Led · Preferred · Jul 2022

Upland Software, based in Austin, TX, offers a growing cloud software library that provides choice, flexibility and value for enterprise customers. Its products deliver the 'last mile' plug-in processes, reporting, and job-specific workflows that major cloud platforms and homegrown systems do not provide. The company focuses on specific business challenges across the organization, operating at scale and delivering quick time to value for its 1,800+ enterprise customers. Upland announced a $115 million strategic equity investment from HGGC structured as a new class of convertible preferred stock issued at a premium to Upland's current market price. The capital is intended to capture an attractive M&A opportunity set expected to emerge from the current macroeconomic environment. HGGC's investment also brings additional strategic and operational support to strengthen Upland's go-to-market capability and better leverage its enterprise customer base and product portfolio. Upland Software develops cloud-based management software for large enterprises. Its customer base exceeds 1,200 companies across 50 countries. The company plans to use the new capital to improve its products, enhance customer service and pursue strategic acquisitions. Upland has recently acquired Clickability from Limelight Networks, as well as ComSci and FileBound. It changed its name from PowerSteering Software to Upland Software last May. Founded in 1998 in Cambridge, MA, the company is now based in Austin.

Led · Equity · Nov 2021

Founded in 2011 and headquartered in Ottawa, Ontario, Fullscript provides a clinical platform that enables providers to prescribe and fulfill evidence-based supplements, manage labs, and track patient adherence. The company supports over 100,000 providers and 10 million patients, positioning it as a sizable player in preventative and whole-person care. Fullscript’s core product suite combines fulfillment, lab capabilities, and intuitive clinical tools to improve patient outcomes and practitioner efficiency. The company plans to continue advancing its technology and expanding its services to empower more practitioners to deliver personalized, proactive care. The articles emphasize strong investor confidence in Fullscript’s model and leadership, evidenced by an expanded investment to support its next phase of growth. No revenue or valuation figures were disclosed in the coverage. Fullscript operates a wholesale backend and storefront platform that helps practitioners source supplements, fulfill prescriptions via its dispensary, and manage integrated treatment plans with links into electronic health records. The company offers roughly 20,000 products from about 300 brands and has about 30,000 practitioners subscribing to its platform. Fullscript plans to use new funding to expand across North America and build more technology for customers, including analytics and patient tools for monitoring progress and purchases. Payments for products are made directly by patients today, and insurance is not part of Fullscript’s backend. The company positions itself against larger online sellers and new entrants in the space while arguing integrative approaches are gaining broader acceptance among practitioners and health systems. Fullscript was founded in 2012 and has grown largely by being bootstrapped prior to recent external investment. Fullscript is a nutraceutical e-prescribing platform that enables healthcare practitioners in the US and Canada to dispense professional-grade nutritional supplements through an online e-prescribing system. Patients fulfill prescriptions online and practitioner-recommended products are shipped directly, minimizing the need for practitioners to manage large physical inventories. The company has begun integrating with an increasing number of Electronic Health Record partners to build a database of nutritional supplement research linked to ingredients and conditions. This work includes tools for drug-nutrient depletion and interaction analysis to inform practitioners on safe, effective nutraceutical use. Fullscript was created after a June 2018 merger between Natural Partners, a 24-year-old specialty wholesale distributor based in Scottsdale, Arizona, and Fullscript, an eight-year-old tech startup based in Ottawa, Ontario. Led by CEO Fran Towey, the company intends to use newly raised funds to scale its online technology platform, Fullscript. In May 2019 the company raised $25M in Series B financing.

Led · Equity · Dec 2020

Aceable began as a driver’s ed test-prep service and expanded into a mobile-first platform delivering online training and certification courses for drivers, real estate agents, and other professionals. The platform hosts more than 2,200 hours of educational content and has been used to train 13 million students across 36 states. Founder and CEO Blake Garrett frames the company’s mission around making career-changing certifications accessible to users seeking to reskill or upskill. Aceable plans to grow the number of certifications it offers with a special focus on professional development and intends to expand both organically and inorganically, including potential acquisitions. Financially, the company has raised more than $100 million in total capital, including a new $50 million financing led by HGGC. Aceable is a mobile education platform that offers accredited digital courses aimed at learners pursuing licensing, certification and professional training. Led by CEO Blake Garrett and based in Austin, Texas, the company delivers dynamic, mobile-first content across all platforms and devices. Over the last 12 months Aceable has served more than 550,000 students and has grown to over 100 employees. The company intends to use new funding to expand its national presence, grow the team and move into new industries. Aceable’s product focus is on accredited education that supports career advancement through licensing and certification pathways. Aceable provides mobile-first driver’s education that lets users complete coursework on their phones and then take final driving and written tests at local DMVs. The app removes the need to attend in-person classes and targets a broad market beyond high school students. Aceable is operational with regulatory approvals in Texas, Florida, California, Ohio and Illinois and plans to expand to Georgia, Pennsylvania, Nevada and Indiana over the next year. The company raised $4 million in a Series A to fund expansion and product development. CEO and founder Blake Garrett said the startup will use funding to develop curriculum beyond driver’s ed and is evaluating other certification areas such as commercial drone operator testing and training for dispensary staff. Floodgate’s Mike Maples Jr. praised Aceable’s focused execution as a reason for the investment. Aceable provides a mobile app that offers drivers education, defensive driving and traffic school courses, with content available across all mobile platforms. The company currently operates in Texas and Florida and serves roughly 100,000 users. Led by CEO Blake Garrett, Aceable has a team of about 20 employees. The startup intends to use new funding to expand its national presence and grow the existing team. It also plans to enter new markets and verticals where professional certifications are required. Product and expansion focus remain on mobile-first course delivery and broadening geographic and vertical reach.

Participated · Equity · Mar 2013

Hybris Software offers an OmniCommerce platform that unifies web and mobile commerce, B2C and B2B functionality, cloud and on-premises deployment, order management, merchandising, contact centers, in-store POS and in-store pickup. The company serves roughly 500 customers, including General Electric, Thomson Reuters, 3M, Toys"R"Us, P&G, Levi’s and Nikon. About 60% of customers use the platform for B2C and about 40% for B2B, with B2B growing faster from a revenue standpoint. Mobile commerce through hybris averages about 10–15% of total e-commerce activity, and roughly 85% of users run the software in their own systems while cloud deployments are growing. Geographically, North America and Europe account for about 85% of business today, with Asia-Pacific representing roughly 15%. The company competes broadly with IBM and Oracle and with niche players such as Demandware.