Humu and TCV Partner on $60 Million in Series C Funding Round, Fueling Growth of Science-Based, AI-Powered Technology to Build High-Performing Teams and Managers

MOUNTAIN VIEW, Calif., Jan. 25, 2022 /PRNewswire/ — Humu, the HR technology company combining behavioral science and technology to help employees build better habits at work, today announced $60 million in Series C funding. The round was led by TCV, one of the world’s leading growth equity firms, with additional investors from Humu’s previous funding rounds including Index Ventures, IVP, and SVB Capital, and new investors Global Founders Capital and Blue Ivy Ventures. The investment will fuel new product innovations focused on supporting managers and their teams. TCV venture partner Jessica Neal, former Chief Talent Officer at Netflix, will join Humu’s Board of Directors as part of the partnership.

The investment follows 10x growth in users over the past two years. Humu, whose platform coaches managers and employees into developing work habits that are scientifically proven to drive performance, has emerged as the leading force in HR technology as companies evolve their people-management strategies in the new age of work. By nudging teams with short, science-backed recommendations, Humu provides personalized guidance that is unique to each employee and also aligned with company goals. With Humu, customers see improvements in retention, manager effectiveness, team performance, and inclusion.

“Humu, through technology and science, can help shift behavior in an organization,” said TCV Venture Partner Jessica Neal and board member at Humu. “Its ability to provide individualized support to employees and managers that can scale across an entire organization and drive outcomes that HR leaders care about is truly unique. Employees who are actively engaged with Humu have shown to be significantly less likely to leave their jobs, effectively lowering retention risks for companies. Feedback from customers is that Humu has become invaluable to their HR efforts. This is not generally the sentiment with HR technology.”

“As a firm that focuses on long-term value creation, TCV believes that Humu with its deep background in people analytics, has the potential to make a positive, and large, impact on the way we all work,” continued David Eichler, Partner at TCV.

With this latest round of funding, Humu will take steps towards executing its bold vision of making it easy for every organization to build a unique, high-performing culture, based on proven best practices. This vision, which includes manager-focused product developments and an expansion of Humu’s footprint within enterprise customers, will be fueled by hiring for roles within product development, commercial, and science teams.

“When we began this journey in 2017, we knew our experience in pioneering the field of people analytics would help us build the best technology for supporting managers and employees, and we’re proud of the impact we’ve made,” noted Humu CEO Laszlo Bock. “This latest investment, led by TCV, signals our partners’ confidence in our ability to deliver on that promise long into the future, and we’re excited for what we’ll bring to the market, especially for managers, in the months to come.”

As companies continue to navigate uncertainty and transform how (and where) work happens, employees will need more personalized, targeted support than ever. Managers in particular play an increasingly important role in connecting employees with the vision of the C-suite. According to data from Humu, teams are 80% more likely to make improvements when they see their manager taking action. And during the pandemic, employees with a manager who offered them personalized support and development opportunities were 7.9x more likely to stay at their jobs. But this added responsibility has left managers struggling to balance team workloads, boost performance, and combat burnout. Against this backdrop, Humu is enabling managers and employees to engage more quickly, honestly, and constructively, so that they can make work better for themselves and their teams.

By increasing its ability to support managers, Humu will further help companies improve team performance. Specifically, its platform pinpoints the most important habits managers and employees should develop to hit company goals, and then nudges teams into practicing those exact behaviors in their day-to-day work. By combining behavioral science best practices with technology, it empowers leaders to support their people in a way that’s modern and measurable.

Humu works with companies like Expedia Group, Kickstarter, and sweetgreen to deliver timely, personalized, and relevant coaching so that managers and employees can do their best work every day. For more information or to view open positions, visit humu.com.

About Humu 
Humu is an action management platform that makes it easy for employees to improve, every single week. Science shows that the fastest path to improvement is via personalized coaching in the flow of work. That’s exactly what Humu does. Humu nudges managers and their teams to build the specific habits that will lead to their organization’s success. Unlike most tools, Humu combines Nobel-prize winning science and technology to pinpoint which behaviors and people skills leaders, managers, and employees need to be effective. Humu helps customers drive outcomes like improving managers, increasing agility, building more inclusive cultures and boosting team performance.

For more information about how Humu can help your employees, please visit humu.com/web-demo

About TCV 
Founded in 1995, TCV was established with a clear vision: to capture opportunities in the technology market through a specialized and consistent focus on investing in high-growth companies. Since inception, the firm has built a track record of successfully backing private and public businesses that have developed into dominant industry players across internet, software, FinTech, and enterprise IT. TCV has invested over $16 billion to date, including $3 billion in fintech. TCV has helped guide CEOs through more than 145 IPOs and strategic acquisitions. TCV has invested in cutting edge technology companies including Airbnb, Brex, HireVue, Klarna, LinkedIn, Mambu, Miro, Mollie, Netflix, Payoneer, Peloton, Revolut, Trade Republic, Spotify, Wealthsimple, and more. TCV has successfully executed over 350 investments of varying structures, including mid-stage, late stage and public company investments, and has offices in Menlo Park, New York, and London. For more information about TCV, including a complete list of TCV investments, visit tcv.com.

Media Contact 
Sydney Perkins 
Mission North for Humu 
humu@missionnorth.com

Katja Gagen
TCV
kgagen@tcv.com

SOURCE Humu


HR technology platform Darwinbox raises US $72 Million round led by Technology Crossover Ventures (TCV) at $1 billion+ valuation

SINGAPORE and HYDERABAD, India, Jan. 25, 2022 /PRNewswire/ — Darwinbox, Asia’s fastest growing HR tech platform, marks another milestone with a $72MN funding round led by Technology Crossover Ventures (TCV) along with participation from existing investors Salesforce Ventures, Sequoia India, Lightspeed India, Endiya Partners, 3One4Capital, JGDEV and SCB 10X. The company’s valuation post this round will cross the $1B mark and takes the total investment raised thus far by the company to over $110Mn. The company has grown 200% since the last fund raise from Salesforces Ventures, exactly 12 months ago.

Founded in late 2015 by Chaitanya Peddi, Jayant Paleti and Rohit Chennamaneni, Darwinbox currently stands as the youngest and the only Asian-origin player on Gartner’s Magic Quadrant for enterprise Cloud HCM. It is also rated the highest (4.8) globally on Gartner’s customer reviews platform, Peer Insights, racing ahead of its peers like SAP, Oracle, and Workday – a position they secured on the back of innovative technology, deep understanding of market context, intuitive user experience and great customer traction.

“We get most excited investing behind visionary founders that are fundamentally transforming large industries with a highly resonant product,” said Gopi Vaddi, General Partner, TCV. “I am delighted to back an outstanding team that is doing exactly that in a highly impactful, fast-evolving HR technology space and partner with them on their journey to global HCM leadership.” With a quarter century of investing experience, TCV is known for taking a long-term view on its investments and holds a record of 79 IPOs in their portfolio including the likes of Netflix, Facebook, Expedia, Spotify, Airbnb, GoDaddy and Gitlab.

