Smith Point Closes Inaugural Fund

Smith Point Capital Management has held a final and above target close of its inaugural fund, Smith Point Capital Fund I LP, with more than $360 million in capital commitments. Smith Point’s original target for the new fund was $300 million.

The New York-based venture capital firm, founded and led by Keith Block, invests in early-stage enterprise software companies that build software to automate operations, analyze data, and improve decision-making. Smith Point uses an operator-led model that provides both strategic partnership and mentorship alongside capital.

Fund I has already committed $145 million across six portfolio companies as follows: Anomalo, a California-based provider of AI-driven data quality monitoring tools; AssemblyAI, a California-based provider of AI-powered speech-to-text APIs for developers; Neuron7.ai, a California-based developer of AI-based service intelligence software; Prophecy, a California-based provider of low-code data engineering platforms; Virtualitics, a California-based creator of AI-powered data visualization and analytics tools; and Zededa, a California-based provider of edge computing orchestration software.

Smith Point’s investment team integrates executives from major technology companies including Salesforce, Oracle, Expedia, Celonis, and Snowflake with professionals from Vista Equity Partners, Salesforce Ventures, Morgan Stanley, and RCL Capital. This combination of operational and investment experience aims to provide portfolio companies with not only capital but also access to the firm’s Precision Advisory Network that delivers tailored guidance from proven industry leaders.

“The new intelligent enterprise will be built through experienced partnerships and execution – not just capital,” said Keith Block, the founder and CEO of Smith Point. “We launched Smith Point to build a firm that provides the critical support founders need from trusted operators who have been in their shoes and can deliver actionable guidance based on real-world experience. At Smith Point, we’ve assembled a team that has built and scaled some of the world’s most successful enterprise software companies. This combination means we’ve experienced the challenges firsthand, developed the strategies that work, and cultivated the networks and partnerships that can open doors. We’re not just providing capital; we’re providing the navigational tools to drive sustainable growth and create lasting value.”

According to data from Pitchbook, venture capital firms that use a hands-on operating approach generate returns three to four times higher than industry averages and experience failure rates 50% lower than peers.

“Smith Point’s experience and networks transcend the traditional funding models of venture capital firms, making them the perfect partner for founders and CEOs,” said Michael Amori, a co-founder and CEO of Virtualitics. “Through their Precision Advisory Network, I get the additional benefit of building relationships with a curated group of industry leaders, providing tailored guidance that accelerates our company’s growth and success.”

 “Smith Point has been a transformative partner for AssemblyAI,” said Dylan Fox, the founder and CEO of AssemblyAI. “They truly understand the enterprise landscape and have helped us accelerate our ability to unlock an entirely new class of AI applications for our customers. In today’s market, having investors who contribute strategic expertise alongside capital isn’t just beneficial—it’s critical for companies like ours that are building the intelligent enterprise of tomorrow.”

Smith Point Capital was founded in 2023 and is headquartered in New York City.