Participated · Series D · Nov 2021

HawkEye 360 operates a constellation of satellites that detect, geolocate, and characterize radio-frequency (RF) emissions around the globe. Its proprietary signal processing and AI-driven analytics platform converts raw RF spectrum data into actionable intelligence for government and allied defense agencies. The company positions its offering as mission-critical for domain awareness and early-warning needs, enabling faster and better decision-making. HawkEye 360 is currently integrating Innovative Signal Analysis (ISA) to deepen its analytic capabilities and expand its product suite. Proceeds from recent fundraising are earmarked to strengthen the balance sheet and support this integration, as well as to continue investing in platform enhancements. Headquartered in Herndon, Virginia, the firm markets itself as a trusted partner proven by operational mission success.

Participated · Series E · Dec 2016

Rent the Runway began about 10 years ago and offers one-time rentals alongside two subscription offerings, giving customers shared, dynamic access to clothing. The company has expanded its offline presence, opening a fifth standalone brick-and-mortar location in San Francisco. Its core product is a subscription-driven clothing rental service that the company says it will continue to innovate. With the new funding, Rent the Runway plans to scale its subscription business, broaden its clothing and home decor assortments, and open additional fulfillment facilities. Financially, the company has raised $337 million in venture funding to date and recently closed a large financing that values the business at $1 billion. Rent the Runway, founded in 2009, operates a platform that lets users rent items of clothing for special events or on a subscription basis. The company started with one-off rentals at about 10% of an item’s price and in 2017 introduced a subscription model offering unlimited rentals for $89/month. Since the subscription launch, RTR’s subscription business is up 150% year over year and represents 50% of the company’s overall revenue. RTR said it will use the new capital to continue growing its subscription business, expand operations, and refinance its existing debt facility. Company leadership framed the credit facility as a lower-cost, less-dilutive financing option that provides flexible access to capital. Temasek received a board observer seat as part of the deal. Rent the Runway launched in 2009 to rent designer dresses for special events. Since then it has expanded into an everyday-wear service that lets people rent out their closets to other people. The company is led by CEO Jennifer Hyman, who said the investment comes as the company embarks on its "biggest growth stage yet." TechCrunch reports that Alibaba CEO Jack Ma and Joe Tsai invested $20 million via Blue Pool Capital in the company. That round reportedly values Rent the Runway at about $800 million. Its prior financing was a $60 million Series E in 2016 led by Fidelity. Rent the Runway operates a fashion e-commerce rental marketplace offering one-time designer rentals and subscription plans, including an “unlimited” monthly service and StylePass. The company reports 6 million members across the U.S. and is expanding offline with brick-and-mortar locations in Chicago, Los Angeles, and New York, plus a branded shop inside Neiman Marcus in San Francisco. Financially, Rent the Runway says it is profitable on an EBITDA basis and has grown revenue to over $100 million, forecasting $121 million for 2016 (up from $44 million in 2014). CEO Jennifer Hyman said the company is valued the way public companies are valued, a remark that suggests IPO ambitions. The company plans to use capital to accelerate growth of its a la carte and subscription products and to further build out operational capacity, including its reverse logistics platform. Over the past seven years it has raised more than $190 million in venture capital, with past investors including American Express, Conde Nast, and Kleiner Perkins. Rent the Runway is a New York City provider that lets women rent designer apparel and accessories via online and mobile platforms and physical retail locations. The company offers items from more than 270 designers and operates retail locations in New York City, Washington, D.C., and Las Vegas. Led by CEO and co-founder Jennifer Hyman and President and COO Beth Kaplan, Rent the Runway combines e‑commerce and brick-and-mortar touchpoints. It plans to use its latest funding to expand marketing and product development, open a network of retail locations across 15 key markets, and establish a first West Coast distribution center. Financially, the company raised $60M in a Series D and has now raised $116M to date. No other operating metrics or revenue figures were disclosed in the article.

