From Entrepreneur to Investor and Back Again: A Founder’s Journey to Virtual Design Pioneer

Shanna Tellerman is a two-time Founder and CEO. Her current company, Modsy, is a virtual home interior design service that provides 3D photorealistic renderings of the home space, where all items within the design are 100% shoppable and users can purchase all in one place. In this Growth Journeys podcast, Shanna traces her evolution from math-loving fine arts major to entrepreneur by way of 3D technology and venture investing at Google. Tina Hoang-To, Executive Vice President at TCV, also has both CEO and venture experience, so this lively conversation is filled with lessons of:

  • Founding and leading businesses and raising capital
  • Building and scaling high-performing teams
  • Integrating technology and design
  • Succeeding as a working parent
  • Forging a successful partnership with investors

For all this and more, settle back and click play.

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Tina Hoang-To: Welcome everyone to Growth Journeys, a podcast series from TCV focused on lessons from entrepreneurs and founders in the TCV ecosystem. I’m Tina Hoang-To, Executive Vice President at TCV, and I’m here with Shanna Tellerman, Founder and CEO of Modsy, a leading virtual home interior design service. Shanna and I met five years ago, when I was CEO of Wedding Spot and she was a partner at Google Ventures. Then we traded sides. I re-joined TCV as an investor last year and reconnected with Shanna. Fast forward a few weeks later…TCV led the Series C in Modsy and I joined the board. Shanna, looking forward to having you today to share your story. Welcome to Growth Journeys.

Shanna Tellerman: Thank you. Excited to be here.

Tina Hoang-To: Shanna, let’s start from the beginning. You have a pretty unique journey from having a fine arts major at Carnegie Mellon to venture capitalist to CEO of Modsy. What changed for you in those early years to put you on an entrepreneurial path?

Shanna Tellerman: I definitely did not have any original intention of going into venture capital or even technology. I was a big fan of both art and math and science, and I was always looking for the place where these two things intersected. And I tried a bunch of ways that felt kind of superficial to me until during my time at Carnegie Mellon, I took this class called Building Virtual Worlds, which was very early days virtual reality. Crazy headsets. Low resolution. And that class was, for me, the changing point in my life. I figured out that you can combine all of these things into 3D and graphics and consumer experiences and pave the way to new ideas working on this interdisciplinary team. And for me, it was like, “Check, check, check.” It hit every box. I had so much fun. And it veered me from going through this path of selling art in New York to “I am on a path to starting companies, founding businesses, and working in technology.”

Tina Hoang-To: So your first company was Sim Ops. Tell me the story behind that.

Shanna Tellerman: I was in Carnegie Mellon in graduate school and I was working on a technology that I just couldn’t imagine leaving behind and taking a job. And that technology was game technology that was being used to train emergency responders. And we were working with emergency responders all over the country and actually all over the globe. I had a professor who recommended, “Why don’t you start a business around this?” And I thought, “Sure. Why not? How hard is that?” And there I was, three months later, and he gave us a $10,000 loan and I had set up my very first business. And we were taking the technology out of the university and essentially using it to train emergency responders.

Tina Hoang-To: And what were some of the toughest challenges you faced as a young, first-time CEO with Sim Ops?

Shanna Tellerman: I think I faced almost every challenge that you can face as a first-time founder. I joke but it’s kind of serious that I made every mistake you can make from the way you structure the company to the way you divide up your equity. And the good news was that you can make a lot of mistakes as long as you recover very quickly and learn from them. And so I made all kinds of mistakes. The biggest challenge that I faced as a young entrepreneur I think was having no credibility. I had never worked. I had no experience. I had gone to graduate school. And I both had no credibility plus no experience to say, “This is how things should be done.” And so for me, I think – rightly so – investors who were looking at my business said, “It’s interesting technology, but are you the right person to lead this company?” And I came into work every day being like, “Am I right person to lead this company? I don’t know.” And over the years building out that confidence for myself but also for investors was probably the hardest part of the journey.

Tina Hoang-To: So selling your company is a big decision. How did you know M&A was the right path for Sim Ops and yourself at that moment in time when you did sell the company?

Shanna Tellerman: Yeah. I mean, the moment of an exit is the moment of many, many, moments prior, right? And for me, the path of Sim Ops was a path of lots of learnings. I started out of graduate school. I didn’t plan to become an entrepreneur. And then we hit fundraising issues, technology and product fit challenges, me moving to the West Coast, and then the downturn. A massive recession hit, and we had to raise our Series A during that. And I probably pitched 60 to 70 investors and somehow did raise a Series A during this downturn when nobody else was getting funded. So there we were a year later and Autodesk had been a partner that we had been talking to for a long time, and they wanted to buy the company, and I was thinking about, “Do I go out and raise a Series B or do I take this path?” And for me, at that moment I was like, “I’m ready for the next chapter. And that was a very, very tough road. And this is a really great company to keep doing what we’re doing and to have it impact an even broader set of people.” So for me, that was the right moment but it was a tough choice.

Tina Hoang-To: You built Sim Ops and then you’re CEO of Modsy. In between, I’m sure you’ve built a lot of confidence in operations. Tell us a little bit about what you’ve learned along the way.

Shanna Tellerman: That’s a great question. I actually believe first that you learn the most by mistakes. So when you make a mistake and then you recover and you’re able to course-correct from that mistake, to me it’s the center of confidence, because now you’re not fearful when you’re making choices because you know that you’re going to make bad choices. But as long as you can quickly react and maneuver from those choices, you’re going to be okay. For me, that’s been one big piece at the center. The second most important part for me of building confidence has been learning to be really myself. I think that when you start a company especially if you’re really young and you don’t know what you’re doing you like to put on this pretense that, “I’m a manager. I’m a founder. I am somebody who can run a business.” And most people don’t feel that level of confidence. And ironically being completely transparent and vulnerable and sharing the things you do know and don’t know build a tremendous amount of trust with your employees and with your investors and with your partners. And you’re able to build on that confidence of “These are the things I actually do know. I know how to do them.” And then these ones I don’t and I’m okay with that. And people are going to give me feedback and I’m going to learn and I’m going to evolve. And then I get to be just myself.

Tina Hoang-To: What was your experience like once Sim Ops was acquired by Autodesk? How was that integration process? And I’m sure that’s a big transition to go from a really small team to such a large organization.

Shanna Tellerman: The experience for me going from acquisition to working at Autodesk was definitely a night-and-day difference. We were, at that point, a 12-person company and I went into Autodesk which was thousands of people, multiple offices, global company. I had never worked for a company and I had never had a manager before in my life. And so it was a transition at every single level of your work experience. There was nothing that was the same anymore. The experience for me though was amazing because, one, my first manager ever was actually an amazing manager, somebody I still turn to today for advice. And the company was just really full of incredibly intelligent, really humble people who were super-passionate about the same kinds of things I was passionate about — like 3D and graphics and this world of transformation into the cloud. And so the baseline of those things that were aligned between me and them made it this incredible adventure —  many acquisitions don’t go that way. But for me, I felt like I just got to absorb and I got to learn and I got to work with great people. It was incredible.

So, Tina, I know you also went through the experience of an exit. I’m so curious. It was probably a totally different experience for you. What was it like? What were your lessons learned?