“This investment energizes our mission to continue building technology that enables organizations to unlock the highest potential of their people. We have done this by building a product that puts employees squarely at the center and crafting meaningful experiences for them. This has especially found resonance in this rapidly evolving world of work over the last 2 years with companies having to rethink how they attract, manage and retain their talent,” shared Jayant Paleti, Co-founder, Darwinbox.

The new funding will supercharge Darwinbox’s global expansion plan by allowing the company to accelerate its platform innovation agenda, strengthen its product, engineering, and customer success teams along with scaling its go-to-market presence in South Asia, SEA, and MENA. The company is expecting the overall team to grow by 100% and is also setting up to launch in the US in 2022.

“Investing behind technology to manage talent has become inevitable for organizational success. Darwinbox’s demonstrated ability to build agile, innovative, and user-friendly solutions along with deep customer centricity has made them a platform of choice for several leading enterprises,” added Jessica Neal, former Chief Talent Officer at Netflix, and a Venture Partner at TCV.

2021 represented one of the most entropic and pivotal years in defining the future of work. The world witnessed “remote” and “hybrid” become common words and the “Great Resignation” impacted organizations all over, forcing them to rethink their talent strategy. The result is a 3-5 year forward shift in digital-first thinking for all things talent.

Darwinbox is at the heart and center of this movement, enabling more than 650 large enterprises to empower and engage their talent with its mobile-first HR lifecycle platform providing Workforce & Talent Management, Employee Engagement, Compensation and Benefits, People Analytics, HR service delivery suites amongst other offerings. More than 1.5 million employees from large conglomerates, fast-growing technology giants and leading global brands like Nivea, Starbucks, Dominos, T-Systems, AXA, Tokio, Cigna, JSW, Adani, Vedanta, Mahindra, Kotak, NSE, Ujjivan, Makemytrip, Swiggy and Tokopedia were able to adapt to the new normal with Darwinbox.

Expanding on the product investments, Chaitanya Peddi, Co-founder and Product Head of the company shares: “Building for extraordinary agility and delivering stellar employee experience have been critical in defining success for Darwinbox’s customers. We will continue to invest in new and innovative technology to deliver a frictionless experience for the work-from-anywhere workforce.”

“In addition, this year, we will be bolstering our platform offering with a host of ancillary services and solutions that enterprises can plug and play to compose an integrated HR tech ecosystem,” he added.

About Darwinbox

Darwinbox is a cloud-based HR Technology platform which caters to an organization’s HR needs across the entire employee lifecycle including Recruitment, Onboarding, Core Transactions (Leaves, Attendance, Directory), Payroll, Travel and Expenses, Employee Engagement, Performance Management, Rewards & Recognition and People Analytics. The innovative platform combines highly configurable workflows, intelligent insights and smart interfaces to help enterprises unleash the true potential of their workforce.

Rated the highest globally among HCM players on Gartner’s customer review platform, Peer Insights, Darwinbox is trusted by 650+ global enterprises with more than 1.5 million employees spread across 90+ countries and is backed by leading investors including Salesforce Ventures, Sequoia Capital, Lightspeed India, TCV, SCB 10X, JGDev, Endiya Partners and 3One4Capital.

More at www.darwinbox.com

Media Contact: Gowthami Kanumuru, Darwinbox | Gowthami.k@darwinbox.in | +91 7702436644

About TCV

Founded in 1995, TCV was established with a clear vision: to capture opportunities in the technology market through a specialized and consistent focus on investing in high-growth companies. Since inception, the firm has built a track record of successfully backing public and private businesses that have developed into dominant industry players across internet, software, FinTech, and enterprise IT. TCV has invested over $16 billion to date and has helped guide CEOs through more than 145 IPOs and strategic acquisitions. TCV has invested in cutting edge technology companies including Airbnb, Believe, Brex, Dream Sports, FarEye, HireVue, Mollie, Nubank, Razorpay, Netflix, Nerdy, RELEX Solutions, Revolut, RMS, Sportradar, Spotify, Trade Republic, The Pracuj Group, and Zepz. TCV has successfully executed over 350 investments of varying structures, including mid-stage, late-stage and public company investments, and has offices in Menlo Park, New York, and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com/.

Media Contact: Katja Gagen, TCV| kgagen@tcv.com | +1 415 690 6689


BenchSci Raises $63 Million Series C to Solve Pharma’s Biggest R&D Challenges with AI-Powered Software Platform

Toronto, Canada, Jan. 24, 2022 (GLOBE NEWSWIRE) — BenchSci, a global leader in machine learning applications for novel medicine development, today announced a $63 million Series C (US $50 Million) funding round led by Inovia Capital and TCV, with participation from existing investors. 

Bringing total investment to $123 million (US $97 million), the funding allows BenchSci to expedite the expansion of its transformative AI-powered software platform that accelerates research in 16 top-20 pharmaceutical companies and over 4,500 leading research centers worldwide. 

Leveraging over 100 proprietary machine learning models, BenchSci’s platform empowers 49,000 scientists globally to optimize their experiment designs and hence research productivity. Building on the success of applications that help scientists select reagents and model systems, BenchSci is evolving its technology to provide a comprehensive platform with capabilities that help leading pharmaceutical companies solve their biggest R&D challenges.

“This funding demonstrates trust in our ability to build and deliver a next-generation AI solution that helps global pharmaceutical companies develop novel medicines faster, ” says Liran Belenzon, CEO, BenchSci. “We’re using breakthrough machine learning technology to shape the future of how life science companies conduct research, from identifying targets, to planning experiments, to determining clinical trial risks.  The confidence demonstrated by global pharmaceutical companies who are early adopters of our new solutions was enough to convince Inovia Capital to fund another round and prompt TCV to back our meteoric hypergrowth.”

In previous funding rounds, BenchSci raised $60 million (US $47 million) from tier one investors including F-Prime, Gradient Ventures (Google’s AI fund), and Inovia Capital. In 2021, BenchSci doubled its team and industry user base and is poised to double again in 2022.

“We strongly believe that the preclinical R&D market remains largely untapped and that BenchSci can become a category-defining leader to bring life-saving drugs to market faster,” says Dennis Kavelman, Partner at Inovia. “Doubling down on a company that we believe in is part of our commitment to being a long-term partner to build global sustainable tech companies.”

BenchSci’s proprietary machine learning models—trained to understand experiments like a Ph.D. scientist—extract critical insights from published scientific data sources and pharmaceutical organizations’ internal databases. The models understand the biomedical significance of extracted data and establish relationships between biological entities. This technology is the foundation of all of BenchSci’s applications, which surface the appropriate information and insights to assist scientists at top global pharmaceutical companies in various stages of R&D. 

“The preclinical research market is in dire need of software to drive efficiencies in the discovery through development process,” says Matt Brennan, General Partner at TCV.  “BenchSci is well-positioned to be the category-defining technology platform for the industry, and we look forward to working with Liran and his team to transform this industry.”

