From Startup to Global Scale: Securing and Building the Company’s Culture Are Keys to Success of Tech Leaders

The days when technology chiefs could focus simply on hardware and software are gone. For technology leaders, aligning IT with long-term strategy and attracting and nurturing a winning team has become key in a world where customer expectations are growing, and the pace of change continues to accelerate.

Today’s technology businesses need to think strategically at the local, national, and global level. Many companies run business online or mobile first and are getting creative and competitive advantages from collecting and analyzing consumer data. This provides both opportunities and challenges: on one hand, companies can get access to global customers fast, yet they are also facing competitors both at home and abroad, not to mention threat actors who could be located anywhere and can come at you with sophisticated attacks. It’s your talent against theirs – with your enterprise and your customers in the middle.

At TCV, we’ve been focused on talent and culture as critical success factors for more than 20 years. Many of our investments have turned on building or sustaining successful cultures and nurturing them with the right people. For this year’s invitation only CTO/CIO Summit we decided to look at talent and culture together with the challenges of globalizing and securing the enterprise. We brought together over 40 technology executives, including founders, product leaders, TCV partners, and — of course — CTOs and CIOs, in Half Moon Bay, CA, for an opportunity to build peer relationships, learn from shared experiences, and discuss top-of-mind issues facing these leaders. We also mixed up the “talent” for the event itself, drawing not only on working CTOs and CIOs but also career IT experts with consulting and investing experience across multiple industries.

For us, the most important part of the two-day event was gaining a deeper understanding of both the challenges and opportunities technology executives need to balance, including:

  • Winning the Talent Wars and Creating a Winning Culture
  • Building a Globally Distributed Organization
  • Privacy and Identity Initiatives and Securing the Enterprise
  • Our agenda centered around best practices in scaling a global organization. Other topics we discussed included how to integrate acquisitions and best practices in managing a global workforce.

Here are the highlights:

Over dinner, Zillow CTO Dave Beitel spoke about how technology has transformed the real estate industry. Dave joined Zillow in 2005 and has seen the company grow, both organically and with 13 acquisitions in the last 12 years. Dave explained the importance of creating a strong culture across multiple locations and laying out paths to career development to motivate teams as organizations scale. He also provided advice on a common challenge that many growing companies face, particularly how to integrate offshore teams and make them an extension of existing efforts rather than adjacent resources. He also discussed with the group how to achieve success in scale with multiple office locations and different cultural identities.

Tim McAdam led the next day’s first panel with Victoria Schillinger, VP of HR at Alarm.com; Caroline Horn, Partner at Andreessen Horowitz; Michael Morell, Managing Partner at Riviera Partners; and Jonathan Schoonmaker, SVP of HR at FinancialForce. Their topic: winning the talent wars against today’s tech giants. The practical tips flowed freely, starting with university recruiting. Pick a few schools and work them, including both Ivy League schools and state colleges. Build relationships with influential faculty. Introduce your brand to younger students, not just seniors. When they become interns, give them meat to work on, not crumbs – having an impact is what they value most. If they turn down an offer, wait 2-3 years and call again – they may not be having the impact they expected at that big company they chose. Retaining key talent has to be proactive. Sit people down and map out how they will develop themselves and increase their impact by staying with you. Give them management opportunities so they can imagine themselves as leaders. Don’t expect diversity to walk in the door — look for talented, highly motivated people who come from completely different fields such as law or the military. And finally, the 90 days after a new hire starts are more important than the 90 days spent hiring them. Set them up for quick wins, build in plenty of touch-points, and make sure they’re comfortable in the culture.

Ted Coons continued the conversation with a focus on talent and culture, talking with Kameron Kordestani, a partner at McKinsey & Company, and Otto Berkes, CTO of CA Technologies, about building a globally distributed company. Both speakers separated the “artifacts” of culture – posters, slogans, logos – from its essence: ways of working that make the organization succeed. People who embody those essentials should be made ambassadors to new acquisitions or newly built development centers, so that people new to your culture can experience it live. When new team members absorb it, they should be given broader responsibilities in the combined company – this leverages their talent and inspires their original team. Particularly after M&A, the acquired team needs to understand its role and contribution to the combined entity; this should happen quickly and positively. Pay for travel if you can; people in far-flung organizations form bonds faster when they meet in person. Both Otto and Kam warned against sticking too closely to integration playbooks, particularly when the acquired technology is new or different. Sometimes a talent-rich team should not be integrated rapidly. Don’t compromise on security or safety but take time to observe how they work before you impose on a new team – the last thing you want to do is spoil an acquisition by how you integrate it.

TCV EIR Jonathan Shottan, Manmeet Singh, Co-founder and CEO of Dataguise and Pablo Jensen, CTO of Sportradar pulled back the curtain on Europe’s General Data Protection Regulation (GDPR) and California’s new privacy laws. Simply put, GPDR is about What, Where and Why: What private data do you have? Where is private data stored? Why do you need to process that private data? Both the compliance challenge and market opportunity of the new regulations are huge and what unites them is the challenge of identifying the vulnerabilities. Many companies mistakenly believe they are compliant, because they encrypt and segregate various types of customer data physically or in the cloud; but when they bring data types together for analysis, they create “PII” – personally identifiable information. The new laws also require companies to delete data if customers demand it, but that’s likely to create havoc with legacy database applications built on relational technology. And how do you delete older data stored on physical media? Enter data masking, at production scale, to stand in for deletion and encryption. First movers — with enough IT spend on decoupling, segregating, and masking data — may even competitively enhance their brands as “more secure” than others.

After lunch, Ted Coons and Charles Beadnall, CTO of GoDaddy, delved into the transformation of GoDaddy’s culture, a process that started back in 2013. Engineers loved the company’s mission of providing small businesses with a home on the internet, but deterrents included fly-over geography, aging facilities and sensationalist marketing. With a new CEO – and marketing campaign – GoDaddy began recruiting heavily. The challenge was forming a new culture that welcomed both existing employees and a flood of new developers in ways that produced better products, faster. Charles employed a version of the 80/20 rule: if he could populate 20% of a department with more diverse people who modeled the right behaviors, they would tip over the rest. The company hired people based on referrals, recruited many female graduates from local universities and placed experienced diverse hires in senior IT roles. Charles also drew in Ph.D.s from MIT and spent time with teams around the globe to transform a culture while keeping the company focused on growth.

