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Joe Onofrio is a Partner at Five Elms Capital, a growth investor in software companies…
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Joe Onofrio reposted thisJoe Onofrio reposted thisFive Elms is excited to announce our Series A investment in BoreDM, partnering with Louis Aaron and his broader team to scale its modern platform for geotechnical and geoenvironmental data management. Geotechnical data underpins every infrastructure project, yet the software powering the field has lagged far behind. BoreDM changes that by giving field teams, project managers, and data analysts a single platform for capturing, managing, and delivering borehole and subsurface data with confidence. Trusted by firms ranging from regional consultants to global enterprises, including deployments across 18 state DOTs, BoreDM is firmly positioned to define the future of this space as a modern platform built for the AI era. We're thrilled to partner with a team that deeply understands this industry and is committed to redefining how geotechnical data is captured, managed & used. Learn more: https://lnkd.in/gqPudJrQ #GeoTech #BoreDM #FiveElms
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Joe Onofrio reposted thisJoe Onofrio reposted this🙏 Grateful is probably the word that sums today up best. 🙏 Trybe has raised a $30m Series A! I still have to pause when I write that. What makes it special is getting to go on this journey alongside Will Taylor-Jackson and Ricky Daniels. We started this business with a simple belief that the industry deserved better software, and it’s pretty surreal to see how far that idea has travelled in only 6 years. This raise isn’t a finish line. If anything, it feels like we’re only just getting started! Huge thanks to our partners Five Elms Capital for backing the vision and believing in what we’re building. We’re incredibly excited about the next phase, scaling the platform, deepening our partnerships, and driving real growth for the businesses that rely on us every day. Also hugely grateful to our early supporters, Jason Goldberg and John Davis. Thank you for backing us early. https://lnkd.in/e5n-Vyh6 Explosive start to 2026. Onwards and upwards! 🚀 Ryan Mandl Kylie Uvodich Renato Morais Benjamin DeZube Henry McDonald Peter Kennedy Josh CaseyTRYBE Blog. Trybe Announces $30M Series A Investment From Five Elms CapitalTRYBE Blog. Trybe Announces $30M Series A Investment From Five Elms Capital
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Joe Onofrio reposted thisJoe Onofrio reposted thisFive Elms is thrilled to announce our investment in Ritten, a company redefining how behavioral health providers deliver care through an AI-first operations platform. Ritten brings electronic medical records, customer relationship management, and revenue cycle management into one modern workflow, automating administrative tasks, improving compliance, and enabling treatment centers to operate more efficiently across outpatient, residential, and multi-site programs. The investment will support Ritten as the team deepens its AI capabilities, strengthens its product footprint, and scales customer support operations, advancing their mission to eliminate administrative toil and empower mental health and addiction treatment providers to focus on care. Learn more: https://lnkd.in/gwKb73Kx #BehavioralHealth #Ritten #FiveElms
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Joe Onofrio reposted thisJoe Onofrio reposted thisFive Elms is proud to announce its investment in Spacelift, a leading infrastructure orchestration platform that helps DevOps teams manage cloud infrastructure with greater control, security, and automation. Currently serving customers in over 30 countries, Spacelift empowers engineering teams to scale infrastructure operations while maintaining compliance and speed across Terraform, OpenTofu, Ansible, and more. The partnership will accelerate Spacelift’s product innovation and go-to-market expansion, helping more engineering teams improve CI / CD and ship faster, safer, and smarter through enhanced infrastructure provisioning and governance. 📄 Learn more: https://lnkd.in/gB_7zD64 #DevOps #InfrastructureAsCode #SaaS #FiveElms
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Joe Onofrio reposted thisJoe Onofrio reposted thisWe’re excited to announce the close of Five Elms Fund VI at $1.1B - our largest fund to date. Fund VI was oversubscribed and closed at its hard cap, meaningfully expanding Five Elms’ global investor base and bringing assets under management to over $3 billion. In Fund VI, we will continue backing ambitious founders of fast-growing software companies, building on nearly two decades of partnership with over 70 software companies globally. Our value creation team remains a foundational part of our strategy. We have 17 in-house software operators who support our portfolio with hands-on operating expertise to accelerate growth, improve customer retention, optimize product & AI-enablement, and build scalable operations to support long-term success. Fund VI has already made 4 investments in Magma Math, RoomPriceGenie, Pathify, and Motivity. We’re incredibly grateful to our investors, founders, and team for the trust and partnership that continue to drive us forward. Learn more about Five Elms Fund VI here: https://lnkd.in/gwnAJSwi #GrowthEquity #SoftwareInvesting #FiveElms