Founded in 2015, BenchSci has rapidly grown its customer base since launching commercially in 2017.  As a Deloitte Tech Fast 50 company, it is one of the fastest-growing companies in the country.

For more BenchSci updates, visit our news page

About TCV 

Founded in 1995, TCV was established with a clear vision: to capture opportunities in the technology market through a specialized and consistent focus on investing in high-growth companies. Since inception, the firm has built a track record of successfully backing public and private businesses that have developed into dominant industry players across internet, software, FinTech, and enterprise IT. TCV has invested over $16 billion to date and has helped guide CEOs through more than 145 IPOs and strategic acquisitions. TCV has invested in cutting edge technology companies including Airbnb, Believe, Brex, Dream Sports, FarEye, Mollie, Nubank, Razorpay, RELEX Solutions, Revolut, RMS, Sportradar, Spotify, Trade Republic, The Pracuj Group, and Zepz. TCV has successfully executed over 350 investments of varying structures, including mid-stage, late stage, and public company investments, and has offices in Menlo Park, New York, and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com/.

About BenchSci

BenchSci’s vision is to bring novel medicine to patients 50% faster by 2025. We’re achieving it by empowering scientists with the world’s most advanced biomedical artificial intelligence. Backed by top-tier investors including Inovia Capital, TCV, F-Prime, Gradient Ventures (Google’s AI fund), and Golden Ventures, our platform accelerates science at 16 top-20 pharmaceutical companies and over 4,500 leading research centers worldwide. We’re a remote-first Deloitte Tech Fast 50 and CIX Top 10 Growth company, certified Great Place to Work®, and top-ranked company on Glassdoor. Learn more at www.benchsci.com.

Media Contacts:

Marie Cook, BenchSci
mcook@benchsci.com

Katja Gagen, TCV
kgagen@tcv.com


Brex Appoints Karandeep Anand as Chief Product Officer; Raises $300 Million in Series D-2 Round

January 11, 2022 04:00 AM Eastern Standard Time

SAN FRANCISCO–(BUSINESS WIRE)–U.S. fintech company Brex, the company reimagining finance for growing businesses, today announced the appointment of Karandeep Anand as the company’s Chief Product Officer. The company also announced it has raised an additional $300 million in a Series D-2 round led by Greenoaks Capital and Technology Crossover Ventures (TCV).

Anand brings extensive product leadership experience to Brex, and most recently led Meta’s business products group, which served more than 200 million businesses globally. Prior to that, Anand spent 15 years at Microsoft, where he led the product management strategy for Microsoft’s Azure cloud and developer platform efforts. Anand will lead Brex’s product portfolio expansion efforts.

The latest funding round will enable Brex to deepen its investment in expanding the company’s product portfolio, serving a wider range of finance needs for fast-growing companies. Since the company’s founding in 2017, Brex has raised a total of $1.2 billion from investors and is currently valued at $12.3 billion.

“Brex has always moved fast. But as the company has scaled, they’ve managed to get even faster, accelerating their growth since our last investment,” said Neil Mehta, Founder and Managing Partner of Greenoaks. “Brex is building a full financial operating system that keeps getting more comprehensive, all of which will delight existing customers and attract new ones. We are thrilled to continue working with the Brex team, and we look forward to being partners for years to come.”

“Brex is fundamentally transforming financial operations with a growing suite of innovative financial products and a magical user experience,” said David Zhang, Partner at TCV. “We are honored and excited to continue joining founders Henrique Dubugras and Pedro Franceschi on their journey to becoming one of the most important fintech franchises in the world.”

“We are grateful for the ongoing commitment and belief our investors have in Brex, and for the opportunity to continue to invest in how we serve our customers,” said Henrique Dubugras, Co-CEO of Brex. “As we expand our product portfolio, we are incredibly lucky to have Karandeep join the team to lead this important initiative. Karandeep understands our customers and knows how to build and scale business products with consumer-grade ease to meet the needs of fast-growing companies.”

“Brex is a market disruptor and the opportunity to create economic opportunity for millions of people and businesses globally through innovation in financial products is incredibly exciting,” said Karandeep Anand, Chief Product Officer of Brex. “The opportunity ahead for Brex is expansive, and I’m grateful for the opportunity to create products that will help our customers grow their businesses.”

About Brex

Brex is a powerful financial stack designed to serve the next generation of growing businesses. By integrating software, services, and products into one experience, we help customers effortlessly extend the power of every dollar, so they are free to focus on big dreams and fast growth, without worrying about wasted spend. We proudly serve tens of thousands of businesses, from small private companies to many of America’s most beloved public brands.

Contacts

Karen Tillman, CCO at Brex
press@brex.com

Katja Gagen, Marketing at TCV
kgagen@tcv.com


Record-breaking fundraising of €486 million for Qonto, to further accelerate European growth and become the finance solution for 1 million SMEs and freelancers by 2025

Paris, January 11, 2022 – Qonto, the leading European business finance solution, announced today it has raised €486 million in Series D funding, bringing Qonto’s valuation to €4.4 billion. This amount is unprecedented in the French fintech ecosystem and is one of the largest funding rounds ever recorded in French history. This latest round is jointly led by new investors Tiger Global and TCV, in addition to eight other new contributors: Alkeon, Eurazeo, KKR, Insight Partners, Exor Seeds, Guillaume Pousaz, Gaingels and Ashley Flucas. They will join current investors Valar, Alven, DST Global and Tencent who are all renewing their support by participating in this new funding round.

Since its launch in France in 2017, Qonto has been committed to building the first all-in-one finance solution for SMEs and freelancers. Qonto simplifies everything from everyday banking and financing to bookkeeping and spend management, allowing its customers to focus on what truly matters. The company currently has more than 220,000 clients across four markets (France, Germany, Italy, and Spain). With this new funding round, Qonto’s ambition is to become the finance solution of choice for one million European SMEs and freelancers by 2025.

To support its high-level goals, Qonto will:

  • Continue expanding its product offer through in-house development, new strategic partnerships and potential acquisitions to ensure it offers its clients the best product available on the market;
  • Further grow its market penetration across Germany, Italy and Spain and new markets. In 2021, the company opened local offices in Barcelona, Berlin and Milan to fully tailor its offer to each market and lay down roots in those local ecosystems to foster closer partnership. Qonto is expanding particularly rapidly across these markets: the company has quadrupled its revenue over the past two years. Qonto will further accelerate its strong momentum across Europe by investing over €100 million in each market (Germany, Italy and Spain) over the next two years. Qonto also plans to reinforce its European leadership by launching in new markets by 2023. In 2025, it is expected that 75% of new clients will come from outside France.
  • Recruit new talent and quadruple its team to more than 2,000 by 2025, 50% of new hires to be based outside of France. In part, this will be achieved thanks to the creation of a new Customer Support Operations Hub, to be based in Barcelona and designed to maintain its outstanding customer support while further scaling. To reinforce its international recruitment strategy and meet the expectations of an increasingly agile and mobile talent pool, the company will also launch a European “Qonto Campus” program to enable international mobility between the local offices.