Matt Robinson led the day’s final session on securing the enterprise with Amir Ben-Efraim, co-founder and CEO of Menlo Security; Rob Fry, VP of Engineering at JASK; Robert West, Managing Director at Deloitte LLP; and Christian McCarrick, VP of Engineering at Auth0. Matt first asked the panel how CIOs and CTOs should differentiate among today’s legions of security providers. Recommendations included assessing your vulnerabilities so you’re asking the right questions, getting referrals from peers, and anticipating the inevitable consolidation among security providers. Not every company needs an industry giant – those companies were startups once, and today’s upstarts may have superior technology. The panel then discussed prioritizing among today’s proliferating threats. Getting governance in place is critical – if no one fully owns the security portfolio, priorities will be set for the wrong reasons. If the role falls to you as CTO or CIO, you must be (or become) a good storyteller to convey the threats to your company and build consensus on addressing them. It’s also vital to recognize that malware will get inside your systems, but it won’t be the end of the world if you’re prepared. Ultimately the biggest weakness of all security systems is the human element. Education and training are essential and need to be on the agenda regularly. In addition, Amir argued that companies should hold vendors to a higher standard, aiming to receive 100% efficacy to keep companies protected.

We are grateful for all the valuable insights our speakers shared with attendees and the TCV community we strive to create. We look forward to exploring new topics and connections during our next TCV event.

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The views and opinions expressed are those of the CTO/CIO Summit speakers and do not necessarily reflect those of TCMI, Inc. or its affiliates (“TCV”).  This summary 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.  Not all companies discussed above are TCV portfolio companies.  Any TCV portfolio companies discussed 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 document, please see “Informational Purposes Only” in the Terms of Use for TCV’s website, available at http://www.tcv.com/terms-of-use/.

 


Travel Tech Company Sojern Announces Financing Round Led By TCV

SAN FRANCISCONov. 13, 2018 — Sojern, the travel tech company known for its traveler path-to-purchase data and innovative travel marketing and distribution solutions, today announced that growth equity firm TCV has led a $120 million financing round in Sojern.

Sojern looks to build on its years of rapid growth and successful execution—recently marking 13 consecutive quarters of profitability—to accelerate solutions development for its clients, which include 93 percent of the world’s Fortune 500 travel companies and thousands of independent hotel properties and local tourism providers. As part of the transaction, TCV general partner Woody Marshall joined Sojern’s Board of Directors. TCV brings extensive experience in the travel and marketing tech spaces with investments in Airbnb, Expedia, Orbitz, HomeAway, TripAdvisor, SiteMinder, ExactTarget, Act-On and Ariba.

Sojern offers a scalable model for driving bookings through a blend of programmatic display, video, social, mobile and native advertising tailored to reach travel audiences as they move through the process of planning and researching an upcoming trip. The company has closely followed trends in travel marketing, acquiring Facebook and Instagram Marketing Partner Adphorus in late 2017, testing into connected TV, and making its real-time audiences available to top clients via a programmatic in-house offering.

“At Sojern, we aim to know all the world’s travelers and move them from dream to destination. Our teams dig deep into the traveler path-to-purchase so we can help our clients win the competition for bookings. We’ve used those insights to drive $13 billion in bookings so far, with the goal of transforming digital marketing into digital distribution,” said Sojern CEO Mark Rabe. “With this new partnership with TCV, we’re excited to continue driving efficiency into the ~$100 billionbeing spent by travel brands around the world.”

Woody Marshall said, “We have been watching Sojern’s rapid rise in the travel technology space for several years, and we were impressed with Sojern’s leadership position in the space and its unique, scalable model for influencing travelers worldwide. Sojern’s ability to both conceptualize a better marketing experience for travel organizations and their steady execution over the past decade, as well as their innovative business strategy, strong executive team, and inspiring company culture made them a natural fit for us.”

About Sojern
Sojern (www.sojern.com) is a leading provider of digital marketing solutions and real-time audiences for the travel industry. Sojern has specialized in traveler path-to-purchase data for more than a decade and has delivered $13 billion in bookings for clients to date. Recognized as a Deloitte Technology Top 500 Fastest Growing Company for 5 years in a row, Sojern is headquartered in San Francisco with 13 global locations.

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

PRESS CONTACTS:

Sojern

Scott Thornburg

+1 (415) 816-8844

scott.thornburg@sojern.com

TCV

Katja Gagen
+1 650-614-8264

kgagen@tcv.com

 

 


The Guts and Glory of Category Creation

Customer Success is an established concept these days. Harvard Business Review has written about it. There are how-to guides online, and “Customer Success” even has its own Wikipedia page. Customer Success Manager positions, are among the fastest growing in the titles in the US. Customer Success is definitely a “thing” now.

The rise of Customer Success didn’t happen organically. Nick Mehta and the rest of the Gainsight team put the Customer Success category on the map through a deliberate and inspired effort.

In this Q&A, TCV GP David Yuan and Gainsight CEO Nick Mehta share lessons on the pros and cons, and the key success drivers of building an entirely new category of enterprise software.

 ***

David Yuan: Let’s start with the basics. What is Customer Success, and what made you think it was a big enough problem space in which you could create a large company?

Nick Mehta: Most companies today either already have or are transitioning to a subscription-based business model, so that means retaining and providing value to your existing customers is more important than ever. That’s where Customer Success comes in—when you’re proactively engaging with customers, you’re able to stay ahead of customer churn and even discover other opportunities to provide more value and upsell. And you know all of that ends up increasing renewal rates and ARR. It’s really cool to see more and more businesses recognizing its value.

David Yuan: And why did you think it deserved its own category? You could have fit in a number of existing categories. Why try to create your own?

