Zara Riahi, Pallavi Shrivastava, Nan-Wei Gong and Rhonda Bray all see their firms land capital

From our Women's PE Briefs - week commencing June 28, 2021

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Lori Gonzalez-led Twin Star Home aquires Classic Accessories

Private equity-backed Twin Star Home, whose CEO is Lori Gonzalez, acquires a developer of covers for patio and garden furnishings, cushions and accessories. Terms of Twin Star’s purchase of Seattle-based Classic Accessories were not disclosed.

Based in Delray, Fla., Twin Star produces indoor and outdoor home furnishings. In 2020, it purchased TK Classics, a designer and manufacturer of outdoor furniture, which was founded by Jennifer Hayes.

Lori became CEO of Twin Star in March 2017 after being general manager of Jarden Consumer Solutions, a subsidiary of Newell Brands. Z Capital Partners acquired Twin Star in 2016.

Zara Riahi’s Contilio raises $1.5M in funding

A U.K.-based construction analytics platform founded by Zara Riahi digs up capital. Contilio raised $1.5 million in funding led by Pi Labs.

Contilio is a 3-D AI construction analytics platform that provides actionable intelligence from 3-D construction site data. The software works with all commercially available Lidar/Laser scanners and drones. The funds will be used to onboard more customers and further advance its product and tech to accelerate growth.

Pallavi Shrivastava’s Progcap raises $25M in Series B funding

A New Delhi-based financial services company co-founded by Pallavi Shrivastava secures funding. According to Live Mint, Progcap raised $25 million in Series B funding led by Tiger Global Management and existing investor Sequoia Capital India.

Progcap is a financial service company that provides financial opportunities for small retailers. The funds will be used by Progcap to enhance its services and presence across existing geographies, as well as scale up the team, strengthen technology differentiation and diversify into new product offerings to fortify its vision of building a full-stack digital platform for retailers. The company, which works at the intersection of software and financial services, aims to be the first full-stack retailer-focused digital bank that enables capital flow across the supply chain to underserved retailers.

Sapna Hornyak-led Avania acquires Sandra Maddock-led IMARC

Avania, which is led by Sapna Hornyak, acquires a medical device CRO company led by Sandra Maddock. Avania acquired IMARC, a company that assists clinical researchers pursuing FDA and worldwide approvals by preparing, educating and guiding site teams to control the complex management of trials via cost-effective monitoring, auditing and training services.

In a statement, Sapna said, “at Avania we are focused on building a high-quality, full-service specialist medical technology CRO with global reach. We are delighted to welcome the IMARC team, with whom we have had the pleasure of collaborating for some time.” Sandra added in a statement “Adding IMARC’s portfolio of capabilities to Avania’s will provide clients with a single-source provider of extensive, specialized medical device expertise combined with global reach.”

Robin Gregg-led RoadSync raises $30M in Series B funding

RoadSync, whose CEO is Robin Gregg, drives away with fresh capital. The Atlanta-based company raised $30 million in Series B funding from Tiger Global Management, Gaingels and such existing investors as Base10 Partners and Hyde Park Venture Partners. Jackie DiMonte led Hyde Park into the company before joining Chicago Ventures last year.

RoadSync has developed a digital payment platform that reduces payment processing time and maximizes revenue collection for the transportation industry. The company’s software allows businesses to move away from paper and quickly invoice and accept payments in real-time from truck drivers, carriers and brokers.

Prior to joining RoadSync in 2017, Robin was a senior vice president with Fleetcor. Her background also includes roles with Capital One and Revolution Money.

Nan-Wei Gong’s FIGUR8 raises $12M in Series A funding

Investors provide additional financial support to FIGUR8, a digital health platform co-founded and led by Nan-Wei Gong that seeks to bring true visibility to musculoskeletal disorders. The Boston company raised $12 million in Series A financing from Taiwania Capital, The E14 Fund, Phoenix Venture Partners and P5 Health Ventures.

FIGUR8 has developed a powerful, lightweight system that combines clinically smart biosensors, intuitive software and AI to pinpoint the source of an injury and provide visibility to recover. The technology enables clinicians in just minutes to take clients through an assessment to establish a movement health baseline, diagnose movement dysfunction, identify injury risk, optimize exercise routines and monitor progress. The company has expanded its product offerings – targeting the low back, neck, lumbar spine and knee. It says that its technology is more effective than MRIs and X-rays for screening soft tissue-related symptoms.

FIGUR8 was developed through collaboration between MIT Media Lab researchers and Massachusetts General Hospital Sports Science Lab. Nan has served as a research affiliate of the MIT Media Lab. She previously has founded 3dim Tech, Inc. and Circular2 and worked at Microsoft Research and Nokia Research Center.

Rhonda Bray’s Rhythm Management Group lands capital

Rhythm Management Group, whose founder and CEO is Rhonda Bray, lands capital. The Brooklyn, NY provider of remote monitoring services for cardiac patients received $34 million from Aldrich Capital Partners, according to WSJ Pro Private Equity.

Rhonda founded Rhythm Management in 2011 after spending 15 years as a registered nurse and working in the cardiac device industry. The company has served about 50,000 patients and more than 200 physicians.