Alexandre Prot, co-founder and CEO of Qonto: “Since our launch in 2017, we’ve constantly strived to create the finance solution that energizes SMEs and freelancers, empowering them to achieve more. This new Series D funding round is an amazing opportunity for us to accelerate our hyper-growth trajectory by investing in our product, our customer service and our power to attract new talents. This funding round reveals the incredible dynamism of the French and European Tech ecosystem. We count on policymakers to continue their efforts to ensure entrepreneurship can succeed, leading to European and global champions that deliver innovation. This is only the beginning of our journey to best serve SMEs and freelancers and we couldn’t be more excited about what the future holds for us and our ambitions. The Qonto team is honored to welcome the most prestigious international investors to support our mission to become the leading business finance solution.”

John Curtius, Partner at Tiger Global: “Qonto has revolutionized business finance for SMEs and freelancers by marrying simplicity with a unique all-in-one service. The company has seen a significant increase in clients across its European markets during the coronavirus pandemic. This also shows that customers’ needs are evolving during these unprecedented times. We have tracked Qonto’s incredible growth for some time and are delighted to partner with the entire Qonto team and support their mission to serve a rapidly growing European market.”

“We at TCV love to back visionary founders and could not be more excited to partner with Alex, Steve and the rest of the Qonto team, said John Doran, General Partner at TCV. “We look forward to supporting them as they continue to bring best-in-class banking and finance solutions to millions of SMEs and freelancers across Europe.”

###

About Qonto

Qonto is the leading European business finance solution. It simplifies everything from everyday banking and financingto bookkeeping and spend management. With its fast and innovative product, highly responsive customer service andtransparent prices, Qonto energizes SMEs and freelancers so that they can achieve more.

Founded in 2017 by Steve Anavi and Alexandre Prot, Qonto serves more than 220,000 clients in 4 countries (France,Germany, Italy and Spain) and employs more than 500 talents in Paris, Berlin, Milan and Barcelona. Since itscreation, Qonto has raised a total of €622 million from Valar, Alven, the European Investment Bank, Tencent, DSTGlobal, Tiger Global, TCV, Alkeon, Eurazeo, KKR, Insight Partners, Exor and Gaingels to support its global growthambitions.Qonto has been listed by the French government in the Next40 index, which brings together the 40 most promisingscale-ups in France with the potential to become a global leader.

About Tiger Global

Tiger Global is an investment firm focused on public and private companies in the global Internet, software, consumer, and financial technology industries. Tiger Global’s mission is to generate world-class investment returns over the long term. Tiger Global aspires to do so in a way that makes its partners and portfolio companies proud, as the company builds a unique, global investment platform.

About TCV

Founded in 1995, TCV was established with a clear vision: to capture opportunities in the technology market through a specialized and consistent focus on investing in high-growth companies. Since inception, the firm has built a track record of successfully backing public and private businesses that have developed into dominant industry players across internet, software, FinTech, and enterprise IT. TCV has invested over $16 billion to date and has helped guide CEOs through more than 145 IPOs and strategic acquisitions. TCV has invested in cutting edge technology companies including Airbnb, Believe, Brex, Dream Sports, FarEye, Mollie, Nubank, Razorpay, RELEX Solutions, Revolut, RMS, Sportradar, Spotify, Trade Republic, The Pracuj Group, and Zepz. TCV has successfully executed over 350 investments of varying structures, including mid-stage, late stage and public company investments, and has offices in Menlo Park, New York, and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com/.


Miro Raises $400M in Series C Funding Round to Accelerate Innovation Through Visual Collaboration in the New Hybrid Workplace

January 05, 2022 06:45 AM Eastern Standard Time

SAN FRANCISCO & AMSTERDAM–(BUSINESS WIRE)–Miro, the online platform accelerating innovation through visual collaboration, announced it has closed $400M in Series C financing. This investment will support Miro’s continued focus on helping organizations and enterprises unlock creativity, increase productivity, strengthen collaboration, and rapidly innovate. With the global movement to remote and hybrid work, Miro has increased its user base to 30M and now works with 99% of Fortune 100 companies as they adopt a new, digital-first way of working.

This new infusion of capital brings Miro’s total funding to $476M and a post-money valuation of $17.5B. As a profitable company, Miro will invest the capital in product development and programs designed to bring the visual collaboration platform to more enterprises, and continue expanding its global footprint. Investors in the Series C round include ICONIQ Growth, Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures, and TCV.

Since Miro raised its $50M Series B funding round in April 2020, the company has increased its user base by 500% (from 5M to 30M) and its paying customer base by 550% (from 20,000 to 130,000).

Miro, which pioneered the visual collaboration category, brings teams together in a shared online workspace that begins as a blank canvas to solve complex problems, design products and services, improve processes, exchange ideas and bring them to life in an agile way. The platform enables a new way of working that allows teams to co-create quickly and inclusively — no matter where they are located — through more than 100 app integrations and nearly a thousand templates designed to help teams start quickly.

“For more than a decade, Miro’s vision has been to create an infinite canvas for better collaboration, both in-person and online, helping organizations unlock creativity and drive meaningful outcomes,” said Andrey Khusid, Co-founder and CEO of Miro. “We believe that our platform is now more important than ever as organizations around the globe are redefining the way they work — looking for new ways to engage teams and do away with siloed thinking. Thousands of organizations use Miro’s platform every day to harness the power of collaboration to nurture new ideas, solve complex problems, and bring new products to market. We believe that the ‘Miro way’ will be the spark that enables teams to transform imagination into execution and opportunity into reality.”

Through its advanced collaboration platform, Miro is helping enterprises, non-profit organizations, and universities tackle complex challenges that can impact millions of people around the globe, during critical times of transformation. Miro’s customers use the infinite canvas to bring much-needed medical treatments to market, design category-defining products, and create new paths for learning.

Miro’s customers include many of the world’s most innovative companies, including Cisco, Dell, Deloitte, HP, Kaiser Permanente, Liberty Mutual, Okta, and many more. Miro currently has 20 enterprise customers each paying more than $1M per year each.

Key company milestones over the past 12 months include:

  • Doubling headcount from 585 to more than 1,200
  • Opening five new hubs, including Berlin, Munich, London, Sydney, and Tokyo, bringing the total global footprint to 11 hubs worldwide
  • Deepening partnerships by introducing new integrations with Atlassian, Cisco, Google Workspace, Microsoft Teams, Zoom and others to enable users to add Miro’s visual collaboration layer to their existing workflows, tools and processes

“Since our initial investment, Miro has scaled with tremendous momentum, strong market leadership, and incredible product velocity,” said Matthew Jacobson, General Partner at ICONIQ Growth and Miro Board member. “We believe Miro sits at a powerful intersection between asynchronous and synchronous work that captures and ignites creative processes everywhere. In our view, Miro’s culture of customer centricity makes it well-positioned to address a myriad of use cases across hybrid work for more than a billion knowledge workers globally. We are thrilled to continue our partnership with Andrey and the entire Miro team.”