Nick Mehta: Yeah, Customer Success has been confused with customer support, customer service, professional services, or account management, but really, it’s a mash-up of those functions. Early on we didn’t know what to call it. Honestly, if you said “Customer Success Manager” to somebody back then, nobody would have any idea what you were talking about. But we knew we were looking at a new discipline for the next generation of businesses—something that’s at the intersection of customer support, service, customer analytics, customer machine learning, etc. They do share some similarities, but the fundamental shift is going from reactive (waiting for the phone call) to proactive (owning the customer’s outcome).

We could have attached ourselves to a category like account management and become a boring old company that’s somehow related to customer support. Many people actually tried to push us into those types of categories. Fortunately, we stuck to our gut because we knew none of those were a fit.

David Yuan:  To be honest, category creation is a little bit a of a flashback to the 1990’s when Ariba and i2 spent gobs of money making procurement and supply chain sexy. Hmm, must have been an interesting discussion with investors…

Nick Mehta: Yeah, people didn’t like it. Not only because of the potential expense with creating awareness, but also because they thought Customer Success was too much of a niche. That putting ourselves in the category would box us in.

David Yuan: Were they wrong?

Nick Mehta: Yes and no. It was certainly an obscure area, but we truly believed it could get big. So we went down that path and became very passionate about building the Customer Success company—we decided to go all in.

David Yuan: So how did you define scope? Define it tightly and you have 100% market share and no TAM, define it broadly and you have big TAM and you compete against everyone. In picking scope you get to pick who you compete with today and potential in the future, as well as who may view you as a strategic acquisition. Was this all in the plans, how intentional was your scope?

Nick Mehta: Really good question and we still wrestle with it. I think we embraced the concept early on of focusing on a very specific market (subscription) and persona (Customer Success). Many people said “your TAM will be limited” because of this. But the reality is that that market and persona have grown radically. So I think the lesson is there is a tradeoff to focus but it’s less of a tradeoff if the “niche” has a big tailwind behind it.

David Yuan: And how did you actually put on a name on the category. Customer Success actually feels really nature–simple and non-technical, yet distinctive.

Nick Mehta: We actually had a lot of debate about naming it because there were existing categories that we could have slotted into. Friends of the company suggested we call it “customer artificial intelligence.” Others told us we should call it “customer insights” or “customer machine learning.” But none of those fit for our vision.

We noticed Salesforce had a team of “Customer Success Managers” that had like 80 people in it and were starting to hire more, and when we saw this new job and description it made sense to us. There was also a small community of folks who met in online forums and around local offices in the Bay Area who really resonated with this Customer Success message.

David Yuan: It’s one thing to put a category name out there—most companies attempt to do that, but most are unsuccessful. How did you turn a Gainsight term into the category label?

Nick Mehta: We said to ourselves that we were going to create and really own the industry. We facilitated the creation of a community. With their help, we created best practices. We described what a Customer Success Manager does, how you pay them, and who they report to. We even published a book about the entire discipline. And we’re still helping define roles and titles based on the trends we’re seeing.

At first we wanted to do what a lot of enterprise software companies do: host a conference with our customers. The problem was that we didn’t have any customers, so a conference would have been depressing!  So instead of doing a company event, we decided to do an industry event. We focused on Customer Success Management, not our company per se. We said, let’s connect with other players in this still-young industry. We called the event “Pulse.” It was the most important thing we ever did as a company. When we sent out invites, we thought we’d get maybe 50 people to attend. Instead, 300 showed up the first year. Just to show you how fast this industry has grown, this year, our sixth year, we had over 5,000 people show up.

We’re not that big of a company, but our conference brand—Pulse—has become very big. We even expanded globally. We have a conference in London and we’re planning to continue that, and we’re hosting our first Pulse in Australia later this year.

David Yuan: Why do you think Pulse was so successful?

Nick Mehta: In order to create a category, we needed to create a community, and Pulse helped do just that. Fundamentally, in a new profession, people want to meet others “like them.” So Pulse has become in some ways like eHarmony for Customer Success.

David Yuan: Is it as expensive as it sounds?

Nick Mehta: Yeah, don’t do this if you’re bootstrapping. I don’t think it’d be possible since it’s not cheap. We raised $156 million in venture capital from investors who believed we could create this new marketplace. We were fortunate to receive their support because it allowed us to really distance ourselves from the little competition we had.

David Yuan: You’ve cultivated this community, so now what?

Nick Mehta: We try to put ourselves in the shoes of the people in the Pulse community. The terms “thought leadership” and “content marketing” have often been cheapened into thinly-veiled advertisement and we tried to change that. We strived to focus on the issues on the minds of people in Customer Success – from compensation to org models to career paths. We built a job board and an online university to help serve the career needs of our community.  At the end of the day, it’s fundamentally about the people.

David Yuan: How do you hire in an industry that’s so new?

Nick Mehta: Trying and failing. That’s the challenge. There is no playbook or existing job description to follow. So in the early days, we really focused on our value of “Shoshin” (Beginner’s Mind) – people that were creative and willing to learn.

David Yuan: You’ve said that you don’t sweat the competition. Why not?

Nick Mehta: In a new market, it’s not about the competition. It’s about creating the market. Our competition is inertia and ignorance.

David Yuan: Why don’t you have more competition?

Nick Mehta: In some new markets, the “friction” to get started is very high. In our example, you need to build a complex product AND a new profession!

David Yuan: You’ve put a lot of attention on your company’s culture. What have you done and why is it important?

Nick Mehta: When you’re creating a category, your culture is doubly important – it’s the framework for your company AND for your community. One of our core values is Childlike Joy, which basically means we want people to embrace their inner kid and bring the kid in you to work. We really lean into our community with that. We’ve done all kinds of fun things. We wrote a children’s storybook for CS professionals to explain to their kids what they do at work. We also do a lot of things with music, like create a Customer Success version of a Taylor Swift song, a rap song, a musical, and even carpool karaoke with Aaron Levie from Box and Keith Krach from Docusign. We also had Vanilla Ice at one of our Pulse conferences. Actually, there was a time that if you googled Gainsight, it literally listed our company as a musical artist in the hip-hop/rap genre. #lifegoal

David Yuan: Ha! I’ll have to check it out. Vanilla Ice, that’s when you know you’ve made it. You’ve come a long way from ‘nerding’ out at Harvard, my man!

