Perceptyx Announces Strategic Investment From TCV

TEMECULA, Calif., Aug. 12, 2019 (GLOBE NEWSWIRE) — Perceptyx, the employee survey and people analytics platform that helps companies transform the way they leverage their people data to drive business success, today announced it has received a significant investment from TCV, one of the largest growth equity firms backing public and private technology companies. The investment and expertise from TCV will help fuel Perceptyx’s rapid growth through product innovations for current and future customers, positioning the company to build upon its market-leading people analytics platform. As part of this investment, Nari Ansari (General Partner, TCV) and Dave Eichler (Vice President, TCV) will join the Perceptyx Board of Directors.

Founded in 2003, Perceptyx provides deep insights into an organization’s people, giving leaders the data and insight they need to improve the employee experience, predict challenges in the business, and drive strategic action to deliver improved business performance.

This is an exciting moment in Perceptyx’s history. For over 16 years we have been on a mission to help people and organizations thrive, and the partnership with TCV is evidence of the value that our customers continue to derive from our platform,” said John Borland, CEO of Perceptyx. “TCV has a history of investing in category-redefining companies, and their partnership reaffirms our culture of innovation, off-the-charts customer retention, and the increasing demand for a more integrated approach to talent analytics in driving business strategy and operations.”  

Advancements in machine learning and the growing volume and availability of business and people data continue to fuel increased demand for deeper talent insights that enable Human Resources (HR) to be more strategic partners to the business. While the global Human Capital Management (HCM) market size is expected to reach US$22.6 billion by the end of 2025 (a 7.6% CAGR), the 2018-2019 Sierra-Cedar HR Systems Survey found that 41% of CHROs plan to increase spending on Talent Analytics in particular, further indicating that the Talent Analytics market is heating up.

Perceptyx’s history of building a best-in-class product as well as their strong customer focus has the team well positioned to capitalize on the enormous and growing opportunity within the HCM space. We are very excited to partner with the Perceptyx team to help them reach their full potential,” said Dave Eichler, Vice President at TCV.

Since TCV’s inception in 1995, the firm has raised over $15 billion across ten funds and invested over $12 billion in leading technology companies. TCV investments include notable franchises such as Netflix, Facebook, Expedia, Spotify, Airbnb, Peloton, Splunk, and Zillow – and they have partnered with leading cloud / SaaS software companies, such as Avalara, ExactTarget, Alarm.com, HireVue, GoDaddy, Twilio, Toast, Webroot, and Xero.

TCV partners with companies we believe are leaders within their market vertical,” said Nari Ansari, General Partner at TCV. “We have been watching Perceptyx closely for quite some time and have been impressed with their consistent growth and amazing track record within the Fortune 1000. We look forward to supporting the team as they embark on their next phase of growth.”

The investment from TCV is particularly significant for Perceptyx in that it represents the first external investment since its founding in 2003. Entirely self-funded and profitable from its inception, Perceptyx has fueled its own growth through a relentless focus on product innovation and client satisfaction, achieving greater than 95% client retention. As the people analytics provider to over 30% of the Fortune 100, experiencing accelerated growth, Perceptyx is poised to further its growth and expansion through the partnership.  

For more information about Perceptyx, visit http://www.perceptyx.com.

About Perceptyx
Since its founding in 2003, Perceptyx has been revolutionizing the employee survey and people analytics industry, delivering enterprise-level employee surveys and people analytics to more than 30% of the Fortune 100. With an unrivaled technology platform and a tailor-made, flexible approach, the Perceptyx technology makes it easy for managers and HR or business leaders to discover insights deep within large and complex organizations, driving meaningful action to improve business outcomes. Driven by a deep intellectual curiosity and culture of innovation, Perceptyx is challenging the status quo – to help people and organizations thrive.

About TCV
Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. TCV has invested over $12 billion in leading technology companies and has helped guide CEOs through more than 120 IPOs and strategic acquisitions. TCV’s software investments include Alarm.com, Altiris, Ariba, Avalara, Avetta, AxiomSL, CCC Information Services, ExactTarget, ETQ, FinancialForce, Genesys, IQMS, OSIsoft, Rapid7, Rave Mobile Safety, Sitecore, SMT, Splunk, Toast, Vectra AI, and more. TCV is headquartered in Menlo Park, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, please visit http://www.tcv.com.

SOURCE: Perceptyx, Inc.

Media Contacts:

Perceptyx
Daniel Norwood
Phone: 951.526.2422
dnorwood@perceptyx.com

TCV
Katja Gagen
Phone: 415.690.6689
kgagen@tcv.com


Nubank raises USD 400 million in a new investment round led by TCV

  • The funding marks the largest investment round raised to date by Nubank 
  • Since the last funding in 2018, the firm’s customer base has more than doubled, reaching over 12 million people in Brazil
  • Nubank’s product portfolio has evolved, now including personal loans, a digital account with debit function for consumers and SMEs in addition to existing credit cards and its Rewards program
  • The company started its international expansion this year, in Mexico and Argentina
  • Nubank continues to pursue and hire talent for its four offices worldwide 

São Paulo, 26 July 2019 — Nubank, the leader in financial technology in Latin America, today announced it has raised $ 400 million in its Series F investment round. The round was led by TCV, one of the largest growth equity firms based in the U.S., and marks TCV’s first significant investment in Latin America. Existing investors Tencent, DST Global, Sequoia Capital, Dragoneer, Ribbit Capital, and Thrive Capital also participated in the round. The transaction is subject to customary closing conditions.

With this new round, Nubank has raised $820 million in seven investment rounds.

Nubank, currently Brazil’s sixth-largest financial institution by number of clients, started its international expansion in May of this year. The company has opened offices in Mexico and Argentina and is preparing to start operations and serve customers in both countries over the coming months.

The firm also expanded its product portfolio beyond its original app-controlled credit card and Rewards products, now including a personal loan product and digital savings accounts for consumers, as well as small and medium-sized businesses and microentrepreneurs.

