• Destination Pet

  Participated · Equity · Oct 2017

  Destination Pet LLC, led by CEO Shane Kelly, is an Irvine, California-based provider of a wide range of pet care services. The company’s offerings include boarding, styling, training, daycare, home care and veterinary care. It operates and expands through the acquisition and buildout of pet care facilities. In October 2017 Destination Pet raised $30M in combined debt and equity financing. The company intends to use the funds to support national expansion through continued acquisitions and facility buildouts. The financing underscores its growth strategy to scale its portfolio of pet care locations.

• DigitalOcean

  Participated · Debt Financing · Apr 2016

  Founded in 2012 by Yancey Spruill, DigitalOcean provides a cloud platform designed to simplify app creation for developers, startups and SMBs. The company targets a range of users from individual developers to small and medium businesses. It reports $300M in annual recurring revenue and serves more than 500,000 customers globally, with nearly two-thirds located outside the U.S. DigitalOcean’s core product is a developer-focused cloud for building modern applications. The company says it will use new funding to continue expanding operations and its business reach. CEO Yancey Spruill is cited in the company’s founding and leadership. DigitalOcean offers self-serve cloud infrastructure targeted at SMBs and developers, attracting roughly four million website visitors per month and converting tens of thousands of new customers. The company reports all revenue as recurring and had an annualized run rate of $200M in 2018 and $250M toward the end of 2019, with an expectation to reach a $300M annualized run rate in the first half of 2020. Management says DigitalOcean grows at a mid-20s percentage rate, posts EBITDA in the low-20s, and experiences de minimis churn after customers have been on the platform for a year. The firm emphasizes low customer-acquisition cost via its self-serve motion and reinvests operating cash flow into the business rather than relying on equity dilution. Leadership expects to become free-cash-flow profitable within two years and plans to scale to $1 billion in revenue over the next five years; an IPO remains an option but is not imminent. The company intends to use recent funding to invest in partnerships, boost product investment, and grow an early-stage inside sales capability. DigitalOcean is a cloud computing platform built for software developers and is led by CEO Ben Uretsky. The company provides developer-focused cloud infrastructure and reported a registered customer base of 708,000 users who have launched over 13 million servers. DigitalOcean secured a $130M credit facility to purchase equipment and support its global expansion. That credit facility complements an $83M Series B equity financing. The company plans to use the financing to meet increasing demand for its platform and to continue expanding internationally. DigitalOcean provides cloud infrastructure services focused on simplicity and competitive pricing for developers. The platform has attracted 500,000 developers who have launched over 6 million cloud servers since launch. The company plans to broaden its feature set, including networking improvements such as floating IPs and a cloud storage service slated for the first half of 2016. DigitalOcean has expanded its global footprint and is shifting focus from pure scaling to product development. Financially, the company has raised $173.2 million to date, including a $50 million debt financing in December, and has occasionally been profitable. Management intends to use the new capital to build features that help startups grow on its platform. DigitalOcean offers simple SSD-based cloud hosting aimed at developers, with an intuitive control panel, API and KVM virtualization. The company reports it has spun up more than 2 million cloud servers and offers $5/month plans with a 99.99% SLA; users can create a server in 55 seconds. DigitalOcean has five server locations (New York, San Francisco, Amsterdam, Singapore and London) and is headquartered in New York City. The company has seen rapid user growth—more than 26,000 new active users in October (a 57% year-over-year increase) and an average of 20,000 new users deploying servers per month this year. Management plans to expand internationally and accelerate feature development by hiring engineering talent and tripling headcount before the end of next year. Some capital will be used to lease additional equipment to scale globally and support continued customer acquisition.