Nick Mehta: Yeah!

David Yuan: Awesome, thanks Nick. Really proud of what you’re doing at Gainsight and appreciate your sharing some of your learnings!

Nick Mehta: Awesome! Thank you for having me.

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The views and opinions expressed in the transcript above are those of the speakers and do not necessarily reflect those of TCMI, Inc. or its affiliates (“TCV”). This transcript 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 companies discussed above are not necessarily TCV portfolio companies and are not necessarily representative of any TCV investments. 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/.

 

 


Match Play: Lessons in Leadership

On the heels of the final rounds of the 50th US Open Tennis Championship, TCV’s General Partner John Doran sat down with George Mulhern, former tennis pro and CEO of Cradlepoint to discuss lessons learned on and off the court. In addition to being CEO of Cradlepoint, a global leader in cloud solutions for 4G/5G-enabled networks, George has been instrumental in driving economic growth in the Northwest region as a venture capitalist. Throughout his 20+ year career, George has drawn on his experiences on the tennis court to succeed through the highs and lows of the ultra-competitive tech industry.

Key takeaways include:

  • How to develop a competitive mentality that keeps you focused
  • The right attitude for responding to adversity
  • Why the mindset of your company’s culture determines long-term success

***

John Doran: It’s not every day I get to talk with a fellow tennis player about what the game can teach tech founders and CEOs. How far did your tennis career take you?

George Mulhern: I went to college on a tennis scholarship and then played for a short time on the American Express Satellite tour, which is like the minor league of professional men’s tennis. That was far enough to know that I would have to make my living doing something else.

John Doran: What did tennis teach you about competing in the technology business?

George Mulhern: One of the most important competitive things you learn in tennis is to never give up when you are behind. You can turn around a match completely, like a major pivot in technology, if you keep your head and adjust your strategy and tactics. It truly is not over until it’s over. An equally valuable lesson, one you usually learn the hard way, is to never let up when you are ahead. If you lose momentum it is much tougher to get back on top, and you also give a big shot of confidence to your opponent. The same is true in business. You can never rest on your past successes. Every day is a new game and you have to approach it with the intention and intensity to win.

John Doran: Pro players often talk about knowing their competition and anticipating how a certain player will try to compete against them. Do you see parallels in your business life?

George Mulhern: My experience was that no matter how much you study your competition before a match, it is impossible to completely predict how they will behave. It is more important to have keen situational awareness, flexibility in your own game and the agility and willingness to rapidly adapt. Then you’re ready no matter what the opponent comes at you with.

John Doran: In tennis, top players often try to balance their strengths and stamina and stay in a match with a view to turning around the momentum. Has there ever been a time when you would conserve energy against an opponent in a long match?

George Mulhern: The context for those comments is that players today are achieving a level of conditioning that is unprecedented for tennis. They’re hitting harder and running more for every ball. So you can win a match by outlasting the other player, not just outplaying them. The same is true in technology. If you are investing enough time and effort into that level of conditioning, you don’t need to conserve your energy. Your competitor should run out of gas before you do. By conditioning I mean ensuring that you have, or are acquiring, the skills and capabilities your company needs to sustain success for as long as you stay in business.

John Doran: It’s often said that success in tennis is as much about the mental side of the game as it is about physical talent.  In your world now, as CEO, having a strong mental game is fairly pivotal as well. How do you keep your mental game sharp in the tech business?

George Mulhern: There are all kinds of distractions when you are playing competitive tennis: fans, competitors, weather, injuries, illness, even the last shot you missed. You need the mental toughness to put all those things aside and focus on what is most important, which is the point you are playing right now. It is the same in the tech business. The distractions are different – there is always the latest shiny object grabbing at your attention – but the challenge is the same. You have to stay focused on the key value drivers of your business.

John Doran: On the WTA tour, I understand that coaching is now allowed during matches at certain times, giving the coach a potentially bigger influence on the outcome of a match. Can you share any feedback that you took from your tennis coaches over the years that you still use today?

 George Mulhern: My college coach, whom I now think of more as “Yoda,” taught me it’s not about who has the best strokes or shots. It’s about a simple decision you have to make: (Yoda voice) “Winner, do you want to be?” If you do want to win, then the challenges of becoming a winner don’t feel like a sacrifice. They energize you. You are more than willing to put in the hours of practice and conditioning. You embrace the need to change something in your game if that’s necessary, and you summon the courage to fight until the last shot of the match even when you’re tired and it starts to feel hopeless.

John Doran: Applying the coaching metaphor to your business experience, what kind of performance feedback is most valuable?

George Mulhern: Direct and honest is the best. As you rise in an organization, more people will tell you how great you are. You have to find the folks that will tell you the things that aren’t so positive and nice to hear. As you move into higher levels of leadership you need to grow a thicker skin, but with some permeability so you can accept critical feedback and not over-personalize it. It’s just business. You use the feedback to improve and move on.

John Doran: One of the commonalties about this generation of top tennis players, especially in the men’s game, is the ability of the top players to continually improve and add to their games, allowing people such as Federer, Nadal, and Djokovic to stay on top for so long. In the business and technology world, how do you ensure you’re making the necessary improvements to your game to stay ahead of the competition?

George Mulhern: My first year of college tennis, it really hit home to me that I had to get better every day, because there are a whole bunch of other guys out there who certainly are. It is the same in technology. Every technology company’s culture has to instill a sense of urgency and willingness to embrace and adapt to change. Your existing competitors are striving to improve, new competitors are starting up, and they all want to take your market share. At Cradlepoint we say, “stay humble and hungry, or you will be.”

John Doran: Even the greatest tennis players of all time have lost big matches throughout their careers. What can business leaders learn from that? How do they recover?

George Mulhern: It’s one match. Learn from it, adapt where you need to, and get over it. People in your organization will take their cues from you and react the way you do, so don’t run around like your hair is on fire. Just go to work on finding the path to the next success.

