Participated · Series E · Jan 2022

Bolt provides a one-click checkout product that bundles payments and fraud protection and lets shoppers create a single account to use across a network of hundreds of Bolt merchant brands. The company also integrates embedded commerce technology following its acquisition of Tipser to enable direct checkout on any digital surface. Bolt is investing the new capital to hire talent, pursue strategic acquisitions and expand into Europe, while rolling out new consumer and social-commerce products to place its checkout across channels. Operational momentum cited in the article includes an 80% increase in gross merchandise value per merchant, 180% growth in accounts over 2020 and 200% year‑over‑year transaction growth; Bolt projects 100 million shoppers could join its network in the next 18 months. The company employs more than 550 people working remotely across over 200 cities and is focused on unbundling the Amazon buying experience (fast shipping, returns, tracking, membership benefits) for merchants. Bolt provides a federated One-Click checkout experience platform that connects registered shoppers to a cross-brand network of retailers, enabling fast, safe, and easy checkout on any device. The company addresses checkout complexity, fraud detection, and digital wallets, and claims conversion rates 50% higher than guest checkout. Bolt also states it can cover 100% of fraudulent chargebacks, underscoring confidence in its fraud-detection technology. Bolt partners with hundreds of retailers, has thousands more coming online, and has crossed 10 million registered shoppers. The company was named to the 2021 Forbes Fintech 50 list and is headquartered in San Francisco, California. Bolt has stated plans to bring one-third of all U.S. shoppers onto its platform by 2022 and has raised over $600 million in total funding to date. Bolt’s core product is a checkout platform it says is faster than industry averages and drives higher conversion; it also offers integrated payments, fraud protection and shopper accounts to power personalization and trust. The company is a hybrid payments-and-software business, generating revenue from payment processing and SaaS fees for services like fraud protection. Bolt reported processing around $1 billion in transactions this year (roughly 3.5x 2019 GMV) and said it has grown shopper accounts from about 450,000 in December to roughly 4.5 million now, targeting 30 million next year. Management projects roughly 3x GMV in 2021 (about $3 billion) and attributes part of its growth to an agreement with Authentic Brands Group. Bolt plans to use new capital to handle market demand, move upmarket and expand engineering and sales support for larger customers. The product and account growth are intended to feed more data into its anti-fraud and checkout personalization tools. Bolt is a San Francisco-based checkout experience platform that provides a frontend checkout and a full stack of features and integrations that checkout touches. It integrates with ecommerce tools, shopping carts, and payments processors including BigCommerce, Magento, WooCommerce, Salesforce Commerce Cloud, PayPal, Apple Pay, AfterPay, Stripe, and Braintree. Customers include BadgleyMischka.com, Cariloha, Dita, Hyperice, PuppySpot and POLYWOOD. The company is led by CEO and co-founder Ryan Breslow. Bolt raised $50m in a Series C and intends to use the funds to expand operations and its business reach. The financing brought the company’s total funding to nearly $140m. Bolt provides an integrated checkout platform that combines payment processing and fraud detection to streamline the buying experience for online retailers. Its dynamic checkout optimizations and conversion-focused fraud tools helped customers realize more than $25 million in new revenue. The platform has processed an annualized payment volume of over $1 billion and handled more than 1.5 million transactions. Bolt has grown from ten people working out of a loft in San Francisco to more than 125 employees across three offices. The company sells an all-in-one alternative to piecing together multiple solutions for checkout and payments. Bolt plans to use new funding to scale engineering, add enterprise functionality for large retailers, partner with additional eCommerce tools, build advanced shopping-experience features, and expand global capabilities.

Led · Series E · Jan 2022

Inxeption provides a cloud-based digital commerce platform that brings capital, data, products and services on-demand for industrial and supply-chain businesses. The platform lets partners sell products on the Inxeption B2B marketplace, develop new online commerce channels, and use applications that simplify and streamline logistics and operations. The company also operates Inxeption Financial and a Marketplace product to support commerce and financing needs. Led by CEO Farzad Dibachi, Inxeption says it will use new funding to expand operations and broaden its business reach. The article reports a $3.0 billion post-money valuation for the company, more than four times its valuation at the prior round in early 2021. Inxeption is described as a pioneer and leader in industrial commerce (I-commerce). It operates a secure, scalable cloud-based digital commerce platform that brings the ease of consumer e-commerce to B2B. The platform offers a single digital dashboard that companies of any size and in any industry can use to drive more sales, gain operational visibility, and realize cost savings. The company is positioned as providing I-commerce business services across industrial and B2B sectors. The article lists Brisbane, CA as the company location. Inxeption has built a blockchain-based B2B e-commerce platform that catalogs and digitizes product information. Its technology integrates product design, manufacturing, and supply chain to help merchants grow top-line revenue and sell products online at scale. The platform includes real-time analytics so customers can monitor online sales and receive real-time order status and security notifications. Inxeption plans to launch additional solutions tailored to specific market segments. Shipping solutions are a particular focus, and the company will work with UPS to develop and bring new shipping-related B2B e-commerce solutions to market. Founded in 2017 and based in South San Francisco, the company describes itself as a pioneer of blockchain-for-business.

