Neeraj Agrawal
General Partner at Battery Ventures
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Battery Ventures GP since 2000; creator of 'T2D3' SaaS growth framework and 'F2C' founder-to-CEO transition framework. Portfolio 56% enterprise SaaS (Braze, Amplitude, Marketo, Pendo), 18% infrastructure. Forbes Midas List #9 (2019); known as 'busiest man in VC.' Guides founders from seed to IPO; emphasizes talent scarcity. $250K-$60M checks.
Background
Neeraj Agrawal is a General Partner at Battery Ventures, where he has been since joining the firm in 2000 1. He holds a B.S. in computer science from Cornell University and an MBA from Harvard Business School 1. Prior to Battery, he worked as a product manager at RealNetworks and an operating executive at SkyTV 1.
Agrawal has been recognized on the Forbes Midas List for ten consecutive years, reaching #9 in 2019 1. He was named to the New York Times’ Top 20 Venture Capitalists Worldwide in 2017 1 and listed among Boston’s 52 Most Important VCs by Insider, Inc. 1.
He is widely known as the creator of the “T2D3” growth framework for SaaS companies, which he introduced in 2015 2. The framework — “triple, triple, double, double, double” — describes the annualized revenue growth targets needed to build a billion-dollar enterprise software company 2. He also developed the “F2C” (Founder to CEO) framework addressing the transition from founder/CEO to CEO/founder 3.
Agrawal sits on more than a dozen boards and has been described as “the busiest man in venture capital” 4.
Stated Thesis
Agrawal focuses on B2B software companies across application software and infrastructure 1. He has publicly described his role as analogous to an adventure travel guide: “someone who’s climbed the mountain many times before, who knows both the terrain and the phases of the climb intimately, and can serve as a guide for others brave enough to take up the challenge” 2.
On working with founders, Agrawal has stated: “Standing side-by-side with early-stage, cloud founders on their path to an IPO is a huge privilege. I’ve learned so much from CEOs with whom I’ve partnered and love sharing that wisdom” 1.
He has emphasized that for software founders, “what is scarce… isn’t money from investors; it’s great human talent” 2.
On identifying product-market fit, Agrawal has said: “When I hear consistency across the sample set, I know we’re there” 2.
Inferred Thesis
Based on 28 verified current portfolio companies and 11 IPO exits from Battery Ventures’ website 1. This represents a subset of Agrawal’s total investments over 25 years at Battery.
Sector distribution (39 verified investments across active and IPO exits): - Enterprise SaaS / application software: 22 of 39 (56%) — Braze, Pendo, Front, Sprinklr, Amplitude, Marketo, Coupa, Harness, Workato, Dataiku, Sisense, LogRocket, Shortcut, Mattermost, Kustomer, Bazaarvoice, and others - Infrastructure software: 7 of 39 (18%) — Nutanix, Cohesity, Catchpoint, Nobl9, Bitwarden, and others - AI / machine learning: 5 of 39 (13%) — 1mind, Level AI, Letter AI, Lindy, AssistIQ - Consumer / marketplace: 3 of 39 (8%) — Wayfair, Glassdoor, Function Health - Healthcare / life sciences: 2 of 39 (5%) — Cleerly, Reify Health
Stage distribution: Agrawal invests across stages with a sweet spot at Series A-B. Signal NFX reports a check size range of $250K-$60M with a target of $20M 5.
IPO track record (11 companies): Amplitude, Bazaarvoice, Braze, Coupa, Guidewire Software, Marketo, Nutanix, Omniture, RealPage, Sprinklr, Wayfair 1. This is an exceptionally strong public-market track record for a single investor.
M&A exits (notable): AppDynamics (acquired by Cisco), Glassdoor (acquired by Recruit Holdings), Kustomer (acquired by Meta), OpsGenie (acquired by Atlassian), Marketo (acquired by Adobe via Vista Equity Partners), Omniture (acquired by Adobe) 1.
Geographic concentration: Based in Boston, but portfolio is distributed across Boston, San Francisco, and New York. Battery has offices in both Boston and San Francisco.
Temporal patterns: Agrawal’s most recent portfolio additions (1mind, Lindy, Letter AI, Level AI) signal an increasing focus on AI-powered enterprise tools, building on his long track record in SaaS.
Co-investor patterns: As a growth-stage SaaS investor, Agrawal frequently co-invests with Salesforce Ventures (Pendo Series A) and other enterprise-focused firms.
Portfolio
This table includes 39 verified investments (28 current portfolio + 11 IPO exits). Agrawal has likely made 50+ total investments over 25 years at Battery.