John Doran: Did any of the great tennis players of the past inspire you in ways that affected your success in business?

George Mulhern: One of my life lessons came from a tennis idol of mine – Arthur Ashe. When he was asked what it takes to become a champion, he said “start where you are, use what you have, do what you can.”  Whenever I am faced with what seems like an insurmountable challenge or problem, I remember that quote.  If you just take that first step, the next step becomes clearer, and then so does the next.

John Doran: Thanks so much for your insights, George.

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TCV is an investor in Cradlepoint.

The views and opinions expressed in the transcript above are those of the speakers and do not necessarily reflect those of TCMI, Inc. or its affiliates (“TCV”). This transcript 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/

 

 

 

 

 


Klook Gears Up for Next Round of Global Expansion and Innovation with US$200 Million Series D Funding

HONG KONGAug. 7, 2018 — Klook, a world-leading full-service in-destination booking platform, today announced it has closed US$200 million in Series D funding, bringing its total financing to date to US$300 million. This makes Klook the most-funded company in the tours and activities sector globally. Investors in this round include Sequoia China, Matrix Partners, Goldman Sachs, Boyu Capital, TCV, an Asia-based sovereign wealth fund, OurCrowd, and some family offices. Sequoia China, Matrix Partners and Goldman Sachs also led the Series C in October 2017. The investment further strengthens Klook’s position as a global player in the travel sector, and accelerates its expansion in the US and Europe, including product growth and technology innovation.

Founded in 2014, Klook is one of the world’s fastest-growing booking platforms, covering attractions, tours, and local experiences as well as local transport and railway services around the globe. It offers travelers more than 50,000 activities and services provided by over 5,000 industry partners in 200+ destinations worldwide. Since closing its US$60 million Series C fund last year, the company has opened offices in London and Amsterdam, and now employs more than 600 people across 16 offices around the world. Its robust growth is driven by the rise of independent travelers and an increasing consumer appreciation for travel experiences. The company is on track to achieve US$1 billion annual bookings in 2018.

Klook will continue to expand its global footprint, with plans to open an office in the US by the end of 2018. The company will also be adding more US and Europe-based curated activities and services onto the platform to fulfill an increasing demand from Asian travelers for diverse and unique in-destination experiences . Simultaneously, Klook will look to bring more US and European travelers to Asia, supporting the company’s long-term vision of serving travelers worldwide to easily discover destinations that are both popular and unique.

Klook has been a pioneer in driving travel innovation, developing travel operator solutions such as the Merchant App and QR-code based e-voucher redemption. Klook’s technology solutions have been widely recognized and adopted by its merchant partners including world-renowned attractions, mass railway transit and other offline service operators. Klook will continue to collaborate with its merchant partners to further provide frictionless, real-time booking experiences for modern travelers.

“Our mission is to empower travelers to build their own unique journey,” said Ethan Lin, CEO and Co-Founder of Klook, “This round of funding marks an important milestone for us. The funding and extensive experience from our new investors will let us to further solidify our merchant portfolio and provide travelers with even more activities and destinations to explore around the world.”

“We are committed to using innovative technologies to help digitize the tours and activities industry,” said Eric Gnock Fah, COO and Co-Founder of Klook. “The new funding will help us deepen our partnership with merchants through more technological solutions that bring new sources of customers and optimize operational efficiencies.”

“By leveraging their strength in digitally transforming their suppliers of tours and activities and tapping into the new generation of mobile-first travelers, Klook is emerging as the clear leader in the online tours and activities sector,” said Neil Shen, Founding and Managing Partner of Sequoia China. “We look forward to seeing Klook help more and more travelers connect to suppliers, and become a key source of inbound demand for Asia and beyond.”

“TCV seeks to invest in companies with exceptional management teams that drive technological innovation,” said David Yuan, General Partner at TCV. “Klook is at the forefront of transforming the travel industry and we’ve been impressed with the team and the company’s growth. We are excited to help them advance their global strategy and expansion.”

About Klook

Founded in 2014, Klook is one of the world’s leading travel activities and services booking platforms. Klook gives travelers a seamless way to discover and book popular attractions, tours, local transportation, best foods and must-eats, and unique experiences around the world on its website and award-winning app (‘Best of 2015’ & ‘Best of 2017’ by Google Play and Apple App Store). With Klook’s innovative technologies, travelers can book after arriving in their destinations and redeem the services by using QR codes or e-vouchers. Each day, Klook empowers countless travelers to indulge in their wanderlust and spontaneity through over 50,000 offerings in more than 200 destinations.

With a team of over 600 across 16 offices worldwide, Klook’s services are available in eight languages and 36 currencies. It has raised a total of US$300 million investment from world-renowned investors including Sequoia Capital, Matrix Partners, Goldman Sachs, Boyu Capital, and TCV. Get inspired by Klook at www.klook.com or the company blog. 

About TCV

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

To download photos and other press materials: https://goo.gl/fN1Bz6

To learn more about our investors, please visit:               

Sequoia Chinawww.sequoiacap.com/china/en/  

Matrix Partners: www.matrixpartners.com.cn  

Goldman Sachs: www.goldmansachs.com  

Boyu Capital: http://www.boyucapital.com/

TCV: https://www.tcv.com/ 

OurCrowd: www.ourcrowd.com/

For media enquiries, please contact: 

press@klook.com

SOURCE Klook

Related Links

http://www.klook.com


TourRadar, #1 Online Travel Agency for Multi-Day Tours, Announces US$50M Series C Funding Round Led by TCV

VIENNA & TORONTO & BRISBANE, Australia — TourRadar, the largest OTA in the multi-day touring market, announced today a US$50m Series C, marking the largest tech funding in Austria in 2018. The round is led by TCV with existing investors Cherry Ventures, Endeit Capital, Hoxton Ventures and Speedinvest. TCV is one of the largest providers of capital to growth-stage private and public companies in the technology industry backing industry-leading companies including companies including Airbnb, Expedia, HomeAway, Netflix, SiteMinder, Spotify, and Zillow.

