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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PrimaryBid closes $8.6M round for its platform aimed to help retail investors – gpgmail


PrimaryBid, a UK-regulated platform connecting publicly listed companies with everyday investors for discounted share issuances has previously raised $3M. It’s now upped those stakes with an $8.6M funding round, led by UK VCs Pentech and Outward VC with participation from new and existing investors. Craig Anderson, a partner at Pentech, will join the PrimaryBidBoard of Directors with Outward VC having a Board Observer seat.

This investment is representative of the trend towards unpacking complex financial investment products for the average person, especially in the UK.

The FCA-regulated platform recently made a long-term commercial agreement with Euronext, the leading pan-European exchange in the Eurozone. The partnership gives the company access to nine new geographies, with the first new site launching in France later this year.

Commenting, Anand Sambasivan, co-founder and CEO of PrimaryBid, said: “Everyday investors are a vital part of the stock market and yet unable to buy discounted share deals – a longstanding imbalance in the public markets. This is true whether it is a government selling down its holding in a large company or a quoted company is raising growth capital. Our platform addresses this challenge, giving small investors the same access as traditionally afforded to large institutional investors.”

Investors can tap into PrimaryBid’s centralizing infrastructure that allows access to everyday investors as part of a share issuance, including block sales. The inclusion of retail investors can improve pricing and liquidity outcomes for their clients. The company’s solution allows private investors to participate, at the same time and the same price, delivering open access regardless of the size of their investment. The service is free of charge for investors, from £100 upwards.

PrimaryBid doesn’t have competitors because Retail investors have not previously had access to discounted equity offerings run by investment banks. This is because the retail investment market is too fragmented, and these deals are highly time-sensitive. As a result, only clients of Investment Banks (i.e. institutional investors) could previously access these attractive deals.

So now, listed companies that want to raise more capital on the stock exchange by issuing new shares can now connect with retail investors and offer these retail investors these shares at the same discounted rates as those offered to institutional investors. “In the past, these retail investors just couldn’t access these attractive deals for these new shares,” explains Sambasivan.

Craig Anderson of Pentech said: “We believe equity capital markets infrastructure is dominated by an institutional focus and is not geared for retail investors, which unfairly restricts consumer access to the primary equity markets. PrimaryBid addresses this problem by using technology to democratize the equity capital markets to provide a new asset class to retail investors.”

Kevin Chong of Outward VC said: “By bringing publicly listed companies directly to ordinary investors, PrimaryBid addresses increasing frustrations felt by equity issuers and potentially expands global equity markets to the benefit of all players – investors, issuers and investment bank advisers.”

Pentech previously invested in Nutmeg (which recently closed a £45m funding round led by Goldman Sachs) . Outward VC has previously backed Monese, Curve and Bud.


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Instacart CFO Ravi Gupta to exit for Sequoia Capital – gpgmail


Instacart‘s chief financial officer and chief operating officer, Ravi Gupta, will exit the on-demand grocery delivery company at the end of the year to “return to his investing roots,” the company told gpgmail this morning. The executive will join Sequoia Capital as a partner on the growth team beginning in January.

The company’s vice president of finance and strategy, Sagar Sanghvi, has been promoted to CFO, a critical role as the company gears up for an initial public offering as soon as next year. Instacart is actively searching for a COO replacement.

Valued at nearly $8 billion, Instacart has raised a total of $1.9 billion in venture capital funding since it was founded in 2012. Co-founder and CEO Apoorva Mehta has remained mum on any details surrounding the company’s IPO plans, telling gpgmail last fall that a float “will be on the horizon.”

Instacart’s vice president of finance and strategy, Sagar Sanghvi, has been promoted to CFO.

After a decade at the investment firm KKR, Gupta joined Instacart in 2015 to manage both the company’s finances and operations as its first CFO and COO. He’s worked closely with Sequoia for some time; the firm first invested in Instacart prior to Gupta’s hiring, leading an $8.5 million Series A financing in 2013. Sequoia’s outspoken partner Michael Moritz sits on the company’s board of directors.

