Participated · Series C · Feb 2020

Molekule develops Photo Electrochemical Oxidation (PECO) air purification devices, including the Air Mini, Air Mini+ and Air Pro. Its PECO technology is designed to destroy VOCs, mold, bacteria, viruses and allergens. The Air Mini, Air Mini+ and Air Pro were recently granted FDA clearance as medical devices for the destruction of viruses and bacteria. Molekule sells directly at Molekule.com, on Amazon and through other retailers, and its products are available internationally in India, Japan, South Korea and Canada. The company said it will use new investment funds to advance its air quality technology and expand its business reach. Led by CEO Jonathan Harris, Molekule had raised more than $100m prior to this deal, most recently via a Series C completed in early 2020. Molekule's core product is its patented PECO technology, which it says oxidizes and destroys a wide range of tiny airborne pollutants, including viruses, bacteria, VOCs, formaldehyde and ozone. The company cites more than 20 years of research and says PECO has been validated by third-party laboratories and internal testing. Molekule's products meet applicable performance criteria recommended by U.S. FDA guidance for use in helping reduce the risk of exposure to SARS-CoV-2 in healthcare settings during the COVID-19 public health emergency. The company is pursuing global expansion and has entered the Japanese market through a distribution and partnership agreement. As part of that agreement, Sourcenext invested $10 million to be used for growth initiatives as Molekule prepares to meet strong international demand. Molekule positions its hardware and software offerings together with its patented filter technology as a differentiated approach to indoor air purification. Molekule develops air-purification devices that use PECO light-driven chemistry to break down volatile organic compounds, mold and bacteria rather than relying solely on particulate capture. The company traces its technology to research by Dr. Yogi Goswami and is led by co-founder and CEO Jaya Rao. Molekule has faced mixed independent test results—Berkeley Lab and Intertek tests reported removal of VOCs and no harmful byproducts, while Wirecutter and Consumer Reports found weaker particulate capture versus HEPA units. The company has expanded its product line with a mini unit for smaller rooms and is pushing into commercial verticals such as hotels and hospitals. Molekule reports a 3x year-over-year increase in filter subscription revenue since launch and roughly 200% repeat customer growth. Despite negative press, it continues to emphasize third-party validation and peer-reviewed research behind PECO. Molekule develops air purification devices that use a patented Photo Electrochemical Oxidation (PECO) process to break down pollutants at a molecular level. Its technology, developed by Dr. Yogi Goswami, targets bacteria, mold, toxic gasses (VOCs), dust, smoke and other airborne allergens. The company plans to expand its product line, scale manufacturing and grow the team. Molekule is led by CEO Dilip Goswami and was founded in 2014. It employs about 80 people and ships to the United States, Alaska, Hawaii, Puerto Rico, the U.S. Virgin Islands and Canada. The company closed a $25M Series B to support its growth plans. Molekule makes a molecular air purifier that uses Photo Electrochemical Oxidation (PECO) nanotechnology to combat and destroy allergens, mold, bacteria and airborne chemicals at a molecular level. The device can completely purify and replace the air in a 600 square foot room without the use of a high-powered fan, making it energy efficient and ultra quiet. It connects to Wi‑Fi, uses machine learning to respond to the individual needs of each household, and can be controlled via an iPhone app. Molekule retails the device at $799 and offers annual filter subscriptions for $99. The company announced the device’s availability to the general public. Molekule intends to use new funding to scale production, expand its team and build out its product pipeline.

Participated · Seed · Sep 2019

Founded by Nicole Shanahan, ClearAccessIP provides a platform that integrates technology, data, AI and service delivery to allow creators and owners of IP to develop, manage and transact patent-protected technology. Its SaaS-enabled marketplace streamlines traditionally labor-intensive IP management and creation processes to reduce the time and cost to obtain and manage patents. The platform also aims to improve the liquidity of patent portfolios. The company intends to use the new funds to grow its AI-intermediated trading service. ClearAccessIP aims to become the core platform for stakeholders across the IP ecosystem, including corporations, universities, research labs, governments, inventors, entrepreneurs, investors and IP professionals. The company secured $3.7M in seed and note financing to support its growth.