In connection with the funding, Erik Blachford, a venture partner at TCV and previously President and CEO of IAC Travel, has joined TourRadar’s supervisory board.

TourRadar intends to use the funding to expand its team globally and will invest in the technology platform to provide a personalized user experience for customers in new and existing source markets.

TourRadar markets multi-day tour and river cruising experiences from over 600 operators globally serving well-known and hundreds of specialty operators that otherwise rely on local agents. TourRadar supports operator partners through instant bookability, tour review functionality and campaigns including World Touring Day.

Founded in 2010, TourRadar has grown rapidly by providing consumers with easy access to the fast-growing multi-day tour category, with a total addressable market value estimated at $55 billion. Travelers of all ages are increasingly seeking authentic, off-the-beaten-path experiences when they travel, and TourRadar offers more than 25,000 tours in 200 countries on its platform.

TourRadar was founded by brothers Travis and Shawn Pittman, both native Australians. Travis, an engineer, is TourRadar’s Vienna-based CEO. Shawn, the company’s CFO, came from a successful career in investing. Both are avid travelers with many countries on their travel résumés, and a vision of connecting people to life-enriching travel experiences through multi-day touring.

“The experience and knowledge in the online travel sector that Erik Blachford and TCV bring to the table is exactly what we were looking for as we embark on this exciting next chapter at TourRadar,” said Travis Pittman, CEO and co-founder at TourRadar. “This stage will well and truly bring our vision to life and we’re excited to do this with their guidance.”

“Multi-day tours are the last frontier in online travel,” said Erik Blachford, a venture partner at TCV and former CEO at Expedia. “TourRadar has staked a claim, and I am looking forward to helping Travis and the team realize their vision.”

“We are thrilled to partner with Travis and the TourRadar team,” said John Doran, general partner at TCV. “We have been continually impressed with their unrivalled passion for travel and their vision to inspire the global travel community with the most convenient way to access the broadest choice of authentic multi-day tours across the world. We are delighted that Erik Blachford will join the board and look forward to supporting the entire team as they continue to build their business.”

For further information head to www.tourradar.com/press or contact:

About TourRadar

Based in Vienna (Austria) with service centers in Brisbane and Toronto, TourRadar is the world’s largest online travel agency for multi-day tours. For more information visit https://www.tourradar.com. In 2017, TourRadar was named one of the top three startups in Austria by Trend Magazine. TourRadar is looking for talent to join their team: https://www.tourradar.com/careers.

About TCV

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

Contacts

TourRadar
Katie Stanwyck, +1-416-660-4659
katie@tourradar.com
or
TCV
Katja Gagen, +1 415-690-6689
kgagen@tcv.com


Hiring for Leaders: Your Company Won’t Scale if the Leaders Can’t

By Jonathan Shottan

Companies that scale quickly share many of the same problems. Institutional knowledge becomes fragmented or lost as people leave. Decision-making authority changes or becomes opaque. New cultural norms are developed. Personality conflicts arise as the old guard and new guard merge. Collaboration becomes even more essential, because almost everyone is involved in creating new functions and establishing new processes.

But if the conditions during scaling are similar, the results vary widely. Some companies thrive through it, while others struggle. I’ve seen both in my career, working at Pinterest, Facebook, and other startups, and cultural differences don’t explain it. Leadership does. There is universality to the qualities exhibited by the best leaders at successful companies. If you’re hiring or promoting from within during a period of high growth, these are the qualities that you can and should identify. Leaders with these qualities naturally maintain momentum, exceed their objectives, develop and attract top talent, and amplify the best aspects of your culture. They are best suited to thrive on constant change and they are instrumental in driving success for the organization. Colloquially, they are the 10Xers.

From my own personal experiences leading teams through scale at Pinterest, Facebook, and other startups, I’ve identified a set of three attributes to consider when vetting leaders during the hiring or promotion process:

  1. Leaders That Scale Take A Position…

What is it: Leaders who can scale companies successfully know how to take a position. I know it sounds simple, but not everyone can do it – especially during times of pressure. A position is an informed stance amid a swirl of uncertainty, which galvanizes others to understand it, respond to it, and imagine how it would work. As such, it speeds the organization toward decisions and action.

Why is it Important: A position is not an opinion, because everyone has plenty of those. A position is also not a point of view because again, everyone has a perspective from which they view the world. A position is a singular proposal for addressing a particular issue. In taking a position, you may actually diverge from your own opinion or perspective, in order to take a position that’s more provocative and therefore more productive. Taking a position creates urgency and gets the conversation moving toward an agreement on next steps.

This is critical because as organizations grow, people can get stuck in paralysis by analysis. They’re not sure of their status yet. They may be afraid of making the wrong decision, or making the right decision, but in the wrong way for the culture they find themselves in.

Leaders who take a position dissolve all this. Though it may sound like a paradox, taking a strong position at the outset of a meeting is a unifying force, not a divider. Everyone else now shares the same task: testing the position, modifying it, figuring out whether and how it would work. It’s easy to focus because a hodgepodge of opinions and questions has been replaced by a proposed solution. Even if the stance is only a straw man, it sparks a productive conversation. And if the position becomes a North Star that everyone can navigate by, you’ve just taken a great leap forward.

How to Hire or Promote for it: First of all, you want candidates with a wide range of knowledge and interests, not superficially, but down to details. These people tend to be polymaths. They are familiar with a wide range of fields, technologies, cultures, and customers, and they can see the big picture intuitively. They can also explain it from multiple angles. They love to share their data or historical knowledge if it will enlighten or empower others. Typically, they can formulate their position as they walk into a room, because that’s how their minds work: synthesizing many factors into one proposition and pitching that proposition at the right level for others to understand and react to.

During the interview pick a big hairy sector, such as transportation or education, and ask the candidate “How do you think this sector will change in 10 years? In 50 years?” Ask about the candidate’s hobbies, pick the one you’re most familiar with, and ask the candidate to talk about it at length; you’re looking for what it says about them, their passion, and their personality. What was the last book they read? What is the next book they want to read? Do they play a musical instrument or a sport? Ask them to analyze the strategy of the organization they’re working for now, both pro and con, to see how many different perspectives they incorporate into their analysis.

