• Kabbage

  Participated · Series D · May 2014

  Kabbage operates an AI-based lending platform for small and medium businesses that uses broad web-sourced data — including 2 million live data connections — to underwrite and price loans. The platform can deliver decisions in minutes and issues loans of up to $250,000 per deal. Kabbage has to date loaned roughly $7 billion to 185,000 businesses and has seen accelerating origination, with nearly $700 million loaned in Q2 after $600 million in Q1. The company is on track to originate between $2.4 billion and $3 billion in the year. Kabbage has funded originations through securitizations and credit facilities, most recently a $700 million securitization three months before this transaction. On the equity side the company was last valued at $1.2 billion in 2017 after financing from SoftBank’s Vision Fund and has raised about $500 million in equity to date from investors including BlueRun Ventures and Mohr Davidow Ventures. Management has indicated there are no current plans for an equity raise. Kabbage is an Atlanta, GA-based financial services and cash-flow technology and data platform that provides access to automated funding to small businesses in minutes. The company leverages accounting data, online sales, shipping and dozens of other data sources to power automated underwriting and deliver flexible funding in real time. All Kabbage U.S.-based loans are issued by Celtic Bank, a Utah-chartered industrial bank, Member FDIC. To date the company has helped more than 170,000 small businesses access over $6.5 billion in funding via its automated underwriting models. Kabbage is backed by the SoftBank Vision Fund, BlueRun Ventures, Mohr Davidow Ventures and others. In August 2019 the company closed a $700M asset-backed securitization, part of its broader financing and debt strategy. Kabbage is a lending platform that uses algorithms and machine learning (with no humans) to evaluate applicants and make small-business loans. Its core product is an automated loans business and a platform launched in 2015 that powers other lenders. The company has served 125,000 customers and has made over $3.5 billion in loans, evaluating roughly 1.5 million data points per decision. Kabbage also sells its platform to partners, including ING, Santander and Scotiabank, and operates a Karrot consumer loans business. Management says the new funding will let Kabbage increase loan size to larger US companies, with average loans growing to north of $200,000. Kabbage is profitable in its loans business but remains unprofitable in its newer platform operation. Kabbage is an Atlanta-based financial services, technology and data platform that provides automated access to funding directly to small businesses and powers lending for large global banks. Led by co-founder and CEO Rob Frohwein, the company operates in North America and Europe and plans to expand to Asia. Since launching six years ago, Kabbage has provided nearly $3.5 billion in funding to more than 100,000 small businesses and has powered automated lending for ING, Santander and Scotiabank. All Kabbage U.S.-based loans are issued by Celtic Bank, a Utah-chartered industrial bank, Member FDIC. The company offers a fully automated lending platform and is commercializing a SaaS product to enable online SMB lending for global banks. Kabbage intends to use the new funding to expand its lending products, explore non-lending products and services, and accelerate its SaaS platform business. Kabbage uses machine-learning algorithms and data from public profiles to rate small businesses and extend short-term loans. Since its 2009 founding, the company has loaned over $2.7 billion to SMBs. It historically focused on six-month payback loans but plans to expand loan sizes, payback terms, and total lending over the next three years using new financing. Kabbage reported its direct lending business turned profitable in Q4 and said the whole business was expected to be profitable in the second half of the year. The company claims a loss rate lower than the rest of the online-lending industry, though it has not disclosed the exact rate. Kabbage is not actively seeking equity funding right now, though it would consider attractive inbound offers.

• Greenwave Systems

  Participated · Series B · Oct 2013

  Greenwave Systems is an Irvine, CA-based global IoT software and managed services provider whose core product is the AXON Platform used in next-generation IoT systems, routers, video and wireless products. The company intends to use the new funding to accelerate global expansion, increase and diversify its pipeline of strategic accounts, and expand into mobile infrastructure for M2M solutions. Greenwave raised $45m in a two-phase Series C and secured a $15m mezzanine facility from BDCA as part of the financing. The first phase was led by EDBI, while Singapore Technologies Telemedia (STT) invested in the second, majority portion; existing investors The Westly Group and E.ON also contributed and nominees of EDBI and STT joined the board. Greenwave has over 240 employees worldwide, recently opened an R&D center in Singapore and an office in San Jose, and added major new customers. It has strengthened its business relationship with Verizon, which is shipping the FiOS Quantum Gateway that Greenwave helped develop.

• Kiosked

  Led · Equity · Sep 2013

  Kiosked provides an Advertising Automation platform used by more than 1,000 publishers, including The Daily Mail and IDG. The platform targets publishers, advertisers and viewers by addressing performance, fraud and intrusive ads in digital advertising. The company has expanded internationally with a New York office and regional offices across APAC in Singapore, Japan, China and Australia. Recent hires to support the expansion include former Pubmatic CMO Larry Harris and Jason Fulmines, previously of Gannett’s mobile ad products. Kiosked plans to use the new funding to accelerate product development, sales, and support functions. The company emphasizes scaling its platform to improve the online advertising ecosystem for publishers and advertisers. Kiosked converts visual content found online — images, videos and apps — into interactive storefronts and points of consumer engagement. Founded in 2010 by CEO Micke Paqvalén, the company operates offices in London, New York, Los Angeles and Singapore. Kiosked works with over 10,000 brands, including Nike, ASOS, Sanoma, Zalando, Rovio Entertainment, Brightcove, Magento, eBay and Nokia. The company intends to use new funding to expand into U.S. and Asian markets and to launch mobile content monetization solutions. It raised $6.9M in funding in a round led by Kevin Wall of Craton Equity Partners and John Lindfors of Digital Sky Technologies, who will join the board. The platform focuses on enabling publishers and brands to monetize impulses by allowing consumers to discover and purchase products directly from visual content. Kiosked is a Finnish startup that converts images and videos into interactive storefronts where product links and e-commerce promotions can pop in. Its technology automatically transforms media and works in both Flash and HTML5, making content shoppable on desktop and mobile browsers. The company tracks viewer actions, leads, and lead-to-view ratios and tailors the kiosk experience by region (euros for EU visitors, dollars for U.S. visitors). Kiosked splits affiliate revenue 50-50 with publishers or negotiates bespoke agreements with large publishers, and plans to provide APIs and SDKs for third-party developers. It is already appearing alongside Rovio’s Angry Birds merchandise and is building widgets that Rovio will embed in tablet games to enable in-app purchases of goods. The company has grown to north of 40 employees after several years of bootstrapping and recently took outside funding.