“We remain firm in our mission to fight complexity and give back to people the control of their finances. Even though the technological change has been transformational for most industries across the globe, most banked consumers continue to pay absurd interest rates and fees to receive very poor financial services in return. Additionally, over two billion people still do not have access to basic financial services. With this new investment by TCV and our existing investors, we expect to contribute to meaningfully change this situation by accelerating our growth in Brazil and supporting the launch of our new Latin American markets,” says David Vélez, founder and CEO of Nubank.

“We are proud of our shareholders and their continued support of our business. Since our early days, we have had the privilege of drawing from the experience of some of the most successful technology investors in the world, and this round led by TCV further strengthens our capital base”, continues Vélez. “TCV has supported some of the most remarkable disruptors of our time, including Netflix, Spotify, and Zillow, with capital, strategic guidance, and industry expertise, and we look forward to partnering with them as we grow the business.” 

“TCV has a long history of backing founder-run businesses that leverage technology to provide magical experiences to consumers,” says Woody Marshall, General Partner at TCV. “David Vélez and his team have built an impressive business at Nubank. We have been impressed by their market position, product-centric DNA and unrelenting focus on the consumer experience. We look forward to supporting their expansion into new markets and providing additional services to their consumers.” 

New products and internationalization

Nubank started offering debit and cash withdrawal functions to its digital savings account (“NuConta”) customers in late 2018, consolidating its digital account as a complete alternative to meet the basic financial needs of all Brazilians. Today, more than 8 million Brazilians are already customers of NuConta.

After completing the process to obtain its license as a financial institution, the company launched in early 2019 a personal loan product, which is now available to over 500,000 customers. Nubank reached 100% of the 5,570 Brazilian municipalities within 5 years of activity, a milestone in a country where only 60% of cities have bank branches.

In the second quarter of this year, the company also began its international expansion, announcing operations in Mexico and, less than two months later, in Argentina. The two countries will receive technology and innovation hubs to develop solutions focused on local financial problems.

In six years of existence, Nubank reached the mark of more than 12 million customers, becoming Brazil’s sixth-largest financial institution in number of customers, and the largest digital bank in the world. Recently, the company entered the corporate market with the announcement of a new digital account for SMEs, a market with more than 20 million companies in Brazil.

Search for talent

Nubank today has more than 1,700 employees in Brazil, Germany, Argentina, and Mexico. The company expects to significantly grow its employee base over the next few years. 

“We are always looking for the best talent in the world. We build strong and diverse teams with professionals from different cultures to jointly challenge the status quo and reduce complexity. We are a technology company by nature and, therefore, we want the best software engineers as part of our global team,” says Vélez.

Media contacts: 

Nubank

Rodrigo Barbosa

rodrigo.barbosa@nubank.com.br

+55 11 984 603 476

TCV

Katja Gagen

kgagen@tcv.com

+1 415 690 6689

About Nubank

Nubank is a leading financial technology company in Latin America. Its first product, launched in 2014, is a no-fee credit card that is fully managed by a mobile app. Almost 30 million people have requested the product since launch, and the company has passed the 12 million customer mark. In 2017, Nubank launched its proprietary loyalty rewards program (“Nubank Rewards”), as well as a digital account (“NuConta”) that is already used by 8 million people. This year, the company began testing its personal loan product and took its first steps in international expansion, opening offices in Mexico and Argentina. To date, Nubank has raised around US$ 820 million in seven equity investment rounds from TCV, Sequoia Capital, Kaszek Ventures, Tiger Global Management, QED, Founders Fund, DST Global, Redpoint Ventures, Ribbit Capital, Dragoneer Investment Group, Thrive Capital and Tencent. Recently, Nubank was elected as the most innovative company in Latin America and ranked no. 36 on Fast Company’s 50 Most Innovative Companies ranking.

About TCV

Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. Since its inception, TCV has invested over $11 billion in leading technology companies, including more than $1.5 billion in fintech, and has helped guide CEOs through more than 120 IPOs and strategic acquisitions. TCV’s investments include Airbnb, AxiomSL, Dollar Shave Club, ExactTarget, Expedia, Facebook, LinkedIn, Netflix, OSIsoft, Payoneer, RELEX Solutions, Rent the Runway, Splunk, Spotify, Toast, WorldRemit, Xero, and Zillow. TCV is headquartered in Menlo Park, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com/.


FlixMobility Completes New Funding Round Led by TCV and Permira

  • Funding round completed with strategic investments from TCV, Permira and existing investors
  • Financing will fuel expansion of FlixBus network in the United States as well as market-entries in South America and Asia and the rollout of FlixTrain
  • FlixCar ride sharing brand to launch in 2020 to complement existing bus and train networks in EU

New York/Munich (July 18, 2019) – FlixMobility GmbH, the parent company of global mobility platforms FlixBus and FlixTrain, has announced the completion of its Series F funding round co-led by TCV and Permira, two of the largest growth equity firms backing private and public technology companies. Long-time investor HV Holtzbrinck Ventures also participated in the round through a joint co-investment with European Investment Bank, providing local expertise and expert knowledge to scale the business further. The newest FlixMobility investors join existing shareholders including General Atlantic, a leading global growth equity firm, and Silver Lake, a global leader in technology investing, who have helped the company rapidly grow from start-up to global mobility provider.

The equity raised will be used for global expansion as well as the launch of new FlixMobility products. FlixBus is targeting market leadership in the United States and will launch into new global markets in South America and Asia in 2020. For the FlixTrain brand, the investment will help expansions into new EU countries following the liberalization of the European rail market in 2020 in addition to growing the product within the German market where FlixTrain already operates multiple cross-country routes. Furthermore, the investment will be used to launch FlixCar, a ride sharing platform that will complement the existing FlixBus and FlixTrain networks.

“What began in 2013 as a German startup has become a powerful mobility platform that continues to change the way millions of people travel across Europe and the United States,” said Jochen Engert, CEO and founder of FlixMobility. “Through our strategic partnership with TCV and Permira, which have decades of experience and a portfolio of world-leading technology companies, we will accelerate our growth to offer smart and green travel to more people across the world via the FlixBus, FlixTrain and soon FlixCar brands, while strengthening our position in existing markets.”

