Hollie Haynes has a liquidity event; Lauren Kolodny, Cathrin Petty and Jade Mandel make new investments; and a portfolio company of Tammy Mahn is acquired
From our Women's PE Briefs - week commencing June 28, 2021
Hollie Haynes’ Luminate Capital Partners sells AutoQuotes
Luminate Capital Partners, which was founded by Hollie Haynes, has now had a liquidity event with all seven companies it backed with its $265 million, 2017 debut fund. Luminate said it is selling AutoQuotes to TA Associates. Terms were not disclosed.
AutoQuotes develops configure-price-quote and supply chain software for the foodservice equipment and supplies industries. It will become part of Revalize, a new cloud-software platform for manufacturers formed by TA. Luminate acquired AutoQuotes in 2018 from the founding team. In 2020, AutoQuotes acquired Axonom, a visual configuration platform for B2B finished products. In a statement, Hollie said that AutoQuotes “has experienced strong performance since our initial investment.”
Coincidentally, TA Associates also generated Luminate’s first liquidity event with its debut fund, recapitalizing Financial-Information Technologies, LLC. In 2020, the San Francisco private equity firm sold AMTdirect to MRI Software; sold a stake in Conexiom to ICONIQ Capital; sold majority interest in Oversight to TCV; sold Comply365, which was co-founded by Kerry Frank, to Liberty Hall Capital Partners; and sold a controlling stake in StarCompliance, whose CEO is Jennifer Sun, to Marlin Equity Partners.
Luminate, which Hollie formed in 2015, recently closed its third fund at $1 billion. Hollie has spoken at the Women’s Alternative Investment Summit, the Women’s Private Equity Summit and the Women’s Leadership Unbound Summit.
Lauren Kolodny leads Acrew Capital into Paceline’s $29.5M Series A round
Acrew Capital’s Lauren Kolodny backs a company that incentivizes users to live healthy lifestyles. Acrew led Paceline’s $29.5 million Series A round, which included Mubadala and existing investors – a group that includes Montage Ventures, Propel Venture Partners, GreatPoint Ventures, NextView Ventures and Lux Capital.
Based in San Francisco, Paceline is focused on leveraging retail health and wellness brands and financial services to become the ultimate payer of preventative health in society. It is poised to launch a health and wellness rewards credit card that will enable cardholders to earn tailored, high value rewards for their physical activity in addition to their spending. Over the past 15 months, Paceline users have logged more than 20 million workouts and over 600 million exercise minutes while earning more than 580,000 thousand rewards to more than 100 brands. The company’s partners include Home Chef, Echelon, Hyperice and Brownie Brittle. Users can also donate rewards to the company’s charity partners, including World Food Program USA, Black Lives Matter, ASPCA and the Pat Tillman Foundation.
In a statement, Lauren said that Acrew “believes in supporting a new breed of companies that are looking to rebuild financial services from the ground up to better serve humanity. Paceline has the opportunity to create a new category that encourages consumer wellness, both health and financial.”
A founding partner with Acrew, Lauren earlier this year had a portfolio company – Divvy – agree to be purchased by Bill.com for $2.5 billion. Her investments also include Pie Insurance, Chime, Evident ID, Future Family, Tara, Deserve, Kettle, Papaya, Gusto, Finix, HMBradley and La Haus. Lauren will speak at the Women’s Private Equity Summit.
Robin Bienfait joins the board of Arpio after Valor Ventures leads Arpio’s $2M round
Valor Ventures’ Robin Bienfait joins the board of Arpio, Inc. after Valor backs the Durham, N.C. software company. Valor led Arpio’s $2 million round that also included Y Combinator, Uncorrelated Ventures and several angel investors.
Arpio has developed a disaster recovery solution that eliminates downtime for applications that run in the cloud. This, in turn, makes it fast and easy for companies to recover from major outages. In a statement, Robin said that Arpio “targets a huge and rapidly growing market” and that its timing “is about as perfect as it can be” with computing moving toward becoming cloud-native.
