Thoma Bravo is a private equity firm specializing in the software and technology-enabled services sectors. The firm focuses on acquiring controlling stakes in companies, particularly in enterprise software, cybersecurity, and fintech, and employs a "buy and build" or "consolidation" strategy to drive operational improvements and growth.
38% of their portfolio is in Crypto & Web3. They made 3 investments in the last 12 months. Average disclosed round size is $244.6M (across 18 rounds with reported amounts).
Portfolio
24
Fund Size
—
Top Stage
Series D
Last 12 Mo
3
Team
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
24 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 TRM Labs | Series C | $70M | Feb 2026 |
| AAzul | Unknown | — | Dec 2025 |
| AAzul | Unknown | — | Nov 2025 |
| TRM Labs | Series B | $70M | Nov 2022 |
 Alation | Series E | $123M | Nov 2022 |
 Alma | Series D | $130M | Aug 2022 |
 Aisera | Series D | $90M | Aug 2022 |
 FalconX | Series D | $150M | Jun 2022 |
 AppOmni | Series C | $70M | Jun 2022 |
 Imply | Series D | $100M | May 2022 |
 Vivian Health | Unknown | $60M | Apr 2022 |
 Personetics | Unknown | $85M | Jan 2022 |
 project44 | Growth | $420M | Jan 2022 |
 Paradox | Series C | $200M | Dec 2021 |
 Anchorage Digital | Series D | $350M | Dec 2021 |
| AAnchorage | Series D | $350M | Dec 2021 |
 Pendo | Series D | $110M | Nov 2021 |
 Raptor Technologies | Unknown | — | Oct 2021 |
| CCondeco Software | Growth | — | Aug 2021 |
 FTX Trading Ltd. | Series B | $900M | Jul 2021 |
| FTX Trading Ltd. | Unknown | — | Jul 2021 |
| FFTX | Series B | $900M | Jul 2021 |
 Illumio | Series F | $225M | Jun 2021 |
| FTX Trading Ltd. | Series B | — | — |
Top Co-Investors
Goldman Sachs5 shared
Sequoia Capital4 shared
PayPal Ventures3 shared
Andreessen Horowitz3 shared
GIC3 shared
Wellington Management3 shared
Blockchain Capital3 shared
Sapphire Ventures3 shared
Third Point Ventures2 shared
Paradigm2 shared
Lux Capital2 shared
KKR2 shared
Alameda Research2 shared
BlackRock2 shared
Delta Blockchain Fund2 shared
Goldentree Asset Management2 shared
Kraken2 shared
Senator Investment Group2 shared
Standard Investments2 shared
Khosla Ventures2 shared
Last updated: 12 April 2026