Tina Hoang-To: I think very similar to you. I think at every point in time as a founder when you’re thinking about fundraising, you’re also thinking about the strategic options, right? It’s a tough decision. When you build your company it’s sort of your baby. So letting that go I think was really hard for me. And very similar to you I thought “Hey, I’ve built this, this far. There’s a new chapter that might be better partnered with someone else.” And I think that was the right choice, and I still believe it’s the right choice.

Shanna Tellerman: So, Tina, I know that we also have the same common path that was a little unusual, a little untraditional. You went from selling cars in college to becoming a CEO and then back to being an investor. Tell me a little bit about how that path unfolded.

Tina Hoang-To: Well, it’s a lot of lessons along the way. But since you mentioned my car selling days, one of the biggest things that I’ve learned throughout my career is that being good at sales is something that got me very far. And I think that’s important to everybody in their career. When I was CEO, I felt like every day I was playing a sales role. When recruiting talent, you’re selling your culture and your mission. And then when fundraising you’re selling the market opportunity and your growth trajectory. And now as an investor, I’m still not done pitching. I’m pitching myself as a board member. I’m pitching TCV’s brand, our domain expertise, and our track record. To bring it back to something that I think all the listeners can relate to, think about every annual review that you’ve had. You’re essentially pitching your impact to the team and your work product. So my biggest advice here is if you don’t feel like you’re good at selling, read some books. Go out there and do some online classes, because I think that’s definitely going to come in handy as you progress throughout your career.

So let’s talk about Modsy. What is Modsy for those listeners who are not familiar with the product?

Shanna Tellerman: So Modsy is an online interior design service where you get paired with a designer virtually, and then we use specialized visualization technology to basically reconstruct your room into a 3D model and design it so you can see how everything will look in your space and shop from real products, from real retailers. Everything integrated: You can check out and buy from Modsy.

Tina Hoang-To: How did you come up with the idea?

Shanna Tellerman: The story starts with myself. I am the Modsy customer. My husband and I moved into a home in San Francisco and we went through that process of, “It’s time to buy some furniture. It’s time to upgrade from our IKEA and hand-me-downs.” And we got stuck almost immediately. We were looking at an awkward space. And we had a sofa, but we couldn’t decide on the rug without deciding on the art. And we couldn’t decide on the layout of the space. And without being able to see what it would really look like and have design help to visualize and to come up with a plan we did nothing for a year-plus and our space was sad. And we came home to this kind of empty sad space. And for me, that led to this moment where I was looking at a catalog and I looked at it and I was like, “I wish I was having this experience looking at this beautiful image where everything is designed and looks great, and they’re all products I can really buy. I just wish it was in my own house.” And for me, that light bulb went off because I had this background in 3D and graphics and spent time at Autodesk. I knew what was coming and I knew that we could combine the ability to visualize your unique space, fully designed, with real furniture you could really buy, in a way that felt beautiful — like a catalog — but it was in your house. And we could combine that with the ability to have a designer at a very affordable rate, working with you to make the decisions. And that if I provided that to the average consumer who today has no access to design services without thousands and thousands of dollars, that we could open up a huge market opportunity.

So the moment I had that idea I couldn’t drop it. I went into work every day, and I was thinking about it, and prototyping it. And then fast forward a few months later, and I had left Google Ventures, where I was investing, and I was like, “I am starting Modsy.” And here we are, five years later.

Tina Hoang-To: I can attest to the value proposition since I was a customer of Modsy. You know this story, but you saved Nick and I’s life when we moved into our new place in San Francisco, and we went through the same thing. We tried out two interior designers. They came in, took a look at the space, gave us an estimate of three to four months before we can actually start buying furniture. And given I’m a very quick person to do everything, that just didn’t work for me. Like, what are going to do for four months without furniture in this wide-open space? So because of Modsy, we were actually able to buy all our furniture in three weeks and be able to settle into our new home.

Shanna Tellerman: It looks fantastic.

Tina Hoang-To: Thanks, Shanna. What is the technology behind Modsy and how’s it changed since you launched the company in 2015?

Shanna Tellerman: Technology is definitely at the center of Modsy. It’s at the center of the vision because the vision is about visualization and visualization technology powers that. So, there’s two parts to this. One is the photo-realistic 3D renderings. From day one, we knew we could enable that. But to enable that in a scalable and affordable way that would allow us to provide the service at a very low cost, we had to build our own proprietary tools and technology and we had to plug into a couple of systems that were all cloud-based so the whole thing could scale. And so that just took a lot of time. That one we had a pretty clear vision.

The second part of our technology is taking photos of somebody’s room and then reconstructing an accurate to-scale 3D model — ideally with as little measurements, or no measurements, as possible — and then coming out with that 3D model to be usable in the design process to be able to put the furniture in. And so it had to be accurate. It had to have floors and walls and windows. And then it had to be something that could render out photo-realistically. And nothing in the world existed to do that.

There was reconstruction technology as a concept and there are big cameras that do depth sensing that can measure and that can use laser scanners — but that doesn’t exist in the normal consumer’s pocket. So we were like, we need to take the normal phone in normal consumer’s pockets and we need to apply the things that are only possible in these really sophisticated cameras. And we had some guesses about how to do it, but nobody had ever done it. So fast forward to today. Several years of R&D and various approaches and a sort iterative approach to solving this problem one piece of the pipeline along the way, we now have patented technology. We have taken an approach that is unique to everybody in the world that is trying to solve this. We’re probably the furthest ahead. We’re about to release something even cooler in this space in the next couple of months. But it has been one of those things where you know what you’re trying to do at the end, but your R&D path uncovers new ways and new approaches continuously and along the way you have to adapt that plan.

Tina Hoang-To: I remember as I was using Modsy for the first time, the biggest value proposition for me is actually seeing things fit in my space. And that was very hard for us. I mean, I can walk around with a ruler and measure everything but being able to look at three different types of layouts for a sofa and how it’s arranged in the space and click a button to live-swap in each and every one of the sofas was just a tremendous value add for us. So thanks for building that.

Shanna Tellerman: Awesome.

Tina Hoang-To: So Modsy has been growing, raising the Series C, and nearly doubling its headcount in 2019. How have you navigated through the challenges of scaling a team so quickly?

Shanna Tellerman: It’s interesting. Not only are we scaling the team, we’ve also been transitioning the locations and roles of our team. So a lot has changed all in one year. I am not going to say this is easy. Any time you grow and you add a lot more people, your culture does change. But what I’m constantly telling our team is that the culture is what the people make it and that as we add new people, they both adopt pieces of our culture, and they bring new culture in. I’ve seen our culture, the core elements of our culture, where we lead with our heart and we believe in making magic for our customers and we believe in hard work — those have stayed. Those have always stayed true. But we’ve added all these new elements of our culture, like you can work anywhere, you can work remotely, you can work from home. We have a lot of customer-facing people who have a different view of the world and there’s a different set of things that they’re interested in when we give Monday morning updates, for example. So you need to adapt pieces of your business and pieces of your culture. You also need to hear the feedback from all the people who’ve joined. And simultaneously you constantly rethink the tools and the structures especially when things like the location of the people changes along the way.

