Participated · Series E · May 2019

Sun Basket provides a meal-kit delivery service focused on fresh, organic and sustainable ingredients. Founded in 2014 by Adam Zbar and chef Justine Kelly and headquartered in San Francisco, the company emphasizes health, ease, and personalization. Sun Basket reports rapid growth, citing an 80% compound annual growth rate over the last three years and what it calls the best unit economics in the space. Management has described the company's Series D as the most challenging fundraise in its history, and the firm has repeatedly delayed a planned IPO. The latest funding will be used to expand offerings to include breakfast, lunch and dinner personalized for any lifestyle. Despite difficulties and high-profile failures in the meal-kit market, Sun Basket continues to attract venture investment and has raised $125M in total funding. Sun Basket operates a healthy meal-kit service delivering organic produce and sustainable ingredients with recipes tailored to customers’ dietary needs and preferences. The company personalizes diet-specific meal plans by leveraging transaction data and stated lifestyle requirements. At the beginning of Q1 2018 Sun Basket reported a $250m annual revenue run rate. Management says the new capital will be used to advance its technology to provide more choice and greater personalization. Sun Basket plans to add Vegan, Mediterranean, and Pescatarian menu offerings and to launch new, larger distribution centers on the East Coast and in the Midwest in Q1 2018. The distribution expansion is intended to reach 98% of the continental U.S. Sun Basket provides meal kits with recipes and pre-measured organic ingredients targeted at customers following gluten-free, paleo, or vegetarian diets. Executive Chef Justine Kelly develops the company’s recipes. The company says it uses boxes, bags and insulation that are 100% recyclable and compostable and is investigating new packaging materials and design changes to further reduce its footprint. Sun Basket recently opened a Midwest facility that enables delivery to 98% of U.S. addresses and which the company says makes it the largest direct-to-consumer organic food provider in the country. Management highlights strong customer loyalty, citing analysis that suggests up to three times the retention rate of other players over a 24-month period. The company plans to use new funding to ramp up marketing and scale operations further. Sun Basket delivers pre-measured meal kits focused on "clean eating," offering gluten-free, paleo, vegetarian and other nutritionist-approved recipes created by Executive Chef Justine Kelly. The company pairs chefs with nutritionists and data scientists to categorize recipes, vet ingredients and guide logistics. It advertises 100% recyclable or compostable packaging, organic non‑GMO produce, humanely raised antibiotic- and hormone-free meat, and Seafood Watch–approved seafood. Sun Basket currently reaches more than 80% of the U.S. and plans to build a Midwest distribution hub to expand delivery to over 90% of the country and speed fulfillment. The startup is evaluating automation technologies to assist picking and packing, intending to put robots to work alongside people. Sun Basket has raised $43 million in equity to date, including the recent Series C. Sun Basket is a San Francisco–based organic meal kit provider founded in 2014 by Adam Zbar and Justine Kelly. It delivers organic, non‑GMO ingredients and weekly recipes personalized to customers’ lifestyles and diets. The service offers Gluten‑Free, Paleo and Vegetarian options. The company is rolling out 100% recyclable and compostable packaging to reduce shipping waste nationwide. Sun Basket plans to use new funding to open a third distribution center and build a procurement platform to support growth. The recent Series B financing of $15m will be used to accelerate expansion.

Participated · Series C · Nov 2015

TigerText provides encrypted, real-time mobile messaging and a workflow Platform-as-a-Service called TigerConnect, primarily addressing healthcare communication and compliance needs. Its core product is a secure messaging app with iOS, Android and JavaScript SDKs that customers can embed. The company launched TigerText Anywhere to extend secure messaging to desktop and wearables (including an Apple Watch app) and introduced a Low Connectivity Protocol to improve delivery in poor networks. TigerText emphasizes integration with EHRs, critical alerts and real‑time shift data to optimize care-team workflows. It reports scale with over 250,000 paying users, more than 5,000 facilities, and four of the five largest for‑profit health systems as customers. Customers cite strong ROI and operational impacts, including a 56% shorter length of stay at one hospital and a greater than 65% reduction in readmission rates at an ACO. TigerText provides an encrypted, regulation‑compliant mobile messaging platform and app that enables enterprises and healthcare providers to exchange secure, ephemeral messages and files across smartphones, tablets and computers. The product includes delivery and read notifications and is positioned to meet HIPAA and other healthcare compliance needs. The company consolidated its consumer and enterprise apps into a single freemium offering with an enterprise upgrade to paid controls. After the freemium soft launch, TigerText onboarded over 10,000 businesses in eight weeks and its app has been downloaded more than three million times; roughly 3,000 healthcare facilities have deployed the platform. TigerText reports its third consecutive year of triple‑digit sales growth and says it works with 7% of Fortune 500 companies and dozens of top U.S. hospitals. Notable healthcare customers include Wellcon, Adventist Health, Hartford Healthcare, Hoag Health Network, University of Connecticut and Health Alliance. TigerText offers a private, HIPAA-compliant mobile messaging platform (TigerText Pro for Business) that enables clinicians to communicate securely across smartphones and computers. The platform works on Apple, Android, BlackBerry and also has a desktop web interface. It includes features such as self-deleting messages, message recall, and forward lock to protect protected health information. More than 20 healthcare organizations have adopted TigerText’s private mobile messaging network, and the company reports a strong sales pipeline. The company plans to accelerate development of TigerText Pro for Business with the new funding and board additions. TigerText previously closed $2.2M of seed financing in 2010 and now has total backing of more than $10M. The company is based in Santa Monica, Calif. TigerText offers a private SMS-style mobile app that allows users to send text messages and photos which are deleted from both the sender’s and recipient’s devices after a user-selected lifespan. Message lifespans range from one minute up to 30 days, and expired messages are not stored on any server and cannot be retrieved. The app also includes a “Delete on Read” option that removes a message 60 seconds after the recipient opens it. TigerText’s mobile clients are available for Android, iPhone, and BlackBerry. The company said it will soon add the ability to send video and documents over its private network and plans to release an API in the near future. The product launched in February 2010 and the company has raised outside angel capital as described in the article.