“Miro’s platform helps millions of users, organizations, and enterprises around the world to collaborate, strategize, and execute in creative ways using visual collaboration,” said Alex Kayyal, SVP and Managing Partner, Salesforce Ventures. “In this all-digital work-from-anywhere world, Miro’s mission to bring impactful collaboration to hybrid work environments is vital. We have been deeply impressed by the company’s product centricity, fast growth and community ecosystem, and view Miro as a generational company that is disrupting productivity.”

“Miro is in a unique category of companies that have built their success on sound business fundamentals and product-led growth,” said John Doran, General Partner at TCV. “Global organizations are adopting the platform to engage teams and collaborate in more meaningful ways, for use cases ranging from designing products, managing business transformation, to implementing complex processes efficiently and productively. Miro’s intuitive, accessible, and purpose-built collaboration platform allows teams to bring everyone to the table to co-create, and positions Miro as a critical element of the new software stack driving modern, hybrid work models.”

“Enterprises are experiencing an undeniable shift in the ways that their teams come together to achieve business objectives and goals, and are eager for technology that can help foster stronger collaboration and engagement,” said Chris Hecht, Head of Corporate Development of Atlassian. “Miro offers organizations technology that has the power to truly transform the way they work to create more, build more, and achieve more together.”

Additional investors include Howie Liu (Co-founder and CEO, Airtable), Andrew Ofstad (Co-founder, Airtable),Frank Slootman (Chairman and CEO, Snowflake), and Dan Springer (CEO, DocuSign).

Miro and the Miro logo are trademarks of RealtimeBoard, Inc., in the United States and in jurisdictions throughout the world. All other trademarks, trade names, or service marks used or mentioned herein belong to their respective owners.

About Miro

Miro is an online, visual collaboration platform designed to unlock creativity and accelerate innovation among teams of all kinds. The platform’s infinite canvas enables teams to lead engaging workshops and meetings, design products, brainstorm ideas, and more. Miro, co-headquartered in San Francisco and Amsterdam, serves 30M users worldwide, including 99% of the Fortune 100. Miro was founded by Andrey Khusid and Oleg Shardin in 2011 and currently has more than 1,200 employees in 11 hubs around the world. To learn more, please visit https://miro.com/index/.

About ICONIQ Growth

ICONIQ Growth partners with exceptional entrepreneurs and leaders who drive global impact and change. We are inspired by visionaries defining the future of their industries by building company cultures that endure. Our unique investment platform harnesses the power of ICONIQ Capital’s vibrant ecosystem of founders, pioneers, and business leaders with the goal of delivering tangible value and amplifying our portfolio companies’ success from early growth stage to IPO and beyond. ICONIQ Growth’s portfolio of innovators includes Adyen, AirBnB, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake, Sprinklr, Truckstop, Uber, Wolt, and Zoom, among others. For more information and a complete list of portfolio companies, please visit https://iconiqgrowth.com/.

About Salesforce Ventures

Salesforce Ventures is the global investment arm of Salesforce and is focused on partnering with the most ambitious enterprise technology companies at every stage in their journey. Since 2009, Salesforce Ventures has invested over $3 billion in over 400 leading companies including Databricks, DocuSign, Guild Education, Hopin, monday.com, nCino, Snowflake, Snyk, Stripe, Tanium, and Zoom. Salesforce Ventures provides portfolio companies with unparalleled access to Salesforce, one of the fastest-growing enterprise software companies in the world, including strategic advisory, customer introductions, and the strongest cloud ecosystem. Salesforce Ventures has invested in more than 25 countries with offices all over the world including in San Francisco, Irvine, New York, London, Tokyo, and Sydney. Follow @SalesforceVC and learn more at salesforce.com/ventures.

About TCV

Founded in 1995, TCV was established with a clear vision: to capture opportunities in the technology market through a specialized and consistent focus on investing in high-growth companies. Since inception, the firm has built a track record of successfully backing public and private businesses that have developed into dominant industry players across internet, software, FinTech, and enterprise IT. TCV has invested over $16 billion to date and has helped guide CEOs through more than 145 IPOs and strategic acquisitions. TCV has invested in cutting edge technology companies including Airbnb, Believe, Brex, Dream Sports, FarEye, Mollie, Nubank, Razorpay, RELEX Solutions, Revolut, RMS, Sportradar, Spotify, Trade Republic, The Pracuj Group, and Zepz. TCV has successfully executed over 350 investments of varying structures, including mid-stage, late stage and public company investments, and has offices in Menlo Park, New York, and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com/.

Contacts

Allison Menozzi
Miro
allison@miro.com

Katja Gagen
TCV
kgagen@tcv.com


Erasing Friction to Improve Sales Enablement and Unlock Revenue Growth

Growth Hacks – Moving the Metric

One of the most important steps a sales organization can take to stay competitive in a rapidly changing sales landscape is to simplify its processes. Eliminating unwieldy training and paring down operational systems are both ways in which organizations can reduce friction for their sales force and drive revenue growth. However, modernizing sales enablement through simpler processes isn’t just about removing obstacles. Evolving organizations would also be wise to consider streamlining the metrics they use to quantify success, so that the entire organization can unite behind a shared vision, rather than improving on a large set of metrics that may not even be comparable.

This simplification strategy is one of the key lessons that Scott Santucci, president of the sales enablement consulting firm Growth Enablement, advises his clients to do. By reducing friction and creating shared organizational visions behind simplified processes, modern sales organizations are better positioned to create value for both themselves and their consumers at a faster pace.

In this episode of Growth Hacks, Katja and Kunal speak with Scott about how he came to be so bullish on strategies that involve stripping away much of the old sales enablement playbook. Not only does he explain his rationale; he also walks us through multiple examples and actionable tips that allow sales and marketing to achieve synthesis and create a better sales enablement playbook. Over the course of this episode, Scott breaks down the importance of metrics like the commercial ratio, how he coaches companies to recognize a singular route to value that becomes their playbook for driving sales, and specific case studies for how to implement these strategies successfully.

Key Takeaways:

  • How to use the sales and marketing efficiency ratio to improve commercial health across an entire organization. Sales teams often track dozens, if not hundreds, of various metrics to monitor KPIs and measure success. Yet that level of data can quickly become dense, especially when comparing them against each other in order to measure overall success. “One large client tracks over 5,000 different metrics for their sales organization. If you’re tracking that amount of data, you’re tracking nothing,” says Scott. Instead, he encourages clients to ask themselves, “What’s the one metric that we can work backwards from, that we want to move the needle from?”