Participated · Series C · Jul 2016

EverFi is a SaaS education-technology provider that delivers subscription-based digital coursework across topics such as financial literacy, sexual assault and harassment prevention, alcohol responsibility, social and emotional learning, STEM, and career readiness. Its platform can be white‑labeled for customers and powers more than 4,200 partner initiatives across all 50 states and Canada. EverFi reports having certified over 16 million learners through its digital programs. The company operates a subscription model and positions its content for schools, higher-education institutions, corporations, sports teams, and NGOs. EverFi and its leadership frame growth in terms of both commercial scale and measurable education impact, and the recent financing is presented as a way to accelerate that trajectory. The company has notable backers and partners from the private sector that support distribution and product reach. EverFi offers a SaaS-based critical skills learning platform called Foundry that delivers digital learning experiences and assesses learners on topics such as financial education, STEM career readiness, entrepreneurship, alcohol responsibility, sexual assault prevention, social and emotional learning, and employee compliance. The platform serves K-12, higher education, and adult learners and is used across a broad partner network. The EverFi Education Network includes over 3,300 financial institutions, technology companies, sports leagues, foundations, and higher education partners across all 50 states and Canada. The company annually reaches over 6 million learners. EverFi recently acquired compliance education provider LawRoom, growing its higher education customer count to 1,300 institutions and adding over 1,500 enterprise compliance customers. The company was founded in 2008 by CEO Tom Davidson and is based in Washington, D.C. EverFi offers a SaaS application for schools to teach financial literacy, student loan default prevention, filing taxes, credit card debt and other critical life skills. Its curriculum incorporates virtual worlds, gaming, social media, and videos to engage learners; the Buttonwood platform includes a Second Life-like virtual world for teaching loan-related concepts. The company has expanded its offerings to cover cyberbullying awareness, online safety, alcohol abuse prevention, sexual assault awareness, and other issues. Last year EverFi acquired Outside The Classroom, the provider of the AlcoholEdu course. EverFi says it has certified more than 4 million students in financial literacy skills and that 750 corporations, foundations, and university partners have paid to license its programs for public schools. Corporate sponsors named in the article include Burger King, BBVA Compass, Capital One, Genworth Financial, Neustar, and PepsiCo. EverFi offers a SaaS application that teaches financial literacy and related life skills, including student loan default prevention, filing taxes, and managing credit card debt, using virtual worlds, gaming, social media, and videos. Its Buttonwood platform includes a Second Life–like virtual world where users learn and apply concepts such as credit worthiness, the loan application process, and interest rates. The company is used in over 2,000 public schools across 47 states, and its reach was expected to more than double in 2011. EverFi’s technology is not free to use, but use in public schools is fully funded by outside corporations and foundations that license its programs. Partners licensing programs include the United Negro College Fund, Capital One, Genworth, U.S. Bank, PayPal, and BB&T. The company plans to use the new funding for product development and additional hires.

Participated · Series D · Sep 2015

General Assembly runs short, career-focused educational programs and corporate training delivered in person and online. In 2015 it expected to enroll over 14,000 students in its three-month programs and to finish the year with over 25,000 alumni worldwide. It also reported training more than 15,000 executives and employees and collaborating with over 5,000 companies to shape curriculum and hire graduates. The company recently raised a $70 million Series D, bringing total funding to $119.5 million. CEO Jake Schwartz said this funding should be "the last round" needed before becoming fully self-sustaining. The board was expanded with the addition of Steve Newhouse, who the company says shares its commitment to building for the long term and prioritizing quality and community. General Assembly offers in-person and online tech courses through campuses in multiple cities. Founded in 2011 in New York, it has expanded to eight cities including London, which opened last year as its first campus outside the U.S. About 100,000 students have passed through its programs and its alumni network totals roughly 6,000; the company employs about 250 people. GA has shifted away from coworking to focus on its higher-margin educational courses and has begun building supporting software such as Dash, an online coding tool. The company emphasizes long-term support for alumni, positioning itself as a place for repeat learning and a loyalty-style model. The new funding will be used to open more campuses and grow its student and alumni base. General Assembly is a New York-based education company that offers in-person classes, seminars and event space for technology, business and design professionals. It began as a co-working space and evolved into an urban educational facility that also hosts networking events. The company offers offline and online courses and is scaling enterprise education offerings. General Assembly raised $10 million in new funding via an SEC filing, and previously raised $4.5 million plus a $200,000 grant from NYC’s Economic Development Corporation. The new capital will fund expansion of course offerings, development of newer campuses, and a planned Las Vegas launch in 2013, with London already opened and a Berlin outpost slated to open soon. The company was co-founded by Brad Hargreaves, Adam Pritzker, Matthew O. Brimer and Jake Schwartz. General Assemb.ly operates an "urban campus" co‑working space in Manhattan’s Flatiron District with event and classroom facilities, a library, media space, kitchen/bar, lockers, bike storage and dedicated work desks. It pairs communal and dedicated memberships with public programming: the company plans to offer 30–50 classes per month and a weekly keynote when fully operational. School was set to open on February 1, 2011, with classes ranging from free sponsored sessions to multi‑thousand‑dollar ten‑week workshops. Membership pricing listed in the article includes $500 per desk for dedicated memberships, $300 per month for communal members, and $25 per month for Programming Members. Demand was strong at launch, with a waiting list of about 100 entrepreneurs seeking communal membership. Founders named in the article are Brad Hargreaves, Adam Pritzker, Matthew O. Brimer and Jake Schwartz; advisor Chris Hughes is also mentioned, and the company is supported by corporations including IDEO, Skype, Silicon Valley Bank, Rackspace and Wilson Sonsini.