“We could not be more excited to partner with Jochen, André, Daniel and the entire FlixMobility team,” said John Doran, General Partner at TCV. “We have been following their success for a number of years, and greatly admire what they have been able to achieve over this time. TCV’s strategy is to back companies led by visionary founders and offering superb value propositions to its customers and partners – we believe FlixMobility does exactly that.”

“We are very excited to join the ride with FlixMobility and its founders in the future. They have written an impressive success story and transformed the company into a leading global mobility platform for mid-and-long distance travel. With our proven expertise in the technology sector, we look forward to supporting FlixMobility’s strong management team in the next phase of the growth strategy focusing on further internationalization, acquisitions and the expansion of the train offering”, said Stefan Dziarski, Partner at Permira. “With the investment in FlixMobility, the Permira funds underline their position as one of the largest technology investors in Europe. FlixMobility – with its high growth rates and global footprint – is a perfect fit for the new Permira Growth Opportunities Fund, focusing on larger minority investments in our core areas of expertise.”

Both John Doran, General Partner at TCV, and Stefan Dziarski, Partner at Permira, will join FlixMobility’s Board of Directors.

From German Startup to World-Leading Mobility Player
Revolutionizing European long-distance travel since 2013, FlixMobility is a provider of convenient and affordable intercity travel to millions of passengers, with 45 million people using FlixBus and FlixTrain in 2018 alone, through 350,000 daily connections to over 2,000 destinations. FlixMobility is the undisputed market leader across Europe and expanded to the US in 2018 for service to a total of 29 countries. The company works with more than 300 independent bus and train partners and has created over 10,000 jobs in the industry.

In 2018, FlixTrain was launched, bringing the FlixBus model to the rail industry in Germany. In 2019, the company also applied for rail tracks in Sweden and France in preparation of expanding FlixTrain with the upcoming liberalization of the European railway.

Approximately 1,300 employees work for FlixBus and FlixTrain within 19 offices in 17 countries. By working with employees on the ground within FlixBus markets, the company is able to consistently adapt to both the market and local customer needs.

Options for Every Traveler: The Launch of FlixCar

With FlixBus and FlixTrain, FlixMobility offers an ever-expanding and integrated network, enabling people to plan flexible and customizable journeys. In an effort to bring smart and green mobility to even more people – and to offer even more door-to-door connections – FlixMobility is preparing the launch of FlixCar, a car-pooling service perfectly suited to expand the network offering to even more destinations.

“From the very beginning, we have positioned ourselves not as a bus or transportation company, but rather a mobility provider: we offer smart, affordable and climate friendly travel, whether by bus, train or – soon – ride sharing,” said Engert. “FlixCar is a logical next step in extending our network so that we can enable even more people to experience the world. On average, the occupancy rate for cars is a mere 1.5. Ride sharing is a great way to split fuel costs and lower your impact on the climate.”

MEDIA CONTACTS:
Brittany Posey, FlixBus
brittany.posey@flixbus.com
+49 (0)89 235 135 132

Katja Gagen, TCV
kgagen@tcv.com
+1 (415) 690 6689

About FlixMobility

FlixMobility is a young mobility provider, offering new alternatives for convenient, affordable and environmentally-friendly travel via the FlixBus and FlixTrain brands. Thanks to a unique business model and innovative technology, the startup has quickly established Europe’s largest long-distance bus network and launched the first green long-distance trains in 2018 as well as a pilot project for all-electric buses in Germany and France. Since 2013, FlixMobility has changed the way over 100 million people have traveled throughout Europe and created thousands of new jobs in the mobility industry. In 2018, FlixMobility launched FlixBus USA to bring this new travel alternative to the United States.

From locations throughout Europe and the United States, the FlixTeam handles technology development, network planning, operations control, marketing & sales, quality management and continuous product expansion. The daily scheduled service and green FlixBus fleet is managed by bus partners from regional SMEs, while FlixTrain operates in cooperation with private train companies. Through these partnerships, innovation, entrepreneurial spirit and a strong international brand meet the experience and quality of tradition. The unique combination of technology start-up, e-commerce platform and classic transport company has positioned FlixMobility as a leader against major international corporations, permanently changing the European mobility landscape. Further company news and pictures can be found in the newsroom.


About TCV

Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. Since inception, TCV has invested over $11 billion in more than 250 companies and has helped guide CEOs through more than 120 IPOs and strategic acquisitions. TCV has deployed over $1.5 billion in Europe. TCV’s investments include Airbnb, Believe Digital, Dollar Shave Club, EmbanetCompass, ExactTarget, Expedia, Facebook, Fandango, GoDaddy, HomeAway, LinkedIn, Netflix, RELEX Solutions, Rent the Runway, Sitecore, Splunk, Spotify, Sportradar, The Pracuj Group, TourRadar, WorldRemit, and Zillow. TCV is headquartered in Menlo Park, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com.


Vectra raises $100 million led by TCV to secure the cloud using network threat detection and response

SAN JOSE, Calif., June 10, 2019 /PRNewswire/ — Vectra, the leader in network threat detection and response (NDR), today closed a $100 million round of funding led by TCV, one of the largest growth equity firms backing private and public technology companies. Existing investors also participated in the funding round, bringing the company’s total funding to date to more than $200 million.

Vectra will use the investment to accelerate global market expansion and R&D innovation, solidifying its Cognito platform as the market-leading solution for artificial intelligence (AI)-driven cloud security using NDR.

The cloud has critical security gaps that leave organizations vulnerable. Cyberattackers take advantage of these gaps without leaving a trail of evidence. Underscoring this risk, a recent survey by the SANS Institute found that one in five businesses had serious unauthorized access to their cloud environments this past year alone, and many more were unknowingly breached.

The Cognito platform addresses these security gaps by providing 360-degree visibility into cloud, data center, user and internet-of-things (IoT) infrastructure, leaving attackers with nowhere to hide.

