Work Life Ventures raises $5M for debut enterprise SaaS seed fund – gpgmail


Brianne Kimmel had no trouble transitioning from angel investor to general partner.

Initially setting out to garner $3 million in capital commitments, Kimmel, in just two weeks’ time, closed on $5 million for her debut venture capital fund Work Life Ventures. The enterprise SaaS-focused vehicle boasts an impressive roster of limited partners, too, including the likes of Zoom chief executive officer Eric Yuan, InVision CEO Clark Valberg, Twitch co-founder Kevin Lin, Cameo CEO Steven Galanis, Andreessen Horowitz general partners’ Marc Andreessen and Chris Dixon, Initialized Capital GP Garry Tan and fund-of-funds Slow Ventures, Felicis Ventures and NFX.

At the helm of the new fund, Kimmel joins a small group of solo female general partners. Dream Machine’s Alexia Bonatsos is targeting $25 million for her first fund. Day One Ventures’ Masha Drokova raised an undisclosed amount for her debut effort last year. Sarah Cone launched Social Impact Capital, a fund specializing in impact investing, in 2016, among others.

Meanwhile, venture capital fundraising is poised to reach all-time highs in 2019. In the first half of the year, a total of $20.6 billion in new capital was introduced to the startup market across more than 100 funds.

For most, the process of raising a successful venture fund can be daunting and difficult. For well-connected and established investors in the Bay Area, like Kimmel, raising a fund can be relatively seamless. Given the speed and ease of fund one in Kimmel’s case, she plans to raise her second fund with a $25 million target in as little as 12 months.

“The desire for the fund is to take a step back and imagine how do we build great consumer experiences in the workplace,” Kimmel tells gpgmail.

Kimmel has been an active angel investor for years, sourcing top enterprise deals via SaaS School, an invite-only workshop she created to educate early-stage SaaS founders on SaaS growth, monetization, sales and customer success. Prior to launching SaaS School, which will continue to run twice a year, Kimmel led go-to-market strategy at Zendesk, where she built the Zendesk for Startups program.

“You start by advising, then you start with very small angel checks,” Kimmel explains. “I reached this inflection point and it felt like a great moment to raise my own fund. I had friends like Ryan Hoover, who started Weekend Fund focused on consumer, and Alexia is one of my friends as well and I saw what she was doing with Dream Machine, which is also consumer. It felt like it was the right time to come out with a SaaS-focused fund.”

Emerging from stealth today, Work Life Ventures will invest up to $150,000 per company. To date, Kimmel has backed three companies with capital from the fund: Tandem, Dover and Command E. The first, Tandem, was amongst the most coveted deals in Y Combinator’s latest batch of companies. The startup graduated from the accelerator with millions from Andreessen Horowitz at a valuation north of $30 million.

Dover, another recent YC alum, provides recruitment software and is said to be backed by Founders Fund in addition to Work Life. Command E, currently in beta, is a tool that facilities search across multiple desktop applications. Kimmel is also an angel investor in Webflow, Girlboss, gpgmail Disrupt 2018 Startup Battlefield winner Forethought, Voyage and others.

Work Life is betting on the consumerization of the enterprise, or the idea that the next best companies for modern workers will be consumer-friendly tools. In her pitch deck to LPs, she cites the success of Superhuman and Notion, a well-designed email tool and a note-taking app, respectively, as examples of the heightened demand for digestible, easy-to-use B2B products.

“The next generation of applications for the workplace sees people spinning out of Uber, Coinbase and Airbnb,” Kimmel said. “They’ve faced these challenges inside their highly efficient tech company so we are seeing more consumer product builders deeply passionate about the enterprise space.”

But Kimmel doesn’t want to bury her thesis in jargon, she says, so you won’t find any B2B lingo on Work Life’s website or Instagram.

She’s focusing her efforts on a more important issue often vacant from conversations surrounding investment in the future of work: diversity & inclusion.

Kimmel meets with every new female hire of her portfolio companies. Though it’s “increasingly non-scalable,” she admits, it’s part of a greater effort to ensure her companies are thoughtful about D&I from the beginning: “Because I have a very focused fund, it’s about maintaining this community and ensuring that people feel like their voices are heard,” she said.

“I want to be mindful that I am a female GP and I feel honored to have that title.”




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Startups Weekly: Diamond-encrusted disruption – gpgmail


Hello and welcome back to Startups Weekly, a weekend newsletter that dives into the week’s noteworthy startups and venture capital news. Before I jump into today’s topic, let’s catch up a bit. Last week, I wrote about the flurry of IPO filings. Before that, I noted the differences between raising cash from angels vs. traditional venture capitalists.

