Rivera’s Ulu Ventures and Forshey’s Revival Healthcare Capital close new funds
From our Women's PE Briefs - week commencing May 24, 2021
Rivera’s Ulu Ventures closes its third fund above target
Ulu Ventures, which was co-founded by Miriam Rivera, closes its third fund well above target. The Palo Alto, Calif. seed stage venture firm raised $138 million, besting its initial $100 million target. Ulu will continue to focus on enterprise IT companies with diverse teams. Limited partners include the University of Rochester, Grinnell College, the John D. and Catherine T. MacArthur Foundation, the Los Angeles Fire and Police Pension, Bank of America, Goldman Sachs, Twitter, and Fairview Capital Partners, which was co-founded by JoAnn H. Price.
Ulu has had five companies initiate public offerings in the last three quarters: Palantir, SoFi, Proterra, Figure and Zebit. Miriam founded Ulu with Clink Korver. Ulu’s 2021 investments include Backer, which is striving to make saving for education social; Praxis Labs, a diversity and inclusion learning platform co-founded by Elise Smith and Heather Shen; and TomoCredit, whose co-founder and CEO is Kristy Kim and which is developing a means for individuals to develop a credit history. Miriam has spoken at the Women’s Private Equity Summit and during a Perspectives Webinar.
Forshey’s Revival Healthcare Capital raises $500M
Revival Healthcare Capital, which was co-founded by Lauren Forshey, closes its second fund. The Austin, Texas private equity firm raised $500 million. Revival will use the fund to pursue strategic growth opportunities in which it will invest into a high potential target company where a corporate strategic partner will have a structural option or right to acquire the company in the future. Rival, which focuses on medical devices and diagnostics, has made a $75 million commitment with the new fund but did not disclose the company’s name.
In a statement, Lauren said, “the usual dynamic between strategic acquirers and target companies is a dance until closing time. By removing the guess work and gamesmanship that often defines the relationship and instead aligning goals at the outset, target companies benefit from increased focus, speed, and capital efficiency in driving towards milestones they know they will get rewarded for.”
Lauren, who is president and managing director, founded the firm with Rick Anderson, who is chairman and managing director. Previously, she was partner and director of operations at PTV Healthcare Capital. Revival’s team also includes Alexa Bourdage, who is director marketing, partner, and Lisa Rainone, director operations, partner.
83North raises its sixth fund
83North, whose leadership team includes partner Laurel Bowden, raises its sixth fund. The Israeli and European venture firm raised $550 million, almost doubling its $300 million fifth fund which closed in October 2019.
A portfolio company of Laurel’s, Wandera, recently agreed to be purchased by Jamf for $400 million. She also recently led 83North into Holidu, an online travel site. Her investment also include Critizr, Ebury, HungryPanda, Exotec, Lenses, Paddle, SellerX, Celonis, Mirakl, BlueVine, Lendbuzz, TIS, MotorK, Wolt, Form3 and Workable.
7wireVentures raises a new fund that Jaffee and Stillman will be involved with deploying
7wireVentures, whose investment team includes partner Alyssa Jaffee and senior associate Rachel Stillman, closes a new fund. The Chicago digital health venture firm raised $150 million. It has used the fund to back Transcarent, a health and care experience that puts people back in charge of their care, and Jasper Health, a platform aimed at improving the lives of consumers with a cancer diagnosis. 7wireVentures’ past investments include Livongo, which last year merged with Teladoc Health in a transaction valued at $18.5 billion.
Alyssa is on the boards of Ayogo Health and Higi and is an observer on the boards of Zerigo Health, NOCD, Jasper Health and RecoveryOne. Rachel was a member of the deal team for CirrusMD, Jasper, Clarify Medical and Higi.
Foresight Group closes a new fund that Alvarez will help deploy
Foresight Group closes a new private equity fund that Claire Alvarez will play a key role in deploying. The UK investment firm said it held a first close of the Foresight Regional Investment III LP at 65 million pounds. Foresight now manages five regionally focused investment funds. The firm’s Manchester office – where Claire is a director – will be grown to support the fund’s deployment.
In a statement, Claire said that “over the last five years, we have worked closely with the local community to invest in a range of companies, backing excellent teams and their sustainable growth plans. The impact of our activities on the local market is clear and we look forward to continuing this success with this fund.”
Claire earlier this year was involved with the sale of portfolio company Hedges Direct Limited to the company’s chairman, Steven Caunce. She joined Foresight in 2016 after six years at Deloitte where she advised banks and company directors on generating value from distressed small and medium enterprises. Claire’s investments include DA Languages, Mowgli Street Food Limited and Utilities Design & Planning Limited.
Foresight was founded in 1984 and moved from focusing on unquoted investments in the United Kingdom to investing in private equity, infrastructure and environmental deals in the UK, United States and Southern Europe.