“TCV has an extensive track record of partnering with enterprise security companies, including Rapid7 and Splunk, from growth stage to public,” said Tim McAdam, general partner at TCV and a member of the Vectra board of directors. “In our research on the category, it became clear to us that Vectra was rapidly gaining momentum with customers by rethinking the way enterprises view both network and cloud security. The Vectra Cognito platform is poised to become requisite in the security infrastructure of multinational enterprises and midsize businesses alike.”

“The cloud has inherent security blind spots, making it imperative to eliminate cyber-risks as enterprises move their business to the cloud,” said Hitesh Sheth, president and chief executive officer at Vectra. “The Cognito platform enables them to stop hidden cyberattacks in the cloud. We look forward to partnering with TCV and our existing investors as we continue our rapid growth.”

Vectra experienced 104% growth in annual recurring revenue in 2018 compared to 2017. The company will continue to ramp up initiatives aimed at addressing the global deficit in cloud security, innovating on its existing platform and expanding its global customer base.

Cloud Security Solutions Forecast, 2018 to 2023” by Forrester Research, Inc.

About Vectra
Vectra® is the leader in network detection and response – from cloud and data center workloads to user and IoT devices. Its Cognito® platform accelerates threat detection and investigation using AI to enrich network metadata it collects and stores with the right context to detect, hunt and investigate known and unknown threats in real time. Vectra offers three applications on the Cognito platform to address high-priority use cases. Cognito Stream sends security-enriched metadata to data lakes and SIEMs. Cognito Recall is a cloud-based application to store and investigate threats in enriched metadata. And Cognito Detect uses AI to reveal and prioritize hidden and unknown attackers at speed. For more information, visit vectra.ai.

About TCV
Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. Since inception, TCV has raised over $15 billion in capital and has helped guide CEOs through more than 120 IPOs and strategic acquisitions. TCV’s investments include Airbnb, Altiris, AxiomSL, Dollar Shave Club, EmbanetCompass, EtQ, ExactTarget, Expedia, Facebook, Fandango, GoDaddy, HomeAway, LinkedIn, Netflix, OSIsoft, Rapid7, Rent the Runway, Sitecore, Splunk, Spotify, Varsity Tutors, Webroot, and Zillow. TCV is headquartered in Menlo Park, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com.

Media contacts
John Kreuzer
Lumina Communications for Vectra
vectra@luminapr.com

Katja Gagen
TCV
kgagen@tcv.com 
415 690 6689

SOURCE Vectra

Related Links

https://www.vectra.ai

WorldRemit Raises $175m in Series D Funding

LONDON–(BUSINESS WIRE)–Leading mobile payments company WorldRemit has entered into a definitive agreement to raise $175 million in a Series D funding round led by returning investors, TCV, Accel and Leapfrog Investments.

Founded in 2010, WorldRemit is a global leader in smartphone and online payments – providing a convenient, low-cost alternative to expensive brick-and-mortar agents.

WorldRemit handles a growing share of the $700 billion remittances sent each year by expatriates and migrant workers to their home countries. Today, the company serves almost 4 million customers transferring money from 50 “send” countries to 150 “receive” countries.

Breon Corcoran, Chief Executive Officer of WorldRemit, said: “For more than eight years our core purpose has been and continues to be to help migrants send money to their families, friends and communities. Our customers play a key role in the economies where they work and their remittances are important to their home countries.”

“Our mission is to help them transfer money as securely and speedily as possible while reducing the cost to our customers. We will grow our business through differentiation on speed, service, security and value.”

“The leadership team is grateful to our investors for their continued commitment to the business. The new money will help us to further develop the offering and we will launch a solution for small and medium-sized businesses.”

The Series D funding round comes at a pivotal stage in the company’s growth. In 2018, the USA became WorldRemit’s largest send market, following the company becoming one of the first UK financial service firms to secure licenses in all 50 states.

WorldRemit will use this new investment to further drive global growth and diversify the company’s product offering for both money transfer senders and recipients. The company is also set to launch a new money transfer solution targeting small and medium-sized business owners who trade internationally, especially in emerging markets. The transaction is subject to customary closing conditions, including FCA approval.

TCV General Partner John Doran said: “Over the past eight years, Ismail and his founding team have built a fantastic business that offers customers a compelling solution and value proposition. Since passing the reins to Breon and the new management team last year, the business has continued to build on this platform and accelerated. We believe the opportunity and proposition is larger than ever.”

“In 2018, mobile and online payments to emerging markets reached a record high of $528 billion and we expect this number to increase. As WorldRemit handles a growing share of this market, we look forward to continue working with the company to scale its digital platform and expand its service to reach many new customers across the globe.”

Accel’s Harry Nelis said: “Having first partnered with the WorldRemit team in 2014, I have seen the company grow from a London-founded startup to a global business pioneering the future of the remittance market and making international mobile payments more accessible and affordable for millions of individuals and businesses. This investment and CEO Breon Corcoran’s experience leading consumer service-oriented, global digital businesses will help fuel the next phase of global growth. We are excited to deepen our relationship with the team and help them fulfil the company’s vast potential.”

###

About WorldRemit

WorldRemit has disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower-cost. We currently send from 50 to 150 countries and operate in 6,500 money transfer corridors worldwide.

On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.

Backed by Accel, TCV and Leapfrog – early investors in Facebook, Netflix and Slack – WorldRemit’s headquarters are in London, UK with a global presence including offices in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.

About Accel

Accel is a leading venture capital firm that partners with exceptional founders with unique insights, from inception through all phases of private company growth. Atlassian, Algolia, Avito, Celonis, Cloudera, Crowdstrike, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Funding Circle, Kayak, Kry, QlikTech, Rovio, Slack, Spotify, Supercell, UIPath and WorldRemit are among the companies the firm has backed over the past 35+ years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn’t have a stereotype. For more, visit www.accel.com, www.facebook.com/accel or www.twitter.com/accel.

About TCV

Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. Since inception, TCV has invested over $11 billion in leading technology companies and has helped guide CEOs through more than 120 IPOs and strategic acquisitions. TCV has invested over $1 billion in Europe. TCV’s investments include Airbnb, Altiris, AxiomSL, Believe, Dollar Shave Club, EmbanetCompass, EtQ, ExactTarget, Expedia, Facebook, Fandango, GoDaddy, HomeAway, LinkedIn, Netflix, OSIsoft, RELEX Solutions, Rent the Runway, Sitecore, Splunk, Sportradar, Spotify, TourRadar, Varsity Tutors, WorldRemit and Zillow. TCV is headquartered in Menlo Park, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com/.