Participated · Equity · Sep 2015

Compass operates a three-sided marketplace and a suite of algorithms and products (including Compass Concierge) to assist buyers, sellers and agents with pricing, timing, staging and transaction management. It works with about 13,000 agents and has expanded from high-end residential into commercial and a wider range of price brackets. Compass has made acquisitions such as CRM platform Contactually and established an engineering hub in Seattle led by Joseph Sirosh. The company is based in New York and was founded in 2012. Compass plans to use new funding to expand geographically within existing U.S. markets (New York, Connecticut, Philadelphia, Washington, Atlanta, San Francisco and Los Angeles) and to accelerate technology and product development. Its revenues grew 250% in the last quarter compared to Q2 2018, and the company has faced roughly 10 lawsuits from competitors like Zillow and Realogy. Leadership includes co-founders Ori Allon (chairman) and Robert Reffkin (CEO). Founded as Urban Compass in 2012, Compass combines software tools with a growing agent network to enable property listing, marketing, transaction management and post-close services. The company says it has more than 7,000 agents (triple its 2017 level) and claims to be the largest independent brokerage in California. Compass cleared $34 billion in sales in 2018 (up from $14.8 billion in 2017) and is on track to generate $1 billion in revenues. It has pursued inorganic growth—acquiring Pacific Union International in August—and continues expanding across major U.S. markets while planning international expansion in 2019. Leadership includes co-founder/executive chairman Ori Allon and CEO Robert Reffkin. The company is described as being in a strong financial position while continuing to heavily invest in growth; profitability was not disclosed. Compass builds search and listings technology and tools for real-estate agents, pairing people with places and surfacing neighborhood data. The company is focused on agent-facing products and is moving into CRM to integrate client, listings, and transactions data. Compass has concentrated on the high end of the market and expanded its agent population 500% over the past 24 months. It says it is on track to complete 16,000 transactions and over $14 billion in sales this year, generating over $350 million in annual revenue. Compass plans to use new funding to expand sales and rental listings to every major U.S. city and to build its CRM product. Management emphasises aggressive geographic growth and hiring top agents while improving the firm’s technology stack. Compass offers integrated web and mobile products — including Compass Markets for real-time housing data and an agent-only app for marketing, valuation, and open-house workflows — alongside a proprietary suite of agent tools. The company represents approximately $7 billion in annual sales and operates 24 offices nationwide. Founded in New York in 2013, Compass has rapidly expanded into markets including Washington DC, Miami, Boston, the Hamptons, Los Angeles-area markets, Aspen, and plans to open in San Francisco. In the past year it launched a national new development division with a $3+ billion pipeline and a global sports and entertainment division. Compass has raised $210 million in investor capital to date and touts top-producing agent teams and landmark transactions. Management says additional funding will accelerate geographic growth and further develop its technology offerings. Compass builds a big-data, algorithmic real estate platform that provides accurate home pricing, surfaces properties, and supplies hyperlocal information to make agents smarter. Originally founded to help renters in New York, the company shifted toward sales and now targets real estate agents as primary users by offering its software free and monetizing via commissions on completed sales and rentals. Compass says it grew revenues ten-fold in the last year and is handling about $1 billion in listings. The company plans to use new funding to expand into more U.S. cities—starting with Boston and adding nine more markets including Los Angeles, Chicago, and Seattle over the next 12 months—and to pursue acquisitions to accelerate local rollouts. Compass also sees potential to license its technology to other firms for tens of millions of dollars, though it has not actively pursued that revenue stream.