• Sungevity

  Participated · Equity · Jan 2013

  Sungevity is described in the release as a leader in the global solar market that services a growing U.S. footprint as well as the Netherlands, Germany and the United Kingdom. The company completed a large equity and project financing package that the release says will allow it to extend its technology platform and widen its reach into new markets and customers. The financing is positioned to support development of solar projects across the company’s U.S. service areas. Hercules Technology Growth Capital participated in the transaction and continues to maintain a senior secured structured loan to Sungevity. Hercules’ CEO also noted that the funding, coupled with recent U.S. legislation extending the Investment Tax Credit, bolsters confidence in the company and the solar industry. Sungevity sells solar design and integration services directly to consumers and positions itself as a hub for equipment partners, installers and financing partners. The company operates in nine U.S. states and the District of Columbia and is the exclusive partner to retailer Lowe’s. Oakland, Calif.-based Sungevity has expanded internationally, launching services in the Netherlands and Australia. It doubled its U.S. sales in 2013. Financial partners include US Bank, Citibank and SunRun. Investors and utilities have shown increasing interest in solar installers as industry fundamentals have improved. Sungevity is an Oakland, CA-based provider of distributed solar solutions that uses proprietary web-based technology to design and deliver solar installations for customers and partners. Led by CEO Andrew Birch, the company operates in nine U.S. states — Arizona, California, Colorado, Connecticut, Delaware, Maryland, Massachusetts, New Jersey and New York — and has international operations through Netherlands-based Zonline and a joint venture in Australia called Sungevity Australia. The company announced a $15M equity financing that includes investment from GE Ventures and follows a prior $125M round earlier in 2013. Sungevity intends to use the new capital to develop new service offerings and expand its global presence. Its core product centers on web-based tools that streamline solar system design and customer acquisition for distributed solar markets. The financing positions the company to grow service capabilities and geographic reach. Sungevity provides an online iQuote process and solar lease program that delivers firm quotes within 24 hours without a home visit by leveraging web-based analytics and satellite imagery. The company emphasizes a Solar Social Strategy and partnerships (including Lowe's, Credo Mobile and Sierra Club) plus proprietary referral software to lower customer acquisition costs. In 2012 Sungevity focused on operational efficiencies, reduced installation costs by 30%, and now acquires the majority of new clients through referrals and partner channels. It partners with a network of preferred local installers to offset installation staffing costs and uses internet and satellite technology to cut overhead. Sungevity serves nine U.S. states and has an international presence through Netherlands-based Zonline and a joint venture in Australia called Sungevity Australia. The company is a B Corp and states its mission is to accelerate residential solar into the mainstream. Sungevity offers Internet-based solar leases and sales that let homeowners install panels with little to no money down and pay a monthly lease plus the cost of electricity generated. The company uses satellite imagery (from sites like Bing) to assess homes and deliver quotes within 24 hours and allows customers to electronically sign leases online. Sungevity emphasizes a centralized, web-driven model and plans to roll out more consumer-side software and streamline paperwork. It currently offers leases in California, Arizona and Colorado and is planning to expand to many states next year, with a focus on the Northeast. The company has shorter, 10-year power purchase agreements and leases compared with the industry standard of 20–25 years. Operationally, Sungevity grew its California market share from 0.4% to 2.9% last year and increased kilowatts sold tenfold to 4.7 megawatts; the company operates largely out of its base in Oakland, Calif.

• Propel Fuels

  Participated · Series D · Dec 2012

  Propel Fuels operates a network of stations providing renewable fuels (Flex Fuel E85, biodiesel blends) alongside conventional gasoline. Led by CEO Matt Horton and based in Redwood City, California, the company runs stations throughout California and Washington State. Its retail network includes traditional Clean Fuel Points co-located with conventional stations and new Clean Mobility Centers. Propel plans to expand aggressively, with more than 200 stations planned for new and existing markets over the next two years. The company raised financing to fund this buildout and recently added a new board member tied to the financing. Propel Fuels operates modular alternative-fuel fueling sites, typically co-located on existing gas station properties to lower costs. Its stations sell ethanol (E85) and biodiesel fuels to Flex Fuel and diesel vehicle owners. The company owns and operates eleven alternative fueling stations in Seattle and Sacramento. Propel raised new capital to expand its station network in California. The expansion funding reflects a mix of equity and debt financing. The company plans to use the proceeds to increase availability of ethanol and biodiesel across its target market in California.

No current team members are available.