NewSpring is a lower-middle market private equity firm based in Radnor, Pennsylvania, operating five distinct strategies: Growth, Healthcare, Mezzanine, Holdings, and Franchise. The firm partners with high-potential companies, providing capital, operational support, and strategic guidance to help them scale.
Deal activity increased 200% year-over-year (3 deals in the last 12 months). Average disclosed round size is $33.0M (across 79 rounds with reported amounts).
Portfolio
62
Fund Size
$390M
Top Stage
Series B
Last 12 Mo
3
Team
Andrew Panzo
General Partner
Kapila Ratnam
General Partner
Marc Lederman
General Partner
Patrick Sugrue
General Partner
Skip Maner
General Partner
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
84 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Honest Health | Unknown | $140M | Feb 2026 |
 Honest Health | Growth | $140M | Feb 2026 |
 Bite Investments | Growth | $25M | Sep 2025 |
 Jones | Series B | $15M | Jan 2025 |
 AeroSafe Global | Growth | $43M | Aug 2023 |
| AAeroSafe | Series F | $43M | Aug 2023 |
 Venn | Series A | $29M | Jun 2023 |
 Cordial | Series C | $50M | Jul 2022 |
 Federal Donuts & Chicken | Unknown | — | Apr 2022 |
 Enboarder | Series B | $32M | Feb 2022 |
 Appcues | Series B | $32.1M | Jan 2022 |
 Celigo | Series C | $48M | Dec 2021 |
 Circonus | Series B | $10M | Nov 2021 |
 Bespoke Post | Series B | $40M | Oct 2021 |
 ExecOnline | Series A | $45M | Oct 2021 |
 Deposco | Series B | $35M | Mar 2021 |
 SparkPost | Growth | $180M | Jan 2021 |
 Fashionphile | Series B | $38.5M | Aug 2020 |
| Circonus | Series A | $6.8M | Jan 2020 |
 Jones | Series B | $15M | Dec 2019 |
| AaPriori Technologies | Series C | $26.8M | Jan 2019 |
| AaPriori | Series C | $26.8M | Jan 2019 |
 ParkWhiz | Series D | $25M | Nov 2018 |
 Vacasa | Series D | $64M | Oct 2018 |
| ParkWhiz | Series D | $20M | Sep 2018 |
Page 1 of 4
Top Co-Investors
Baird6 shared
LLR Partners5 shared
Level Equity3 shared
Assurant Ventures3 shared
Riverwood Capital3 shared
Ben Franklin Technology Partners3 shared
TL Ventures3 shared
Sigma3 shared
MPM Capital3 shared
MHS Capital3 shared
First Round Capital3 shared
Jump Capital3 shared
Wave Capital2 shared
Hamilton Lane2 shared
Ground Up Ventures2 shared
Camber Creek2 shared
Khosla Ventures2 shared
JLL Spark2 shared
DivcoWest2 shared
Last updated: 20 October 2026