Remember, you can send me tips, suggestions and feedback to kate.clark@Gpgmail.com or on Twitter @KateClarkTweets. If you don’t subscribe to Startups Weekly yet, you can do that here.

What’s new

Venture capitalists look for companies poised to disrupt markets untouched by innovative technology. Believe it or not, a very small percentage of jewelry shopping is done online, which means there’s a big opportunity — for the right team — to bring jewelry buyers and sellers to the 21st century.

Enter Pietra, a new startup that’s just raised $4 million in a round led by Andreessen Horowitz’s Andrew Chen (Substack & Hipcamp investor). Robert Downey Jr.’s VC fund Downey Ventures and Will Smith’s fund Dreamers Fund also participated, as did Hollywood manager Scooter Braun, Michael Ovitz and supermodel Joan Smalls.

I spoke to the founding team, which includes Uber alum Ronak Trivedi and Ashley Bryan, who hails from fashion e-commerce site Moda Operandi. The pair bring a healthy mix of technology and fashion expertise to the mix. Trivedi tells gpgmail he’s drawn on his Uber experience to recruit engineers from top tech companies and to advocate for fast growth. Meanwhile, Bryan has leveraged her fashion industry connections to establish relationships with luxury designers.

 “Fashion is typically really under-resourced in terms of tech,” Bryan tells gpgmail. “[The fashion industry] is great at the creativity part but it’s tough, especially with jewelry because you really have to put up a lot of capital.”

Pietra’s plan is to create a high-end marketplace for consumers to connect with jewelry designers. To do this, the team has adopted the standard marketplace approach, taking a 30% marketplace fee from sellers, as well as a 7% fee from buyers commissioning jewelry on the platform.

“Whether you do custom jewelry or engagement jewelry or you do jewelry for celebrities like Drake, you can come on Pietra and connect with a global marketplace,” says Trivedi.

The jewelry market is expected to be worth more than $250 billion by 2020, according to McKinsey research. And where there’s a billion-dollar market, there are VCs. 

“Even though gemstones and jewelry have been at the center of art, commerce, and culture since the dawn of human civilization — going from stone jewelry created 40,000 years ago in Africa to the trade routes between East and West to Fifth Avenue in New York to the Instagram feed on your phone — the technology for discovering, designing, and purchasing jewelry online hasn’t evolved much at all,” writes a16z’s Chen, who overlapped with Trivedi during his Uber tenure.

Pietra completed its official launch this week. It has 100 designers on the platform and counting, along with what the founders say is a lengthy waitlist.

hands signing check 1

In other news

This week I published a long feature on the state of seed investing in the Bay Area. The TL;DR? Mega-funds are increasingly battling seed-stage investors for access to the hottest companies. As a result, seed investors are getting a little more creative about how they source deals. It’s a dog-eat-dog world out there and everyone wants a stake in The Next Big Thing. Read the story here.

Demo Day

Y Combinator graduated another batch of 200 companies this week. We were there both days, taking notes on each and every company. To make things easy on you, I’ve put together the ultimate YC reading list:

Here’s a look at some of the profiles we’ve written on the S19 companies:

Listen

We recorded two great episodes of Equity, gpgmail’s venture capital podcast, this week. The first was with YC CEO Michael Seibel, in which he speaks to trends at the seed stage of investing, changes at the accelerator program, including its move to San Francisco and more. You can listen to that one here. Plus, we had on Unusual Ventures co-founder and partner John Vrionis, who talked to us about direct listings versus IPOs and the future of DoorDash and Airbnb. You can listen to that one here.

Equity drops every Friday at 6:00 am PT, so subscribe to us on Apple Podcasts, Overcast and Spotify.

Tips for B2B startups

Contributors Tyler Elliston and Kevin Barry share advice for B2B companies: “Over the years, we’ve seen a lot of B2B companies apply ineffective demand generation strategies to their startup. If you’re a B2B founder trying to grow your business, this guide is for you. Rule #1: B2B is not B2C. We are often dealing with considered purchases, multiple stakeholders, long decision cycles, and massive LTVs. These unique attributes matter when developing a growth strategy. We’ll share B2B best practices we’ve employed while working with awesome B2B companies like Zenefits, Crunchbase, Segment, OnDeck, Yelp, Kabbage, Farmers Business Network, and many more.” Read the full story here. (Extra Crunch membership required.)