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Joe Onofrio reposted thisJoe Onofrio reposted this📢 Our 2026 Summer Analyst application is now open! The 9-week program focuses on developing top finance students through training, mentorship, and direct exposure to all aspects of private equity investing. This opportunity is open to Winter 2026 or Spring/Summer 2027 graduates. 🗓 Application Deadline: February 17, 2025 Apply at https://lnkd.in/gxzpnfd4 or share with someone who may be a good fit! #SummerAnalyst #2026Internship #PrivateEquity #SoftwareInvesting
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Joe Onofrio reposted thisJoe Onofrio reposted thisFive Elms' 2023 was marked by many exciting investments and growth across our portfolio. We focused on growth in all aspects of our work - from scaling our current portfolio companies to expanding our internal team, including our value creation capabilities, and to helping our founders and leadership teams develop alongside their companies. We're looking forward to what's next! #YearInReview #GrowthEquity #FiveElms
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Joe Onofrio shared thisThanks to all who made this possible. Fired up to continue supporting amazing software businesses!Joe Onofrio shared thisWe're excited to announce the closing of Five Elms V!Five Elms Closes $780 Million Growth Equity Fund VFive Elms Closes $780 Million Growth Equity Fund V
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Joe Onofrio shared thisHuge congrats to Felix Eichler for being names to Europe's Forbes Under 30 list!! Love working with you and can't wait to see what's next for you and the rest of the team at Userlane!Joe Onofrio shared thisI'm honored and humbled to be featured in this year's #ForbesUnder30 list ✨, alongside impressive people revolutionizing Europe’s Technology sector! 🚀✨ But this is not just my personal achievement - I'm standing on the shoulders of giants! The team at Userlane lifts me up every day, and it’s an incredible pleasure to work with all of you at Userlane! 🙌 Very special thanks to Johanna Bumiller for making all of this possible ❤️ Special thanks to my co-founder Hartmut Hahn, to Roozbeh Farahbod, Luke Talbot, marina hoffmann for making me smile every day, to Julia Schirmer, Daniel Ward, Matin Fazli, Idriss K., Felix Brehmer for being on this journey since the beginning with me, to our visionary investors Joe Onofrio, Renato Morais, Olaf Jacobi, Lukas Vogt, Niklas Raberg, Simon Math, Julian Bürklein, to our chairman Holger Heinen, and to the truly amazing Userlane team - I am proud to be part of a group of with unwavering passion and drive 🙌 👋 If you want to be part of this journey, we're hiring for many open roles on our team. Find the link to our careers page in the comments 🎉 Congratulations to all the honorees: https://lnkd.in/gSHm5S6 #team #hiring #careers #leadership #europe #technology #startup #success
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1y
Congrats, well deserved!
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Joe Onofrio liked thisJoe Onofrio liked thisWe are excited to share that Five Elms Capital has led a strategic growth investment in UrgentIQ, the AI-native EMR built specifically for urgent care centers. Urgent care is one of the most operationally demanding corners of healthcare — patients arrive without warning, providers have to make fast treatment decisions, and every visit has to move seamlessly from care to payment. Legacy EMRs were built for hospitals and primary care, not this fast-paced environment, which is why UrgentIQ built its platform from the ground up around the speed, throughput, and economics that actually define urgent care. The results speak for themselves: a 9.7/10 average customer satisfaction rating and real, measurable improvements in patient throughput for the clinics using it. With this investment, UrgentIQ will expand beyond the EMR into a unified clinical and financial platform — including AI-powered documentation and coding, automated revenue cycle management, insurance verification, and checkout. We're proud to partner with founder Nathaniel Gibbs and the UrgentIQ team as they build the definitive operating system for urgent care. Welcome to the Five Elms portfolio! Learn more: https://lnkd.in/d8T5yjQQ #GrowthEquity #HealthTech #AI #UrgentCare
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Joe Onofrio liked thisJoe Onofrio liked this1st of September 2024: My first official day as CEO of Scilife 1st of September 2026: 6 team buildings and 8 leadership offsites later I’m elbow-deep in the most exciting projects of my career alongside a growing team of 90+ employees. Being a CEO was always the goal for me. But, it turns out my idea of the role was very different from reality. It's been far harder than I imagined, but also far more rewarding. The learning curve has been steep, but it’s also the most fun I've ever had at work. I could speak about the revenue or headcount growth but the main culprits of this enjoyment are the people I’ve shared these last 2 years with. - Working on the future of Scilife with our leadership team, a group of people I truly love being around. - Team buildings with different people from around the world. - Learning from each and every Scilifer. Some of these people I’ve worked with before, some I met at Scilife, some we’ve hired since I started. But all of them have contributed directly to both the growth of the company, and the fulfillment this role has given me. As the quote goes, “Success is best when shared”, and I hope to continue succeeding and growing alongside this same group of people. A heartfelt thank you to the whole Scilife team 🫶.
