MENLO PARK — Wing Venture Capital announced it has closed Wing Two, its $250 million second fund. Wing Two has the backing of some major investors, including premier universities and private foundations.
Wing is a venture capital firm devoted to early-stage, long-term company building in business technology. Wig was founded in 2013 by Gaurav Garg and Peter Wagner, two veteran venture investors who have backed dozens of successful early-stage companies, 16 of which went on to achieve billion-dollar-plus outcomes following IPOs or acquisitions. Prior to launching Wing, Gaurav and Peter were Partners at Sequoia Capital and Accel Partners, respectively. Notable companies they have helped build and finance include FireEye, Jasper Wireless, Redback Networks, and Nimble Storage.
Drawing on its extensive experience, the firm has developed a proprietary method to help entrepreneurs build strong strategic foundations from the outset, and continues to be an essential partner as their startups scale to IPO and beyond.
“Our belief that there is a better way to build great business technology companies has been one of the primary motivations behind Wing since day one,” said Peter Wagner. “The cornerstone of this is a thoughtful craftsmanship approach that helps startups get key foundational issues right before they begin scaling.”
Another core motivation is the digital transformation of business driven by the combined forces of Data, Mobile, and Cloud. This is allowing startups to challenge incumbents in a wide range of categories, from cyber security to AI-powered enterprise applications and cloud-native infrastructure.
“We’re witnessing the biggest platform shift yet in business technology,” said Gaurav Garg. “The digital transformation of all kinds of industries is putting many billions of dollars of value in play, enabling exceptional founders to build significant new companies.”
Wing’s first fund, which was raised in 2013, has 13 core investments as well as a seed program. The firm’s portfolio companies include Cohesity, Moogsoft, Palerra (recently acquired by Oracle), Juvo, Instart Logic, and Shape Security. The launch of Wing Two will enable the firm to play the pivotal role of lead investor in more startups that are creating new markets, or redefining existing ones.