Most often, the answer is the sales and marketing ratio, sometimes referred to as the commercial ratio; a calculation used to measure the efficiency of sales and marketing and deduce the overall health of a commercial system. Because the commercial ratio calculation is straightforward – revenue growth, divided by total sales and marketing spend – companies don’t have to compare dozens of various metrics to try to puzzle together their sales organization’s health. It also pulls in the entire organization into a singular goal. As Scott explains, “The metric says to me, ‘How do we as a company work better together? How do we team up and be on the same page to go find more efficient ways to attract customers?’”

  • The importance of having multiple perspectives in the room to improve sales enablement. One of Scott’s holistic strategies to improve processes around sales enablement is by bringing in people from all different backgrounds throughout the sales organization to create a shared vision, rather than having decisions made from the top-down. By putting pen to paper with input from a wider variety of stakeholders, organizations can be certain of two things: that their entire organization is aligned behind a singular vision, and that it’s a vision that is accessible to a larger customer base at the same time. Whether it’s aligning the organization behind the value of using a metric like the commercial ratio, or creating a new strategic vision, synthesis is a key component of Scott’s strategies to bettering sales enablement. “What’s important is making sure you meet all of the different folks that would be involved in teaming together. You [have] got to meet them where they are first, and then help them connect the dots second.”
  • Ways to identify the right route to value to clarify sales messaging and training. A key phrase that Scott uses with clients is the “route to value” – a new lens through which sales and marketing teams can craft better messaging. Rather than working backwards from what each individual customer might need, Scott encourages organizations to recognize that they’re in the value creation business, and view themselves as the people that can help create value for clients by taking them from the state they’re in today to a better future state.

To do so, he urges organizations to map out what that journey looks like from beginning to where a business might want to get to, in a process called value mapping. By value mapping, companies can figure out not only what the route to value is, but who the decision makers are that need to be involved, and the sorts of decision making they may need to guide a customer through. “A route to value, to be simple about it, is just writing a movie. A future movie of where you want to take your customers. You’re casting your clients as the heroes; therefore you’re also casting your salespeople as the guides,” says Scott.

  • Tips for aligning organizational economic value with the needs of your customer base. While value mapping starts in-house, and involves some speculation, it’s still important to align a company’s economic value with the needs of its customers. One way that Scott and his team do so is by building a model of what their customer’s world might look like – the challenges they face that meet certain patterns, or the people most likely to be able to enact change. By doing that research ahead of time, companies can truly understand the problems that exist for potential consumers and devise the right messaging to reach change agents who can implement solutions.

Imperative to the process is starting early and using that knowledge to drive messaging and training. “What we’re looking at isn’t interviewing customers about the products they want,” says Scott. “That’s way too late in the game.”

  • Actionable strategies to eliminate friction in the sales process. As sales divisions grow, so do additional training, tools, and potential obstacles that can unintentionally end up hindering sales growth. Rather than adding to your sales team’s plate in order to up-level their skillset, Scott suggests an alternative approach. “What works is creating things that actually take stuff away,” he explains.

He advises clients to pick disparate parts of their sales enablement programs and consider all the obstacles that complicate that in favor of simpler processes; for example, simplifying the process of providing a price quote to a customer. “You would think that doing something like that is no big deal, but taking stuff away is not in most people’s muscle memory. To systematically reduce things that stand in the way of making progress is a great success.”

To learn more, tune into Growth Hacks: At Growth Enablement, Modernizing Sales Enablement Means Throwing Out the Old Playbook

***

The views and opinions expressed are those of the speakers and do not necessarily reflect those of TCMI, Inc. or its affiliates (“TCV”). TCV has not verified the accuracy of any statements by the speakers and disclaims any responsibility therefor. This interview and blog post are 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, 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 interview and blog post, please see “Informational Purposes Only” in the Terms of Use for TCV’s website, available at http://www.tcv.com/terms-of-use/.


Razorpay Raises $375 Mn Led by Lone Pine Capital, Alkeon Capital and TCV; Valuation Increases to $7.5 Bn

  • At $7.5 Bn, Razorpay continues to be one of India’s Most Valued FinTech Companies to have achieved the fastest increase in valuation for an Indian Unicorn
  • Aims to scale up its Neo-Banking Platform, RazorpayX, Acquire B2B SaaS companies, and Expand business into South-East Asian markets

Bengaluru, INDIA – 20 December, 2021: One of India’s fastest growing Fintech Unicorns, Razorpay, today announced its Series-F fundraise of around $375 Mn. With this funding round, the fintech major’s valuation increased to $7.5 Bn. This makes it the fastest increase in valuation for an Indian Unicorn in a year. Razorpay was valued at $1 Bn in October’20 and $3 Bn in April’21. With the Series-F round, the Fintech Major has raised a total of $740 Mn in investments since its inception in 2014.

Co-led by Lone Pine Capital, Alkeon Capital and TCV, the Series-F fundraise also received participation from existing investors like Tiger Global, Sequoia Capital India, GIC and Y Combinator. These funds raised will be invested towards Razorpay’s mission of making finance frictionless by building a full-stack financial solutions company, solving for all payment and banking needs of businesses on one platform. The company plans to use the funds to further scale up its Business Banking Suite, RazorpayX and offer new banking solutions in 2022 that will help businesses focus less on handling compliance & operations and more on growth. The full-stack financial solutions company also plans to invest in new acquisitions in 2022 and expand its presence across the globe, starting with the Southeast Asian countries.The Fintech Unicorn plans to hire over 600 employees to fuel these growth plans in India and overseas. 

Globally, digitisation is triggering fundamental changes in the finance function. Small businesses realise that they cannot afford to lose time dealing with legacy systems and processes while there is a whole new generation of fintech that can help. Razorpay believes fintech is a way for small businesses to differentiate. Razorpay’s recently launched products at FTX’21: MAGIC Checkout, RazorpayX Tax Payment Suite and Razorpay RIZE, along with the freshly raised funds will strengthen the financial infrastructure of small companies with real-time intelligent solutions to do more and disrupt more.

Commenting on creating a track record and continuing to be one of India’s most valued organisations, Harshil Mathur, CEO and Co-Founder of Razorpay says, “It’s an exciting time of change we’re living in. We’ve come a long way in these seven years, and more so since 2020, and I’m filled with immense gratitude for the company to have travelled thus far. Throughout this journey, we’re humbled and excited to have had the opportunity and trust of 8Mn partner businesses. And now moving forward, we believe we will radically change how payments and banking is done in nearly every sector of India.”

He adds, “While these freshly infused funds will be used in multiple areas, the most important one will be towards investing in building intelligent technologies that will make the lives of small businesses easier by providing them a fundamentally different experience and reducing complexity. We want them to spend less time managing compliance and operations and invest more time in creating new products, building on new ideas and thinking scale. It’s great to know that our investors across the globe have continued to put their trust in this mission. This investment will help us take financial services up a notch and serve the underserved businesses and continue to build the central nervous system of Digital India.”