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Fresh out of Y Combinator, Tandem lands millions from Andreessen Horowitz – gpgmail


Tandem, one of the most sought after companies to graduate from Y Combinator’s summer batch, will emerge from the accelerator program with a supersized seed round and an uncharacteristically high valuation.

The months-old business, which is developing communication software for remote teams after pivoting from crypto, is raising a $7.5 million seed financing at a valuation north of $30 million, sources tell gpgmail. Airbnb investor Andreessen Horowitz is leading the round.

Tandem and a16z declined to comment for this story. The round has yet to close, which means the deal size is subject to change. Y Combinator startups raise capital using SAFE agreements, or simple agreements for future equity, which allow investors to buy shares in a future priced round at a previously agreed-upon valuation.

We’re told several top venture capital firms were vying for a stake in Tandem. One firm even gifted the founders a tandem bike, sources tell gpgmail, resorting to amusing measures to sway the Tandem team. But it was a16z — which has an established interest in the growing future of work sector, evidenced by its recent investment in the popular email app Superhuman — that ultimately won the coveted lead investor spot.

Tandem provides a virtual office for remote teams, complete with video-chatting and messaging capabilities, as well as integrations with top enterprise tools including Notion, GitHub and Trello. The service launched one month ago and has signed contracts with Airbnb, Dropbox and others. The company claims to be growing 50% week-over-week.

“Every company is a remote company,” Tandem chief executive officer Rajiv Ayyangar said during his pitch to investors on day two of Y Combinator Demo Days this week. “You have salespeople in the field, [companies with] multiple offices, people working from home. Tandem isn’t just building the future of remote work, it’s building the future of work.”

Ayyangar was previously a data scientist at Yahoo before joining Yakit, a startup seeking to simplify ecommerce delivery, as the director of product. Co-founders Bernat Fortet Unanue and Tim Su are also Yahoo alums.

We’re told Tandem’s fundraise was nearly complete before it pitched to investors Tuesday afternoon. Startups that participate in YC are often flooded with offers from VCs throughout the three-month program. Firms are hungry for the batch’s Airbnb, Dropbox or Stripe — graduates of the program — and will pay premiums on startup equity for their chance to invest in a future ‘unicorn.’

As a result, the median seed deal for U.S. startups in 2018 was roughly $2 million — a record high — with typical pre-money valuations hovering north of $10 million. Tandem’s seed financing represents both a trend of swelling seed deals and valuations, as well as a tendency for VCs to dole out more cash to fresh-from-YC companies amid heightened competition amongst their peers.

The previous YC batch, which wrapped up in March, included ZeroDown, Overview.AI and Catch, a trio of companies that pocketed venture capital ahead of demo day. ZeroDown, a financing solution for real estate purchases in the Bay Area, raised upwards of $10 million at a $75 million valuation before demo day, sources told gpgmail at the time (months after demo day, Zero Down announced a whopping $30 million financing). ZeroDown was an outlier, of course, as the company’s founders had previously co-founded the billion-dollar HR software company Zenefits.

As for the summer batch, we’re told Actiondesk, Taskade and Tandem are amongst the startups to garner the most hype from investors. Some even forwent the demo day pitch altogether. BraveCare, which is creating urgent care clinics intended just for kids, raised $4.1 million ahead of demo day, we’re told. The company opted not to pitch to additional investors this week.

You can read about all the company’s that pitched during demo day one here and demo day two here.


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Singularity 6 raises $16.5M from Andreessen Horowitz to create a ‘virtual society’ – gpgmail


When Fortnite reached stratospheric popularity early last year, there were undoubtedly an awful lot of VCs on the sidelines looking enviously at the massive platform and wondering what opportunities could be gleaned from its rapid rise.

Epic Games went on to raise later that year at a nearly $15 billion valuation so some of those investors decided to invest directly in the Fortnite creator’s continued ascent, but others have been looking to get in on the ground floor of new operations that are aiming to rethink the line between video games and social networks.

Today, Andreessen Horowitz announced that it’s leading the $16.5 million Series A of a stealthy gaming startup called Singularity 6. The startup’s ex-Riot Games co-founders claim their venture is less focused on building a button-mashing competitive shooter than it is a “virtual society” where users can develop relationships with in-game characters powered by “complex AI”.

Singularity 6 co-founders Anthony Leung (left)and Aidan Karabaich (right)

London Venture Partners (LVP) and FunPlus Ventures also participated in the Series A round. LVP led the company’s $2.5 million seed round last year.