  1. Leaders Don’t Get Stuck On A Position…

What is it: The second trait for leaders who scale is effortlessly moving off their own positions when the time is right. They do this because they understand that the position is a means to an end. If you’re familiar with the expression “strong opinions weakly held,” you understand this trait already. In many ways, it’s the flip side of the first trait. Strong opinions weakly held means that leaders readily evolve their positions in the face of new information or through an ability to read a room. They understand that a stronger position is forming – and this was the reason for taking a position in the first place.

Why is it Important: Why does this matter for scaling an organization? Because you need everyone to share their ideas, even if they’re shy. Being inclusive of thought accomplishes this. It also draws out sharper analysis from bolder or more informed members, because they trust that they’re not going to hit a wall if they voice partial or even complete disagreement with a leader’s opinion. Getting to a new, better, shared position makes everyone feel connected to the outcome. Now it’s time for action.

How to Hire or Promote for it: Testing for the ability to gracefully move off a position can be fun for you and the candidate. Before the interview, pose a real-world business problem within an area where you have lots of data but there are many ways to solve the problem. For example, if you’re at a ride-sharing company you could ask “How would you build a driver loyalty program?” Once the candidate states a position in the interview, begin to challenge it constructively, as if you were colleagues in a meeting. Probe for the thinking behind it. Share new data and see how they change their position. You’re not just looking to see if they’re open to revisiting their conclusions. You also want to see if they can continue to effectively articulate their position in the face of resistance — without getting stuck on it.

  1. Leaders Embrace the Outcome…and Adapt Appropriately

What is it: Unless you’re the CEO you don’t get to make the final decision most of the time. That’s when leaders need to have a third critical trait: they embrace the outcome of the conversation that just concluded. If the board decides to cut marketing hiring by 50%, the leader of the marketing department could respond in a variety of ways. The one you want is understanding and expressing the consequences of that decision to the department, in a constructive way.

Why is it Important: Psychologically, this leader has an innate ability to assume best intent. If a management decision goes against such individuals, or their organizations, they don’t take it personally. Quite the opposite, they default to a position that the people above them or around them share a vision for success and that the decision was necessary. Today is not forever, and marketing will be hiring again in the future. The focus now is making the current strategy succeed, rapidly. A good leader will take a positive, proactive position on how to do that.

This natural aptitude is an invisible bulwark against confusion and fatigue during times of rapid change and growth. Why? Because leaders with this trait are consistent in message, countenance, and style. When the environment is constantly changing, people look to their leaders. If the leaders are showing up as constructively positive in good times and bad, their teams will adapt a similar penchant for consistency and there will be fewer productivity troughs.

How to Hire or Promote for it: There are two approaches that can help you identify candidates who will naturally embrace an outcome, turn it positive, and lead their team to success with it. The first approach is to ask the individual to describe a time they disagreed with a boss or peer, and how they responded. You’re not looking for surface answers like “Of course I had to go along” or “I won.” You’re looking for the ways the candidate turned the adversity into opportunity – graciously.

The second approach is to actually put the candidate through adversity as part of the hiring process. If you gave them a homework assignment before the interview, change the terms before they can present their work. Substitute in an interviewer they didn’t expect to talk with. Pick something on their resume that could potentially be a deal-breaker and ask them to reframe it into a deal-maker instead. Again, you’re not looking for pat answers. You’re looking for the natural inclination to embrace what’s happening and turn it positive.

 

The Most Important Deliverable You Have

In my own career I came to realize that vetting for and then fostering leadership attributes on my teams was more important than any other deliverable I had. I am also aware that this knowledge can get crowded out when your company is on pace to grow 10X in two years, because you’ve got so many high-priority problems to solve. Fight the tendency. Sure, you don’t want to be distracted. But you still have to get leaders in place who can scale. Making this a priority benefited my teams tremendously. Individuals with the traits described above were resilient culture carriers who instilled confidence, trust, and good-will in the organizations they were involved with. They were best suited to manage constant change and rapid growth, and most responsible for the ultimate success of the organization.

###

Jonathan Shottan is an Executive-in-Residence at TCV.

The views and opinions expressed in the blog post above are that of the author and do not necessarily reflect those of TCMI, Inc. or its affiliates (“TCV”). 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/.

 


Watermark and TCV Close on Strategic Investment to Accelerate 2018 Growth

NEW YORKApril 17, 2018 /PRNewswire/ — Watermark, the largest provider of assessment software for higher education institutions worldwide, has announced the close of its agreement with TCV to acquire a controlling interest in the company. TCV is one of the largest providers of capital to growth-stage private and public companies in the technology industry and has backed industry-leading technology companies, including Airbnb, Capella Education, EA, EmbanetCompass, ExactTarget, HomeAway, Netflix, Spotify, and Zillow. In addition, Quad Partners and Watermark’s management team have reinvested alongside TCV and are joined by new investor Exceed Capital Partners.

Watermark provides educational intelligence systems to over 1,100 higher education institutions worldwide, including a majority of the top 200 U.S. News & World Report colleges. Watermark continues to grow rapidly, with over 50 institutions joining the Watermark community or expanding their use of Watermark across the institution so far this year, including top universities such as Syracuse UniversityPrinceton UniversityMichigan State University, and Prince Sattam Bin Abdulaziz University in Saudi Arabia. With over 300 employees supporting these partner institutions, Watermark will use TCV’s investment to continue its growth trajectory as well as accelerate development of its innovative educational intelligence platform.

“We’re excited to have TCV as a financial partner. With a deep understanding of and experience in the education technology and software/SaaS markets, TCV will help us to welcome more clients to our community and to continue building solutions these institutions need to drive meaningful improvements in institutional effectiveness, program quality, and student learning,” said Watermark CEO Kevin Michielsen.

Assisting in the close, global independent investment banking firm Evercore advised Quad Partners, and investment banking firm Tyton Partners advised TCV on the transaction.

