Led · Series D · Nov 2020

Founded in 2015, PingCap is an open-source, cloud-native database provider that offers TiDB, a distributed relational database designed for cloud-based storage and analytics. TiDB gives companies flexibility when scaling IT infrastructure by using a distributed network to relieve storage demands on local servers. The company sells its database services via subscription, positioning that as a more efficient alternative to building private IT infrastructure. PingCap's open-source ecosystem has strong developer adoption: TiDB had more than 28,000 likes on GitHub and nearly 1,200 contributing developers as of October 2020. The firm benefits from market tailwinds as mobile internet and AI increase capacity demands beyond existing IT setups. Recently it secured new investment that values the company at over USD 3 billion, building on a USD 270 million Series D that closed in November 2020. PingCAP develops TiDB, an open-source NewSQL database that handles hybrid transactional and analytical processing (HTAP) to combine OLTP and OLAP in a single distributed system. TiDB is aimed at high-growth companies such as payments and e-commerce services that need to process large amounts of data and deliver faster real-time analytics. The company says TiDB has been adopted by about 1,500 companies, including Square, PayPay, Shopee, Dailymotion and BookMyShow. In June PingCAP launched TiDB Cloud, a fully managed "TiDB as a Service" on AWS and Google Cloud, and plans to add more platforms. Part of the new funding will be used to grow TiDB Cloud’s global user base. The round brings PingCAP’s total funding to $341.6 million, reflecting continued investor support as it expands its cloud offering. PingCAP is the developer of TiDB, an open-source MySQL-compatible distributed database designed for hybrid transactional and analytical workloads. The company targets organizations that need to handle large data volumes and scale quickly while retaining a SQL interface. Many TiDB users come from financial services, e-commerce, gaming and travel, and include customers such as Mobike, Bank of Beijing, Hulu, Lenovo and Ele.me. PingCAP said it will use new capital to build more cross-cloud products and to expand its operations in North America, which it views as the most mature cloud market. The company is based in Beijing and was founded in 2015. TiKV, PingCAP’s key-value storage layer, recently became a Cloud Native Computing Foundation project, reflecting growing industry recognition.

Participated · Series F · Sep 2020

Chime offers mobile banking products by partnering with regional banks to design member-first financial services; it operates as a financial technology company rather than a bank. Its banking services are provided by The Bancorp Bank or Stride Bank N.A., and deposits are Members FDIC. Led by CEO Chris Britt, the company focuses on expanding its product and membership reach through its app-based offerings. In August 2021 Chime raised $750m in a financing round that valued the company at $25 billion post-money. The company plans to use the proceeds to expand operations and business reach. Reports indicated the round would position Chime for a potential IPO in the first six months of 2022. Chime operates as a U.S. mobile bank focused on consumer-facing, transaction- and processing-based banking services. The company is positioning itself as more like a consumer software company than a traditional bank, arguing its interchange revenues are predictable and recurring. Chime reported that its transaction volume and top-line have tripled year-over-year. The company said it is EBITDA profitable and clarified to TechCrunch that this metric is "true EBITDA." Management indicated Chime could be IPO-ready in around a year. Chime has seen rapid valuation growth: about $1.5 billion in early 2019, $5.8 billion after a $700 million raise last December, and $14.5 billion with the latest round. Chime is an online banking service focused on fee-free checking and savings with features like free overdrafts and early direct deposit. The company grew from about 1 million accounts last year to 6.5 million today and adds roughly 150,000 direct deposit users monthly. Chime has processed over $30 billion in transactions and is estimated to generate $300 million in revenue this year, mostly from swipe fees on debit cards. That revenue implies a roughly 20x valuation multiple, and Chime reportedly generates more revenue per customer than it spends to acquire them, typically breaking even on customers in under a year. The company plans to use new funding to develop products, double headcount by the end of 2020, open a new Chicago office, and potentially pursue acquisitions. Chime also recently hired Mark Troughton as chief business officer. Chime is a San Francisco-based mobile banking startup that offers no-fee FDIC-insured checking and savings accounts with features such as automatic round-ups, automatic 10% paycheck savings and no-fee paycheck advances. The company reports customers have opened more than 3 million accounts, which it says makes it the largest brand in its category. Chime announced an oversubscribed $200 million Series D led by DST Global that values the business at $1.5 billion, with participation from Coatue, General Atlantic, ICONIQ Capital, Dragoneer, Menlo Ventures, Forerunner Ventures, Cathay Innovation and others. Prior to this round the company had raised approximately $300 million, including a $70 million Series C last year that valued it at $500 million. Chime says it will use the new funding to accelerate growth, launch new products including lending and credit, double its San Francisco-based team to more than 200 employees and expand its leadership. The company is positioned to serve younger, branch-averse customers and, by this raise, now has the highest valuation and most funding among U.S. challenger banks. Chime is a mobile challenger bank that offers a no-fee checking and savings product with features like round-up automatic savings, an option to set aside 10% of paychecks, and early access to direct-deposit paychecks. It earns revenue primarily from interchange on its Visa debit card, collecting about 1.5% in interchange revenue. The app has attracted a young, millennial audience and passed over one million accounts recently, adding more than 100,000 new accounts per month. Chime has processed over $4.5 billion in transaction volume to date and expects to reach $10 billion by year-end. The company launched to consumers in mid-2014 and added its full suite of primary-bank features in early 2016; it is headquartered in San Francisco and has a nearly 80-person team that the company plans to grow to over 100. Future plans include scaling marketing and hiring, expanding product offerings (including short-term credit and debt-management tools), and working more directly with employers on partnerships.

