Fund Focused on Bootstrapped Founders Raises $950 Million

There’s certainly a frenzy among venture capitalists to back the hottest startups before they’ve made a dime of revenue, but one fund is sticking to a proven strategy of investing in startups that have generated at least millions in revenue—often without raising any institutional money.

Focusing on these boot-strapped founders has again resonated with Volition Capital’s limited partners. The Boston-based growth equity firm, which cut its teeth investing in consumer startups like Chewy and enterprise software companies, raised $950 million for its sixth fund, co-founder Larry Cheng told The Information exclusively. The fundraise, Volition’s largest, brings the 16-year-old firm’s assets under management to $2.6 billion.