About Watermark
Watermark’s mission is to put better data into the hands of administrators, educators, and learners everywhere in order to empower them to connect information and gain insights into learning which will drive meaningful improvements. Through its innovative educational intelligence platform, Watermark supports institutions in developing an intentional approach to learning and development based on data they can trust. For more information, visit www.watermarkinsights.com.

About TCV
Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. Since inception, TCV has invested over $10 billion in leading technology companies and has helped guide CEOs through more than 110 IPOs and strategic acquisitions. TCV’s investments include Airbnb, Altiris, AxiomSL, Dollar Shave Club, EmbanetCompass, EtQ, ExactTarget, Expedia, Facebook, Fandango, GoDaddy, HomeAway, LinkedIn, Netflix, OSIsoft, Rent the Runway, Sitecore, Splunk, Spotify, Varsity Tutors, and Zillow. TCV is headquartered in Menlo Park, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com/.

Contacts:
Victoria Guzzo
Director of Corporate Communications
708.588.1735
vguzzo@watermarkinsights.com

TCV
Katja Gagen
Marketing
415.690.6689
kgagen@tcv.com


WorldRemit raises $40m to target 10 million customers

London, 7 December 2017: Leading digital money transfer service WorldRemit has raised $40 million to drive its next phase of growth, supporting its plan to serve 10 million customers connected to emerging markets by 2020. The Series C funding round brings the total amount raised to $220m.

Currently sending from over 50 countries to 148 destinations, the funding will be used to expand WorldRemit’s service into new markets, deliver innovative products and services, and scale the technology that underpins its mobile-first, digital model.

The Series C round was led by LeapFrog Investments, with significant participation from existing investors Accel and TCV.

WorldRemit handles a growing share of the $600 billion migrant money transfer market — better known as remittances. The company is a global leader in international transfers to mobile money accounts — an emerging market technology where a customer’s phone numbers acts like a bank account to hold funds.

LeapFrog is the largest dedicated equity investor in financial services and healthcare for emerging market consumers, supporting fast-growth firms that deliver social impact alongside commercial returns by empowering low-income customers. LeapFrog’s existing portfolio reaches 111 million people.

Ismail Ahmed, founder and CEO at WorldRemit, comments: “This new funding will fuel our growth, and help bring our service to millions more customers across the globe. We are pleased to attract LeapFrog Investments, a strategic investor whose profit with a purpose mission is aligned with ours.”

Stewart Langdon, Partner at LeapFrog Investments, adds: “This investment is an opportunity to bring a global leader in digital remittances into the LeapFrog portfolio. WorldRemit’s model is uniquely suited to scale and offers a best in class service that is vital to the livelihood of millions of consumers in LeapFrog’s core markets. The company also has a huge potential to expand globally — a combination that puts it at the heart of our profit with purpose philosophy. I’m delighted that a world-class fintech company like WorldRemit is choosing LeapFrog as its partner for growth in the emerging markets.”

Since its last funding round in 2015, WorldRemit has launched 206 new services across the globe and has grown its transaction volume by 400%. Last month WorldRemit became Arsenal FC’s first-ever online money transfer partner.

This latest funding round follows a Series B investment raised from TCV in 2015 and a Series A from Accel and Project A in 2014 — then one of the largest ever Series A rounds in Europe.

NOTES TO EDITORS

About WorldRemit

WorldRemit was founded in 2010 by Ismail Ahmed, a remittance specialist and former compliance advisor to the United Nations. Personal experience of using money transfer agents convinced Ismail that technology could improve the sending process, enhance compliance and reduce costs to the customer.

In November 2017 WorldRemit became Arsenal FC’s first-ever online money transfer partner in a global sponsorship deal for all Premier League, League Cup and FA Cup games. In June 2017 WorldRemit added Android Pay to its service, offering a new way for WorldRemit’s Android Pay users to safely and securely send money to 130 million mobile money accounts accessible via its network.

WorldRemit has secured $220 million in funding backed by Accel and TCV — early investors in Facebook, Spotify, Netflix and Slack — and LeapFrog. WorldRemit’s global headquarters are in London, UK with regional offices in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.

About LeapFrog Investments

LeapFrog invests in extraordinary businesses in Africa and Asia. We partner with their leaders to achieve leaps of growth, profitability and impact. LeapFrog companies now operate across 33 markets reaching 111 million people with financial services and healthcare. Over 93.8 million of those are emerging consumers, often accessing insurance, savings, pensions, credit and healthcare for the first time. LeapFrog companies provide jobs and livelihoods to over 114,626 people. These companies have grown on average by 43.3 per cent per annum since LeapFrog’s investment. LeapFrog was recently named by Fortune as one of the top five companies changing the world, the first private equity firm ever to be listed. www.leapfroginvest.com @leapfroginvest

About Accel

Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Atlassian, Algolia, Avito, Cloudera, Crowdstrike, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Funding Circle, Kayak, QlikTech, Slack, Spotify, Supercell and WorldRemit are among the companies the firm has backed over the past 30 years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths. Because greatness doesn’t have a stereotype. For more, visit www.accel.com,www.facebook.com/accel or www.twitter.com/accelfyfstffyetuxcfvasst

About TCV

Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. TCV has invested over $9 billion in leading technology companies and has helped guide CEOs through more than 100 IPOs and strategic acquisitions. TCV investments in the financial technology sector include Automated Trading Desk, Avalara, AxiomSL, CCC Information Services, Envestnet, FX Alliance, Green Dot, iPipeline, Lynk Systems, MarketAxess, Payoneer, Retail Merchant Services (RMS), Solarc, Riskmetrics Group, Tastyworks, thinkorswim, and WorldRemit. TCV’s internet and software investments include Altiris, Dollar Shave Club, ExactTarget, Expedia, Facebook, Fandango, GoDaddy, Genesys Software, HomeAway, Merkle, Netflix, Redback Networks, Rent the Runway, Sitecore, Splunk, Spotify, VICE Media, and Zillow. TCV is headquartered in Palo Alto, 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


Originally published at www.worldremit.com.