Participated · Series D · Apr 2018

IfOnly operates a curated online marketplace featuring more than 3,000 unique experiences, from affordable activities to high‑end, one‑of‑a‑kind events. The platform has expanded from three cities to eight and now serves two million registered users, approximately 25% of whom engage regularly. IfOnly is broadening its catalog to reach a wider, more price‑sensitive audience while retaining higher‑ticket offerings. Strategic partnerships with brands like MasterCard, Hyatt and Sotheby’s are intended to make partners’ offerings stickier and to expand distribution. The company faces competition from entrants such as Airbnb, which is pushing into bookable local experiences; IfOnly emphasizes vetting and quality control as a differentiator. Leadership recently changed as John Boris joined as CEO, succeeding founder Trevor Traina. IfOnly operates an online marketplace that offers curated adventure, culinary and athletic experiences. The company connects customers to high-end, often expert- or celebrity-led experiences and occasional auctions. It plans to use new funding to accelerate expansion into new domestic and international markets and to invest in its technology. IfOnly is launching a partnership with Sotheby’s called “IFONLY PRESENTS: The Experiences Auction,” featuring approximately 25 experiences, with a portion of each sale benefiting charitable causes. Founded in 2012 and led by CEO Trevor Traina, the company is backed by several venture firms and angel investors. The most recent funding round was an undisclosed investment from Sotheby’s. IfOnly operates an online marketplace for curated experiences, letting vendors ("luminaries") list and sell activities ranging from celebrity-led events to accessible local classes. The company has about 60 employees and serves the Bay Area, New York and Los Angeles, with more than 10,000 experiences on the platform. Its proprietary platform handles taxes, ticketing and complex logistics (including background checks and blackout dates), and the company holds three issued patents with seven pending. IfOnly is pushing to broaden its customer base by adding lower-priced experiences ($50–$125) while maintaining higher-end offerings; Traina expects lower-priced offerings to become the majority of revenue within five to six quarters. Operational metrics disclosed in the article include a claimed addressable market of $225 billion and that 30% of customers shop recurrently; the founder declined to detail annual revenue, though he said the prior pricier model was on a 100% yearly growth path. The company donates 10% of gross sales to more than 200 charities. IfOnly.com, operated by Traina Interactive, runs a website that provides direct connections between select audiences and the luminaries they admire. The company positions itself as a creator of unique marketplaces that deliver extraordinary experiences with notable people. It was founded and funded by Bay Area artists, athletes and entrepreneurs and is based in San Francisco. IfOnly emphasizes delivering extraordinary experiences and helping society in its activities. Financially, the company has recently completed a $12 million funding round, indicating outside investor interest in its model.

