2025 Year in Review

Helping bootstrapped software companies grow into market leaders

Nick Olsen, Head of AI Innovation at Mainsail AI Labs

A Year of Milestones in Growth and Innovation

In 2025, Mainsail proudly achieved several exciting milestones—from our latest fund closing to eight new platform investments and the launch of Mainsail AI Labs—as we remain committed to helping bootstrapped B2B software companies achieve their full potential.

$1.5 Billion Fund VII to Help Software Companies Scale and Grow

In April 2025, we closed our seventh flagship fund, Mainsail Partners VII, L.P. (“Fund VII”), at the hard cap of $1.535 billion. It is the largest fund in our 22-year history and brings the total capital commitments raised by the firm to nearly $4 billion.

With Fund VII, Mainsail maintains our focus on the next generation of founder-led software companies that are customer-obsessed, built successful products, and can leverage Mainsail’s experience and operational resources to help them achieve their visions for company, customer, and personal growth.

We’re grateful for the continued trust of our existing investors and excited to welcome new investors into the Mainsail community.

Portfolio Updates

We’ve been busy this year, welcoming several new companies to the Mainsail portfolio as platform investments and add-on acquisitions. We also celebrated three exits and recapitalizations that we believe will help propel our companies through their next stage of growth.

8 Platform Investments
9 Add-on Acquisitions
3 Exits & Recapitalizations

2025 Summits & Events

Mainsail’s summits and events brought together leaders from across our portfolio companies to network, share ideas, and brainstorm strategies to efficiently grow their software companies.

CEO Summit

Founders, CEOs, Board Directors, and Mainsailors enjoyed two days in Scottsdale discussing strategies to embrace AI, drive customer-centric innovation, and scale effectively in a fast-changing market. Attendees participated in engaging case studies and small group conversations while building valuable connections from the ballroom to the pickleball court, hiking trail and golf course, and back.

Product & Technology Summit

Product and Technology leaders from across the Mainsail portfolio gathered in Austin to explore how they’re embracing AI to drive innovation and boost productivity. The summit sparked thoughtful discussion and challenged attendees to elevate their use of agentic AI across both product development and engineering workflows.

Fintech Summit

Fintech, Go-to-Market, and Product leaders from Mainsail’s portfolio gathered in Denver to explore how SaaS companies can expand revenue opportunities through compelling payments and fintech offerings.

Talent Summit

People leaders from across the Mainsail portfolio gathered in Austin to explore how attracting, retaining, and developing top talent drives scalable growth. The summit sparked practical conversations on how to build strong, high-performing teams.

CFO Summit

Finance leaders from across the Mainsail portfolio gathered in Chicago to exchange ideas, discuss opportunities and address challenges they face today. The agenda blended strategy with connection, from CFO roundtables and interactive panel discussions to a citywide scavenger hunt and enjoying Chicago deep dish pizza.

Growth Summit

Sales, marketing, and customer experience leaders from across our portfolio gathered in Chicago to focus on Building the AI-Driven Revenue Team. Throughout sessions and networking they collaborated on how AI can accelerate growth and help their go-to-market teams find greater efficiency and scale.

Celebrating What it Means to be a Mainsailor

Mainsail appreciates that culture is foundational to the success of the businesses we invest in—and of Mainsail itself. With culture as a priority, we can do great things together.

Giving Back

In 2025, we were pleased to support the following charities:

The Top Private Equity Innovators recognition presented herein is awarded by BluWave, a third-party that is not affiliated with Mainsail Partners or an investor in Mainsail Partners-sponsored vehicles. The recognition was awarded on 02/25/25 for the period 2024. BluWave independently assessed nominees in consultation with industry thought leaders, investment bankers, limited partners, and service providers. The exact number of nominees reviewed for this recognition was not disclosed to Mainsail, and therefore, it and the percentage of nominees receiving the recognition, cannot be disclosed herein. BluWave’s recognition is based on its own evaluation and opinion and is not indicative of Mainsail Partners’ future performance and does not reflect the experience of, or any rating by, Mainsail investors.  There can be no assurance that other providers or surveys would reach the same conclusions as the foregoing. For more information regarding this recognition, please see the linked publication.