Sequoia Capital India leads a Series A funding round for Devanshi Kejriwal’s Skillmatics

Sequoia Capital India leads a Series A funding round for an educational toy maker co-founded by Devanshi Kejriwal. Skillmatics raised $6 million in a round that also included the Jalaj Dani Family Office and existing angel investors.

Based in Mumbai, India, Skillmatics sells its products and games via its website and in 15,000 stores globally, including Walmart and Target. It will use the capital for hiring, expanding its product offering and building an omnichannel retail strategy in the United States. Devanshi, who is Skillmatics’ chief creative director, founded the company in 2017 with Dhvanil Sheth.

Jamie Marshall’s Snackpass lands $70M in Series B funding

A social food ordering platform co-founded by Jamie Marshall munches on capital from a significant list of investors. According to TechCrunch, Snackpass landed $70 million in Series B funding from Craft Ventures, Andreessen Horowitz, General Catalyst, Y Combinator, Pioneer Fund, AirAngels, Bastian Lehmann, David Grutman, Draymond Green, Gaingels, HartBeat Ventures, the Jonas Brothers, Shrug Capital, Pags Group, Steve Aoki, Turner Novak, William Barnes and the Uber Alumni Investor Syndicate.

San Francisco-based Snackpass is a social commerce platform for ordering from restaurants where users order ahead and unlock discounts with friends. This social buying creates exclusive content for users and organic word of mouth for restaurants. The company will use the funding to continue expanding to more markets in the U.S.

Vine Ventures and Mayfield lead TRIPP’s $11M round

A psychedelic virtual reality meditation start-up co-founded by Nanea Reeves resonates with investors. TRIPP secured $11 million in a round led by Vine Ventures and Mayfield, which also included participation from Integrated, among others, according to TechCrunch.

Based in Venice, Calif., TRIPP is a digital wellness company developing transformative, immersive experiences that support mental wellness, focus and productivity through virtual reality. The company provides a variety of guided experiences, but users can also build their own visual flows. In a statement to TechCrunch, Nanea said, “the idea is to take mindfulness structures and video game mechanics together to see if we can actually hack the way that you feel.”

Joan Butters’ XSOLIS lands a significant growth investment

XSOLIS, whose co-founder and CEO is Joan Butters, lands a significant growth investment as it seeks to improve health care operations. The Nashville, Tenn. company secured a $75 million minority investment from Brighton Park Capital.

XSOLIS has developed an artificial intelligence-based software platform that helps national health systems and payers streamline the utilization management process. The company’s technology seeks to eliminate operational and financial challenges, prioritize patient care and enable effective communication between payers and providers.

Jennifer Tkachuk-Tremblay’s Somm raises 2M Canadian

Jennifer Tkachuk-Tremblay’s effort to make wine more inviting and approachable garners a pour of capital from investors. Somm, which Jennifer founded last year and leads, raised 2 million Canadian from KJSM Ventures and Highlander Wine & Spirits.

Based in Toronto, Somm seeks to take the guesswork out of buying and ordering wine by putting “a sommelier in everyone’s pocket.” The company’s app offers credible recommendations along with a marketplace connection to exclusive wineries, distributors and importers.

Andrea Hogan-led Fencing Supply Group makes an acquisition

Fencing Supply Group, a distributor of fence supplies led by Andrea Hogan, makes its fifth acquisition since being formed by The Sterling Group earlier this year. Terms of FSG’s purchase of Fence Supply, Inc. were not disclosed. Sunnyvale, Texas-based Fence Supply distributes and manufactures fencing and outdoor living products. Andrea became CEO of FSG earlier this year after Sterling acquired the company she led – Merchants Metals – from Atlas Holdings. Since that acquisition, FSG has also acquired Binford Supply, Cedar Supply and Pro Access. The company now operates 53 branches across 29 states.

Pamela Lopker’s QAD agrees to be taken private by Thoma Bravo

Publicly traded QAD, Inc., whose founder, president and majority shareholder is Pamela Lopker, has agreed to be taken private by Thoma Bravo. The private investment firm has agreed to pay $87.50 a share, or approximately $2 billion for QAD, a provider of next-generation manufacturing and supply chain solutions in the cloud.

Based in Santa Barbara, Calif. QAD has been publicly traded since 1997 and has more than 30 offices globally. Its solutions have been deployed by more than 2,000 manufacturing companies. Pamela founded QAD in 1979 and owns 67 percent of the voting shares. She will remain involved with the company and on its board following the completion of the sale.

Thoma Bravo is a sponsor of the Women’s Private Equity Summit.

Rachel Bentley and Carly Nance’s The Citizenry raises $20M in Series B funding

An investment firm applies capital to The Citizenry, a direct-to-consumer home décor retailer co-founded by Rachel Bentley and Carly Nance. The company raised $20 million in Series B funding from NextWorld Evergreen, according to TechCrunch.

The Citizenry sells handcrafted, hand-numbered home goods from artisans around the world. It opened its first brick-and-mortar store in New York City last October. Rachel’s background includes working at Bain & Co., while Carly has been a brand strategist.

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