| Company | Stage | Year | Sector | Status | Source |
|---|---|---|---|---|---|
| ~unknown | Lindy | Growth | — | AI | Active |
| ~unknown | 1mind | — | — | AI | Active |
| ~unknown | AssistIQ | — | — | AI/Healthcare | Active |
| ~unknown | Bitwarden | — | — | Security | Active |
| ~unknown | Braze | Growth | — | Enterprise SaaS | Public (NASDAQ: BRZE) |
| ~unknown | Catchpoint | — | — | Infrastructure | Active |
| ~unknown | Cleerly | — | — | Healthcare | Active |
| ~unknown | Coefficient | — | — | Enterprise SaaS | Active |
| ~unknown | Cohesity | — | — | Infrastructure | Active |
| ~unknown | Dataiku | — | — | AI/Analytics | Active |
| ~unknown | Fetcherr | — | — | AI | Active |
| ~unknown | Front | — | — | Enterprise SaaS | Active |
| ~unknown | Function Health | — | — | Consumer Health | Active |
| ~unknown | Harness | — | — | DevOps | Active |
| ~unknown | Letter AI | — | — | AI | Active |
| ~unknown | Level AI | — | — | AI | Active |
| LogRocket | — | ~2019 | Developer Tools | Active | 1 |
| ~unknown | Mattermost | — | — | Enterprise SaaS | Active |
| ~unknown | Nobl9 | — | — | Infrastructure | Active |
| Pendo | Series A | 2015 | Enterprise SaaS | Active | 6 |
| ~unknown | Plain | — | — | Enterprise SaaS | Active |
| ~unknown | Reify Health | — | — | Healthcare | Active |
| ~unknown | Shortcut | — | — | Developer Tools | Active |
| ~unknown | Sisense | — | — | Analytics | Active |
| Sprinklr | Growth | ~2011 | Enterprise SaaS | Public (NYSE: CXM) | 1 |
| ~unknown | Tealium | — | — | MarTech | Active |
| Workato | — | ~2018 | Enterprise SaaS | Active | 1 |
| ~unknown | Wunderkind | — | — | MarTech | Active |
| ~unknown | Amplitude | Growth | — | Analytics | Public (NASDAQ: AMPL) |
| ~unknown | Bazaarvoice | — | — | Enterprise SaaS | Public (acquired) |
| ~unknown | Coupa | — | — | Enterprise SaaS | Public (acquired by Thoma Bravo) |
| ~unknown | Guidewire Software | — | — | Enterprise SaaS | Public (NYSE: GWRE) |
| ~unknown | Marketo | — | — | MarTech | Acquired (Adobe) |
| ~unknown | Nutanix | — | — | Infrastructure | Public (NASDAQ: NTNX) |
| ~unknown | Omniture | — | — | Analytics | Acquired (Adobe) |
| ~unknown | RealPage | — | — | Enterprise SaaS | Public (acquired by Thoma Bravo) |
| ~unknown | Wayfair | — | — | E-Commerce | Public (NYSE: W) |
| ~unknown | AppDynamics | — | — | Infrastructure | Acquired (Cisco) |
| ~unknown | Glassdoor | — | — | Marketplace | Acquired (Recruit) |
Note: Many investment dates could not be independently verified. Entries marked “—” have unknown round or year data.
In Their Own Words
“Ultimately, I think venture capitalists are pattern recognizers at their core. We realized there was this pattern developing with the companies we worked with, and that it provided a natural way to sequence growth both from a financial and operational perspective.” — Neeraj Agrawal, Battery Ventures blog, “Helping Entrepreneurs ‘Triple, Triple, Double, Double, Double’ to a Billion-Dollar Company,” 2015 2.
“The magic moment is when deals start closing that no founder was actively involved in pitching/closing.” — Neeraj Agrawal, on identifying sales scalability, Battery Ventures blog, 2015 2.
“Go deep versus wide. Put a team of three to five reps in the U.K. versus one to two in each country.” — Neeraj Agrawal, on international expansion for SaaS companies, Battery Ventures blog, 2015 2.
“I think for founders it’s really good to have either a CEO coach or chairman that they can trust to help them assess executive leadership.” — Neeraj Agrawal, Battery Ventures website, accessed March 2026 1.
“90% of value is created post-IPO.” — Neeraj Agrawal, affirming NYSE leadership’s observation, Battery Ventures blog, 2015 2.
What Founders Say
Todd Olson, CEO of Pendo, stated upon Battery Ventures’ Series A investment led by Agrawal: “Engagement is a leading indicator of product health, including both the quality of a vendor’s software solution and whether a company’s customers will ultimately realize value from the solution” 6. While this quote addresses the investment thesis rather than being a direct testimonial about Agrawal, it was made in the context of announcing the Battery-led round.
No other independently sourced founder testimonials found that specifically reference working with Neeraj Agrawal.
Sources
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Battery Ventures, “Neeraj Agrawal” people page, accessed March 2026. https://www.battery.com/people/neeraj-agrawal/↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩
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Battery Ventures blog, “Helping Entrepreneurs ‘Triple, Triple, Double, Double, Double’ to a Billion-Dollar Company,” 2015, accessed March 2026. https://www.battery.com/blog/helping-entrepreneurs-triple-triple-double-double-double-to-a-billion-dollar-company/↩↩↩↩↩↩↩↩↩
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Battery Ventures blog, “T2D3 Software Update: Embracing the Founder to CEO (F2C) Journey,” 2019, accessed March 2026. https://www.battery.com/blog/t2d3-software-update-embracing-the-founder-to-ceo-f2c-journey/↩
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Force Management, “The Busiest Man in Venture Capital with Neeraj Agrawal,” Revenue Builders podcast, accessed March 2026. https://www.forcemanagement.com/the-busiest-man-in-venture-capital-with-neeraj-agrawal↩
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Signal by NFX, “Neeraj Agrawal’s Investing Profile,” accessed March 2026. https://signal.nfx.com/investors/neeraj-agrawal↩
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Pendo, “Pendo Raises $11 Million in Series A Financing Led by Battery Ventures,” October 28, 2015, accessed March 2026. https://www.pendo.io/news/pendo-raises-11-million-in-series-a-financing-led-by-battery-ventures/↩↩