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Joe Onofrio liked thisJoe Onofrio liked thisIn March of 2024, I asked Caroline Levy to join our board. She said no. She told me she wanted to watch first — to see whether we'd actually do what I said we would do. Fair enough. So we went and did it. Today I couldn't be prouder to welcome Caroline to the Prenetics Board of Directors, where she'll also serve on our Audit, Compensation, and Nominating & Corporate Governance Committees. If you don't know Caroline — she is one of the most respected consumer and beverage analysts Wall Street has ever produced. Three decades reading this industry: leading US consumer research at UBS, senior roles at CLSA and Macquarie, and a seat on the board of Celsius Holdings since 2020. Here's the part that matters to me most. Caroline joined the Celsius board when it was doing around $130M in revenue and almost no one on Wall Street was paying attention. She saw it before the market did. Celsius went on to become one of the defining consumer stories of the decade — more than $2.5B in revenue and a peak market cap north of $20 billion. She told me she sees the same setup at Prenetics and IM8 today. So do I. We're building at the center of where consumer health is heading — longevity, science, and products that help people live longer, better lives. To have someone of Caroline's caliber choose to be in the room as we scale IM8 globally is a privilege, and honestly, a full-circle moment I won't forget. Welcome to the team, Caroline Levy. Let's go build something that lasts. PS. we are live streaming our earnings tomorrow for the first-time ever on Stocktwits, complete with a shareholder letter, detailed investor deck and maybe a few more surprises! tune in to check it out - https://lnkd.in/gGpCbp97 #Prenetics #IM8 #Longevity #ConsumerHealth #Leadership
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Joe Onofrio liked thisJoe Onofrio liked thisThe Venture Capital Power Law is not just a theory. It is the undeniable reality of startup investing. What does it mean: - For a VC, this means that most of their Portfolio Companies will fail - A few will produce middling outcomes - And a handful will generate the vast majority of returns. In a VC portfolio of say 27 companies - Total Investment Amount in various stages is $500 million - Fund has to show 3X Return which is $500 million*3= $1.5billion - A Bulk of that $1.5 billion will come from a single company - 3 companies would return 70% of the $1.5 billion. - This is just to give an idea. The numbers vary from one VC Firm to another. Take a look at the data from Carta for over 400 US venture funds from the 2016 to 2018 vintages. The numbers speak volumes about what it actually takes to succeed in this industry. Here is the breakdown of Net TVPI or Total Value to Paid-In capital: 25th Percentile (1.06x): Total Miss. You barely returned the capital. After accounting for inflation, you actually lost money for your LPs. 50th Percentile (1.38x): Also A Total Miss. Being average in VC means you are failing. Investors could have parked their money in an index fund for better liquidity and far less risk. 75th Percentile (2.09x): Not Really Good Enough. You doubled the money, which sounds nice, but considering the long lockup period and extreme risk, Limited Partners expect much more. 90th Percentile (3.37x): Pretty Good. Now we are talking. Returning over 3x is where you start proving your thesis and earning real trust from institutional investors. 95th Percentile (4.72x): Applause. This is elite performance. You are in the top tier, delivering exceptional value and proving your ability to pick winners. 99th Percentile (13.12x): Wildest Dreams Territory. A single massive outlier likely returned your entire fund multiple times over. This is the true power law in action. ✅ For emerging fund managers: Don't aim for a portfolio of average outcomes. Your entire model depends on finding that one company that can return the fund many times over. When evaluating a potential investment, ask yourself if the company has the exponential growth potential to be that massive winner. ✅ Established fund managers should not let past success breed complacency. The gap between the 75th and 90th percentile is steep. You must continuously refine your sourcing and strictly concentrate bets on potential category winners. If your current portfolio is tracking toward a 2x return, you need to aggressively lean into your best-performing assets. Finally, to be recognized as a top-class VC, both emerging and established managers need extreme discipline. Spread your bets to find the outliers, but aggressively concentrate your capital once the winners reveal themselves. Average exits do not move the needle. IC: Carta ♻️ Found this helpful? Repost it so your network can learn from it, too. And follow me, Fazlur Shah, for more content like this.