Participated · Series E · Dec 2021

Innovaccer built a cloud-based data infrastructure that connects to major EHR systems and unifies patient, payer, pharmacy, and lab data to support applications for value-based care, population health management, and CRM. The company counts six of the U.S.’s top ten healthcare systems as customers and has expanded sales into insurers, pharmaceuticals, and government organizations. Innovaccer spent roughly two years and more than $100 million building EHR connectivity that underpins its platform. The company plans to layer multiple AI co-pilots and agents on top of that infrastructure, including an AI medical scribe, a prior-authorization simplification tool, and a denied-claims assistant, and intends to develop some solutions in-house while partnering with or acquiring other AI products. Innovaccer’s revenue has increased about 50% year-over-year for the past five years, and it is on track to hit $250 million in annual recurring revenue this year. CEO Abhinav Shashank says the company won’t seriously consider an IPO until it reaches $400–$500 million in ARR. Innovaccer offers a cloud software layer that connects to existing electronic health record systems, enabling healthcare providers to fetch, analyze, and activate siloed patient data without replacing legacy systems. Its platform creates a 360-degree patient view and gives clinicians deeper, near-real-time visibility into patient health by aggregating data from EHRs and patient-held sources. The San Francisco-headquartered startup, which began its journey in India, has amassed more than 50 customers including Banner Health, Roche, One Medical, CommonSpirit and Sentara. Innovaccer is focused on the U.S. market for the near term but plans to expand internationally in the future. The company was valued at $3.2 billion after a $150 million Series E and has raised over $375 million to date. It will use the new capital to accelerate research and development and to hire across product, engineering and customer-experience teams. Innovaccer provides a cloud-based data activation platform that connects healthcare data across systems to deliver unified patient records and enable interoperable applications. The company’s solution is deployed across 1,000 locations in the U.S. and has added customers such as Dignity Health, Cancer Treatment Centers of America, Embright, Valley Integrated Provider Network, and Lee Health in 2020. Innovaccer plans to use the new capital to launch Innovaccer Health Cloud, which combines its data activation platform and allows providers and partners to build interoperable third-party applications for improved patient engagement and outcomes. The company said it aims to achieve a five-year CAGR of 100% by the end of 2021. Financially, Innovaccer was valued at $1.3 billion following the latest financing and has previously raised capital including a $70 million Series C in February 2020. Innovaccer is a San Francisco-based healthcare technology company that leverages AI and analytics to automate routine workflows and reduce manual overhead. Its core product is a Data Activation Platform that unifies patient data via 200+ pre-built connectors from health plans, providers, pharmacies, labs and hospitals. The platform has made records available to more than 25,000 providers, helped unify over 3.8 million patient records and generated more than $400M in customer savings. Customers include healthcare institutions, government organizations and enterprises such as Catholic Health Initiatives, MercyOne, Orlando Health, Hartford Healthcare and Stratifi Health. Founded in 2014 by Abhinav Shashank and Kanav Hasija, the company plans to use new funding to expand its business reach and further strengthen the Data Activation Platform. Innovaccer aims to grow to 100 million unified patient records accessible to 500,000 care team members over the next few years. Innovaccer provides a healthcare data platform that simplifies complex data from across points of care, streamlines information, and delivers insights and predictions to support organizational goals. Its platform includes 200+ connectors to systems such as EHRs, HIEs, claims, and lab systems. Products have been deployed across more than 500 locations and are used by over 10,000 providers at institutions, government organizations, and enterprises. The company plans to use new funding to continue building the platform, improve AI-assisted decision support capabilities, and add to its connector set. Innovaccer was founded in 2014 and is led by CEO Abhinav Shashank, operating from San Francisco with offices across the United States and Asia. The company lists customers including Hartford Healthcare, University of California, Mercy ACO Iowa, and others.