Tina Hoang-To: Fundraising is often a big part of being CEO. I know that. If anybody tells you that fundraising is fun, they’re probably lying. What were you looking for when you were raising the Series C? And what was most important to you?

Shanna Tellerman: This one is easy. I was looking for Tina. In all seriousness, I really, really look for investors that are partners – true partners – and to be a true partner you have to be able to put yourselves in the shoes of each other once in a while. And I feel like my experience being on the investing side was helpful in that I can understand what an investor’s trying to get out of the relationship. I understand the dynamics of a partnership, I understand the growth rate, I understand the things that are exciting to an investor. Simultaneously as an entrepreneur it’s really, really helpful when your investor understands how hard it is to run a business, to build a business and that every day you’re in there and you’re slaving away and you’re making these hard decisions and hard choices and that there’s real work in that. And again, when you get those snapshots of a company once every couple of months it’s easy to not remember that there’s a lot of hard work that goes into it. And for me when I’ve ultimately talked to investors and had the opportunity to bring great people onto the board, it’s the people who just get it. They get that there’s a lot behind the scenes and that that’s always part of the conversation. And as we chatted, it was so clear that that was how you thought about the world and that’s always made it easy. It’s made the relationship easy.

Tina Hoang-To: I think on the flip side, one of the greatest things that you’ve given me is the opportunity to work with the team. Every time we’re launching new products, Sam, CTO, is sending me the test pilot launches, it gives me the opportunity to bring myself back to the days when I was an operator and launching new products. And that’s been really exciting to be a part of that journey with you.

Shanna Tellerman: Yeah. Actually, we feel that you have had a unique ability to put yourself in the shoes of our team and ask the questions or give the feedback in a way that feels like you are part of the team, not sort of passing by giving us side comments or sort of surface-level comments. It’s real feedback that we can really apply.

Tina Hoang-To: Shanna, you’re a CEO and founder but you’re also a mother. How has motherhood changed how you work and how you are as a leader?

Shanna Tellerman: So motherhood, for anybody who’s listening – as a mother or father, is hard work. There’s no question. It definitely started to divide my time. But I will say, it has been life-changing, game-changing. Not just for me personally, but for our business. The thing everybody says is true — which is, you get way more efficient with your time and you start canceling all those silly meetings and those lunches or dinners that didn’t really matter But for me, the best part of it was really I always have carried around the stress of my company. It doesn’t matter whether I’m going to dinner or a movie or on vacation, it’s a weight in life and I’m always thinking about it and nothing I could do would break me out of it. My first company, my second company, I could be in the most beautiful place in the world and I was still thinking about my new business. We were hiking in New Zealand and I’m thinking about my business. And I’m like, “This isn’t healthy,” but I can’t break out. But then I had a baby. And when I go home and see Skye it’s pure joy and the thoughts of our business melt away. And even if it’s only for a few minutes, there’s these few moments where I’m like, “This is actually more important than that.” And I never had that before, and it’s been transformative.

Tina Hoang-To: So I’ve been really fortunate to have great mentors in my career and I think this is a very important part of development as you progress. Who are some of the people in your life that have provided mentorship to you?

Shanna Tellerman: It’s such an important question. Definitely, I have had a series of mentors along the way from managers to advisors and people in my life, my husband. But for me actually even more fundamental to that was something I realized when I was an entrepreneur, but then realized more profoundly when I was an investor, was that there really wasn’t this same kind of network for women. And so I became really passionate about connecting women together who were founders, investors, and operators because that’s the ecosystem and just allowing us to build bridges and connections and relationships with no business purpose to start out — knowing that it would lead to great business results in the end. And so it started then when I was an investor and we started doing this annual trip to Park City and skiing, and it’s been just amazing to see this network grow and support each other. And all these women are people I know I can just get on the phone and I can ask a quick question. When I started my company they were my first calls — being like, “Will you invest in my seed round?” That is the network that ends up becoming such a powerful resource for me.

Tina Hoang-To: So we’re down to the last question which I think will be helpful for most listeners who are in your shoes. As a CEO and a former VC, what is one piece of advice for someone pitching to a VC firm that you wouldn’t have known if you hadn’t had that experience as a venture capitalist?

Shanna Tellerman: I get asked this question a lot. What did I take from being a VC and how do I apply it to being an entrepreneur? And especially in fundraising and pitching, what’s the secret sauce? For me, it’s actually my understanding that it is a partnership and that the partnership collectively makes a decision. So you might have a big champion who has brought you in and they’re super excited, and there might be a bunch of people at the table really excited. But there might also be some people who are not that excited about your business and that that is actually a pretty normal part of a partnership discussion after a pitch. And for me, that’s allowed me to take it way less personally — the pitch. It sounds funny but as an entrepreneur you feel like this is my baby, this is my company, people are giving me feedback they didn’t like me, they don’t like my business. But in reality, there’s this collection of people looking at your business with their collective history and experiences, and it is more common than not that some of the people sitting around that table have some concerns and have some reservations and bring it up. And then that discussion ensues, and it may be swayed one way or the other. And you are a minor part of that equation. At the end of the day, they’re making a collective partnership decision. And for me, that just took a lot of the emotion out of the fundraise.

Tina Hoang-To: That’s a great point. When I was going through a fundraising as well you get a lot of “no’s.” I think some people have biases towards certain industries or certain products, etc. But one of the greatest pieces of advice I was given was, it doesn’t matter how many “no’s” you get. You really only need one “yes.”

Shanna Tellerman: So true.

Tina Hoang-To: And I think that turned everything around for me, that it is okay to get turned down. Because if you look at the data and the stats, the chances are you’re probably not going to get a “yes” in your first try, so that’s really helpful advice.

Shanna Tellerman: Very true.

Tina Hoang-To: Shanna, these are really valuable lessons you’ve shared. Thank you so much for joining us on Growth Journeys, and thanks to all out there for listening.

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The views and opinions expressed are those of the authors and do not necessarily reflect those of TCMI, Inc. or its affiliates (“TCV”). TCV has not verified the accuracy of any statements by the authors and disclaims any responsibility therefor. This interview and blog 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 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/.


Revolut raises $500 million in Series D funding as it sets sight on profitability and daily adoption in 2020

  • Revolut raises $500 million in Series D funding, valuing the business at $5.5 billion, making Revolut one of the highest valued fintech companies in the world
  • The round was led by US-based investor TCV, with a number of existing investors also participating in the round
  • Revolut will use the capital to further strengthen product development in existing markets, roll-out banking operations in Europe and increase daily engagement

LONDON, 25 February 2020 — Revolut, the global financial platform with over 10 million customers worldwide, has today raised an additional $500 million in Series D funding, taking the total amount raised by the company to $836 million.

The new funding round was led by US-based growth capital firm TCV, with a number of existing investors also participating. The latest funding round values the business at $5.5 billion, making Revolut one of the highest valued fintech companies in the world.

The new capital was secured on the back of high customer demand and engagement and a strong financial performance last year. In 2019, Revolut increased customer growth by 169%, the number of daily active customers by 380%, and saw financial revenues in 2018 grow by 354%.

The new capital will be focused on the customer experience and used to strengthen Revolut’s core retail and business offering in existing markets, with a particular focus on product development that will help accelerate daily usage of accounts. Future plans include lending services for retail and business customers, extending high interest savings accounts beyond the UK, further improving customer service and rolling out banking operations across Europe. 