Media contact: kgagen@tcv.com

About LeapFrog Investments

LeapFrog invests in extraordinary businesses in Africa and Asia. We partner with their leaders to achieve leaps of growth, profitability and impact. LeapFrog companies now operate across 33 markets reaching over 167 million people with financial services and healthcare. 135.9 million are low-income consumers often accessing insurance, savings, pensions, credit and healthcare for the first time. LeapFrog companies provide jobs and livelihoods to almost 124,000 people. These companies have grown on average by 39.2 per cent per annum since LeapFrog’s investment. LeapFrog was recently named by Fortune as one of the top five companies changing the world, the first private equity firm ever to be listed. www.leapfroginvest.com@leapfroginvest

Contacts

For more information:
WorldRemit
Jo Bancroft
media@worldremit.com


Modsy is Transforming the Future of Home Design and Furniture Shopping with $37M in Series C Funding Led by TCV

SAN FRANCISCO (PRWEB) MAY 21, 2019

Modsy, a leading online interior design service that leverages its proprietary 3D visualization technology to disrupt the way consumers design and shop for their home, announced today the closure of a $37M series C fundraising round led by TCV, with participation from existing investors Norwest Venture Partners, Advance Venture Partners (AVP), Comcast Ventures and others.

This round comes at a time when home design inspiration is plentiful and home furnishings is the fastest growing e-commerce category, but helping consumers bring their ideas to life is still a big pain point. Modsy has been building a transformative consumer experience to solve this market challenge and has scaled rapidly, expanding its customer base 450% since its previous funding round and creating over 2 million shoppable lifestyle renders since it launched. Modsy’s groundbreaking 3D technology offers the fastest way for consumers to receive affordable home design expertise by combining its AI-powered recommendation platform to curate items based on layout, style, color, and price. Additionally, 100% of the personalized product recommendations in each design are completely shoppable, which alleviates the burden of parsing through hundreds of furniture items online and in-store. The new funding from TCV will enable Modsy to continue to rapidly scale while further investing in 3D automation, expanding its retail marketplace and enhancing its design and concierge shopping services.

Shanna Tellerman, Founder and CEO of Modsy, said: “Modsy is the future of furniture shopping and we are thrilled to partner with such a forward-thinking and customer-centric firm like TCV to help us fulfill our vision. I founded Modsy on the premise that in the future we would all be shopping from a personalized catalog-like experience within a virtual version of our real homes. This new round of funding will bring us even closer to this reality. We are excited about partnering with TCV to build Modsy into a household name and furthering our mission of enabling our customers to create the home of their dreams!”

In addition to transforming the furniture industry and developing breakthrough technology, Modsy is working to level the playing field of securing funding for female founders. In 2018, 2.2% of women-led companies received venture capital funding, so TCV’s investment in Modsy is significant in helping to further support the growth of female-owned and operated companies. With this round, TCV’s Executive Vice President Tina Hoang-To has joined Modsy’s [female-majority] board alongside Shanna Tellerman, Modsy CEO, Courtney Robinson, Partner at Advance Venture Partners and Jeff Crowe, Managing Partner at Norwest Venture Partners.

Tina Hoang-To, Executive Vice President at TCV, said: “The U.S. home furnishing market is a massive, multi-billion dollar industry and we are seeing a very clear secular shift online. Modsy is redefining the way consumers can buy furniture by leveraging technology and machine learning to introduce efficiency, transparency, and affordability to an antiquated home design industry. We are excited to partner with Modsy and believe the company is well positioned to transform this industry in a significant way.”

Since its previous funding round, the company hired three key executives: Sam MacDonnell, Chief Technology Officer (formerly HotelTonight), Meredith Dunn, Chief Operating Officer (formerly StitchFix) and Mustafa Nafar, VP of Finance (formerly DoorDash, Best Buy). It also launched innovative features that enrich the Modsy journey including Live Swap, an industry-first feature that allows customers to quickly swap furniture and its 3D Style Editor, a groundbreaking tool that enables customers to edit their designs in real-time. Modsy most recently announced its first line of custom sofas and chairs designed completely from customer data to fill a gap in the market when it comes to price, fabrics and style. Modsy’s data-based innovations continue to position the company as a market leader and fast-moving disruptor in 3D technology, design and furniture commerce.    

About Modsy 
Modsy is a leading online interior design service that delivers highly realistic 3D designs of your exact room filled with shoppable pieces of furniture from top brands you can virtually “try on” products and designs before you buy–starting at just $69. At a breakthrough price point, Modsy is providing visualization and design services that were once inaccessible to the masses and making it a no brainer purchase for any consumer on the market for furniture. Modsy provides unlimited revisions to your designs through its groundbreaking tools or by working directly with Modsy Designers. After finalizing a design, Modsy makes the check out process easy and gives customers access to exclusive discounts on their aggregated cart that easily pay back the initial design fee. Modsy’s name even comes from a combination of “modern design” and “easy”! Modsy’s mission is to change the way consumers imagine, design and shop for their homes.

Modsy has raised a total of $70.75M in venture capital funding. In addition to Modsy’s series C round of $37M led by TCV, previous investors include Advance Venture Partners (AVP) who led Modsy’s Series B round of $23M, Norwest Venture Partners who led Modsy’s Series A round of $8M and participated in Series B, NBCUniversal Cable Entertainment, Comcast Ventures, GV (formerly Google Ventures), Birchmere Ventures, and BBG.

About TCV 
Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. TCV has invested over $11 billion in leading technology companies and has helped guide CEOs through more than 120 IPOs and strategic acquisitions.

