Morgan Stanley Expansion Capital Invests $24M in ValGenesis

Valstone Receives Minority Investment From Viking Global Investors

March 9, 2026

Cloud & SaaS

Valstone, a long-term acquirer and developer of mission-critical industrial software businesses, announced a strategic minority investment from Viking Global Investors. The partnership is intended to support Valstone’s continued expansion, including further acquisitions and growth of its AI Labs incubator.

Merchant Provides Growth Capital to Validus Capital

September 3, 2025

Financial Services

Merchant has entered a partnership with Validus Capital, a Los Angeles–based registered investment adviser managing roughly $2.5 billion, to provide growth capital and strategic resources. The capital will support Validus’s plans to expand alternatives distribution and reporting capabilities, attract advisors to its platform, and scale its multi-family office services.

Morgan Stanley Expansion Capital Invests $40M Growth Equity in Cover Whale

July 28, 2025

Insurance

Morgan Stanley Expansion Capital provided $40 million in growth equity to Cover Whale Insurance Solutions to accelerate investments in its technology platform, analytics, and product expansion. The financing converts Morgan Stanley's prior structured debt into an equity partnership as Cover Whale scales its telematics-driven commercial auto insurance MGA, which reported $133 million in gross written premiums year-to-date and is on track for $277 million for the full year.

Morgan Stanley Expansion Capital Invests $27.5M in Cover Whale

May 22, 2024

Financial Services

Morgan Stanley Expansion Capital provided $27.5 million of debt and equity financing to Cover Whale Insurance Solutions to support the insurtech's growth and technology investments. The capital — which also included conversion of existing debt investors into Series A preferred — will help Cover Whale scale its connected commercial auto insurance platform serving trucking fleets and insurance agents.

Morgan Stanley Expansion Capital Invests in Gozio Health

March 31, 2022

Healthcare Services

Gozio Health, a location-aware mobile patient engagement platform based in Atlanta, closed a growth investment from funds managed by Morgan Stanley Expansion Capital. The growth equity investment will be used to accelerate Gozio’s commercial expansion, grow client services and engineering teams, and advance the extensibility of its digital health platform.

Gemspring Capital Invests in Valant Medical Solutions

April 9, 2019

Cloud & SaaS

Gemspring Capital (via an affiliate) completed a strategic growth investment in Valant Medical Solutions, a Seattle-based provider of behavioral health electronic health record (EHR) and practice management SaaS used by over 2,000 practices and 12,000 behavioral health professionals. The capital will be used to accelerate product development, expand sales and marketing capabilities, and support the company’s continued growth across the U.S.