Led · Series D · Jun 2019

Haoqipei is an online, technology-driven B2B trading platform that connects vehicle repair shops with auto parts suppliers. It offers market price comparisons and online payments through a SaaS system, alongside offline warehousing and logistics services. The company was founded in 2016 by Chen “Alex” Xi and has a presence in more than 100 cities across Guangdong, Zhejiang, Hunan and other provinces. Haoqipei intends to use its latest funding to continue rapid growth across China. It closed a US$60m Series D and has now raised more than US$150m in private capital. David Yang joined the company's board in conjunction with the funding.

Participated · Equity · Mar 2019

Opendoor operates a platform that buys homes, uses data modeling to price and resell them, and offers a home-buying marketplace to consumers. The company focuses on improving pricing accuracy and shortening the time homes are held on its books. It reported that average time a home is held fell to 90 days from 140 in 2015, and more than 800,000 people toured Opendoor homes in 2018. Product plans include further refining pricing algorithms, faster conversion of sellers and buyers, and integrating mortgage tools, title and escrow, and contractor/service-provider estimates. Opendoor says it will concentrate on the private home-buying experience rather than expanding into other asset classes. The company will use new capital for product development and continued expansion into more North American markets. Opendoor operates an online marketplace that gives sellers an online offer within 24 hours and enables buyers to visit, shop, and purchase homes seven days a week via mobile. The company also offers a trade-in product that combines selling and buying into one seamless transaction. Since its founding in 2014 it has expanded to 19 cities, served more than 20,000 customers, and grown to over 900 employees while targeting 50 markets by 2020. Opendoor reports an annualized acquisition run rate of $3.8B, has reduced average seller fees to 6.5%, and says one in two true sellers who receive an offer choose to sell to Opendoor. Planned product work includes building a one-click platform that integrates title and mortgage, expanding market-level pricing models across 50+ cities, and developing applications to support local vendor ecosystems. The company will use new capital to accelerate technology initiatives, product launches, and market expansion. Opendoor operates an online marketplace that enables homeowners to receive instant offers and buyers to shop and purchase homes on-demand. The company purchases more than $2.5B in homes on an annual run rate and has seen adoption grow over 225% year‑on‑year, with more than one in two sellers who receive an offer choosing Opendoor. Opendoor has been used by nearly 20,000 customers and currently operates in ten cities with 650 employees. Founded in 2014 and headquartered in San Francisco, the company is expanding its services to include mortgage and title to create a single end-to-end experience. Opendoor plans to grow from 10 markets to 50 markets by the end of 2020 as part of its next phase of expansion. Opendoor operates a technology platform that enables homeowners to sell a home online in minutes and aims to streamline what is traditionally a months-long closing process. Led by CEO Eric Wu, the company focuses on reducing friction in residential real estate transactions through digital tools and services. Opendoor plans to use the new proceeds to continue expanding its operations and distribution. The company is partnering with homebuilder Lennar to tackle inefficiencies in buying and selling homes and to integrate digital distribution for mortgages, title and home insurance. Through Lennar’s Trade-Up Program, Opendoor expects a new channel to access customers, broadening its scope and scale. The company completed a $135M financing composed of equity and debt as part of its Series D. OpenDoor operates a marketplace in which it purchases homes directly from sellers, holds inventory, and then resells those properties. The company uses predictive analytics to project resale values and offers sellers an instant valuation; once accepted, OpenDoor pays for the home and attempts to flip it for a profit. Buyers get self-guided property tours enabled by smart locks and security cameras, a 180-point inspection, a warranty and a 30-day money-back guarantee. With the new capital the startup plans to expand its marketplace usage to 10 cities. OpenDoor currently employs about 200 people servicing the Dallas–Fort Worth and Phoenix markets, which together account for roughly $60 million in transaction volume per month. Norwest disclosed that OpenDoor carries “hundreds of millions” of dollars of debt that it uses to purchase properties, a financing approach the article highlights as potentially risky in an economic downturn.

Led · Equity · Aug 2017

Essential Products, founded by Android co‑creator Andy Rubin, develops consumer technology products centered on smartphones and a complete hardware-software ecosystem. The company says it is focused on creating a hardware-software ecosystem that puts users first and aims to introduce new and enhanced mobile technology. Investors cited Essential's product strategy and ambition in their decision to invest. Essential is headquartered in Palo Alto, California. The company has raised $330 million in total capital to date. Access Technology Ventures will join Essential's board as part of the investment.