Noro Moseley Partners

Noro-Moseley Partners is one of the Southeast's most tenured growth equity firms, deploying capital from their $180 million NMP VIII fund into B2B software and healthcare companies that are scaling past founder-led origins into professionally managed businesses.

The firm's track record spans 148 investments and 39 documented exits, with aggregate enterprise value created exceeding $5 billion since 2015 alone. That exit list reads like a who's who of strategic acquisitions: Microsoft bought FSLogix in 2018, Philips acquired Wellcentive in 2016, IBM took Clearleap in 2015, Zscaler purchased Red Canary in 2025 for a reported $850 million-plus, and TPG recently acquired Findhelp. SupplyPike went to SPS Commerce in 2024, Contessa Health to Amedisys in 2021.

Noro-Moseley writes $5 million to $20 million checks into companies with $2 million to $20 million in revenue running at 50%+ year-over-year growth. They typically lead or co-lead rounds and take board seats, giving portfolio companies active operational support during the scaling phase.

The firm operates from the Medici Building in Atlanta's Buckhead district, and their portfolio reflects deep healthcare relationships across the Southeast hospital systems, payers, and provider networks that serve as both customers and diligence resources for health-tech investments.

Understanding Noro-Moseley's particular喜欢 — the sectors they understand deeply, the stages they prefer, the metrics they scrutinize — can meaningfully improve your chances of getting a meeting and converting it into a term sheet.

Noro-Moseley's investment thesis centers on early growth equity for rapidly-scaling B2B technology and healthcare companies — businesses that have found initial product-market fit and are ready to invest heavily in scaling their go-to-market motion. The firm specifically targets companies that have moved past the proof-of-concept stage but still retain founder-led management structures that need reinforcement.

The firm prefers to deploy capital when companies have $2 million to $20 million in revenue growing at least 50% year-over-year. This signals that the product has genuine market traction and the business is at an inflection point where growth capital can be deployed efficiently rather than wasted on proving demand.

Noro-Moseley's $5 million to $20 million check is designed to fund specific growth inflection points: expanding the sales team, launching adjacent product lines, entering new geographic markets, or making tuck-in acquisitions. The firm leads or co-leads most of their investments and takes board seats, allowing them to provide hands-on support as portfolio companies scale.

Healthcare represents roughly half the portfolio, and Noro-Moseley has cultivated deep relationships across Southeast hospital systems, major payers, and provider networks over four decades. These relationships serve two purposes: they provide deal flow and customer development opportunities for health-tech portfolio companies, and they give Noro-Moseley's investment team unusual due diligence capabilities in healthcare settings.

The firm's B2B software investments span SaaS platforms, data and analytics, and tech-enabled services. The Southeast operating environment — lower cost structures than coastal markets, deep talent pools of operators who have scaled outside the froth — is a structural advantage Noro-Moseley explicitly factors into their thesis.

Investment committee evaluation focuses on revenue growth trajectory, gross margin profile, customer concentration risk, and management team quality. Noro-Moseley looks for companies where the founding team is coachable and recognizes the need to add experienced operators as the business scales past the limits of startup-mode management.

Noro-Moseley deployed NMP VIII starting in 2019 and has continued making growth equity investments through market cycles, including several new positions in 2024 and 2025 despite the broader venture correction. The firm maintains a steady cadence of 3-5 new investments per year from this fund.

Healthcare has remained the dominant theme in recent vintages. The firm participated in AvoMD's $10 million Series A in March 2026 — an AI-powered clinical decision support platform that reflects the intersection of software and healthcare delivery that Noro-Moseley knows well. Visana Health's $24 million Series A in September 2025 (virtual healthcare for women) represents another substantial commitment to a scaling digital health platform.

Upward Health, a home-based primary and behavioral care provider, achieved #4 position on the Inc. 5000 list in 2025 with three-year revenue growth exceeding 3,000%. Noro-Moseley's continued support for the company through multiple financing rounds reflects their willingness to back strong performers through growth stages.

On the software side, PlexTrac (cybersecurity workflow automation, Boise), Revenue Analytics (revenue optimization SaaS, Atlanta), and Malbek (contract lifecycle management, Somerset NJ) represent active positions in B2B verticals with clear differentiation and recurring revenue metrics models.

The firm also completed significant exits recently: Red Canary sold to Zscaler in 2025, Datasembly to SPINS in 2025, Findhelp to TPG in 2026, SupplyPike to SPS Commerce in 2024, and PureWrx to Ivy Technology in 2025. This exit velocity demonstrates Noro-Moseley's access to both strategic acquirers and private equity sponsors seeking platform acquisitions.