Revolut will also focus on further developing its Premium and Metal subscription accounts, which have proven to be a successful revenue stream for the business, growing by 154% last year. Revolut’s Premium and Metal accounts include a variety of benefits for customers, such as unlimited foreign exchange, airport lounge access, commission-free stock trading and travel insurance. 

Revolut will continue to invest in expanding its workforce across multiple locations. The company now employs over 2,000 people, and last year made a number of senior appointments across the business in order to scale up its governance. Last year, Revolut appointed Martin Gilbert, the former Co-Chief Executive of Standard Life Aberdeen, as Chairman of the Board. Caroline Britton, a former Audit Partner at Deloitte, and Bruce Wallace, the former Chief Operations Officer at Silicon Valley Bank, were both appointed as Non-Executive Directors. 

Commenting on the new investment, Nik Storonsky, Founder & CEO at Revolut said: “We’re on a mission to build a global financial platform – a single app where our customers can manage all of their daily finances, and this investment demonstrates investor confidence in our business model. Going forward, our focus is on rolling-out banking operations in Europe, increasing the number of people who use Revolut as their daily account, and striving towards profitability. 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.”

Commenting on the investment, John Doran, General Partner at TCV said: “We are delighted to partner with Nik, Vlad and the entire Revolut team. Using a modern technology stack and with a relentless focus on delighting customers, Revolut has built a truly exceptional customer experience that is exceeding anything that existing banks can offer. We look forward to supporting the team on their journey to build Revolut into one of the biggest financial services companies in the world.”

Commenting on the investment, John Glen MP, the UK Economic Secretary and City Minister said: “It is clear that the UK fintech sector continues to thrive, and Revolut’s announcement, which comes on the back of record-breaking fintech venture capital investment in 2019, is a clear indicator of our strength as a place for fintech business as we leave the EU.”

— END —

About Revolut 

Revolut is here to transform the way money works.  As an innovative, new kind of financial platform, it gives people the power to spend, invest and transfer money without the sky-high fees charged by the big banks. 

Since launching in 2015 in the UK, Revolut has expanded significantly beyond its origins as an FX product, adding new features all the time, including Commission-Free Stock Trading, Cryptocurrencies, Business Accounts and more.  

Headquartered in London, with 2,000 people in 23 offices, Revolut is now one of the biggest Fintech communities in the world, with over 10 million customers globally. Since launch, Revolut has processed over 1bn transactions worth over $130bn.

Revolut Press Contact 
Chad West, Director, Global Communications 
chad@revolut.com l +447860651737

Kiran Wylie, Senior Communications Manager 
kiran@revolut.com l +447875057754

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 $13 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, Nubank, Payoneer, Splunk, Spotify, Toast, WorldRemit, Xero, and Zillow. In Europe, TCV has invested $2 billion in companies including Believe Digital, Brillen.de, Perfecto, FlixMobility, RELEX Solutions, RMS, Sportradar, The Pracuj Group, and WorldRemit. 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/.

TCV Press Contact
Katja Gagen, TCV Communications 
kgagen@tcv.com l +1 415 690 6689


Toast Announces $400M in Series F Funding

OSTON–(BUSINESS WIRE)–Toast, the fastest-growing restaurant management platform in the U.S., today announced a $400M Series F funding round led by Bessemer Venture Partners, TPG, Greenoaks Capital, and Tiger Global Management with participation from Durable Capital Partners LP, TCV, funds and accounts advised by T. Rowe Price Associates, G Squared, Light Street Capital, Alta Park Capital, and others.

Focused on empowering restaurants of all sizes to compete on a level playing field with global brands, Toast has quickly become the go-to partner for the restaurant industry, from entrepreneurs opening their first restaurant to enterprise brands scaling across hundreds of locations. During the course of 2019, revenue increased 109 percent as tens of thousands of new restaurants joined the Toast community.

“As a result of our tremendous growth and commitment to the restaurant industry, we have continued to see a significant amount of demand from the investor community,” said Chris Comparato, CEO at Toast. “As the clear platform leader in the restaurant space, we are excited to use this investment to extend our capabilities and drive a bigger impact for the restaurant industry.”

Toast will invest proceeds from this fundraise into its technology platform to meet the evolving needs of the restaurant industry including:

  • New products designed to both deepen restaurateurs’ connections with guests and increase restaurant revenue;
  • Hardware and software investments to increase speed of service, streamline the guest experience, and reduce operational costs;
  • Capabilities to improve the restaurant employee experience, reduce employee turnover, and address the industry’s pressing labor challenges; and,
  • Financial products that provide quick and reliable access to funding to help restaurateurs grow their businesses.

“Just as the retail industry weathered disruption from e-commerce over the past two decades, restaurateurs now face shifting consumer expectations and a changing landscape of tech players who threaten to erode restaurant brands,” said Kent Bennett, partner at Bessemer Venture Partners. “Toast wants to partner with the restaurant community to level the playing field and strengthen this nearly trillion dollar industry. We’re thrilled to continue to support this incredible team in 2020 and beyond.”

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

About Toast
Launched in 2013, Toast is democratizing technology for restaurants of all sizes. Built exclusively for restaurants and driven by a passion to enable their success, Toast connects employees, operations, and guests on an easy-to-use platform so restaurateurs can stay one step ahead of a rapidly evolving hospitality market. Tens of thousands of restaurants partner with Toast to increase revenue, streamline operations, retain great employees, and create raving fans. Toast was named to the 2019 Forbes Fintech 50, 2019 SXSW Interactive Innovation Finals, and 2019 Forbes Cloud 100. Learn more at www.pos.toasttab.com.

Contacts

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

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


The Most Important Relationship in Business: Best Practices for Board Directors and CEOs They Advise

Board members can bring a wealth of experience and advice to their CEOs – and not just when the board convenes each quarter. The chemistry of this critical relationship requires careful attention, particularly when selecting and onboarding new directors, coaching the team and providing diverse insights. Tayloe Stansbury, Venture Partner at TCV, shares lessons and insights from his board memberships and two decades reporting to corporate boards as CTO at Intuit, CIO at VMware, and EVP at Ariba. Beth Knuppel, Principal in TCV’s Portfolio Operations, guides the conversation to the key moments and processes that board members and CEOs need to master so that their relationships – and the business – can thrive.

In this podcast, Beth and Tayloe address practical questions for anyone coming onto a board or running a company with board support, such as:

  • The most important criteria for joining a board
  • How to maintain diversity of opinion on the board while still providing the CEO with convergent advice
  • Why board members should meet with their CEO informally between board meetings
  • How to set efficient board meeting agendas that allow for in-depth discussion of pressing issues
  • Why board members should evaluate their own performance and not just the CEO’s

For this and more, settle back and click play.

TRANSCRIPT

Beth Knuppel: Welcome to Growth Journeys. This is a podcast series from TCV focused on lessons from the field from both operators and entrepreneurs in the TCV ecosystem. I’m Beth Knuppel. I’m an Operating Principal at TCV, where I lead our talent center of excellence within portfolio operations. Our podcast today is all about the CEO board partnership and lessons learned for effective governance. I’m joined today by Tayloe Stansbury. Tayloe is a Venture Partner at TCV, where he works with existing portfolio companies, and he’s also involved in diligence for potential investments. In addition, Tayloe serves on the board of directors at Coupa Software and BlueJeans. Welcome to Growth Journeys, Tayloe.