• 3VR

  Led · Equity · Jan 2015

  3VR provides video intelligence solutions for real-time security and customer insights, used to protect employees, customers and assets and to improve store operations and shopping experiences. The company serves hundreds of global customers across financial services, retail, government, critical infrastructure and hospitality. Founded in 2002 and based in San Francisco, 3VR is privately held and has received funding from Kleiner Perkins Caufield & Byers, Menlo Ventures, DAG Ventures, In-Q-Tel, VantagePoint Ventures, and Focus Ventures. Management said 3VR is coming off a record year and is positioned for higher growth in 2015. Opus Bank provided $8 million of financing to support the company’s growth and global expansion plans. 3VR Security provides intelligent video search and analytics products used by banks, retailers, governments and law enforcement. Its core offerings include searchable video recorders (e.g., SmartRecorder ServerClass 100) and facial-recognition-enabled analytics. The company says it operates a large private video management deployment and has the most accurate facial recognition technology on the market. Founded in 2002 and based in San Francisco, 3VR serves hundreds of global customers and has partnerships with security-industry players such as PSA Network, Arecont Vision, Convergint Technologies, AFN Security, Sureview Systems, Fiserv and Hi‑Tech Solutions. The company recently added Aisling MacRunnels as chief marketing officer to support growth and expansion. 3VR intends to use new capital to continue developing its intelligent video search and analytics technologies, fight crime, improve safety and expand into global markets. 3VR Security builds video surveillance systems with a built-in search engine and advanced motion and facial recognition. Its image-recognition capabilities are marketed for use cases such as letting bank tellers identify known fraudulent check cashers. The San Francisco company serves about 600 clients across a wide array of sectors. 3VR plans to continue expanding its client base and diversifying its portfolio of surveillance products for different needs. In a fourth round of funding the company raised $12 million led by Menlo Ventures. It has raised $42 million to date from backers including DAG Ventures, Kleiner Perkins Caufield & Byers, In-Q-Tel and VantagePoint Venture Partners. 3VR Security provides video surveillance technology and is identified in filings as based in San Francisco. A regulatory filing cited by PE Week shows the company has secured $9 million of a planned $17 million Series C round. Return backers named in the filing include DAG Ventures, Kleiner Perkins Caufield & Byers and VantagePoint Venture Partners. The filing does not disclose use of proceeds, revenue, user metrics, or product roadmap. No additional financing instruments or deal terms were detailed in the article.

• Solexel

  Led · Debt Financing · Jan 2015

  Solexel produces high-performance, lightweight solar PV panels designed to deliver low-cost energy. The company is led by President & Chief Executive Officer Michael Wingert. It raised an equity investment from Riyadh Valley Company, the venture capital arm of King Saud University of Saudi Arabia, which will be used to help transition the company into revenue. The amount of the investment was not disclosed. Solexel is backed by venture investors including Kleiner Perkins Caufield & Byers, DAG Ventures, Technology Partners, Northgate Capital and GSV Capital Corp., and by GAF, the largest roofing materials manufacturer in North America. The company is based in Milpitas, California. Solexel manufactures high-performance, low-cost, lightweight thin-crystalline-silicon solar modules optimized for photovoltaic electricity generation. Its production-format thin-crystalline-silicon cell holds a world-record for efficiency. Solexel’s modules include integrated smart electronics that mitigate the effects of shading, soiling, and snow to enhance real-world performance. The modules’ low material usage and light weight reduce balance-of-system costs and enable installation on weight-constrained residential and commercial rooftops. The company is venture-backed and operates a production facility in Milpitas, California, which it planned to complete using recent financing. Solexel’s products are positioned to make solar-generated electricity more cost-competitive with conventional fossil-fuel electricity sources. Solexel is a Milpitas, Calif.-based manufacturer of lightweight, thin-crystalline-silicon solar modules. Its modules include integrated smart electronics designed to enhance performance by reducing the negative impact of shading, soiling and snow cover. The company is certified by the National Renewable Energy Laboratory (NREL). Solexel recently closed a $31M financing. The company intends to use the funds to begin commercial production of its solar modules. Backers in the financing included a mix of venture and strategic investors.

No current team members are available.