Noro-Moseley's portfolio news page and periodic announcements reflect ongoing activity, though the firm does not publicize every new investment. The combination of a mature deal pipeline, deep regional relationships, and an active board seat model means the firm tends to build concentrated positions rather than spreading across dozens of new deals annually.

Noro-Moseley's portfolio spans 89 active and exited investments with aggregate enterprise value exceeding $5 billion since 2015. The following companies represent the breadth and depth of the firm's healthcare and B2B software thesis.

Red Canary, a managed detection and response cybersecurity platform, sold to Zscaler in 2025 in a transaction reported at $850 million-plus. Noro-Moseley backed the company through its growth equity phase, and the exit represents one of the firm's largest realizations in recent years.

SupplyPike, a supply chain intelligence platform for retail and CPG companies, was acquired by SPS Commerce in 2024. The company had built significant traction in helping suppliers automate their go-to-market operations with major retailers.

Findhelp, a social services navigation platform connecting people to community resources, sold to TPG in 2026. The company's platform operates at the intersection of healthcare and social determinants, reflecting Noro-Moseley's thesis about the value of integrating clinical and non-clinical data.

Visana Health ($24M Series A, September 2025) provides virtual healthcare services specifically for women, addressing a market that has historically been underserved by both traditional health systems and earlier digital health entrants. The company's comprehensive approach spans primary care, behavioral health, and specialty conditions.

AvoMD raised $10 million Series A in March 2026, with Noro-Moseley participating. The platform brings AI-powered clinical decision support and workflow automation to healthcare providers, reducing cognitive load on clinicians while improving care quality and documentation accuracy.

Upward Health ranked #4 on the Inc. 5000 in 2025, delivering home-based primary and behavioral care with a model that integrates physical and behavioral health in the home setting — a strategy that has gained significant traction with payers and health systems seeking to manage complex, high-cost populations.

MacStadium provides managed hosting infrastructure for Apple-centric development teams and organizations, serving a specialized but loyal market of enterprise and mid-market companies that require dedicated Apple hardware environments.

PlexTrac offers a collaboration and workflow automation platform purpose-built for cybersecurity teams, helping red teams and security operations staff manage penetration testing workflows, vulnerability tracking, and client reporting.

Trilliant Health provides healthcare market intelligence and analytics to pharmaceutical companies, payers, and healthcare systems, using proprietary data sets and analytical models to generate commercially relevant insights.

On the exit side, the firm's track record includes FSLogix (Microsoft, 2018), Wellcentive (Philips, 2016), Clearleap (IBM, 2015), Virtustream (EMC/Dell, 2015), Contessa Health (Amedisys, 2021), Trendkite (Cision, 2019), and dozens of other acquisitions that reflect Noro-Moseley's ability to access both strategic and financial buyers.

Noro-Moseley's investment criteria center on growth stage companies with proven market traction: $2 million to $20 million in revenue, at least 50% year-over-year growth, and less than $20 million in prior cumulative funding. This combination signals that a company has demonstrated product-market fit without having exhausted the capital markets.

The founding team matters enormously. Noro-Moseley looks for entrepreneurs with deep domain expertise in their target vertical, a clear mental model of how their category will evolve, and the self-awareness to recognize when they need to add experienced operators as the company scales past what a founder-led structure can efficiently manage.

Unit economics are scrutinized carefully. The firm wants to see compelling gross margins (typically 60%+ for software businesses), reasonable customer acquisition costs relative to lifetime value, and evidence that the business can scale without proportional cost increases.

Customer concentration is evaluated as a risk factor — portfolios with heavy revenue concentration in one or two accounts will face tough questions about sustainability and scalability. Noro-Moseley prefers businesses with diversified customer bases where growth is distributed across many accounts rather than stacked in a few.

Market opportunity must be large enough to support a meaningful outcome. Noro-Moseley is not looking for lifestyle businesses — they back companies that can become category leaders in their respective verticals and generate 10x+ returns through either strategic acquisition or public markets.

The competitive landscape is carefully evaluated. Noro-Moseley looks for companies with defensible moats — proprietary data assets, exclusive partnerships, network effects, or switching costs that protect market position over time.

Financial readiness is non-negotiable at the growth stage. Companies must have clean financial statements, a clear revenue recognition methodology, organized cap tables, and credible financial models that demonstrate how the capital invested translates into specific operational milestones.