Tayloe Stansbury: Thank you very much. It’s great to be here.

Beth Knuppel: So, Tayloe, you had a long, successful corporate career before joining TCV as a venture partner. Most recently you were CTO at Intuit. Tell me a little bit about your background and how you got to this point.

Tayloe Stansbury: For the last decade, I was CTO at Intuit. I looked after all their technology operations — so engineering, data AI, IT, and information security. And before that, I worked at a number of other companies, including Ariba. I was EVP of product and operations there, which included customer support, product management, engineering, and operations. I worked also at VMware, Calico, Xerox, Sun, and Borland in a variety of different engineering and general management positions.

Beth Knuppel: So you are a technology veteran, for sure?

Tayloe Stansbury: I guess.

Beth Knuppel: In addition to those roles, I mentioned you also serve in some board of director roles. You were on the board of Shutterfly for three years. You continue to serve on the board at Coupa and at BlueJeans. What was it that attracted you to board service in the first place?

Tayloe Stansbury: I was a direct report to CEOs of public companies for some 20 years, which meant that most every quarter I was doing presentations to boards. And it started to intrigue me that maybe I could contribute at a different level. And that’s what led me to getting onto my first board.

Beth Knuppel: When you say at a different level, tell me more about what that means to you. What is it that a good board really adds to a company?

Tayloe Stansbury: Boards advise, right? Boards don’t manage. Management manages. And I think that distinction is really important. Boards bring a wealth of experience that is orthogonal to what some of the managers have and can advise them on new situations that arise and how to think about new problems.

Beth Knuppel: I think that a lot of people have in their mind this outdated stereotype of the board member who sort of jets in, goes to dinner, maybe makes a few pithy comments at the meeting the next day, and then you don’t hear from them again for another quarter. I should say, that is definitely not the model at TCV. Our boards are really engaged. But I’m curious, what would a management team expect, or what should they expect, in terms of engagement in between those quarterly board meetings? How do you work with the board in between those formal opportunities?

Tayloe Stansbury: For myself, I’d say, I generally meet with the CEO of each of the boards that I’m on once in between each board meeting — go out to dinner, to breakfast, or something like that — and just talk about whatever’s on their mind. And I usually adopt one or two, sometimes three members of the senior management team that I coach. And I usually meet with them once off-cycle between board meetings. And those meetings can be a lot of fun, high engagement.

Beth Knuppel: Got it. You know, a lot of our audience are founders who may not have ever worked with a board before. So you’re talking about this engagement in between. Who’s initiating that? Is that you, on the board? How should the CEO be reaching out?

Tayloe Stansbury: I think it’s best always if the CEO is making the introductions so you’re not invading their space and having meetings unbeknownst to the CEO. I’d give an example from a board I was on that was for a college. And the president asked me if I would lead the advancement committee, which means fundraising. And I said, “Hey, I’ll do anything for you, but I know nothing about fundraising.” And she said, “You’ll figure it out,” and turned around and then walked away. So she did actually introduce me to the head of fundraising and, we had a very fruitful relationship, where I would come down before each of the board meetings and go over his management challenges, his prioritization challenges, and how it is that he was going to present to the board, because while he was very experienced in fundraising and I was not, I knew something about presenting to boards and he didn’t. And so it would end up being a very fruitful relationship and we blew through all our targets and it was great.

Beth Knuppel: That’s great. One of the sayings that we have here at TCV is that the journey to the top is never a straight line, right? Every organization experiences setbacks and challenges. But I’m wondering, the CEO is typically looking to put their best foot forward with the board. How should a CEO balance that? How should they bring bad news or maybe challenging situations to the attention of their board?

Tayloe Stansbury: If all you’re doing is the Pollyanna version, nobody learns anything. I think what’s really best is approaching it with complete transparency and an attitude of seeking counsel, because that’s when you get the true value out of a board member who may have been through some of these things, or have cognated things before. So that’s hard to do. It means you’ve got to show your dirty laundry. But over time, you can build a relationship with a board where that’s okay, because they’ve had dirty laundry in managing the things that they did earlier in their lives as well. And they’re not going to be freaked out about it, and they’ll be able to give you much better advice which will enable you to perform better over time, with the transparency.

Beth Knuppel: It sounds like a key piece of that is just developing trust.

Tayloe Stansbury: Absolutely.

Beth Knuppel: How do you think about doing that when you’ve joined a new board and you’re establishing your own relationships with the other board members, with the CEO? How do you think about your entry into that board?

Tayloe Stansbury: Well, I think you’re hitting on a really important issue which is that the relationships are really important. And I think boards work best when there’s diversity of thought, everybody is respectful of each other’s opinions, but they’re also able to converge towards something which is a plan of action or a consistent set of advice for the management team. And I think the same thing is true with management. There has to be that trust of each other, the sense that different people are bringing something different to the party that is worth listening to and every now and then might be the key thing you need to know to manage through a tough situation. Mechanically, how that would work is going out to dinner with these people off-cycle from regular board meetings, getting to know them, and getting to build up that level of trust and respect for what it is that they’ve done.

Beth Knuppel: Right. I’m curious. As you work with a CEO, you want to build that trusted relationship, but at the end of the day, as a member of the board, part of your job is to evaluate the performance of the CEO.

Tayloe Stansbury: That’s right.

Beth Knuppel: How do you work through CEO evaluation?

Tayloe Stansbury: I think it’s best practice to have an annual evaluation of the CEO and actually even an annual evaluation of the other board members, where you think about: “What are the objectives that were set for the company, what are the objectives that the CEO may have set?” And everybody actually scores the CEO on that. You have a discussion as a board, and that gets presented to the CEO on an annual basis. And that discussion precedes setting the compensation for the CEO for the following year. I think that detachment where you can help and also provide some evaluation — hopefully which has got constructive ideas as to how the CEO can improve in areas where perhaps they need to grow.

Beth Knuppel: And you mentioned that you think it’s good hygiene for the board to engage in some self-reflection as well.

Tayloe Stansbury: Yes.

Beth Knuppel: How does that process work?

Tayloe Stansbury: Same way. Score each other, get together to have a couple-hour discussion about what came out in the survey. And if it’s a board that has mutual respect, those kinds of comments can end up helping bring the board closer together and help smooth out some rough spots.

Beth Knuppel: In the case of, maybe, a board that’s underperforming, what are some of the things that in the past you’ve encountered that help address an underperforming board?

Tayloe Stansbury: I see it as a spectrum – where at one end of the spectrum, you have a rubber-stamp board that’s not really providing any meaningful thought diversity to the problem, and the other end, where you have an acrimonious board which can’t agree on anything and they’re just fighting over stuff. And I think the sweet spot is somewhere in the middle, where everybody is thoughtful, they’re presenting diverse points of view, and they’re figuring out how to converge that into something that is constructive for the management team. And how do you get there? Again, I think it’s by spending time with each other and learning to appreciate what each other’s gifts are, what each other’s experiences are, what their scars are that they’ve managed to live through and learn things from. On a rare occasion, it may be best if some people move off the board if they just can’t get aligned with the rest of the team.