Arpio is Valor’s 18th investment in a software company in the Southeast. Robin founded Valor with Lisa Calhoun and Sarah O’Brien. It seeks to back start-ups led by underrepresented founders.
Bridges Evergreen’s Laura Noorani and Cristina Spiller take part in the acquisition of Skills Training UK
Bridges Evergreen’s Laura Noorani and Cristina Spiller take part in the acquisition of a U.K. based independent skills training provider. Bridges acquired Skills Training UK, which provides employer-responsive apprenticeships and individual-focused skills programs that align with business needs, creating sustainable employment and supporting social mobility. Skills Training UK offers a diversified range of apprenticeships, traineeships, adult skills and employability courses which supports individuals ages 16 to 24 and adult learners, many of whom are from disadvantaged communities, to achieve positive destinations.
Cheryl Strom and Erin Reger lead The Riverside Company into ToolWatch
The Riverside Company’s Cheryl Strom and Erin Reger are involved in the firm’s backing of a provider of tool and equipment track and operations management software. Terms of Riverside’s investment in ToolWatch were not disclosed.
Founded in 1992, ToolWatch provides industrial and commercial construction companies an integrated solution to streamline complex workflows during construction projects including tool and materials tracking, inventory management, equipment purchasing and fulfillment, job costing and billing, and field productivity organization.
Cheryl, an origination principal, helped source the deal. In 2021, she has also sourced Riverside’s investment in Radiant Plumbing and Air Conditioning, which Sara Casebier co-owned and leads, as well as add-on investments for the firm’s Modern Campus, Logically, Omnigo Software and fire and life safety platforms.
Erin, an analyst, was involved earlier this year in an add-on acquisition for Riverside portfolio company Buildout, Inc.
Mobeus Equity Partners’ Katia Mendonça backs Legatics
Mobeus Equity Partners’ Katia Mendonça backs a London-based legal transaction management software provider. Legatics received 3 million pounds in financing from Mobeus.
Legatics’ platform simplifies legal transactions by enabling deal teams to collaborate on and close deals in an interactive online environment. The funding will be used to develop its platform and build further upon its customer acquisition. Legatics will be looking to double the size of its team over the next 18 months and further develop its technology to deliver new features and use cases for a wider range of practice areas within new and existing customers.
In a statement, Katia said Mobeus was “impressed by the product, which has been designed with specific and subtle intuitive features critical to the high-level adoption Legatics has achieved to date.”
Mobeus is a venture capital that funds U.K.-based SMEs through equity and debt finance.
Tammy Mahn leads Verizon Ventures into CoreTigo’s $13M Series B round
Verizon Ventures’ Tammy Mahn invests in an Israeli industrial wireless connectivity solutions provider. CoreTigo secured $13 million in a Series B round led by Verizon Ventures and Cardumen Capital, with participation from existing investors Lenovo Capital, Magma Venture Partners, Meron Capital, Qualcomm Ventures, LLC and Sierra Ventures.
CoreTigo is creating an array of new and robust wireless solutions previously not feasible in the industrial space for real-time control and monitoring. The company provides cable-grade wireless connectivity which enables the most adaptive and flexible machine design, smart and modular production line planning and full access to data anywhere and in any environment. The funding will be used to invest in customer satisfaction and expand sales and business development activities across the globe.
In a statement, Tammy said, “CoreTigo is a leader in the automation of manufacturing through its wireless technology that, coupled with 5G and multi-access edge computing, brings the power of data to manufacturers in a cost-effective, reliable, and flexible manner.”
Tammy earlier this year led Verizon Ventures into SAM Seamless Network, a network security company co-founded and led by Sivan Rauscher, and Vdoo, a developer of product security for embedded software, which was just acquired. (See Story Below). Tammy joined Verizon Ventures in 2020 from Agrination, an Israeli-Asian corporate consortium focusing on Israeli agriculture and food technology companies.
