SAP Ventures, the corporate venturing arm of US-based software company SAP, has invested in a $49.1m fund raised by US-based venture capital firm Amplify Partners as a limited partner.
Amplify is an early-stage VC firm that focuses on the IT infrastructure sector, investing between $50,000 and $1.5m each time. Its portfolio currently stands at 11 companies, and includes Chef, which raised a $32m Citi Ventures-backed round in December.
The firm exceeded its initial target of $40m for the fundraise, and has also hired David Breyer, formerly a co-founder of cloud-based data analysis firm Chartio and personal health record company Patients Know Best, as principal.
“SAP Ventures is thrilled to be a limited partner in Amplify’s debut fund,” said Elizabeth ‘Beezer Clarkson’, managing director of SAP Ventures. “Amplify’s combination of investment experience, deep domain expertise and clear vision for the future has demonstrated promising early results. The fund is a strong fit for our strategy of backing early-stage venture capital funds investing in disruptive IT companies, and we look forward to working together closely with Amplify as the firm continues to grow.”