Forestay Capital

What they fund

• Series A — Datavations ($17M), Veriti ($10M extension) [1].
• Series B — Pivot ($40M), Neural Concept ($27M), Manta ($35M), Convelio ($35M) [1].
• Series C — Fonoa ($110M), Neural Concept ($100M), Luminance ($75M) [1].
• Growth — Wasabi ($250M Series D), Zenjob ($50M), Scandit ($150M Series D) [1].

Investment thesis

Forestay Capital targets category-defining enterprise software companies at their critical inflection point, providing growth capital to scale from early revenue to market leadership [1].

• Enterprise AI & SaaS Dominance — The firm concentrates on backing exceptional teams in Enterprise AI and SaaS to build global category leaders [1].
• Growth Capital Focus — Forestay provides capital and expertise to support companies from early revenue stages through to market leadership [1].
• Entrepreneurial Partnership — The team views itself as an entrepreneurial partner, taking pride in playing a part in entrepreneurial success stories [1].
• Concentrated Portfolio — Forestay takes a concentrated portfolio approach, providing the full weight of its enterprise expertise to scale global category leaders [1].

Value add

Forestay provides the full weight of its enterprise expertise to scale global category leaders [1].

Fit verdict: Ideal for enterprise software founders seeking growth capital and strategic support to scale globally.

Founder diligence script:

• How does Forestay's concentrated portfolio approach impact the level of support I will receive?
• What specific enterprise expertise does the team bring to help me scale globally?
• How does Forestay's entrepreneurial partnership model work in practice?
• What is the typical decision-making process for follow-on investments?

Portfolio focus

• Fonoa — AI Indirect Tax Operating System [1].
• Pivot — Agentic AI platform for procurement [1].
• Neural Concept — Transformative technologies for advanced industrial workflows [1].
• Datavations — Data & AI capabilities [1].
• Buynomics — Virtual Shoppers AI Technology [1].

Notable investments & exits

• Fonoa — Forestay backed Fonoa in a $110 million Series C, alongside Headline, Eurazeo, Index Ventures, OMERS, Coatue, and Dawn Capital, marking a pivotal moment as Fonoa acquired PwC’s Indirect Tax Edge [1].
• Pivot — Forestay led Pivot’s $40 million Series B with Notion Capital, bringing total funding to $70 million in three years to accelerate its agentic AI platform for procurement [1].
• Neural Concept — Forestay doubled down on Neural Concept in a $100 million Series C led by Goldman Sachs, and previously led its $27 million Series B to accelerate global expansion in advanced industrial workflows [1].
• Datavations — Forestay led Datavations’ $17 million Series A, enabling the New York-based company to scale its team and advance its Data & AI capabilities [1].
• Buynomics — Forestay led Buynomics’ $30 million Series B to transform commercial decision-making with AI and accelerate US expansion [1].
• Luminance — Forestay backed Luminance in a $75 million Series C led by Point72 Ventures, accelerating the market expansion of its legal-grade AI solutions [1].
• Veriti — Forestay led Veriti’s $10 million Series A extension round, eight months after the company emerged from stealth and closed its $12 million Series A led by Insight Partners [1].
• Wasabi — Wasabi reached a unicorn valuation with a $250 million Series D; Forestay first partnered with Wasabi in 2018 at Series B [1].
• Manta — Forestay led Manta’s $35 million Series B for its data lineage platform [1].
• Convelio — Forestay led Convelio’s Series B, supporting the French digital freight forwarding scale-up for the global arts and luxury goods market [1].
• Zenjob — Forestay backed Zenjob in a $50 million growth round for its digital staffing marketplace [1].
• Scandit — Scandit raised $150 million in Series D and reached unicorn valuation; Forestay first invested in Scandit, a global leader in smart data capture [1].
• BlueBotics — BlueBotics was acquired by ZAPI SpA [Profile].

Strategic implications

Forestay's concentrated portfolio approach suggests a deep-dive investment strategy, prioritizing high-conviction bets over broad diversification. This could lead to stronger support for portfolio companies but also higher risk if a single investment fails. The firm's focus on Enterprise AI & SaaS positions it well to capitalize on the ongoing digital transformation and AI adoption trends in the enterprise software market. Forestay's active investor status and entrepreneurial partnership model indicate a hands-on approach, which could be a significant differentiator for founders seeking strategic support beyond capital.

Where they could go further

Forestay could expand its geographic focus beyond Europe, Israel, and the U.S. East Coast to tap into emerging markets with high growth potential in enterprise software. The firm could develop a more structured approach to supporting portfolio companies in international expansion, given its stated goal of helping them scale globally. Forestay could enhance its value proposition by offering more specialized expertise in specific verticals within Enterprise AI & SaaS, such as healthcare, finance, or manufacturing. The firm could explore co-investment opportunities with other global VC firms to broaden its network and access to deal flow.