Beth Knuppel: Are there any common pitfalls that you see?

Tayloe Stansbury: In one case in particular, we did have a board that was pretty acrimonious and couldn’t get on the same page and it was very hard to get anything done. It was very hard to give consistent advice to the president of that organization. What happened in the end is some of the people who were really on a different page rolled off. And we got down to a set of people not who were rubber-stamped, who had diverse points of view but were able to come together in the end.

Beth Knuppel: I know at Coupa, you’re a member of the nominating and governance committee. What is it that you think about when you’re evaluating somebody who might potentially join the board? For CEOs out there, what should they be looking for when they’re thinking about board composition?

Tayloe Stansbury: We look at: “What is the skill set?” We have a whole matrix for skill sets that would be desirable for the board, and we score each other on how strong we think we are on those things. And that leaves it clear where there are some areas where we may have some gaps, some skills gaps — some experience gaps — that it would be really nice to flesh the board out with. And so then you go and say, “Well, who would be the people who could best fill those skill or experience gaps?” And then you look for, “Who are the people who are going to work well with the rest of the board, whose voices will be heard, who will hear other people’s voices, and will actually be convergent in their thinking, over time.”

Beth Knuppel: And, of course, the other side of the coin, as you’ve joined boards, you’re also making an evaluation. What is it that you look for to figure out whether a board is a good fit or not?

Tayloe Stansbury: The first thing is, you’ve got to have a passion for the business. If it isn’t a business that you love, then you probably shouldn’t be taking up space on the board. Another thing I really want is to have a visceral sense of what is the strategic path to success for this organization. So how is it that they’re going to weather whatever competitive threats and come out on top? Your sense of that may change over time, but I think you have to go in with a pretty good hypothesis of how this organization can become durable and win against the invariable competition. And the last thing is, it’s got to be people I like, because you’re going to be working with these people over several years. And you’re going to have to come to converged advice for management. It helps if you like everybody who’s involved.

Beth Knuppel: Sure. I’m curious to get your perspective on bringing on a new board member. Is there anything that you’ve experienced personally, or you’ve seen done really well, in terms of onboarding somebody onto the board?

Tayloe Stansbury: I think that bringing on a new board member is a big deal, and if you just hand them a board book and say, “Show up for the next meeting,” they’re going to come in without a lot of context, and they’re going to feel a little bit not on the inside, and their questions are just going to be off-kilter. And what I’ve seen as a best practice is you invest several hours, like a day, in training a new board member by having them meet with some of the senior management people, one-to-one, and then also go through a full rundown on the products, including demos of the products, so they have a real feel for the business and the competitive space.

Beth Knuppel: I’d love to get your perspective on how you think about the board agenda, and what topics are actually covered. Board time is so precious, you want to make sure that you’ve got a thoughtfully constructed agenda. What, in your view, rises to the level of importance for a board meeting?

Tayloe Stansbury: One thing I’ve seen that doesn’t really work really well for board agendas is to try to have every key member of the senior leadership team talk about the progress in their area every single board meeting. What I have found works a lot, lot better is if you look at the board calendar over the course of a year and say, “How do we make sure that every function gets their day in court, if you will, with the board, over the course of a year rather than the course of a single meeting?” And everybody can have a deeper discussion, and you get into the meatier stuff. Now, to complement that, I think having board materials that are first-rate, that come out early enough so that all the board members have a chance to read and digest them, is really important.

And what you can do in the board materials is make sure that the board materials include some news about what’s happening in every function that has something to report — even if they’re not going to present — so the board gets a view of that as it’s happening but then gets the deeper-dive discussions.

Beth Knuppel: Great. When I was presenting to boards on a regular basis, one of the things my CEO always said was, “Be bright, be brief, be gone.” In other words, do whatever you need to, to avoid the dreaded page flip where it’s kind of a march through slides that hopefully the board has already read. Is there anything you would share with folks who are in that spot of presenting to the board?

Tayloe Stansbury: I think it’s important for presenters to realize that the board has read the materials in advance and say the things only that punch up the most important parts of what’s on the pages. I think another good practice is you may think that you’re going to have an hour to present or half an hour to present, and it may be that the schedule goes sideways and you end up with only 5 or 10 minutes to present. It’s always good to have the 5-minute version of your presentation in the back of your mind so if you’re asked to do that, you can say something intelligent and helpful during whatever time remains. An important thing to remember about board members is they come and engage only periodically in the business. You, as an operating leader, are in there every single day. The board member isn’t going to remember all the context that you’ve got in your brain, and they’re not going to remember the thing that you told them three months ago. So making sure that you show not current state, but trajectory over what’s happened before, can help make sense for the board member.

Beth Knuppel: Great. Good advice. I want to close out with two questions. And first, I’m curious, if you look back over your board service, what do you think is the biggest learning that you’ve taken away? What is it that you would do differently the next time you join a board?

Tayloe Stansbury: You know, I think that getting to a sense of flow with a board, where you’ve got good ideas that are coming in, people bringing diverse thoughts, and where people are thoughtful about that and get to a good place quickly in terms of advising management, those are the boards that feel really good. The ones where you have people who are on a different place of, “Hey, I’m excited about this company,” and others who are thinking, “We ought to sell this company,” and you just can’t get them together, those end up being pretty rough situations. And you want to avoid the latter, if you can.

Beth Knuppel: Finally, for founders, for management teams who might be listening, what would you say would be the key takeaway that you would offer them for, really, how do you build and leverage an effective board?

Tayloe Stansbury: Look for openness and trust. Build a board where that exists. And working together, you can actually be a lot smarter than you can individually.

Beth Knuppel: Absolutely. Great insights, Tayloe. Thank you so much for joining us today.

Tayloe Stansbury: Thank you so much.

###

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 blog 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/.


Software-Defining the Pathway to 5G: How a Hardware Player in Cellular Networking Transformed Its Business Model (Twice!) to Revolutionize How Businesses Connect

Cellular connectivity has come a long way over the past two decades and today cellular coverage allows for an always-on world, connected by voice, text, apps, and the internet.  Mobile data usage has exploded, up 73x in the U.S. from 2010 to 2018.  There are now more mobile devices in use in the U.S. than citizens.  Almost 40% of the entire global population owns a smartphone, which are only a little over a decade old.  The disruption from a wired to wireless world has transformed the global economy. 

Different than consumers, businesses have been slower to adopt cellular for primary internet connectivity in their offices given historic cost and reliability concerns However, this is changing quickly with continued improvement in both quality and affordability in cellular service as the world embarks on the pathway to 5G journey. 

Cradlepoint is a market leading innovator helping businesses move from a wired to wireless world powered by next generation LTE and 5G networks, utilizing Cradlepoint’s software-defined wireless products to connect people, places, and things with enterprise-class visibility, security, and control. 

In today’s podcast, Board members Matt Robinson and Doug Gilstrap from TCV explore Cradlepoint’s growth journey with CEO George Mulhern, as he talks through the opportunities, tough decisions, and lessons learned to become the global leader in cellular connectivity for business.

For these insights and more, settle back and press play.

***

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 blog 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/.


