Plymouth Growth

Straylight Capital Research Investment Thesis Straylight Capital (formerly Plymouth Growth) invests in founder-led B2B technology companies that operate in the "magnificent middle"—growth-stage companies with $3-13M in annual revenue that are ready for their next stage of scaling. The firm explicitly positions itself between venture capital and private equity, providing growth equity capital combined with operational expertise without the venture-style "moonshot or bust" mentality. The core thesis is that exceptional founder-led B2B technology businesses exist outside traditional coastal venture and private equity systems, particularly in underserved regions like the Midwest. Straylight believes in backing "gritty founders and teams" who think differently and approach growth from a pragmatic, sustainable perspective rather than pure growth-at-all-costs. Unlike traditional late-stage PE firms, Straylight brings venture-style flexibility and founder empathy. Unlike venture capital, they avoid the "raise and burn" hamster-wheel philosophy, instead focusing on balanced, durable growth that creates optionality for founders. Stage Focus Straylight is exclusively focused on growth-stage early companies (Series A-B equivalent in venture terminology). They specifically target: Entry point : Companies with $3-13M annual revenue Stage : Early growth/post-product-market-fit Ownership : Aim for 15-20% typical ownership at entry Check Size and Capital Deployment Typical check size : $5M-$25M per investment Fund size : Recent fund(s) in the $400M+ range deployed Portfolio concentration : 10-12 companies per fund Capital deployed : $400M+ in total assets under management Lead Tendency Leads most rounds . Straylight structures bespoke investment solutions tailored to each company's needs. Recent Activity Fund status : Actively deploying (Fund III actively invested as of 2025) Portfolio companies in active stage : 25+ current portfolio companies Exits/Recapitalizations : 15+ portfolio companies have been recapitalized or realized Portfolio Highlights Recent Portfolio Companies (Active): ForJ (community learning platform with LMS) - Milwaukee, WI KnowledgeLake (AI-powered enterprise automation platform) - St. Louis, MO MentorCliQ (mentoring software solution) - Columbus, OH CloseSimple (real estate title company software) - Minneapolis, MN Deck Commerce (omnichannel order management system) - St. Louis, MO ALIS (senior living facilities software) - Chicago, IL 3BG Supply Co. (industrial MRO distributor) - Fort Wayne, IN Algo (AI-driven supply chain intelligence) - Troy, MI ReadySet Surgical (cloud-based surgical coordination) - Cleveland, OH Retail 365 Markets (unattended retail technology) - Troy, MI Sensei Labs (collaborative workflow software) - Toronto, ON Traction Ag (farm accounting and management software) - Auburn, IN Metopio (health care data analytics platform) - Chicago, IL Notable Exits/Recapitalizations: Montage (interview technology platform) Nutshell (CRM software for SMBs) Keyfactor (digital identity management software) Pacejet (enterprise shipping software) Wellspring (innovation and commercialization management) Above The Treeline (digital catalog platform for publishers) Team The Straylight team consists of experienced partners and principals based in Detroit and Ann Arbor, Michigan. All 8+ core team members are co-founders with founder/operator backgrounds. Leadership & Partners: Jeff Barry - Partner & Co-founder, Chief Operating Officer (Management consulting, growth investing) Brook Critchfield - Partner & Co-founder (Nearly entire career in PE and venture capital) Kevin Terrasi - Partner & Co-founder, Leads Value Creation (Successfully built and exited portfolio company, skilled engineer, operator) Michelle Erikson - Vice President & Co-founder (Marketing and operations) Kathleen Kaulins - Principal & Co-founder (Investment banking, operational roles at high-growth tech) James Schneider - Director of Accounting & Finance (VC and PE finance expertise) Claire Stevens - Analyst & Co-founder (University venture fund co-founder) Caroline Wolanin - Associate & Co-founder (Corporate finance and operations) Decision Process & Timeline Decision Process : Partnership model with investment committee, valuation committee, and multiple partners involved. Decision Timeline : 1-2 months typical. Multiple founders/CEOs report smooth, collaborative diligence processes. Geographic Focus Primary focus : North America Core : Midwest (Michigan, Ohio, Indiana, Wisconsin, Minnesota) Secondary : Mid-market US regions Emerging : Toronto and surrounding Canada for tech services Investment Profile & Model Preferences Exclusively B2B Software and Tech-Enabled Services Software companies and SaaS platforms Vertical software solutions Tech-enabled services businesses Operational technology Industry Diversity in Portfolio: Healthcare/Senior Living (ALIS, ReadySet Surgical, Metopio) Enterprise Software (KnowledgeLake, CloseSimple, Sensei Labs) Supply Chain/Operations (Algo, Traction Ag, Deck Commerce) HR/Talent (MentorCliQ, ForJ) Retail/Distribution (3BG Supply Co., Retail 365 Markets) Specialized Services (Keyfactor - identity management) Founder Preferences Straylight explicitly seeks: Resilient founders who think differently Gritty, founder-led teams aligned with sustainable growth Experienced management teams with operational depth Founders interested in optionality , not necessarily IPO-only paths Teams between the coasts open to Midwest-based partnership Typical Involvement & Support Unlike traditional late-stage PE firms, Straylight offers: On-demand value creation team : Go-to-market scaling, product/architecture guidance, finance and operations expertise Board involvement : Active, involved board members Operational support : Add-on acquisition sourcing, pricing strategy, talent planning, financial planning, growth strategy Network access : Operating partners, industry-leading expertise, co-investor network Founder support : Creating optionality without forcing exit timelines Firm Philosophy Straylight positions itself as the antidote to traditional venture and private equity: Not venture capital : No moonshot or bust mentality Not traditional PE : No one-size-fits-all playbooks Better than both : Venture-style flexibility + PE-style operational depth + founder empathy Summary Straylight Capital is a growth equity firm singularly focused on founder-led B2B software and tech-enabled services companies in the $3-13M revenue range. Based in the Midwest with deep ties to Michigan, the firm combines venture-style founder empathy and flexibility with private equity-level operational resources. With 25+ active portfolio companies and 40+ total portfolio companies impacted through exits and recapitalizations, Straylight has proven track record in supporting founder-led growth. Their philosophy of creating optionality, supporting sustainable growth, and maintaining founder involvement through multiple exits differentiates them in the growth equity market.