Software-focused venture capital firm EVP has closed its fourth fund after reaching its $100 million final goal.

The business-to-business (B2B) focused VC now has more than $270 million in funds under management amid more than 40 early-stage start-up investments in software companies in Australia and New Zealand, including Ignition, Deputy, Shippit and Hnry.

One-man accounting platform Hnry recently raised $35 million in a Series B.

Last year, EVP led a $10 million raise for healthcare management platform Zipline as it looked to expand in the US.

EVP co-founder Howard Leibman said he was pleased with the support for Fund VI as the past year saw a more challenging fundraising environment.

“We saw a significant reset in valuations through 2022, forcing many investors to reevaluate their long-term exposure to technology in the private markets,” he said.

“We relied heavily on the continued support of our long-standing investors. At our $60 million initial close, commitments were overwhelmingly from our existing base. As we increased the $40 million balance through the end of 2022, we were pleased to welcome a large number of new investors to the fund.”

Leibman liked to say that their previous funds, the investors are family offices and high net worth attracted by EVP’s investment thesis.

“For many, our sharp focus on early-stage B2B software and the consistency of our approach across multiple funds continue to resonate,” he said.

Capital from the new fund has already been deployed in three investments, two of which are still in the term sheet phase.

“We aim for a concentrated portfolio of a maximum of 15 companies. While we don’t invest pre-revenue, we aim to work with our founders very early on,” he said.

“If you’re a B2B software company with a global market and strong early traction, we want to talk to you!”

Leibman said the local ecosystem is mature enough to support a number of funds with specialized investment mandates.

“For EVP, we think our exclusive focus on B2B software gives us a certain advantage in our investment process,” he said.

“It undoubtedly makes us better partners of our founders. As we begin to deploy Fund IV and the local ecosystem continues to grow, we look forward to supporting the next generation of global software companies in Australia.”

EVP launched in 2014 and has 12 partners, including four women.