Participated · Series D · Jan 2021

Divvy combines free expense-management software with smart corporate credit cards into a single centralized platform that gives businesses real-time visibility and control over budgets. Its product integrates credit, vendor, and spend management to simplify financial processes for companies of various sizes. Customers cited in the article include Noom, Solo Stove, Rhone, EyeCare Partners, the Utah Jazz, and the Atlanta Dream. Divvy has seen a 500% increase in monthly sign-ups since March 2020, driven in part by demand from Main Street businesses navigating the COVID-19 pandemic. The company plans to invest heavily in product development and engineering to accelerate its roadmap following the recent fundraise. The valuation and investor interest are presented as validation of Divvy’s ambition to become a core financial platform for businesses. Divvy provides a tech-enabled replacement for monthly expense reports with a platform that lets customers send and request funds, create virtual credit cards, manage team spending and use a corporate card for real-time visibility. The company launched its platform in January 2018 and monetizes via merchant fees, which are split between Divvy, MasterCard and the issuing bank; its expense tools are offered free to customers. Divvy reports roughly 200 employees, about 3,000 customers, and revenue growth of 30% quarter-over-quarter. Management says it focused on careful product development before public launch rather than hypergrowth. The company plans to use the new capital to bolster product and engineering teams and to launch a bill pay product, and it intends to expand internationally next year. Divvy positions itself against legacy players like Concur and Expensify and claims its user-friendly mobile app and card features differentiate it. Divvy is a Lehi, Utah-based tech startup led by CEO Blake Murray that provides a lender and secure financial platform for businesses. Its product lets users manage payments and subscriptions, build strategic budgets, and eliminate expense reports. Divvy integrates real-time tracking for every business transaction to provide instant insight into spend and tools to curb losses. The company secured a $250M facility from Waterfall Asset Management to support operations. The funding is intended to help Divvy keep up with expected customer growth in 2019, facilitate access to capital for businesses, and ensure an overall customer experience. DivvyPay is a Lehi, Utah-based corporate spend management platform that offers web and mobile apps for business expense control. Led by CEO Blake Murray, its core product allows businesses to proactively cap corporate credit card spend, automate expense reports, and track transactions in real time. For administrators it provides visibility and streamlined reporting across both T&E and procurement and handles issuance of corporate credit cards. The platform also lets employees send and request funds, create virtual credit cards, manage software subscriptions, and forgo expense reports entirely. In July 2018 DivvyPay raised $35M in a Series B led by Insight Venture Partners, bringing total funding to $57M. The company intends to use the funds to continue to expand operations. Divvy builds a free, real-time expense tracking platform that gives executives dashboards and physical and virtual Divvy cards to approve employee spending. Employees can send requests via the Divvy mobile app for purchases and managers can approve or deny them in real time. The platform can generate virtual one-time card numbers for online purchases to limit fraud exposure. Divvy monetizes by taking a cut of the interchange fee on card transactions and issues Divvy-branded Mastercards through Wex Bank. The company launched publicly in December and now has more than 450 companies signed up and just under 50 employees. Management’s stated goal is to eliminate traditional monthly expense reports and potentially replace paid expense tools like Concur or Expensify.

Participated · Series C · Oct 2020

Unqork Inc. closed a funding transaction on December 28, 2020 that raised $258,083,771. The company issued a total of 235,655 shares in the transaction. The deal was completed in two tranches, with the second and final tranche issuing 46,644 shares and bringing in $51,083,403. The fundraising was executed via share issuance. The transaction included participation from 38 investors. No other product, operational metrics, or future-planning details were disclosed in the article. Unqork offers a no-code platform that enables enterprises to build business applications without traditional software development. The company targets large organizations and has seen accelerating demand as firms pursue digital transformation and governments sought solutions during COVID-19. Unqork reports expansion in ARR from existing clients and says sales cycles have shortened, aiding customer adoption and upsells. The firm says it has been growing ARR at a triple-digit rate for the third consecutive year and tripled its top line in 2018 and 2019, on track to repeat in 2020. Management raised revenue targets before the pandemic and has maintained that guidance through 2020. The new capital positions Unqork to continue scaling its platform and pursue further enterprise deployments. Unqork provides a no-code application platform that allows large enterprises to build, deploy, and manage complex applications. Led by founder and CEO Gary Hoberman and launched in mid-2017, the company has served customers including Liberty Mutual, John Hancock and Manulife, with recent engagements at HSBC, Pacific Life and Maimonides Medical Center. It closed an additional $51M to complete a $131M Series B round led by CapitalG, with participation from existing investor Goldman Sachs and new backers Aquiline Technology Growth and World Innovation Lab (WiL). Unqork plans to use the funds to grow its sales and marketing teams across the U.S. and internationally and to invest further in its engineering team. The company will continue rolling out partnerships with large services firms and systems integrators including Cognizant, Deloitte, EY, KPMG and Virtusa, and expand its community by hosting large-scale events such as No-code on Tour and its first user conference, Unqork Live, on May 6, 2020 in New York City. Unqork is a cloud-based no-code enterprise application development platform that combines a no-code interface with enterprise-grade software functionality. The platform is built for enterprise customers and is used by companies including John Hancock, Goldman Sachs, Careerwise, and Liberty Mutual to build industrial-strength applications. Founded in 2017 and led by CEO Gary Hoberman, the company is based in New York City. Unqork intends to use its new funding to expand operations into additional markets and verticals and to grow its engineering team. Financially, the company closed an $80M Series B and has raised more than $110M in total funding to date. Unqork is a no-code, software-as-a-service platform that digitizes the entire client lifecycle for financial services and insurance organizations. The platform uses a drag-and-drop interface to create custom client onboarding and servicing applications that can be implemented within weeks. Its patent-pending technology supports advanced calculations, decisioning, UI design and workflow for risk assessment layered on top of legacy IT systems. Unqork serves broker-dealers, asset managers, wealth managers, banks, and insurers across life & health, property & casualty, and specialty insurance. The company intends to use the funds to accelerate business growth and invest in capabilities that further solidify its position in the no-code space.