Today, the company’s neo-banking platform, RazorpayX is changing the business of banking rapidly and intelligently, powering over 25,000 Indian businesses to manage their money. Apart from product expansion of RazorpayX, the company is also looking at global expansion. Geographies like Southeast Asian (SEA) countries face similar payment problems like India and Razorpay will look to leverage its leadership in building intelligent payment products and learnings to ripe markets like SEA countries. Apart from this, Razorpay also plans to use the fundraise to double down investment in acquiring B2B SaaS companies that can help scale up operations while providing the highest standards of customer experience in the country.

Shashank Kumar, CTO and Co-Founder, Razorpay said, “One of our internal values is – “Everything we do, we do for our customer.” It’s something we as a team have been practising since Day-1. Over the last seven years, we’ve tirelessly worked towards making Razorpay a technology and product company which is people-first. If there is one thing the Razorpay team has committed to doing since 2014, it is to never stop reinventing. We want to create new products and build experiences that will change the lives of millions of businesses and consumers. Over the years, the feedback we’ve received from partner businesses has been quite encouraging and assured us that we’re on the right track. With the funds raised, we want to continue delivering a payment and banking experience that businesses will take advantage of and worry less.“ 

He added,The growth of Razorpay is a testament to the enormous fintech adoption the country has witnessed. We at Razorpay are all set to create a larger dent in the fintech universe and with the help of new acquisitions and partnerships we will be able to build an A-class financial service infrastructure for India’s businesses.”

David Craver, Co-Chief Investment Officer at Lone Pine Capital said, “India’s B2B fintech sector is undergoing a period of rapid growth, and we are excited to partner with Razorpay, which has been at the forefront of creating resilient, innovative products to anticipate and address the changing needs of businesses.” He added, “Razorpay’s tenacity in building people-first technology solutions that facilitate seamless financial operations has garnered further momentum in the market. We look forward to working with Harshil, Shashank and the rest of the Razorpay team to further the company’s sustained growth and impact on this dynamic sector.”

Deepak Ravichandran, General Partner at Alkeon Capital said, “As the leading online payments player in the rapidly accelerating Indian digital payments market, Razorpay has continued to innovate and blaze new trails. With a broad set of products across payments, banking, and software that provide a seamless end-to-end experience for merchants (who have been historically underserved by legacy payment providers) and geographic expansion on the horizon, we are thrilled to be partnering with Harshil, Shashank and his team who have continued to execute on their vision. We could not be more excited for the journey ahead.”

John Doran, General Partner at TCV said, “We are delighted to back Harshil, Shashank and the entire Razorpay team. We think they are building the next-generation payments and banking platform in India, and we look forward to supporting them on their mission and future expansion. We could not be more excited to partner with this founding team.”

Of the 42 companies that were crowned as unicorns in 2021 alone, Razorpay powers payments for 34 of them!  Razorpay has achieved $60 Bn TPV (Total Payment Volume) as of early December 2021. The company plans to achieve $90 Bn TPV by the end of 2022. Razorpay aims to further solidify its position as one of the largest full-stack fintech companies in the country. The company clocked over 300% YoY growth, second year in a row. Razorpay currently powers payments for over 8 Million businesses including the likes of Facebook, Ola, Zomato, Swiggy, Cred, Muthoot Finance, National Pension System, Indian Oil, among others and is all set to reach 10 million businesses by 2022.

***

About Razorpay

Razorpay, a full-stack financial services company, and a recently crowned Unicorn, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment and banking journey for any business. Established in 2014, the company provides technology payment solutions to over 8Mn businesses. Founded by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley’s largest tech accelerator, Y Combinator. Marquee investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator and MasterCard have invested a total of $740 Mn through Series A, B, C, D, E & F funding. Around 33 angel investors have invested in Razorpay’s mission to simplify payments and banking and redefine how finance works in India.

For more information, please contact:

Hepsibah Rozario || hepsibah.rozario@razorpay.com || +91 8884913468

Katja Gagen || kgagen@tcv.com || +1 415 690 6689


Looking back on 2021: 14 public listings and a quarter century of backing some of the world’s greatest growth companies

2021 has been a milestone year for global markets and the broader tech ecosystem, with both private company funding rounds and public markets reaching record highs. We at TCV have celebrated our own milestone, marking our 26th anniversary investing in what we see as some of the most transformative public and private crossover technology companies around the globe.

We kicked off 2021 by announcing the closing of the $4 billion dollar TCV XI, our largest fund to-date, bringing our total AUM to ~$26 billion, as of end of November. We’ve also started our investing journey in TCV XI with a new cohort of remarkable growth companies, including Attentive, Aviatrix, Brex, Built Technologies, Celonis, Cognite, Devo, FarEyeHotmart, Kipu, Mollie, OneTrust, Trade Republic and Trulioo. So far this year we’ve already celebrated the public listings[1] of 14 portfolio companies (starting with the most recent listing): Nubank, HashiCorp, Grupa Pracuj, SiteMinder, Rent the Runway, GitLab, Toast, Nerdy, Sportradar, CCC Intelligent Solutions, Rover, LegalZoom, Payoneer, and Believe.

These public debuts followed an equally impactful 2020, with Airbnb’s blockbuster IPO, as well as TCV’s sale of its positions in AxiomSL, Cradlepoint, Genesys and Silver Peak.

Crossover is our middle name: TCV aims to support the world’s most compelling technology companies from the private markets through IPO and beyond

As we head towards the end of this momentous year, we’ve never felt more conviction in our decades-long investment strategy: to seek to patiently back existing and future category leaders with the financial and advisory resources they need to fulfill their visions.

We believe at TCV that the sky’s the limit to what significant technology companies can achieve. As investors and advisors, the greatest asset we can provide them is unwavering support at every stage of their growth, whether they’ve just achieved product-market fit, they’re preparing to go public, or they’re decades past their IPO, entering uncharted channels or markets. Unlike many investors who view IPOs as a time to exit, TCV, in select cases, often uses them as an opportunity to add exposure in portfolio companies as a show of confidence in continued growth and value creation initiatives. Company management teams understand what it means when TCV backs a company. Take Netflix, for example

TCV first invested in Netflix in 1999. Following the dot.com crash of 2000, investors grew weary of internet-based businesses, so TCV stepped in to lead the company’s recapitalization in 2001. When the company went public in 2002 at a market cap of approximately $300 million, TCV remained invested in the company. Then in 2005 when many public market investors grew concerned about Netflix’s competitive positioning, TCV doubled down, investing yet more capital into the business. Finally, in 2011 as public market investors once again grew concerned about Netflix’s strategy, this time about their decision to prioritize streaming over mail-order DVDs, TCV injected yet another $200 million into the company. Barry McCarthy, former Netflix CFO, has said that “If there wasn’t TCV, there wouldn’t be Netflix.”[2]

We believe the best advice comes from repeated front-row growth experience

TCV’s approach since day one has always been more than our willingness to invest and reinvest through thick and thin. It has been our firm belief that the strongest investment partners provide something far more valuable than assets alone.