TCV’s internet and software investments include Airbnb, Altiris, AxiomSL, Believe Digital, Dollar Shave Club, ExactTarget, Expedia, Facebook, Fandango, GoDaddy, HomeAway, LinkedIn, Minted, Netflix, Rent the Runway, Sitecore, Splunk, Spotify, TourRadar, Varsity Tutors, and Zillow. TCV is headquartered in Menlo Park, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, please visit http://www.tcv.com.

Media Contacts: 
Allie Rosenberg 
Modsy 
allie@modsy.com 
modsy@smallgirlspr.com

Katja Gagen 
TCV 
415 690 6689 
kgagen@tcv.com


Rave Mobile Safety Announces Significant Investment from TCV

FRAMINGHAM, Mass., April 25, 2019 /PRNewswire/ — Rave Mobile Safety (Rave), the leading provider of critical communication and data platform solutions trusted to save lives, today announced it has received a significant investment from TCV, one of the largest growth equity firms backing private and public technology companies. The investment and expertise from TCV will help Rave fuel its product innovation and growth plans and position the company to continue to build on its market-leading portfolio of communication solutions deployed by top education and healthcare institutions, enterprises, and state and local public safety agencies.

“Today is a wonderful milestone for Rave and a testament to the tremendous results our customers have seen using the technology that they helped design to improve the safety of those they protect,” said Todd Piett, President and CEO of Rave Mobile Safety. “TCV has a history of investing in category-redefining companies and their partnership reaffirms our innovation track record, market-leading customer retention and the rising demand for holistic crisis and emergency management solutions. This investment will fast-track our vision for the business, and we’re eager to step into this next chapter of our company’s history.”

Since its inception in 1995, TCV has raised over $15 billion across 10 funds and invested over $11 billion in leading technology companies including Netflix, Facebook, Expedia, Spotify, Airbnb, GoDaddy, and Zillow. TCV also brings significant software buyout experience, having partnered with leading vertical market software companies, including ETQ, IQMS, Watermark, SMT, CCC, and Avetta.

“The Rave platform is unique in that it helps effortlessly bring together the various entities involved in citizen safety. We were impressed with Rave’s stellar customer base across multiple industries and steady product innovation in a market that is ripe for disruption,” said Kapil Venkatachalam, General Partner at TCV. “Rave will be able to leverage a broad range of TCV’s resources, including our deep sector knowledge and network of advisors to capitalize on growth opportunities in present and untapped market segments.”

“Today’s safety leaders are utilizing innovative technology to prepare better, respond faster, and communicate more effectively,” said Bob Burke, Venture Partner at TCV. “We are delighted to partner with an experienced executive management team and help shape the company’s expansion following on Rave’s 10 years of consecutive double-digit growth.”

Rave has over 5,000 customers deployed in the United States. The City of Chicago, Washington D.C. Schools, the City of Cincinnati, Iowa State University and City of Virginia Beach are some of the 1,100 customers added during the past year. Thousands of agencies and institutions across law enforcement, 9-1-1, state and local emergency management agencies, corporations, healthcare organizations, K–12 districts, colleges and universities depend on Rave’s solutions.

“The community in Virginia Beach has to not only account for the safety of our 450,000-plus citizens, but also for the millions of visitors who travel to our shores each year,” added Stephen Williams, Director – Emergency Communications Citizen Services for the City of Virginia Beach. “We recently upgraded to the Rave Mobile Safety platform from a legacy system because of Rave’s robust Mass Notification feature set and ability to deliver critical information to 9-1-1. Rave gives us that advantage and the peace of mind that comes from knowing we can shorten response times and handle spikes in activity during our busy tourist season.”

Shea & Company served as financial advisor to TCV. Raymond James & Associates acted as exclusive financial advisor to Rave Mobile Safety.

For more information about Rave, visit RaveMobileSafety.com.

About Rave Mobile Safety
Rave Mobile Safety, a trusted safety software partner, provides the leading critical communication and data platform trusted to help save lives. Used by leading education and healthcare institutions, enterprises and state and local public safety agencies, the award-winning Rave platform including Rave Alert™, Rave 911 Suite™, Rave Panic Button™, Rave Guardian™, Rave Prepare™ and Rave Eyewitness™ SwiftK12™ and Swift911™ protects millions of individuals. Rave Mobile Safety is headquartered in Framingham, Mass. For more information, please visit https://www.ravemobilesafety.com/.

About TCV
Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. TCV has invested over $11 billion in leading technology companies and has helped guide CEOs through more than 120 IPOs and strategic acquisitions.

TCV’s software investments include Alarm.com, Altiris, Ariba, Avalara, ExactTarget, ETQ, FinancialForce, Genesys, IQMS, OSIsoft, Sitecore, SMT, and Splunk. TCV is headquartered in Menlo Park, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, please visit http://www.tcv.com.

SOURCE Rave Mobile Safety

Media Contacts:

Rave Mobile Safety
Phone: 888-605-7164
PR@ravemobilesafety.com

TCV
Katja Gagen
Phone: 415.690.6689
kgagen@tcv.com

Related Links

https://www.ravemobilesafety.com

Toast Announces $250 Million Funding Led by TCV and Tiger Global Management

BOSTON–(BUSINESS WIRE)–Toast, the fastest-growing restaurant management platform in North America, announced today it raised $250 million in Series E funding at a $2.7 billion valuation led by TCV and Tiger Global Management along with participation from existing investors including Bessemer Venture Partners, Lead Edge Capital and funds and accounts managed by T. Rowe Price Associates, Inc. Following a period of tremendous growth – during which revenue increased 148 percent in 2018 – this fundraise establishes Toast as the leading restaurant management platform for restaurants of all sizes.

“At TCV, we invest in companies that have the potential to reshape entire industries. By providing restaurants of all sizes with access to innovative technology, Toast is leveling the playing field and leading the industry’s transition to the cloud,” said David Yuan, general partner at TCV. “Our investment will enable Toast to extend their platform beyond point-of-sale and guest-facing technology, and in doing so, create a powerful SaaS platform with a superlative business model. We’re excited to partner with Toast as they accelerate the growth of the community they serve.” TCV invested in some of the largest franchises in technology including ExactTarget, Facebook, Netflix, and Spotify; David Yuan will join Toast’s board of directors.