Participated · Series E · Nov 2012

Acquia's Open DXP Platform is built on an open source architecture and informed by the large independent Drupal developer community. The platform fuses disparate data and marketing technologies to automate digital experiences at scale and the company serves more than 4,000 customers, including over 30 companies in the Fortune 100. Acquia recently expanded its offerings through the strategic acquisitions of Mautic and Cohesion. The company announced a definitive agreement to receive a majority investment from Vista Equity Partners, which it says will provide operational expertise to accelerate growth. Acquia plans to invest more in R&D, expand faster, bring products to market quicker, and continue giving back to the Drupal and Mautic developer communities. Acquia will continue to operate independently while the transaction is expected to close in the coming weeks subject to customary closing conditions and regulatory approvals. Acquia offers web content management and personalization tools built on Drupal that help businesses present targeted content and offers to different visitor segments. Its product suite focuses on segmentation, tracking site visitors, suggesting new segments from collected data, and improving targeting and customer experiences. The company emphasizes better data collection and personalized site behavior for use cases like distinguishing business travelers from families or event planners. The $55 million late-stage financing is intended to strengthen Acquia's position in the customer experience and web content management market. The article frames this raise as enabling Acquia to better compete with firms such as Adobe, Sitecore, Alfresco and enterprise incumbents like OpenText, SDL, IBM and Oracle. As of 2014, the company had a war chest that totaled $118 million, which the new funding builds upon. Acquia is a Burlington, MA-based digital business company that provides an open cloud platform for Drupal. The company leverages Amazon Web Services for enterprise-ready cloud infrastructure and is led by CEO Tom Erickson. Acquia has introduced products including Acquia Lift for testing and personalization, Acquia Cloud Site Factory for managing hundreds of sites, and Acquia Campaign Cloud for digital agencies. It also acquired TruCentric to add real-time customer profiling and user engagement to its product portfolio. Financially, Acquia recently closed a $50M financing led by New Enterprise Associates and has received an additional undisclosed investment from Amazon. The Amazon investment is intended to accelerate development of personalization, commerce, and big data marketing capabilities on Acquia’s platform. Acquia provides digital business solutions and cloud services built around the Drupal open-source CMS, targeting professional users, enterprises, media sites and developers. Its product lineup includes specialized services for high-traffic Drupal sites, e-commerce, multisite deployments, developer support, and Acquia Lift, a personalization service. CEO Tom Erickson says the company helps customers maximize business impact with an open cloud platform for integrated digital experiences. The company plans to use the new funding to scale sales and marketing and to double down on big-data marketing, personalized engagement and commerce. According to Acquia, bookings in the first quarter of 2014 increased 55 percent year-over-year. Including this round the company has now raised a total of $118.6 million. Acquia helps enterprises manage and scale Drupal-based online properties through cloud hosting and application analysis tools. Its core products include Acquia Cloud, a global Drupal cloud hosting provider operating across four continents, and Acquia Insight, an application analysis suite that assesses performance and security of Drupal applications in real time. The company counts customers such as Twitter, Warner Music Group, Humana, Stanford University, Mercedes‑Benz and the MTA. Led by CEO Tom Erickson and CTO Dries Buytaert, Acquia is based in Burlington, Massachusetts. The company recently completed a $30M financing, bringing total capital raised to $68.5M. Acquia plans to use the new funding to accelerate sales and marketing, expand internationally across Europe and Asia Pacific, and bring unified content, community and commerce solutions to market.