Key Takeaways
- • Bain Capital Ventures (BCV) announced the close of Bain Capital Ventures Fund XI, which exceeded its target and raised $1.6 billion in total capital.
- • Bain Capital partners, employees and their related entities are among the single largest investors in Fund XI, alongside pensions, endowments and foundations.
- • Fund XI targets early-stage AI-native companies across AI infrastructure, applied AI, physical AI, science, security and AI services.
- • BCV says it will combine equity with debt facilities, infrastructure partnerships and real economy relationships drawn from Bain Capital's $225 billion global platform.
- • In Fund X, raised in 2023, more than 82 percent of total dollars went to Pre-Seed, Seed, Series A or Series B rounds.
Summary
Bain Capital Ventures (BCV) has announced the close of Bain Capital Ventures Fund XI ("Fund XI"), which exceeded its target and raised $1.6 billion in total capital, according to a Business Wire press release. Bain Capital partners, employees and their related entities are among the single largest investors in the fund, alongside pensions, endowments and foundations, consistent with the firm's practice across its funds.
The fund continues BCV's early-stage strategy, which concentrates capital at the formation stage of companies. In Fund X, raised in 2023, more than 82 percent of total dollars were allocated to Pre-Seed, Seed, Series A or Series B rounds. The release cites BCV investments across infrastructure (Crusoe, Poolside), applied AI (Cognition, Decagon, Legora), physical AI (Atoms, Sunday Robotics), health (Loyal, Forus), security (Adaptive Security, Dream) and AI services (Crosby Legal, Norm). The release describes these as selected transactions shown for illustrative purposes only.
Enrique Salem, Co-Managing Partner of Bain Capital Ventures, said the firm has been investing against the thesis that AI will transform the economy for the past decade, starting with early investments in Crusoe and Moveworks. He said the team is focused on finding and supporting ambitious founders with the firm's connectivity to the real economy, its scaled approach to capital and its platform services.
BCV positions the fund as part of a $225 billion global platform spanning private equity, credit, real assets and growth equity. The firm argues that AI-native companies increasingly need more than venture capital alone, and says BCV can provide debt facilities, infrastructure partnerships and real economy relationships alongside equity. Bain Capital, founded in 1984, has more than 2,000 employees and 24 offices on four continents. BCV itself was founded in 2001 and, according to the firm, was one of the only large alternative asset firms to launch and build an early-stage technology venture practice.
Fund XI spans AI infrastructure, applications, physical AI, science, security and services. The release does not disclose the fund's target size, fee terms or the number of companies it expects to back.
The fund continues BCV's early-stage strategy, which concentrates capital at the formation stage of companies. In Fund X, raised in 2023, more than 82 percent of total dollars were allocated to Pre-Seed, Seed, Series A or Series B rounds. The release cites BCV investments across infrastructure (Crusoe, Poolside), applied AI (Cognition, Decagon, Legora), physical AI (Atoms, Sunday Robotics), health (Loyal, Forus), security (Adaptive Security, Dream) and AI services (Crosby Legal, Norm). The release describes these as selected transactions shown for illustrative purposes only.
Enrique Salem, Co-Managing Partner of Bain Capital Ventures, said the firm has been investing against the thesis that AI will transform the economy for the past decade, starting with early investments in Crusoe and Moveworks. He said the team is focused on finding and supporting ambitious founders with the firm's connectivity to the real economy, its scaled approach to capital and its platform services.
BCV positions the fund as part of a $225 billion global platform spanning private equity, credit, real assets and growth equity. The firm argues that AI-native companies increasingly need more than venture capital alone, and says BCV can provide debt facilities, infrastructure partnerships and real economy relationships alongside equity. Bain Capital, founded in 1984, has more than 2,000 employees and 24 offices on four continents. BCV itself was founded in 2001 and, according to the firm, was one of the only large alternative asset firms to launch and build an early-stage technology venture practice.
Fund XI spans AI infrastructure, applications, physical AI, science, security and services. The release does not disclose the fund's target size, fee terms or the number of companies it expects to back.
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