Harbert Growth Partners Research
Investment Thesis
Harbert Growth Partners (HGP) is the venture/growth-equity investment strategy of Harbert Management Corporation (HMC), a privately owned, independently held alternative asset manager founded in Birmingham, Alabama over 30 years ago with $8B+ in managed assets across eight strategies. HGP itself has operated since 2001-2002 out of Richmond, Virginia, and is currently investing out of its sixth fund vehicle (HGP VI), following prior vehicles including HGP IV ($120M, closed 2017) and HGP V (closed February 2022). HGP targets emerging growth-stage technology and tech-enabled companies with scalable operating platforms, recurring revenue models and strong growth potential, providing capital, strategic guidance, and access to an extensive network of co-investors and operating relationships built over two decades.
Sector Focus
HGP's stated criteria emphasize experienced management teams, defensible market positions, and large addressable markets. The firm primarily targets:
- Enterprise software (billing/revenue automation, data infrastructure)
- Cybersecurity
- Financial technology
- Real estate technology
- Healthcare IT
Representative portfolio evidence spans database/dev infrastructure (Crunchy Data), billing and revenue automation (Ordway), cybersecurity and digital risk (SafeGuard Cyber, ThreatX), ad-tech/publisher monetization (Admiral), background-check and compliance tooling (Yardstik), CRM/relationship marketing for financial advisors (Levitate), telecom infrastructure data (Connectbase, formerly Connected2Fiber), reverse logistics for connected devices (Apkudo), and sustainable packaging (TemperPack).
Stage Focus
HGP is a late-stage venture and growth equity investor, typically entering at Series A through Series D/growth rounds rather than seed or pre-seed. It frequently leads or co-leads financings and often takes a board seat as part of the investment (confirmed via Managing Partner Wayne Hunter joining Admiral's board upon HGP's 2024 Series A financing).
Check Size
Typical per-company investment is estimated in the $5M-$8M range based on third-party aggregator data, though HGP has participated in larger syndicated rounds (e.g., $30M Series B in Yardstik, $20M equity-plus-debt financing in Ordway) where its own check is a portion of the total raise.
Lead Tendency
HGP frequently serves as lead investor: it led Admiral's $13M Series A (2024), Levitate's $15M Series D (2024) and a subsequent $16M round (2026), Yardstik's $30M Series B (2026), and Ordway's $20M growth financing (2026).
Recent Activity
HGP has been consistently active through 2024-2026:
- August 2024: Led a $13M Series A financing for Admiral, Inc. (visitor relationship management for digital publishers); Wayne Hunter joined the board.
- August 2024: Led Levitate's $15M Series D, with Northwestern Mutual Future Ventures and Bull City Venture Partners.
- April 2025: Participated in a $12M investment in Notable Systems.
- June 2025: Portfolio company Crunchy Data (open-source Postgres) was acquired by Snowflake.
- March 2026: Led a further $16M funding round for Levitate.
- August 2026: Led Ordway's $20M equity-and-debt growth financing to accelerate its AI roadmap.
- August 2026: Led Yardstik's $30M Series B, bringing the company's total raised to $65M.
Fund status appears to be actively deploying, with the most recent confirmed close (HGP V) in February 2022 and a successor vehicle (HGP VI) already referenced as the fund currently investing.
Portfolio Highlights
Notable exits include Crunchy Data (acquired by Snowflake, June 2025) and, historically, Shipt (acquired by Target, 2017) — one of HGP's best-known early outcomes. Other long-tenured portfolio companies include TemperPack (sustainable thermal packaging, HGP investor since 2019) and Apkudo (device reverse-logistics, Series C in 2023).
Team
- Wayne Hunter, Managing Partner — With the firm since 2002; previously Managing Director, Founder and Group Head of Communications and Technology investment banking at First Union/Wachovia. Sits on portfolio company boards, including Admiral.
- Tom Roberts, General Partner and Founding Member — Background spanning Wachovia's Technology Investment Banking Group (Founding Managing Director/Head), and prior operating/board experience including a cybersecurity exit acquired by Sophos (2017).
- Melissa M. Babb, Senior Managing Director and Partner — Senior investment team member per HGP's public team listings.
Decision Process
HGP operates as a small, partner-led investment team (consistent with "partnership" style decision-making) rather than a solo-GP or large formal investment-committee structure, typical of its size (single-digit dedicated investment professionals per HMC's own strategy page, which lists 4 investment team members for Growth Equity).
Founder Preferences
HGP favors experienced management teams operating scalable platforms with recurring revenue, in vibrant technology ecosystems across the Mid-Atlantic, Southeast, and Southwest — rather than pre-revenue or unproven early-stage teams.
Geographic Focus
Primary geographic focus is the Mid-Atlantic, Southeast, and Southwest United States, reflecting HGP's Richmond, VA home base and HMC's broader footprint (Birmingham, AL headquarters; offices also in Charlotte, Dallas, Nashville, New York, San Francisco, and several European cities for other HMC strategies).