Participated · Series E · Mar 2017

HotelTonight operates a last-minute hotel booking platform that connects users with unbooked rooms from over 25,000 hotel partners across 1,700 cities in more than 30 countries. The app has shifted its model to accommodate bookings up to a week ahead and expanded features such as location-based pricing, a refreshed loyalty program, and an in-app message-based concierge service. It has pursued strategic partnerships to grow users and is actively hiring as it expands its global footprint. Financially, the company reached profitability in April 2016 after a period of cost cutting and reduced marketing spend. HotelTonight reported more than $300M in gross booking volume and recorded over 100% year-over-year revenue growth. Management has indicated an IPO could be the next path for the business. HotelTonight operates a mobile-focused platform for last-minute hotel bookings. The company has been downloaded more than 9 million times and works with roughly 10,000 hotels across 250 destinations. Management says shrinking booking windows and increasing mobile usage position the business well for future growth. To expand coverage outside major cities and improve the hotel experience, HotelTonight has struck agreements with several large chains, including InterContinental Hotels Group, Hyatt, Best Western, Kimpton, FRHI, La Quinta, Barcelo, and Steigenberger. Barry Sternlicht has made a personal investment and joined HotelTonight as a strategic adviser to help secure broader deals with chains. The company previously raised a $45 million funding round last summer. HotelTonight operates a curated mobile platform for booking same‑day hotel rooms. The company has focused on a high‑quality, curated app experience and is investing in product and platform development. Since its Series C in June of the prior year, downloads doubled to more than 6.5 million, it expanded to nearly 120 locations across 12 countries, and headcount doubled to more than 100 employees. Management is prioritizing geographic expansion with a stated goal of achieving “geographic ubiquity” so users can find rooms anywhere, from international destinations to small U.S. towns. The company acknowledged increasing competition as it expands globally and said bringing on GGV should help with Asia expansion. Financially, HotelTonight has raised a total of $80.35 million to date following the new round. HotelTonight operates free-to-download iPhone, iPad, and Android apps that let users find low-priced, last-minute hotel accommodations on the fly. The service helps hotels sell unsold inventory and covers more than 40 cities in the U.S. Its apps have been downloaded 2 million times to date. The startup is growing quickly and says it will use the funding to expand its team as it moves beyond its home U.S. market. In April, HotelTonight added accommodations in its first two international cities, Toronto and Vancouver, and it plans to add more Canadian cities later this year. Financially, the company has raised a total of just under $36 million to date. HotelTonight offers Android and iOS apps that provide steep discounts on same-day hotel rooms, focused on last-minute bookings. Launched in January of this year, the service is available in 28 cities and has seen 1 million downloads. The startup plans to expand to 35 markets by year-end, naming Orange County, Portland, Salt Lake City and Santa Barbara as upcoming markets. It intends to use the new funding to expand to new mobile platforms, accelerate customer acquisition and enter new international markets. The company raised $9 million in new funding, bringing total funding to $13 million. Accel Partners will take a board seat and Path founder Dave Morin will join as an advisor.

Participated · Equity · Feb 2017

Jobaline builds a Candidate Engagement Platform (CEP) that connects hourly employers with applicants and integrates with existing Applicant Tracking Systems to streamline hiring. The platform is optimized for hourly workers and hiring managers, reducing friction and abandon rates while increasing speed and candidate volume by up to 8x. Jobaline launched its CEP to allow employers to ingest candidate profiles directly into their ATS for quick, seamless implementation. The company reports its network now approaches 1 million workers, which it expects will fuel growth and deliver future value to customers. Doug Johnson joined as CEO in September and led the recent financing to accelerate growth. Jobaline is based in Kirkland, WA. Jobaline.com is a mobile, bilingual hourly-jobs marketplace that enables mid- to large-size employers to find qualified hourly workers via candidate-matching technology and automated phone pre-screening. Led by co-founder and CEO Luis J. Salazar, the platform supports mobile-first recruiting and has been used by hundreds of hotels, fast food franchises, construction and manufacturing staffing agencies, large retailers and leading wireless carriers. Launched in the summer of 2013 in the Bay Area, Miami and Seattle, Jobaline has processed more than 400,000 job applications in its pilot markets. The company completed a $7.0m Series B funding round in May 2014, providing capital to expand operations. Jobaline intends to use the funds to accelerate national expansion by scaling its sales organization and enhancing its engineering center in Kirkland, Washington. As part of the round, Trilogy Equity Partners’ Mikal Thomsen joined the company’s board. Jobaline operates a bilingual (English/Spanish) mobile marketplace — accessible via mobile web and SMS — that connects employers with hourly workers. The service targets the 74 million hourly workers in the U.S., who represent 59% of the workforce. Launched five months prior to the article by CEO Luis Salazar and based in Kirkland, Wash., the company has processed more than 150,000 job applications. Jobaline plans to use the new funding to expand its national presence and grow its community of workers. The company also intends to double the size of its engineering and sales teams to support growth. Financially, Jobaline completed a Series A round to fund these expansions.