TCV can provide the kind of expertise that comes from having partnered with more than 350 growth companies on a global scale. Our rich network of hands-on advisors, principals and partners is distinctively qualified to provide the actionable, expert advice that comes from front-row, first-hand experience scaling some of what we believe to be some of the most successful businesses in the world. That’s why global fintech superstar Revolut chose to partner with TCV.

“We’re on a mission to build a global financial platform – a single app where our customers can manage all of their daily finances. TCV has a long history of backing founders who are changing their industries on a global scale, so we are excited to partner with them as we prepare for the next stage of our journey,” said Nik Storonsky, Founder & CEO

TCV’s success has been the result of our thesis-driven, thematic approach and ability to identify existing and future category leaders. B2B and B2C technology have always been areas of strength, and we’ll continue to invest in those sectors within the U.S., Europe and across the globe. Looking ahead, we’re also excited to back leaders in several areas that have recently matured to a point where we believe there are now exceptional companies ready to benefit from growth equity investments. Some of the themes we find particularly compelling include:

  • The Rise of Digital-Native Financial Services: Today’s consumers expect to be able to conduct all of their personal and professional financial activities online, from transferring assets, to paying for goods and services, to managing, tracking and auditing payments and expenses. They want streamlined, transparently priced, simple-to-use, convenient and secure platforms that integrate with all of their key financial partners, so that moving money becomes as easy as sending a text message. The more consumers become comfortable with and trust these platforms, the more they’ll look for additional ways to engage with them, such as via investments and wealth management. We believe there are clear tailwinds in the adoption of not only digitally native banking platforms and wallets, but also in the core infrastructure enabling them, such as rapid and secure vertical payment capabilities which can be integrated into customer workflows.
  • The Adoption of Digitally-Delivered Education: The digital media consumption habits of K-12 school-age kids, Gen Z’s and Millennials are driving similar behavioral trends in education as we’re seeing in fintech. Increasingly, today’s students expect lessons and related content to be available on-demand in immersive, interactive and gamified environments. COVID-19 accelerated this trend dramatically, leading to the wide-scale adoption of digital direct-to-consumer learning tools. Now that students and educators have seen what’s possible, we believe there’s no turning back.
  • The Rapid Shift to the Cloud: Global enterprises are engaged in what we believe is a once-in-a-generation shift from on-premise infrastructure to the public cloud, often adopting two or more cloud providers. There’s tremendous demand for and therefore opportunity to invest in platform companies that integrate security, networking, data infrastructure, IT operations management and developer tooling into multifunction cloud-based architectures. The shift towards cloud-based infrastructure we believe will also give rise to exciting new B2B cloud-based technologies that increase developer productivity, improve risk and compliance management, and capture, organize and leverage data for improved, more widespread data-driven decision making. 
  • Vertical-Specific “Full Potential” SaaS: We believe that vertical SaaS vendors that own a front and/or back office system of record are seeing increases in customer uptake, competitive moats, and therefore economic opportunity. These systems of record serve as control points, from which vendors can enter product and service adjacencies through data, workflow, and account ownership advantages. By leveraging a control point to extend through a value chain within a vertical, SaaS vendors can delight end customers and turn their products into platforms. Over time, their platforms behave like networks among end users, their customers, and their suppliers, enabling these vendors to capture the “full potential” of their vertical.
  • The Acceleration of Digital Fitness Applications: Fitness has been digitizing for a long time, but COVID turbo-charged the trend. Adoption and engagement of digital fitness applications have never been higher and will only continue to rise. Peloton founder and CEO John Foley once declared in our Growth Journeys podcast that, “Fitness as a category has been broken forever.” TCV seeks to back companies that are fixing the category with meaningfully improved business models and carefully executed go-to-market strategies. We firmly believe that applications that bring digital fitness both to the home and outdoors in structured ways will define the future of the industry.
  • The Digitization of Health Care: The $4 trillion U.S. health care industry has long been broken. Despite the US spending nearly 2x more per capita than the average OECD country, our health outcomes are worse due to a combination of care delivery that is reactive and episodic, imbalanced supply and demand, and misaligned incentives. We believe that the healthcare industry is ripe for technology disruption and that COVID-19 has significantly accelerated adoption of digital health technologies across all stakeholders in this ecosystem. Digital health technologies have already driven higher patient engagement, leading to better patient outcomes while reducing costs. TCV is eager to back companies that leverage technology to fix our broken healthcare system and put patients back in control of their own healthcare journeys.
  • The Unlocking of Ecommerce’s Full Potential: Despite the rapid growth of ecommerce over the past two decades, it still only accounts for just more than 13 percent of total retail sales, with tremendous opportunity remaining for growth. While some types of purchases occur on a one-off basis, there are many exciting new and soon-to-be built online businesses that we believe will offer consumers high-utility products and services that they desire. Many of these online offerings will be compelling to consumers on an ongoing, subscription basis.
  • The Enablement of the Prosumer Economy: The pandemic has inspired record-numbers of innovators to leave conventional employment opportunities in pursuit of their passions, often as a replacement to their previous day jobs. However, we believe today’s prosumers are not sufficiently well-served by available distribution platforms, which do a good job of getting them views but not revenue. We’re excited to invest in new platforms that enable prosumers to own their audiences and gain control over their financial destinies and creative freedom. We believe the prosumer economy still lacks a middle class, and TCV is eager to support companies that help prosumers build, run, manage and grow their digital businesses.

Looking ahead: We believe the next quarter century holds even more promise than the last

The past quarter century of investing has been a remarkable adventure in which we’ve been fortunate to invest in more than 350 companies, including category leaders like Airbnb, EA, ExactTarget, Netflix, Spotify, Facebook, Splunk, and Zillow. We believe that track record positions us well to enter this next quarter century from a position of strength, focus and conviction as we set out to find and back the next generation of category leaders. Whatever it takes, as long as it takes, we are here to help them turn their visions into reality.

This article is not an offer to sell or the solicitation of an offer to purchase an interest in any private fund managed or sponsored by TCMI, Inc. or its affiliates (“TCV”) or any of the securities of any company discussed. Past performance is not necessarily indicative of future results. There can be no assurance that any TCV fund or investment will achieve its objectives or avoid substantial losses. The views and opinions expressed are those of the speakers and do not necessarily reflect those of TCV. TCV has not verified the accuracy of any statements by the speakers and disclaims any responsibility therefor. Logos are included for illustrative purposes only. Inclusion of such logos does not imply endorsement by, or, in some instances, any current affiliation with, such companies. The TCV portfolio companies identified 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 article, please see “Informational Purposes Only” in the Terms of Use for TCV’s website, available at http://www.tcv.com/terms-of-use/.


[1] Public listings include IPOs, direct listings, and SPAC transactions.

[2] This endorsement was given by an executive advisor of TCV that has served as an executive and/or director at several TCV portfolio companies, including his current role as CFO and director at Spotify. No compensation was provided for such endorsement although under certain circumstances executive advisers are permitted to invest in TCV funds. This endorsement is not representative of all endorsements of TCV. Please see TCV’s Form ADV for additional important information related to executive advisors.