Roelof Botha, another Sequoia partner, says the venture capital firm helped San Francisco-based Instacart recruit Gupta to the C-suite years ago: “With Ravi now returning to his passion of investing, he can help other visionaries – like Apoorva – turn their dreams into reality,” Botha said in an emailed statement. “Ravi’s operational and investing experience, along with his strong work ethic and humility, will make him an invaluable partner to founders and our team.”

When Gupta joined Instacart to oversee finance, corporate development and strategic business initiatives in what was a newly created role, the business, a newly minted “unicorn,” had only 300 employees. Today, Instacart has roughly 1,000 full-time employees and another 100,000 “shoppers,” or contract workers who fulfill the online grocery orders.

“In 2015, I met Apoorva and he shared his vision for Instacart with me,” Gupta said in an emailed statement. “I was truly inspired and knew this was a team I wanted to join and a company I wanted to help build.”

Following his departure, Gupta will continue to advise Instacart on a variety of matters, the company said.

Instacart is announcing another two high-level hires this morning. Jakii Chu has joined the company as its chief marketing officer after nearly five years at sports merchandising business Fanatics, where she was senior vice president of e-commerce.

Chris Rogers, the former managing director of Apple Canada, has been hired as its vice president of retail. Rogers will be based in Instacart’s Toronto office, which Instacart opened earlier this year, reporting to chief business officer Nilam Ganenthiran.

Instacart delivers groceries to 5,500 cities across the U.S. and Canada, making deliveries from some 20,000 stores. Earlier this year, Instacart began its expansion into alcohol delivery. The service is now available in 20 states.

A graduate of Y Combinator, Instacart is also backed by D1 Capital Partners, Coatue Management, Thrive Capital, Canaan Partners, Andreessen Horowitz and several others.


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Y Combinator-backed Trella brings transparency to Egypt’s trucking and shipping industry – gpgmail


Y Combinator has become one of the key ways that startups from emerging markets get the attention of American investors. And arguably no clutch of companies has benefitted more from Y Combinator’s attention than startups from emerging markets tackling the the logistics market.

On the heels of the success the accelerator had seen with Flexport, which is now valued at over $1 billion — and the investment in the billion-dollar Latin American on-demand delivery company, Rappi, several startups from the Northern and Southern Africa, Latin America, and Southeast Asia have gone through the program to get in front of Silicon Valley’s venture capital firms. These are companies like Kobo360, NowPorts, and, most recently, Trella.

The Egyptian company founded by Omar Hagrass, Mohammed el Garem, and Pierre Saad already has 20 shippers using its service and is monitoring and managing the shipment of 1,500 loads per month.

“The best way we would like to think of ourselves is that we would like to bring more transparency to the industry,” says Hagrass.

Like other logistics management services, Trella is trying to consolidate a fragmented industry around its app that provides price transparency and increases efficiency by giving carriers and shippers better price transparency and a way to see how cargo is moving around the country.

If the model sounds similar to what Kobo360 and Lori Systems are trying to do in Nigeria and Kenya, respectively, it’s because Hagrass knows the founders of both companies.

Technology ecosystems in these emerging markets are increasingly connected. For instance, Hagrass worked with Kobo360 founder Obi Ozor at Uber before launching Trella. And through Trella’s existing investors (the company has raised $600,000 in financing from Algebra Ventures) Hagrass was introduced to Josh Sandler the chief executive of Lori Systems.

The three executives often compare notes on their startups and the logistics industry in Northern and Southern Africa, Hagrass says.

While each company has unique challenges, they’re all trying to solve an incredibly difficult problem and one that has huge implications for the broader economies of the countries in which they operate.

For Hagrass, who participated in the Tahrir Square protests, launching Trella was a way to provide help directly to everyday Egyptians without having to worry about the government.

“It’s three times more expensive to transport goods in Egypt than in the U.S.,” says Hagrass. “Through this platform I can do something good for the country.”


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