily on enterprise software, SaaS, and technology-enabled services. Volition's investment philosophy centers on supporting founders who have built sustainable businesses through customer focus and operational discipline rather than venture funding. The team brings extensive operational experience, with partners who have held senior roles at successful technology companies and can provide strategic guidance on scaling, market expansion, and operational optimization.
Volition has achieved notable success with investments in companies like LogMeIn, Bullhorn, and Demandware (acquired by Salesforce for $2.8 billion). The firm's portfolio companies benefit from Volition's network of executives, customers, and strategic partners, as well as their expertise in areas such as sales optimization, international expansion, and acquisition strategy. With over $1.5 billion in assets under management, Volition has established itself as a leading growth equity firm serving the often-overlooked segment of profitable, founder-controlled technology companies.
Investment Thesis
“First institutional capital for bootstrapped technology companies ready to accelerate growth.”
Leadership Team
Lawrence “Larry” Cheng and Roger Hurwitz are named as executive officers on every Volition fund vehicle from Fund II in 2013 through Fund VI in 2026, and both carry the managing partner title. Sean Cantwell joins them from Fund III onward and is likewise a managing partner. Andrew Flaster appears as an executive officer on Funds II through V. The firm's team page lists four managing partners, four partners and multiple principals, a bench sized for growth-equity diligence rather than high-volume seed investing. The consistency of the signatory group across thirteen years and six funds is notable in growth equity, where partnership turnover between vintages is common, and it matches the firm's pitch of being the first institutional partner to companies that have grown without outside capital.
Sector Focus
Investment Stage
Notable Portfolio Companies
Fund History
Volition's fund program is documented in a continuous run of SEC Form D filings from its Boston office. Volition Capital Fund II, L.P. was formed in 2013, began selling that July and closed at $169 million of a $170 million offering across 111 investors. Fund III followed in July 2016, fully subscribed at $250 million from 75 investors. December 2019 brought two vehicles at once: Fund IV at $400 million, fully sold, and Volition Capital Select Fund I, a $200 million concentrated follow-on vehicle, also fully sold. Fund V was registered in November 2022 against a $650 million target, and Fund VI came to market in June 2026 with an $875 million offering, the firm's largest. Each generation has stepped up materially, taking registered commitments across Funds II through VI past $2.5 billion. Volition Capital Advisors entities serve as general partner to each fund.
SEC Fund Filings
- Vehicles filed, last 24 months
- 1
- Latest filing
Volition Capital filed a Form D for 1 fund vehicle between Sep 26, 2024 and Sep 25, 2026.
| Fund vehicle | Source |
|---|---|
| Volition Capital Fund VI, L.P. | SEC Form D, filed |
A Form D is the notice a fund files with the SEC when it raises money in a private offering. Feeder funds, parallel funds and SPVs each file their own, so the count measures filing activity, not the number of flagship funds.
Source: SEC EDGAR Form D filings for pooled investment funds, original filings only (amendments excluded). Our filing data starts Jul 1, 2024. Vehicles are matched to Volition Capital by fund name and checked against the sponsor address and named principals on each filing; offering amounts are not shown. Each “SEC Form D” link opens an EDGAR full-text search for that vehicle’s exact name, where the filing itself is listed. See every new fund filing on the Form D Radar.
Frequently Asked Questions
What stage does Volition Capital invest at?
Volition Capital primarily invests at the Series B+ stage. This means they focus on companies that are at various stages of growth.
Where is Volition Capital located?
Volition Capital is headquartered in Boston, MA. Many of their portfolio companies are also based in this region, though they invest across geographies.
What sectors does Volition Capital focus on?
Volition Capital focuses on investments in Enterprise, SaaS, Consumer. Their portfolio reflects deep expertise and networks within these sectors.
What is Volition Capital's typical check size?
Volition Capital's typical investment check size ranges from $10M to $50M. Actual amounts may vary based on the stage, sector, and specific opportunity.
How much does Volition Capital have under management?
Volition Capital manages approximately $1.5B+ in assets under management (AUM) across their funds.
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