A portfolio company of Verizon Ventures’ Tammy Mahn has been acquired
A company that Verizon Ventures’ Tammy Mahn backed earlier this year has been acquired. Vdoo Connected Trust, Ltd., a developer of product security for embedded software, has agreed to be purchased by publicly traded JFrog, Ltd. for $300 million in cash and stock. Vdoo raised a total of $70 million in funding, according to Crunchbase. In addition to Verizon Ventures, the San Francisco and Israeli company also received backing from Qumra Capital, 83North, GGV Capital, WRVI Capital, Dell Technologies Capital, NTT DOCOMO and MS&AD Ventures.
Vdoo’s platform performs a complete security assessment in minutes, providing a comprehensive report identifying vulnerabilities, configuring and hardening issues, standard incompliances, and other security exposures. JFrog said Vdoo will accelerate its vision of “becoming the company behind all software updates and creating a world of liquid software by expanding its end-to-end DevOps Platform offering, providing holistic security from the development environment all the way to edges, IoT and devices.”
Tammy in 2021 also led Verizon Ventures into SAM Seamless Network, a network security company co-founded and led by Sivan Rauscher, and more recently CoreTigo, an industrial wireless connectivity solutions provider. (See Story Above). Tammy joined Verizon Ventures in 2020 from Agrination, an Israeli-Asian corporate consortium focusing on Israeli agriculture and food technology companies.
Permira has agreed to sell Arcaplanet
Permira has agreed to sell Arcaplanet, whose board includes operating partner Elisabetta Frontini, global head of Permira’s portfolio group. Terms of Permira’s sale of the Italian pet care brand to fellow private equity firm Cinven were not disclosed. Permira has owned Arcaplanet since 2016, during which time its revenue grew from 150 million euros to 400 million euros and its EBITDA grew from 20 million euros to 65 million euros. Arcaplanet serves more than 1.3 million customers through 380 stores and its online platform.
Elisabetta also serves on the boards of La Piadineria and Universidad Europea. She has been with Permira since 2012 and chairs the firm’s portfolio review committee.
Daina Spedding and Bethany Shiers guide BGF into THIS’s 11M pound Series A round
BGF’s Daina Spedding and Bethany Shiers help their firm bite into a plant-based meat brand. BGF and Lever VC led THIS’s 11 million pound Series A round, which also included CPT Capital and existing investors Backed and Five Seasons.
Launched two years ago, THIS has designed chicken and bacon products that replicate the taste, texture and flavor of the meat versions. They are also high in protein, low in saturated fat and are GMO-free, carcinogen free and nitrate free. THIS is stocked in all four of the UK’s major grocery chains and in more than 300 restaurants. It has grown by 530 percent over the past year.
In a prepared statement, Daina called THIS “a highly innovative business that is rapidly scaling in a very exciting new food category in the UK. Plant-based meat alternatives are increasingly empowering consumers with more choices in their diet and environmental impact – and THIS is at the forefront of this with leading technology, distribution and products.”
Earlier this year, Daina led BGF into Genflow, an influencer brand building agency. Daina is on the boards of Genflow, Spoke, Moteefe and is an observer on the board of Sophia Webster. She joined BGF in 2019 from Blue Coast Capital.
Bethany also this year helped BGF invest in Source BMX, a seller of BMX bikes, parts and accessories. Bethany joined BGF as an investor last May from IL Management Consultants. She is an observer on the boards of Furniture Village and Genflow.
Formerly known as The Business Growth Fund, BGF was established to help Britain’s growing smaller and medium sized businesses. It is an independent company but with backing from UK’s main banking groups – Barclays, HSBC, Lloyds, RBS and Standard Chartered. BGF has up to 2.5 billion pounds to invest.
Fuel Capital’s Leah Solivan leads Prelude’s $1.2M seed round
Fuel Capital’s Leah Solivan invests in a company seeking to make it easier to schedule job interviews. Fuel led Prelude’s $1.2 million seed round, according to Crunchbase Daily.