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Joe Onofrio liked thisJoe Onofrio liked thisSpoke with 15+ companies during my job search process before deciding on Magma. I ended up having 8 variables to help me manage everything. I kept track of everything on a rubric and kept it organized in Claude. Here were those factors: -Dad Test: I didn’t want a job that was going to prevent me from being a great dad -Energy: Will this job make me wake up and want to run through walls? Function of mission, people, product, etc… -Potential Outcome: Only so many swings of the bat, want to make sure there is a meaningful chance of a big outcome here -Sets up the next chapter: How will this job help set up what I want to do next -Who I work with: So much of what makes a job great is the people -Agency: Will I have the autonomy to run my domain -Money: Not the most important variable but still an important one -Product: Is it top notch and can I get behind selling it At the end of the day, this really helped me filter out companies when I got calls. And it also made it really clear which were the 4 - 5 I wanted to go deep with. I’d also note that each of these variables were not weighed equally. For instance the Dad Test had a much higher weight than money. All in all, if you are about to go through a job search, I’d recommend setting up something similar. Anything else you'd include on yours?
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Joe Onofrio liked thisJoe Onofrio liked thisI had my son test out our product before I accepted the job at Magma Math. It was a pretty awesome part of the evaluation proces. I have a lot of thoughts on the diligence you should do during a job search, especially if you are joining as a leader. And obviously one of the areas you want to diligence most is the product. There are a few ways to evaluate a product, but one of the best is talking to customers and users. At Magma, our users include students, teachers, and district employees. That gave me a pretty unique way to evaluate the product firsthand. I wasn’t sure what to expect but he sat there for an hour and actually enjoyed going problem by problem. That is exactly what we want to accomplish at Magma: make learning math engaging and fun for students. It gave me confidence in the product, but it also made the opportunity feel more personal. My kids can now understand and experience the work I do, which is a pretty special connection. So when you are considering a new job, make sure you do the right amount of diligence, especially on the product. Talk to customers, use it yourself or watch someone else use it. Do whatever you can to make sure you actually believe in what you are joining.
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Joe Onofrio liked thisJoe Onofrio liked thisI couldn't be more excited to announce that I am joining the team at Magma Math as President. There were a number of different paths and opportunities I thought about when deciding what I wanted to do next. But ultimately, there were two big reasons that led me to choose Magma: 1) The Mission: At the end of the day, our goal is to help students around the world learn math. This was something I was drawn to right away. Math is a foundational skill everyone needs, and the results Magma drives for students are staggering. I also feel a personal connection. I loved solving math problems as a kid and am now watching firsthand as my own kids learn it too. 2) The People: To me, there is almost nothing more important when you think about your job than the people you do it with. It became very clear through every conversation I had that Magma Math has a special group of people, and it was a team I wanted to join. I want to thank Henrik Appert and Arvid Gilljam for entrusting me with this role and Lauren, Brandan and Joe at Five Elms for all of their support during the process. Couldn’t be more excited to join Jordan, Louise, Rachel, Elissa, Tommy & the rest of the Magma Math Team!!!
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Joe Onofrio liked thisJoe Onofrio liked thisWe are thrilled to announce BoreDM's Series A investment from Five Elms Capital. Five Elms brings a brilliant team, deep experience, incredible resources, and a shared vision for BoreDM's growth as we scale our product offerings around the world. One of the most common questions we get from customers is "when are you getting acquired by *******?" If you're in the industry, you know which letters those seven stars stand for. With this investment, we're making clear that BoreDM is not only here for the long-haul, but we are focused, agile, and mission-driven. We only plan to strengthen that commitment to our users. We can't wait for you to see this partnership translate into an even better product, with even better service, soon. Learn more: https://lnkd.in/enbbybYw #BoreDM #FiveElms #Geotech #SubsurfaceData #DataManagement
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