Bridgescale Partners makes first venture deal in Proofpoint

Bridgescale Partners recently led a $20 million Series E round for Proofpoint Inc., a Cupertino, Calif.-based provider of large-enterprise messaging security solutions. It represents the first deal for Bridgescale, which was founded last summer by Rob Chaplinsky (formerly of Mohr, Davidow Ventures) and Matthew Cowan (formerly of BayStar Capital).

“Our firm is designed to provide expansion-stage capital to later-stage technology companies, so this obviously falls into our sweet spot,” says Chaplinsky, who first met Proofpoint when it was being incubated by MDV. “It’s exciting to have the first deal completed.”

Neither Chaplinsky nor Cowan are taking a board seat with Proofpoint, although they will have board observer rights. Other deal participants include returning Proofpoint backers Benchmark Capital, Inventures, Meritech Capital Partners and MDV.

To date, Proofpoint has raised $58 million.

Bridgescale has not yet closed its inaugural fund, although a December SEC filing indicated that it was more than halfway toward its $150 million target capitalization.

A final close is expected within the next several months. Chaplinsky declined to discuss fund-raising, citing regulatory restrictions.