Based in San Francisco, Prelude has helped more than 100 companies communicate and schedule interviews with job candidates. Its clients include Snowflake, Cloudflare and One Medical.
Leah, the founder and former CEO of TaskRabbit, founded Fuel with Chris Howard. The firm’s investments include Grouparoo; Autumn Adeigbo’s eponymous fashion brand; Good Dog, which was co-founded by Lauren McDevitt and simplifies the process of getting a dog from a responsible breeder, shelter or rescue; and HubHaus, a housing rental company whose CEO and co-founder is Shruti Merchant.
Cathrin Petty oversees CVC Capital Partners’ acquisition of Rayner
Cathrin Petty oversees CVC Capital Partners’ acquisition of a global ophthalmology business. Terms of CVC’s purchase of Rayner from Phoenix Equity Partners were not disclosed.
Based in Worthing, UK, Rayner manufactures and develops intraocular lenses and associated pharmaceuticals. Its products deliver sight-restorative implants and treatments to patients during cataract and refractive surgeries.
In a statement, Cathrin called Rayner “a pioneer in the ophthalmology sector” and said it is “globally renowned.” She added that CVC will support the company’s management team “in accelerating the international expansion of the business” and will look to “turn it into a global champion.”
In conjunction with the financing, Cathrin, a managing partner with CVC, joined Rayner’s board. She is also on the boards of Theramex, Recordati S.p.A. and Sebia. She joined CVC in 2016 and is the firm’s global head of health care.
Seroba Life Sciences’ Jennifer McMahon and Western Development Commission’s Gillian Buckley back Palliare
Seroba Life Sciences’ Jennifer McMahon joins returning investor Gillian Buckley of the Western Development Commission in backing a company that has developed a product to clear smoke in operating rooms. Seroba led Palliare’s $8 million Series A round which, in addition to Western Development, also included SCM AD and several unnamed private investors. The funds will be used to support the company’s U.S. commercial launch activities as well as new R&D activities.
Palliare is looking to solve an issue – hazardous smoke in operating rooms – that has been attracting more attending. So far this year, nine U.S. states have introduced smoke evacuation bills. In a statement, Jennifer said that Palliare has “identified the clinical need for a user-friendly continuous pressure insufflator. We recognize the growing trend towards minimally invasive laparoscopic surgery and the demand to create a cleaner and safer operating room for patients and clinical staff alike.”
In conjunction with the financing, Jennifer joined the board. She is also on the board of Endotronix and works with Biosensia. Jennifer joined Seroba in 2011 and was promoted to principal in 2019.
Goldman Sachs Growth’s Jade Mandel leads Bowery Valuation’s $35M Series B round
Goldman Sachs Growth’s Jade Mandel does her second investment in the past two months, this time backing a technology-enabled commercial real estate appraisal firm. Goldman Sachs led Bowery Valuation’s $35 million Series B round, which also included Capital One Venture and such existing investors as Builders VC, Fika Ventures, Navitas Capital, Camber Creek, Nine Four Ventures, Greenspring Associates and Alpaca VC. It now has raised a total of $66 million since its launch in New York in 2017. Bowery currently has a presence in New York, New Jersey, Philadelphia/Central Pennsylvania, Washington D.C., and South Florida.
In a statement, Jade said that Bowery “through their differentiated technology and the innovative work of their team” has “led a dramatic transformation of the commercial real estate appraisal process and is quickly establishing itself as the preferred appraisal firm in the industry.” I
n conjunction with the financing, Jade joined Bowery’s board. In May, Jade joined the board of MotoRefi after leading Goldman Sachs into the auto fintech start-up’s $45 million Series B round. She is also on the boards of Amount, H20.ai, Nav, Inc. and Visible Alpha. Also in 2021, one of Jade’s portfolio companies, Second Measure, was acquired by Bloomberg, LLP. Second Measure, which was co-founded by Lillian Chou, analyzes purchases to provide insights on consumer behavior.