TCV Welcomes Gopi Vaddi as General Partner

TCV is delighted to announce that Gopi Vaddi, a seasoned investor with broad international experience, has joined the firm as a General Partner. Founded in 1995, TCV has invested over $13 billion in more than 350 consumer and enterprise technology companies, including $2 billion in Europe, where Gopi will be focused. TCV investments in Europe include Believe, FlixMobility, Brillen.de, RELEX Solutions, RMS, Sitecore, Sportradar, Spotify, The Pracuj Group, and WorldRemit.          

Gopi is an excellent fit with TCV’s long-term strategy and focus of investing across geographies and domains, often far from major technology and financial hubs. He was born and raised in India, took degrees in business administration and electrical engineering in the U.S. and India, and has experience investing in the U.S., Europe, and Asia. Most recently, he was a partner at Providence Equity’s growth fund, where he worked on growth buyouts and minority investments in software and payments. At TCV, Gopi will focus on software and software-enabled businesses covering business applications, vertical software, digital marketplaces, and infrastructure software.

“We take as much care in adding a new partner as we do in making a new investment,” said Jake Reynolds, General Partner at TCV. “Gopi’s success springs from the same qualities that have driven TCV for nearly a quarter-century: deep domain knowledge, keen market insight, and a passionate commitment to helping entrepreneurs achieve category leadership. He also complements the firm’s broad growth-biased investment approach with expertise in software buyouts and buy-and-build investing.”

Gopi understands TCV’s approach, just as we recognize the value he has brought to his investments, including a willingness to roll up his sleeves and work side by side with management. As a citizen of the world who started his career as an engineer and data modeler, he has an innate ability to identify and partner with the next generation of category leaders and the entrepreneurs steering them.

We are thrilled to welcome Gopi to the team.

The General Partners of TCV

***

The companies identified above 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/portfolio-list/. For additional important disclaimers regarding this post, please see “Informational Purposes Only” in the Terms of Use for TCV’s website.                                                                                                 


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/.


This is the biggest trend in hotel tech that you’ve never heard of


Originally published at https://hoteltechreport.com on May 2, 2019.

Creating revolutionary technology for hotels has historically been a slog but lately we’re seeing a change in fate for hotel software companies due to increased investment in the space. One of the biggest investors in hospitality tech is Menlo Park based TCV, the growth equity firm that has invested in breakout companies like Sojern and SiteMinder within hotel tech. TCV has also made major investments in the broader hospitality and travel space such as: Airbnb, TripAdvisor, HomeAway, Expedia, Orbitz, SeatGeek and Toast.

TCV is one of the largest names in the world of technology investing with a successful track record in the massive hospitality and travel vertical. Vertical market software is an extremely hot investment theme right now.

“The easy opportunities for disrupting old-line industries are drying up. Now, many of the up-and-coming start-ups that may become the next unicorns have names like Benchling and Blend. And they largely focus on software for specific industries.” New York Times

Long time TCV investor and former SiteMinder CFO John Burke is excited about the opportunities within the vertical market software. John and his team have identified a trend within a sub investment theme that they’ve coined: “SaaS as a Network”. Here’s how they describe the concept.

“When a SaaS provider starts serving a high enough density of merchants, they can leverage that strength to build two-sided marketplaces with the merchant’s customers, suppliers, and employees.”

David Yuan, TCV General Partner

The general hypothesis is that once vertical market software companies achieve scale with regards to their core products they can always bolt on new point solution functionality but would be wise to focus on a much bigger opportunity. Specifically, TCV believes that these software companies can create two-sided marketplaces that connect their users to new channels of customers, suppliers and employees. Back in February, Hotel Tech Report identified the explosion of marketplaces as one of the 5 biggest tech trends at ITB Berlin, a trend that mirror’s TCV’s investment thesis. Of all the software companies creating marketplaces in hospitality, TCV’s portfolio company SiteMinder has the largest scale to date.

Image from David Yuan’s article SaaS as a Platform, SaaS as a Network

Last year SiteMinder threw its hat in the ring with the launch of SiteMinder Exchange aimed at “breaking down the industry’s notorious integration barriers, connecting hotel systems and applications through smart and simple connectivity.”

“The reality is that few industries are as fragmented as hospitality particularly at the PMS level. There has always been demand for many of the new applications, but innovation has been stifled by lack of connectivity and the sales model makes the economics challenging. Some of these barriers are starting to be broken down by SiteMinder and others which I think can unlock a lot of innovation for the industry. But this is a hard problem and it’s a complicated space with lots of moving pieces so that makes it challenging.”

John Burke, TCV Executive Vice President

SiteMinder’s Exchange marketplace is aimed at allowing other applications to access the firm’s broad user base consisting of more than 30,000 hotels worldwide. Most of those hotels are using SiteMinder’s highly popular channel manager which connects hotel inventory to 3rd party distribution channels as well as other products within the firm’s broader guest acquisition platform such as a rate intelligence tool and an online booking engine. The firm is betting that it can add value for users by allowing them to try more hotel tech applications with ease and in turn create new business opportunities for those suppliers.

We sat down with Burke to discuss his views on hotel tech, the future for platforms like SiteMinder Exchange and highlight the most cutting edge developments happening right now within the hotel space.

How did you get into venture investing?

I’ve been in and around venture since 2011. I started my career with EY in their audit and transaction advisory teams. Getting into venture was a bit of good timing and persistence. The TCV team were looking for an immediate hire and decided to take a chance. I was with TCV from 2011 to 2014 as part of the B2B software team. As I thought about what was next for me, I was drawn to the experiences and mentorship of the TCV Venture Partners (e.g. former senior operating executives such as Erik Blachford). The tech market at that time had been heating up with a few high-profile IPOs. It was my belief that the next wave of great investors was not going to be able to rely on multiple expansion or financial engineering. I believed the best investors over the next 10 years would need to be partners driving actual business growth.

That brought me to SiteMinder down in Sydney, Australia. TCV had just led the Series B investment in the company, and the fundamentals of the business were remarkable. On top of that, they were ramping up for aggressive growth across Europe, SE Asia and were about to launch in the U.S. which I thought would be great experience. I was also excited to work with Mike Ford and the entire SiteMinder team. Mike is a special entrepreneur who is not only very smart and a product visionary, but also authentic and humble. I joined SiteMinder initially in an analytics role and then for the next 3.5 years as CFO. For family reasons, we decided to move back to the U.S. last year, where I reconnected with TCV and rejoined the team. I continue to spend a lot of time in the hospitality and vertical software space and TCV just led an investment in Toast, an exciting next-generation restaurant platform.

Tell us about TCV.

TCV was founded in 1995 as a $100M venture fund and today has raised over $15 billion across 10 funds, focusing exclusively on technology companies. We recently began investing out of TCV X, a $3 billion fund. TCV looks to partner with companies that have potential for a sustained category leadership position 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 customer trust and engagement and a business model that is reflective of the value they provide. We are flexible on transaction type with experience in public and private markets and are comfortable in minority or majority positions. Over the past 24 years, we’ve had more than 60 IPOs in our portfolio and have worked with some of the largest franchises in technology including ExactTarget, Facebook, Netflix, GoDaddy and Spotify.