The portfolio companies identified by Inc. 5000’s 2025 list do not represent all of the investments made or recommended by Mainsail. The investments listed show a portion of the Mainsail portfolio and are not intended to be representative of any current or future investments. There can be no assurance that any investment vehicle managed by Mainsail will be able to consummate investments with the same or similar characteristics to the portfolio companies described herein, or that, if consummated, such investments will be profitable. 

The 2025 Founder-Friendly Investors recognition presented herein is awarded by Inc., a third-party that is not affiliated with Mainsail Partners or an investor in Mainsail Partners-sponsored vehicles. The recognition was awarded on 10/28/25 for the period 2025. Inc. assessed the nominees based on written responses to questions on Inc.’s nomination form and CEO responses to Inc.’s questionnaire. The number of nominees reviewed for this recognition was not disclosed to Mainsail, and therefore, it and the percentage of nominees receiving the recognition, cannot be disclosed herein. Inc.’s recognition is based on its own evaluation and opinion and is not indicative of Mainsail Partners’ future performance, and does not reflect the experience of, or any rating by, Mainsail Partners’ investors. Mainsail Partners paid an application fee to participate in the process. The receipt of compensation influences, and is likely to present a potential material conflict of interest, relating to the award. There can be no assurance that other providers or surveys would reach the same conclusions as the foregoing. For more information regarding this recognition, please refer to the publication.

The Top Growth Equity Firms of 2024 recognition presented herein is awarded by GrowthCap, a third-party that is not affiliated with Mainsail Partners or an investor in Mainsail Partners-sponsored vehicles. The recognition was awarded on 2/13/25 for the period 2024. GrowthCap assessed nominees based on written responses to questions on GrowthCap’s nomination form. The number of nominees reviewed for this recognition was not disclosed to Mainsail, and therefore, it and the percentage of nominees receiving the recognition, cannot be disclosed herein. GrowthCap’s recognition is based on its own evaluation and opinion and is not indicative of Mainsail Partners’ future performance, and does not reflect the experience of, or any rating by, Mainsail Partners’ investors. Mainsail Partners paid a fee to publish and distribute the GrowthCap Top Growth Equity Firms of 2024 results. The receipt of compensation influences, and is likely to present a potential material conflict of interest, relating to the rating. There can be no assurance that other providers or surveys would reach the same conclusions as the foregoing. For more information regarding this recognition, please see the linked publication.

The Top Women Leaders of Growth Investing of 2025 recognition presented herein is awarded by GrowthCap, a third-party that is not affiliated with Mainsail Partners or an investor in Mainsail Partners-sponsored vehicles. The recognition was awarded on 6/25/25 for the period 2025. GrowthCap assessed nominees based on written responses to questions on GrowthCap’s nomination form and each nominee’s career achievements, depth of experience and feedback from colleagues and portfolio company CEOs. The number of nominees reviewed for this recognition was not disclosed to Mainsail, and therefore, it and the percentage of nominees receiving the recognition, cannot be disclosed herein. GrowthCap’s recognition is based on its own evaluation and opinion and is not indicative of Mainsail Partners’ future performance, and does not reflect the experience of, or any rating by, Mainsail Partners’ investors. Mainsail Partners paid a fee to publish and distribute the GrowthCap Top Women Leaders of Growth Investing 2025 results. The receipt of compensation influences, and is likely to present a potential material conflict of interest, relating to the rating. There can be no assurance that other providers or surveys would reach the same conclusions as the foregoing. For more information regarding this recognition, please refer to the publication.

