North Bridge Growth Equity, looking to expand its activities in the technology sector, has invested $30 million (€21 million) in Leapfrog Online, a Chicago-based digital direct marketing firm.
Mike Pehl, managing general partner with North Bridge, will get a seat on Leapfrog’s board of directors as part of the deal. Pehl is a former partner with Advent International, where he was involved in managing the technology portfolio.
North Bridge Growth Equity is affiliated with North Bridge Venture Partners, an early stage investor with more than $2.5 billion in capital founded in 1994.
Founded in 2006, the Waltham, Massachusetts-based firm make investments of between $15 million and $75 million in mid-market technology companies. It closed its debut fund in 2007 on $545 million.
The firm is led by Pehl and Douglas Kingsley, also a former executive from Advent International, where he worked as managing director and was co-head of US Investment Strategies. Kingsley and Pehl have been the managing general partners of North Bridge Growth Equity since 2007.
North Bridge Growth Equity has invested in numerous technology-based companies, including Allegro Development, a software and service provider for energy trading and risk management; Aspen Technology, which makes software for the chemical, petroleum and pharmaceutical industries and JJ Wild, which provides information technology services for the healthcare industry.