The Riverside Co. has completed fundraising for the $50 million Riverside Acceleration Capital, the private equity firm’s first growth lending fund targeting software developers. This move underlines the growing interest in cloud services and also expands Riverside’s efforts into new markets, creating competition for venture capital firms. 

The RAC fund, which began fundraising in January and has already made several investments, is committed to “making growth capital commitments to software companies without altering ownership or dynamics.” With the new fund, Riverside has invested in startups like Austin, Texas-based OwnLocal, a digital advertising platform for media publishing companies.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.