The Top Private Equity Firms of 2025 recognition presented herein is awarded by GrowthCap, a third-party that is not affiliated with Mainsail Partners or an investor in Mainsail Partners-sponsored vehicles. The recognition was awarded on 8/19/25 for the period 2025. GrowthCap assessed nominees based on written responses to questions on GrowthCap’s nomination form. The number of nominees reviewed for this recognition was not disclosed to Mainsail, and therefore, it and the percentage of nominees receiving the recognition, cannot be disclosed herein. GrowthCap’s recognition is based on its own evaluation and opinion and is not indicative of Mainsail Partners’ future performance, and does not reflect the experience of, or any rating by, Mainsail Partners’ investors. Mainsail Partners paid a fee to publish and distribute the GrowthCap Top Private Equity Firms of 2025 results. The receipt of compensation influences, and is likely to present a potential material conflict of interest, relating to the rating. There can be no assurance that other providers or surveys would reach the same conclusions as the foregoing. For more information regarding this recognition, please refer to the publication.

The Top 40 under 40 Growth Investors of 2025 recognition presented herein is awarded by GrowthCap, a third-party that is not affiliated with Mainsail Partners or an investor in Mainsail Partners-sponsored vehicles. The recognition was awarded on 1/7/26 for the period 2025. GrowthCap assessed nominees based on written responses to questions on GrowthCap’s nomination form, and each nominee’s breadth of investing experience, professional achievements, and feedback from colleagues, portfolio company CEOs, and others. The number of nominees reviewed for this recognition was not disclosed to Mainsail, and therefore, it and the percentage of nominees receiving the recognition, cannot be disclosed herein. GrowthCap’s recognition is based on its own evaluation and opinion and is not indicative of Mainsail Partners’ future performance, and does not reflect the experience of, or any rating by, Mainsail Partners’ investors. Mainsail Partners paid a fee to publish and distribute the GrowthCap Top 40 under 40 Growth Investors 2025 results. The receipt of compensation influences, and is likely to present a potential material conflict of interest, relating to the rating. There can be no assurance that other providers or surveys would reach the same conclusions as the foregoing.  For more information regarding this recognition, please refer to the publication.

Current Software Portfolio

Thank You

Mainsail Partners is proud of all we accomplished in 2025, and we look forward to working with you in 2026!

The information presented herein does not constitute an offer to sell or the solicitation of an offer to purchase any security. Further, it is not presented with a view to providing investment advice with respect to any security, or making any claim as to the past, current or future performance thereof, and Mainsail Management Company, LLC (“Mainsail” or “Mainsail Partners”) expressly disclaims the use of this content piece for such purposes. The information herein is not and may not be relied on in any manner as, legal, tax, business or investment advice.

Third party images, logos, and references included herein are provided for illustrative purposes only. Inclusion of such images, logos, and references does not imply affiliation with or endorsement by or of such firms or businesses. 

The portfolio companies identified do not represent all of the investments made or recommended by Mainsail and were not selected based on the performance of such investments. Rather, they were selected as representative examples that clarify and typify Mainsail’s investment approach. These investments are meant to show a portion of the Mainsail portfolio and are not intended to be representative of any current or future investments. There can be no assurance that any investment vehicle managed by Mainsail will be able to consummate investments with the same or similar characteristics to the portfolio companies described herein, or that, if consummated, such investments will be profitable.

Certain Mainsail AI and Tech Advisors are contractors and are not employees of Mainsail or its affiliates. They are engaged by Mainsail or its affiliates to provide operational and other services with respect to Mainsail’s investments.

Certain information contained herein constitutes “forward-looking statements,” which can be identified by the use of terms such as “may,” “will,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “projects,” “future,” “targets,” “intends,” “plans,” “believes,” “estimates” (or the negatives thereof) or other variations thereon or comparable terminology. Forward looking statements are subject to a number of risks and uncertainties, which are beyond the control of Mainsail. Actual results, performance, prospects or opportunities could differ materially from those expressed in or implied by the forward-looking statements. Additional risks of which Mainsail is not currently aware also could cause actual results to differ. In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements. The forward-looking events discussed in this content piece may not occur. Mainsail undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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