At this point, I’ve talked with many investors in the space which helps me appreciate how the various funds are different. For TCV, I think it’s the depth of industry knowledge and a growth mindset. We have close to 100 team members now and our investment team focuses every day on technology and goes deep in verticals and sub-verticals. 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 and are positioned to be a better thought partner for the executive teams as they drive towards expansion and category leadership. We’re not afraid to make bold bets especially when we have conviction on category leadership and to do whatever it takes to help companies reshape industries.

Can you talk about TCV’s view on hotel tech and its SiteMinder investment?

Travel and Hospitality has been a core focus of TCV for well over a decade. In addition to SiteMinder, the active portfolio companies we are working with include Airbnb, TripAdvisor, Sojern, Tour Radar, and Klook. Previously we were investors in Expedia, HomeAway, Orbitz, and Travelport, among others.

For SiteMinder, TCV led the Series B round and we have continued to stay active with the company as the lead director since then. Two of my partners David Yuan (General Partner) and Erik Blachford (Venture Partner) continue to serve on the Board of Directors.

SiteMinder has an incredible history, where is the company today?

SiteMinder is a hotel guest acquisition platform that connects hotels to future guests, so hoteliers can go back to doing what they love. It’s trusted by more than 30,000 hotels of all sizes, across 160 countries and has helped generate more than 87 million reservations worth over US$28 billion in revenue for hotels each year.

SiteMinder is based in Australia, how did you come across the investment?

It was a team effort. Back in 2011 to 2013 we spent a bunch of time mapping out the ecosystem for online travel and hospitality attending industry shows like HITEC and Phocuswright. Ultimately, we identified the channel management sector as promising albeit a lesser known segment in the category. Our view at the time was that online travel was increasingly complicated and in flux with new players vying for hotel distribution. Independent hotels were harder to aggregate but would also allow these same middlemen an ability to offer differentiated supply that was higher margin. Channel management became interesting because it aggregated and provided connectivity to this supply. We thought this was a hard problem particularly to do in a cost-effective way but when executed it could be highly strategic given the long-tail nature of both hotel supply and PMS. From there we focused on the best product and category leader which led us to SiteMinder. One of my colleagues got us an introduction to Mike Ford through an employee. We then got on the 14-hour flight over to Sydney and created a deal.

What’s one piece of advice you have for hotel tech entrepreneurs when raising capital?

Test the investors. Anyone can look at metrics, but make sure you push them on the nuances of your positioning and make sure they understand the depth of your industry and strategic implications of the various alternatives. Mike did this to us in a big way when we pursued SiteMinder and it always stuck with me.

One pitfall I’ve seen is entrepreneurs who get ahead of themselves with regards to the amount of capital raised or valuation and focus on those items vs. choosing the right partner. This can have implications down the road. I would say to raise what you need and what strategically makes sense given your market and opportunity. And focus as much time and energy as you can on the partner. In addition to the strategic perspective which is table stakes, I tend to think entrepreneurs should focus on investors with candor (to drive constructive feedback delivered in the right way) and humility (it’s all about the team and this also makes it more fun).

How do you think the hotel technology space will change over the next 5-years?

It’s a great time to be in hotel technology given how dynamic this market is. I think we are still early in the growth journey for hotel software. In my mind, there is no doubt that software will continue to play a larger and larger role in the next 5 years and continue to reshape the industry and guest and operator experience. We have also been spending a bunch of time on a thesis we are excited about, called “SaaS as a Platform and SaaS as a Network,” which is around the continued extension of the SaaS business model and platform companies leveraging their position in creating marketplaces with employees, suppliers, or customers. I think this trend has many opportunities in travel.

For hotels specifically, I think data, connectivity, and personalization will only increase in importance. Tools like SiteMinder Exchange, which is a data layer connecting PMS with applications and demand channels, can be a big part of this and drive innovation.

I also think there will continue to be more dominant global players with companies like Ctrip continuing global expansion and Google, Facebook/Instagram, and TripAdvisor starting to see momentum on their new models. The lines in the accommodation industry will continue to blur as Airbnb ramps up their investment and focus on hotels as well.

I also feel labor management will matter more, and there will be new innovative ways to tackle this challenge. This is something we’ve seen in the retail vertical which I think will also make its way to the travel industry.

People often say that the hotel industry is a bit slow to adopt technology. Do you agree?

I agree. But I don’t think it’s been driven by the lack of interest or desire. Hoteliers care deeply about guest experiences and the ones that I’ve spent time with often always go above and beyond what’s expected. The reality is that few industries are as fragmented as hospitality particularly at the PMS level. There has always been demand for many of the new applications, but innovation has been stifled by lack of connectivity and the sales model makes the economics challenging. Some of these barriers are starting to be broken down by SiteMinder and others which I think can unlock a lot of innovation for the industry. But this is a hard problem and it’s a complicated space with lots of moving pieces so that makes it challenging.R

If you were leaving venture capital tomorrow and forced to start a hotel technology company — what would it be?

That’s a tough one. Part of working in an operator role at SiteMinder helped me realize how hard it is to be an entrepreneur and scale a company. This only deepened my respect for what they do. I’m a big believer that you need to follow your heart, so I’d want to align it to something I am passionate about. Maybe I’d do something connecting hotels/travel and yoga which is something I’ve come to enjoy. And being a CFO and travelling a lot, I also think the opportunities in corporate travel remain significant.

What is the most interesting or surprising thing that you’ve learned from investing in hotel tech?

Not too much is surprising me at this point. It feels like there is never a dull day in hotel tech! One thing I did notice about some of the larger players in the space is that they serve hospitality, but at their core they are surprisingly not hospitable. One of my partners recently did a podcast with the former CMO at Airbnb and Coca-Cola and he talked about authenticity as an enduring and compounding competitive advantage. I think this is something that will matter more and more. I think it will eventually catch up with those companies who forget that, especially in hospitality tech.

What is the best book you’ve read lately and why?

“The Outsiders” by Will Thorndike. I read it a couple of years ago and it continues to stand out to me. The book profiles eight understated CEOs who took a different approach to corporate management. These “outsider” CEOs often didn’t have the charisma that society has conditioned us to expect and were often in their position for the first time. Humble, unassuming and often frugal, they shied away from advisors and the hottest new management trends, instead focusing on a pragmatic and a disciplined approach to capital allocation which drove extraordinary returns. I found myself getting lost in each of their stories and admiring their independent thinking and patience to wait for the right opportunity. “Shoe Dog” and “Limping on Water” are two others I enjoyed.

What is your favorite podcast?

The top 3 for me right now are Farnam Street, Invest Like the Best, and Acquired. All the them have caused me to think differently and continually expand my curiosity.

What is one thing that most people don’t know about you?

I love yoga and meditation.

For all the startups that might want to pitch in TCV’s office, what can you tell them about your investment criteria?

We recently began investing out of TCV X, a $3 billion fund, so the opportunities we pursue are typically between $30–300M. We tend to be flexible on all other aspects of a transaction type and focus on category leadership potential and growth. I really enjoy spending time with entrepreneurs and would love for folks to reach out even if they are a bit early. Companies can scale quickly so we would love to start a relationship well in advance.


Originally published at https://hoteltechreport.com on May 2, 2019.

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. This post is intended solely for prospective portfolio companies and their agents regarding TCV’s potential financing capabilities. 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/.


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