Forestay II ILP secures $220M in second fund

VC firm Forestay has announced the successful closure of its second fund, Forestay Capital II ILP, securing $220 million in commitments. 

Forestay was founded as an enterprise technology fund of B-FLEXION, the private entrepreneurial investment firm established by the Bertarelli family, known for building Serono into the third-largest biotech business globally before its merger with Merck KGaA. 

With an early growth of $10-15 million in lead investment sweet spot, Forestay invests in visionary teams that are reaching growth inflexion points and actively partners with them to catalyse accelerated growth. 

Forestay I backed 13 companies, including Wasabi, Nexthink, Scandit, and K2View of which three reached unicorn status, and two were acquired at an average gross IRR exceeding 50 per cent.

Forestay II specialises in Enterprise AI and SaaS companies. The fund has already partnered with enterprise AI startups such as cybersecurity solution, Veriti, and engineering intelligence company, Neural Concept. 

“The close of Forestay II is evidence of the success of our investment strategy, underscored by a hands-on approach in our commitment to make high-conviction investments,” stated Fred Wohlwend, Founding and Managing Partner of Forestay Capital. 

 “Our strategic focus allowed us to cultivate a concentrated portfolio of future category leaders in Enterprise AI and SaaS and we are well-positioned to continue to drive innovation and scale within the sector with Forestay II.”

In its second fund, Forestay has received backing from some of the largest family offices in Europe including a partnership with Anaïs Ventures, the investment vehicle for certain members of the Firmenich family.

Julien Firmenich, a limited partner in Forestay II commented:

"Forestay's focused investment strategy and operational acumen, honed through years of industry experience, align perfectly with our vision. We are excited to be part of Forestay II and look forward to driving innovation alongside them."

Lead image: Frederic Wohlwend, founder and Managing Partner of Forestay Capital. Photo: uncredited.