During the past year, the number of restaurants that selected Toast more than doubled as globally acclaimed brands like José Andrés’ ThinkFoodGroup and Tartine Bakery chose Toast in addition to high-growth concepts like Joe Coffee Company, Eggs Up Grill, JACKS Urban Eats, and The County Line.

“Last year we celebrated the five year anniversary of our first Toast customer, Barismo. Now with tens of thousands of restaurants powered by Toast – and nearly 1,500 employees serving our community – it’s impressive to see how far we’ve come,” said Chris Comparato, CEO of Toast. “At our core, we believe every restaurant should benefit from the massive investment we continue to make in restaurant technology.”

Leading the Industry’s Transition to the Cloud

Toast will invest over $1 billion in research and development — over the next five years — to continue building software and hardware designed specifically for the restaurant industry. The Series E investment will enable Toast to help solve some of the industry’s most pressing challenges:

  • Attracting, engaging, and retaining guests:Today, guests spend tens of billions of dollars at restaurants powered by Toast. Restaurants like SuViche already use solutions like Toast Go™ and Toast Guest Feedback to accelerate speed of service by up to 40 percent, increase revenue, and capture guest feedback in real-time. New guest marketing capabilities planned for 2019 will enable restaurateurs to deliver highly personalized offers and campaigns triggered by guest behavior.
  • Recruiting and retaining talent:Restaurants using Toast Point of Sale already benefit from higher sales, increased tips, and lower staff turnover. For example, with Toast Guest Facing Display, Broad Street Baking saw staff turnover significantly decrease as tips increased by 58 percent. New products planned for this year will simplify back-office operations and arm restaurateurs with tools to recruit, hire, and retain talent in a competitive labor market.
  • Improving operations and increasing profitability:Today, the Toast Platform processes over 2,500 requests per second across tens of thousands of restaurants. Through Toast Reporting and Analytics, restaurateurs can monitor the performance of their business in real-time –on any device — so they can run their business from anywhere. Investments planned in 2019 will provide restaurants with access to new reporting capabilities and insights.

Jeffrey Pandolfino, the owner of Green & Tonic, a five-location café in Connecticut, shared how Toast’s focus on the restaurant industry impacted his business: “As we outgrew our legacy point-of-sale-system, we needed a cloud-based platform to build our business on,” said Pandolfino. “With Toast, we’re not only processing orders faster, but we’ve also seen aspects of our business like catering and delivery grow by more than 50 percent.”

Recruiting Top Talent to Serve the Toast Community

In 2019, Toast significantly extended its presence with on-the-ground employees across the U.S. – in addition to engineering teams in Dublin, Ireland – by recruiting from the software, financial technology, and food & beverage industries. Funding from this latest investment will enable Toast to accelerate hiring across research and development, customer success, sales, and marketing to better serve the restaurant community. Interested candidates may find additional information on Toast career opportunities here.

Restaurant owners and operators can learn more about Toast and schedule a personalized demo here.

About Toast

Launched in 2013, Toast powers successful restaurants of all sizes with a technology platform that combines restaurant POS, front of house, back of house and guest-facing technology with a diverse marketplace of third-party applications. By pairing technology with an unrivaled commitment to customer success, Toast helps restaurants streamline operations, increase revenue and deliver amazing guest experiences. Toast was named to the 2019 Forbes Fintech 50, 2019 SXSW Interactive Innovation Finals, 2018 Forbes Cloud 100, and recognized as the third fastest-growing technology company in North America on the 2017 Deloitte Fast 500. Learn more at www.toasttab.com.

Contacts

Karen DeVincent-Reinbold
Sr. PR & communications manager at Toast
media@toasttab.com
857-301-6074

Katja Gagen
Principal and Head of Marketing at TCV
kgagen@tcv.com
415-690-6689


Newsela Secures $50 Million Series C from TCV for Growth and Expanded Content

NEW YORK, March 13, 2019 /PRNewswire/ — Leading instructional content platform, Newsela, announced today a $50 million C investment from growth equity firm TCV, who has a history of backing successful content platforms, including Netflix and Spotify. Newsela will use these funds to accelerate its rapidly expanding footprint in schools across the country. With over 20M students and 1.8M teachers on the platform, Newsela is now being used in 90% of U.S. schools.

A classroom utilizes Newsela's instructional content platform. With over 20M students and 1.8M teachers on the platform, Newsela is now being used in 90% of U.S. schools.
A classroom utilizes Newsela’s instructional content platform. With over 20M students and 1.8M teachers on the platform, Newsela is now being used in 90% of U.S. schools.

Newsela sources and curates rich, engaging digital content from hundreds of partners, making it accessible and personalized to student interests. Teachers rely on Newsela as a trusted source to help them move past lecturing and deliver a more modern social learning approach that fosters deeper connections with every student in the classroom, piques their curiosity, and enables discussion.

The investment from TCV will also fuel expansion of Newsela’s new Custom Collections offering, allowing districts to customize materials that match their unique curriculum standards.

“At TCV, we focus on finding transformative EdTech companies, and Newsela has proven to be a tool that boosts learning outcomes,” said Woody Marshall, General Partner at TCV. “Our investment will help extend the platform and make it more accessible and even more valuable to students, teachers, and administrators. We are especially excited by the great engagement and feedback that Newsela already has with their users.”

As part of the transaction, Woody Marshall, a General Partner at TCV, has joined Newsela’s Board of Directors.

“Today’s digital-savvy kids have unprecedented access to content they care about. But in the classroom, they’re often limited to textbooks and other outdated, inflexible materials that aren’t engaging. Most teachers resort to piecing together content found in web searches, which is not sustainable. This lack of relevant, safe, reliable and accessible materials has created a massive engagement gap in our schools. The future of education lies in closing this gap,” said Matthew Gross, CEO of Newsela.

“With high-speed broadband now ubiquitous and 1:1 computing (a non-shared laptop available to every student) the norm in classrooms, school districts are actively seeking solutions to this problem. They’re increasingly choosing Newsela to provide safe, trusted, accessible and engaging content and assessments, while giving teachers the freedom to personalize for their students’ interests and needs. With this investment from TCV, we will scale efforts to help districts turn their technology infrastructure into quantifiable results that improve learning outcomes.”