“The near term focus is our first product, building a world that begins to tackle the community simulation space, and that’s really combining a strong virtual community with deep and compelling gameplay,” CEO Anthony Leung told gpgmail in an interview.

He says that the company’s influences for its first title include “Animal Crossing, Stardew Valley and The Legend of Zelda: Breath of the Wild.”

While the co-founder did specify that Singularity 6 is a “game and tech company” he didn’t have too much to say about what that tech was. “We actually have to roll out a lot of custom tech, because there aren’t really any off-the-shelf solutions for the MMO aspects or the virtual community features,” Leung told us.

A16z has already invested in a company building the underlying tech for MMOs, Improbable, which has raised $600 million+ for its server-stitching SpatialOS platform. Investors like Andreessen Horowitz are largely ambitious that the gaming market will continue to grow as major players invest heavily in platforms that make the titles more accessible to new user bases.

“Interactive entertainment has become more mainstream and approachable than ever before, as technology use is no longer for fringe or techy groups – this new generation of ‘gamers’ is becoming more inclusive of everyone – as immersive, digital experiences will become as accessible and commonplace as the social forums we know and love today.” wrote a16z Partner Andrew Chen, who is taking a seat on Singularity 6’s board as part of this deal, in a blog post.

Singularity 6 isn’t sharing a release date for its “virtual society” quite yet, but Leung tells me the title is “still a ways out” from launch.


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MaC Ventures, the brainchild of Adrian Fenty and Marlon Nichols, is quietly making its first investments – gpgmail


MaC Ventures, the new Los Angeles-based investment firm formed from the merger of Cross Culture Ventures and M Ventures, has quietly started deploying capital from its fund.

One of the firm’s first disclosed investments is Edge Delta, which announced a $3 million seed round earlier this week.

The Seattle-based company, which has a tool to predict and identify faulty code and potential security issues in software designed for mobile environments, reflects the new continuing focus on companies that reflect the changing cultural environments throughout the commercial, cultural and technological worlds.

And if anyone knows anything about downtime and application failures, it would be the two co-founders who have held positions at Microsoft, Twitter and Sumo Logic. That’s the background Ozan Unlu, a Microsoft and Sumo Logic alum, and Fatih Yildiz, who spent years at Twitter and Microsoft, will leverage as they pitch their services. 

“We have reached the inflection point for centralized security analytics, SIEM products like Splunk are struggling to scale and a lack of mature SaaS offerings mean that if customers want to keep up with growth in their environments, innovation is required,” said Will Peteroy, founder and chief executive of ICEBRG (acquired in 2018) and chief technology officer for Security at Gigamon, in a statement.

That innovation is something that M Ventures and Cross Culture have tried to identify according to previous statements from both founders. And the merger between both firms was likely about growth and scale. Both firms have co-invested on a number of deals and both share the same emphasis on cultural shifts that create new opportunities.

Shared portfolio companies between the two firms include Blavity, BlocPower and Mayvenn, and each reflect a different aspect of the firms’ commitment to the transformations impacting culture and community in the twenty-first century.

BlocPower is focused on urban resiliency and health in the face of new challenges to the power grid; Blavity has become the online community for black creativity and news; and Mayvenn is leveraging the economics of community to create new entrepreneurs and enable new businesses.

For Adrian Fenty and Marlon Nichols — the two managing general partners of the new fund — and general partners Charles King and Michael Palank and partner Alyson DeNardo, MaC Ventures is a logical next step in their progression in the venture business.

Fenty, the former mayor of Washington, DC and an early special advisor to Andreessen Horowitz seven years ago, has long been interested in the intersection of technology and governance and said that politics was a great introduction to the venture world in an interview with gpgmail when he joined Andreessen:

“As a mayor you have a lot of districts you work with, and every day is different,” Fenty said, noting that the same could be said for VCs who work with different startups. However, the pace will likely be a bit quicker in this space than it is in the political realm. “I believe that change should happen fast and in big ways, and that’s the tech industry,” he said. “Some of these entrepreneurs and CEOs, their energy and ability to come up with new ideas is infectious.”

As for Nichols, the introduction to venture capital came through work at Intel Capital before striking out with Troy Carter, a limited partner in the MaC Ventures fund, to form Cross Culture.

As the new firm finds its legs, it’s likely that some of the guiding principles that Nichols expressed when talking about Cross Culture will carry over to the new vehicle.

“This is the time to be here,” Nichols said in an interview earlier this year. “If you are going to invest in the companies of tomorrow you have to go where the world is moving to — and that’s black and brown, honestly.”


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