About
Unbound Equity Partners
For more than twenty years, we have been pioneers of the SaaS venture ecosystem and operators of early to late stage SaaS businesses.
Unbound Equity Partners (UEP) is on a growth journey as a private equity firm. Our sole focus is on B2B SaaS. We invest in lower to mid-market software-as-a-service (SaaS) firms with the goal of advancing the journey for the management teams and their employees as well as our investors.
Our Thesis
In the evolving landscape of SaaS, a growing reality emerges – over 30,000 SaaS companies now exist, with the lion’s share of 70% in the USA and Canada. There are more SaaS companies in existence than ever before, and it’s still growing. The tides of investment have changed, creating a realm where valuations wane, and market apprehensions loom. The coming years will have challenges, even for enterprises yielding revenue and manifest viability.
B2B SaaS multiples, once held at 10x to 20x or even more, have found their equilibrium at much lower levels in 2023 and likely for some years to come, painting a compelling narrative of the shifting dynamics. Amidst this evolving landscape, a resolute constant endures that Unbound Equity Partners fully believes – the software market continues to chart a course for sustained growth over the next 5 to 10 years. The SaaS market was $150 billion in 2022 and will reach $900 billion market by 2030.
Now, within this juncture of transformation, lies an unparalleled window of opportunity, a canvas on which Unbound Equity Partners etches its thesis, primed to harness these dynamics and forge pathways to realize substantial returns for entrepreneurs and investors. Unbound Equity Partners will continue to expand its portfolio and assets under management of B2B SaaS companies bringing exceptional value to entrepreneurs and investors.
Through tales of venture capital, M&A, and entrepreneurship, we have seen our fair share of exits.
We have deep expertise in SaaS investing, from venture capital funds to angel investing.
We have held positions in existing tech companies to founding startups, bringing on scars to show.
One of the things that keep us going is a nice cup of coffee with nicely produced crema.
Our Team
Think big, execute relentlessly, work with good people, and have fun along the way.
Andrew Lugsdin, Partner
Andrew Lugsdin is a Founding Partner at Unbound Equity Partners.
He has more than 20 years of venture capital experience and has spent his entire career in tech and startups. Previously, Andrew was Founding Partner at Framework Capital and a Partner at the BDC IT Venture Fund, managing a number of portfolio companies through exits.
Having founded a consulting firm for early-stage technology startups, leading sales at a venture backed company, and as an engineer at a large telecommunications firm.
He holds a Bachelor of Science in Physics and in Computer Science from McGill University.
Byron Thom, Partner
Byron Thom is a Founding Partner at Unbound Equity Partners.
Byron Thom brings more than 20 years of experience in technology as a founder, lawyer, operator, and investor.
Byron has held senior roles at Cymax Group Technologies and Framework Venture Partners. At Cymax, he led strategy and corporate development activities as VP Corporate Development, finding innovative ways to take advantage of Cymax’s platform. While a Principal at Framework Venture Partners, Byron invested in and sat on the board of several Canadian technology companies, including Mobify (acquired by Salesforce), Lemonstand (acquired by MailChimp) and Checkfront.
Byron is a graduate of the University of Ottawa, where he earned an LL. B in Law & Technology and Simon Fraser University, where he received a Bachelor of Applied Science (Honors) degree in Engineering Science.
Kalle Radage, Partner
Kalle Radage is a Founding Partner at Unbound Equity Partners.
Kalle is Founder and Chairman of Clearly Payments and Co-founder and COO of Neptune Digital Assets (TSXV: NDA). Previously, he was President of a SaaS payment processor from its early days until its acquisition in 2018. He has scaled technology companies in enterprise software, online advertising, and payments from the ground up and has also held leadership roles at global enterprises (Oracle & Nokia). He was also a venture capitalist, investing in and helping grow innovative companies.
He has lived and worked in Silicon Valley, Europe, Boston, and Vancouver. He received a degree in computer science from UBC in Canada and an MBA from IESE in Spain.
Our Values Put to Work
Forge Synergy
Master Your Craft
Tell It Like It Is
Unbound Equity Partners embodies a fusion of values that forms the bedrock of our operations. Rooted in the principle of “Forge Synergy,” we champion collaboration as an active force that fuels innovation, fosters dynamic problem-solving, and amplifies our collective impact.
Guided by the ethos of “Master Your Craft,” our relentless pursuit of knowledge propels us ahead. We navigate the currents of industry trends, market insights, and financial acumen with precision, enabling us to make informed decisions that unlock value and propel ventures to new horizons.
With an unwavering commitment to “Tell It Like It Is,” transparency courses through our interactions. We stand firm in our dedication to honesty, integrity, and forthrightness, fostering trust and forging authentic partnerships that drive mutual growth.
At Unbound Equity Partners, these values converge to shape a culture where collaboration thrives, transparency shines, and expertise flourishes. We invite you to embrace the transformational power of our shared philosophy, embarking on a journey that transcends boundaries and propels your success to boundless heights.
Unbound Headquarters
Headquartered in the vibrant city of Vancouver in Canada, our private equity firm is strategically positioned at the heart of Canada’s economic and innovation hub.
Nestled between the majestic Pacific coastline and the awe-inspiring mountain ranges, our firm draws inspiration from the natural beauty that surrounds us. Vancouver’s dynamic business ecosystem serves as an ideal backdrop for our operations, allowing us to tap into a diverse pool of talent, forge strategic partnerships, and capitalize on emerging opportunities.
With a strong commitment to both local and global investment initiatives, our firm leverages Vancouver’s unique blend of entrepreneurial spirit and cosmopolitan flair to drive transformative growth and deliver unparalleled value to our portfolio companies and stakeholders.