As a company, Newsela has grown significantly, increasing staff 50% in the past 12 months. It was in the top 50 (#35) recipients of Deloitte’s Technology Fast 500™ of 2018, and was named to Fast Company’s list of World’s Most Innovative Companies in 2017 and 2018.

For more information about Newsela or to join the team, visit Newsela.com.

About Newsela

Newsela is an Instructional Content Platform that combines engaging, leveled content with integrated formative assessments and insights to supercharge engagement and learning in every subject. Students and teachers use Newsela to find digital content from 100+ of the best sources—from National Geographic to NASA, Biography.com to Encyclopedia Britannica, the Washington Post to the Wichita Eagle. Content is instructionalized to meet students where they are, with interactive tools and analytics to take them where they want to go. Newsela has become an essential solution for schools and districts, with a presence in over 90% of U.S. K-12 schools. Newsela is the content platform for the connected classroom. www.newsela.com

About TCV

Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. Since inception, TCV has invested over $11 billion in leading technology companies and has helped guide CEOs through more than 115 IPOs and strategic acquisitions. TCV’s investments include Airbnb, Altiris, AxiomSL, Believe, Dollar Shave Club, EmbanetCompass, EtQ, ExactTarget, Expedia, Facebook, Fandango, GoDaddy, HomeAway, LinkedIn, Netflix, OSIsoft, Rent the Runway, Sitecore, Splunk, Sportradar, Spotify, TourRadar, Varsity Tutors, WorldRemit and Zillow. TCV is headquartered in Menlo Park, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com/.

Media Contact:
Newsela
Kristen Marion 
623-308-2638 
210900@email4pr.com 

Katja Gagen
TCV
415-690-6689
kgagen@tcv.com

SOURCE Newsela

Related Links

http://www.newsela.com

NVCA Member Spotlight: TCV

Tell us about your firm. What makes TCV different?

CEOs and Founders tell us how TCV stands out for them: the depth of our knowledge in their particular industry and technology. When we identify a compelling technology trend, we take the time to thoroughly understand the underlying drivers, business model, and competitive environment. Having a developed perspective means we can have much more meaningful conversations about a company’s business and growth opportunities.


Where did the firm’s name come from?

We were founded in 1995 and were originally named Technology Crossover Ventures. “Crossover” means that we’re equally comfortable making both private and public investments, and that we help companies evolve from private to public ownership. Many CEOs appreciate a firm who can be a capital partner at multiple stages of their company’s evolution. For example, we invested multiple times in Netflix as a private company, and continued to support them as an investor after their IPO. Our original investment in the company was 20 years ago, and we continue to be investors today. Over the past 24 years, we’ve had more than 60 IPOs in our portfolio and we bring that experience to every new investment.  

What defines your portfolio?

We look to partner with companies that have already established a leadership position in their market and are looking to succeed at an even greater scale. This typically means that a company has been growing for several years – with a history of delighting customers, an economic model that is reflective of the value they provide, and an opportunity to scale the business in the future.

How is the firm different today than when you first started?

Today’s technology market is much bigger than it was in 1995, and today TCV is also much bigger than in 1995. During the past 24 years, we’ve invested in hundreds of companies and evaluated thousands more, so our knowledge base, experience, and network has expanded dramatically. Because of that, we’re in a better position today to help companies scale smarter and faster.

Why is TCV a part of NVCA?

We are a collaborative firm, so being part of our own industry association is a natural fit. TCV was a founding member of the NVCA Growth Equity Group (GEG). Through our direct involvement on NVCA committees and task forces, we have witnessed first-hand how the NVCA works as an advocate for entrepreneurs as well as investors.

Tell us about the current VC landscape in your geography/region.

We have offices in Menlo Park, NYC, and London. While our geographic focus has generally been focused on companies headquartered in North America and Europe, most of our portfolio companies are – or are seeking to be – global leaders regardless of where “home base” is. Today, executives are building great companies everywhere, not just in the traditional technology hubs like the Bay Area, Boston, or New York. So we’re increasingly focused on finding the best companies regardless of where they are located.

What’s ahead for your firm in 2019?

Looking outward, we see more great technology companies and talented entrepreneurs than ever before. We recently began investing out of TCV X, a $3 billion fund, and are excited about the portfolio we’re assembling for that fund. Looking inward, we’re focused on making TCV an even better platform for the world’s best technology investors. We continue to grow our organization and provide a compelling career path for investors who can partner with the world’s best technology companies and deliver exceptional returns for our Limited Partners.

Describe your firm’s culture in 5 words or less

“Helping others succeed.” Internally, this means each of us are accountable for the success of the entire TCV team, and each of us are expected to actively support our colleagues. Externally, we all have the ability – and responsibility – to bring the capabilities of the entire firm to our portfolio companies and give them the best TCV has to offer.

About TCV

Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. Since inception, TCV has invested over $10 billion in leading technology companies and has helped guide CEOs through more than 115 IPOs and strategic acquisitions. TCV’s investments include Airbnb, AxiomSL, Dollar Shave Club, EmbanetCompass, ExactTarget, Facebook, Fandango, GoDaddy, LinkedIn, Netflix, Rent the Runway, Splunk, Spotify, Varsity Tutors, and Zillow. TCV is headquartered in Menlo Park, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit www.tcv.com.

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The views and opinions expressed in the post above are that of the author and do not necessarily reflect those of TCMI, Inc. or its affiliates (“TCV”). This post is not an offer to sell or the solicitation of an offer to purchase an interest in any private fund managed or sponsored by TCV or any of the securities of any company discussed. The TCV portfolio companies identified above, if any, are not necessarily representative of all TCV investments, and no assumption should be made that the investments identified were or will be profitable. For a complete list of TCV investments, please visit www.tcv.com/all-companies/. For additional important disclaimers regarding this document, please see “Informational Purposes Only” in the Terms of Use for TCV’s website, available at http://www.tcv.com/terms-of-use/.

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