Warm introductions from the Atlanta and Southeast investment community remain the most effective path to a meeting with Noro-Moseley. The firm prioritizes referrals from portfolio CEOs, regional attorneys who work with growth-stage companies, and other trusted investors who can vouch for the founder's integrity and potential.

The firm does accept cold submissions through their website at noromoseley.com, though conversion rates from cold outreach are meaningfully lower than warm intro channels. If pursuing cold outreach, focus the email on the problem you're solving, the traction you've achieved, why your team is uniquely positioned to execute, and explicit alignment with Noro-Moseley's thesis.

Atlanta-based companies and Southeast regional businesses have a structural advantage in accessing Noro-Moseley. The firm's deep roots in the local business community mean that credibility signals from regional investors, advisors, and corporate leaders carry significant weight.

Healthcare founders should note that Noro-Moseley's healthcare relationships are particularly deep — connections with Southeast hospital systems, payer executives, and provider networks can serve as both customer development levers and validation signals that are difficult to replicate through other channels.

Board seat dynamics matter in how Noro-Moseley engages. The firm takes meaningful governance positions and expects management teams to be receptive to operational guidance. Founders who are looking for purely passive capital may be a poor fit for Noro-Moseley's style.

Following up after a meeting is expected but should be structured around material updates rather than frequency. Send quarterly updates on business performance, significant customer wins, product milestones, and any changes to the competitive landscape. Avoid being pushy or demanding quick decisions — Noro-Moseley's process takes time.

Noro-Moseley invests at growth stage, expecting companies to have $2 million to $20 million in revenue running at 50%+ year-over-year growth. This is not a seed investor — founders must demonstrate meaningful commercial traction, established customer relationships, and clear SaaS unit economics before approaching the firm.

Due diligence at Noro-Moseley is rigorous and sector-specific. For healthcare companies, the firm will scrutinize regulatory compliance, reimbursement risk, and payer mix. For software businesses, they focus on gross margin profile, net revenue retention, and the sustainability of growth assumptions.

Financial statements must be clean and audit-ready where possible. The firm will conduct detailed review of revenue recognition methodology, customer contract terms, and the reliability of forward-looking projections. Inconsistencies between pitch deck and actual financials are disqualifying.

Cap table clarity is essential. Noro-Moseley wants to understand dilution history, option pool size, existing investor preferences, and any secondary transaction dynamics before committing to a term sheet.

Growth models should explicitly map how Noro-Moseley's capital translates into specific milestones: headcount additions by function, geographic expansions, product development roadmaps, and acquisition targets. Each line item should have credible underlying assumptions.

Key metrics to have ready: ARR benchmarks growth rate, net revenue retention, gross margin, CAC payback period, customer concentration percentage, and revenue mix by segment. These benchmarks allow Noro-Moseley to compare your opportunity against both the broader market and their existing portfolio companies.

Working with a fractional CFO during fundraising preparation is strongly recommended for founder-led companies. A CFO can structure financial reporting, build investor-ready models, and help management teams anticipate the operational diligence questions that growth equity investors ask.

Noro-Moseley Partners was founded in 1983, making it one of the longest-running venture and growth equity firms in the southeastern United States. The firm is headquartered in the Medici Building at 3284 Northside Parkway NW, Suite 525, Atlanta, Georgia 30327.

The current team includes General Partners with collective experience exceeding 70 years in technology and healthcare investing. Spence McClelland joined in 2010 and focuses on healthcare, software, and tech-enabled services. Vasant Kamath joined as a General Partner in January 2024 with a focus on software and information technology investing.

NMP VIII, the firm's most recent fund, closed at $180 million in May 2019 — oversubscribed from its original target, reflecting LPs' confidence in the firm's track record and thesis execution. Prior funds supported investments across multiple vintage years and market cycles.

The firm's investment track record spans multiple economic environments, including the dot-com era, the 2008 financial crisis, and the recent venture correction. Their ability to generate exits across market cycles — selling to strategic acquirers like Microsoft, Philips, and IBM alongside financial sponsors like TPG and General Atlantic — reflects the quality of companies they back and the relationships they maintain on the buy side.

Noro-Moseley's operational model centers on active board participation, deep sector expertise, and leveraging their Southeast healthcare network for due diligence and customer development. This combination distinguishes them from more passive growth equity investors who write checks without adding meaningful operational value.

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