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Home Business & Finance Summit raises $2.2B across two megafunds, and pulls in ex-CEO of SoulCycle...

Summit raises $2.2B across two megafunds, and pulls in ex-CEO of SoulCycle as newest investor – TechCrunch

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Summary (IA Generated)

While there has been a wealth of bad news the past few months in the venture capital world as firms take account of the changing macroeconomic conditions in the wake of COVID-19, that hasn’t stopped some top investment firms from continuing to raise huge piles of capital and getting bolder in their investment theses.

The firm also announced that it has hired Melanie Whelan, who formerly was CEO of SoulCycle, as a new managing director.

Summit raised a $1 billion growth equity fund focused on North American startups, and also raised a €1.

The firm said that the funds will target growth equity-style investments with a check size of between roughy $10 million and $60 million for North American startups, and a bit larger for their European counterparts.

In recent months, the firm has invested in companies like cyber security platform RiskIQ, workflow automation startup AppWay, interaction management service Podium, consumer bedding brand Brooklinen, and cyber-skills platform Immersive Labs, according to Crunchbase.

While Summit is traditionally known for its enterprise investments, it appears the firm wants to double down on consumer with the hiring of Whelan.