Shifting the R&D paradigm through AI/ML technology: Introducing BenchSci

TCV’s healthcare team has long been pursuing a thesis around the utilization of healthcare data, particularly for applications in the life sciences industry. Specifically, we believe that companies with proprietary technology that enables them to aggregate, curate, and contextualize healthcare data have a tremendous opportunity to layer on software applications and help address a myriad of downstream use cases for their customers. Our Series C investment in BenchSci, completed in partnership with our friends at iNovia Capital and F-Prime Capital, provides an illustration of this thesis in our portfolio – one of many, we hope, over the next few years. The Series C funding is intended to help BenchSci expand the company’s artificial intelligence and machine learning-enabled software platform into additional applications, rapidly scale headcount, and forward invest in future growth initiatives.

BenchSci was founded in 2015 by CEO Liran Belenzon, Chief Science Officer Tom Leung, Chief Data Officer Elvis Wianda, and co-founder David Chen who met one another through the University of Toronto’s Creative Destruction Lab. The company’s technology platform endeavors to increase productivity and efficiency in the preclinical research process for pharmaceutical and biopharmaceutical organizations. The life sciences industry spends an extraordinary amount on preclinical research as these efforts help develop a pharmaceutical or biopharmaceutical company’s core intellectual property. We estimate global preclinical expenditures at ~$80B annually, or ~40% of total research and development investment for life sciences firms, and scientists at pharmaceutical and biopharmaceutical companies perform tens of thousands of preclinical experiments per year. 

Despite this level of investment, preclinical research has long been plagued by inefficiencies. BenchSci’s customers estimate that approximately 80% or more of preclinical experiments performed yield no value to their overall research efforts; relatedly, it is extremely challenging to identify potentially wasteful or redundant experiments a priori. This process continues to be one of trial and error – more “art than science” – and limited technology tools exist to help scientists become more productive. Moreover, the data captured in the context of these efforts exist in disparate, siloed systems, thereby inhibiting information sharing and collaboration even within a life sciences company. Even when successful, a preclinical research process takes between six to seven years on average, thereby delaying time-to-market for life-saving medicines.

The problem described above is the one CEO Liran and his team are determined to solve via technology. The company’s mission is to deliver technology that helps scientists bring novel medicines to market 50% faster by 2025. To do so, BenchSci has built a comprehensive preclinical experiment-focused knowledge graph, encompassing data on over 40 million experiments.  Consistent with our framework outlined above, the company has built software and computer vision technology that automates the stitching together and curation of experimental, bioinformatic, and other data from numerous, disparate sources, including its customers’ own internal data. Further, the company’s team of PhD scientists works alongside BenchSci’s product and technology teams to contextualize BenchSci’s 100+ machine learning models and algorithms such that its knowledge graph and results make “scientific sense” to scientist end-users as they leverage the company’s technology platform.

BenchSci’s flagship application was launched in 2017, and leverages artificial intelligence to help scientists select the optimal antibodies and/or reagents to use in their experiments based on experiments previously performed that are relevant to the study in question. This saves scientists significant time and resources – customers indicated to us that they have saved tens of millions in hard costs alone by eliminating redundant/wasteful reagent purchases, not to mention the time savings (several weeks to months per project) and other efficiencies they’ve realized. The company is not stopping there, and we are particularly excited about what BenchSci is going to do next with its breakthrough technology that will shape the future of preclinical research, although we will leave it to Liran and his team to share more in the coming months.

BenchSci’s compelling value proposition, coupled with its reputation for relentless innovation and superb customer service and support, has engendered customer delight, and the company boasts a net promoter score of 80+. Its customers include 16 of the top 20 pharmaceutical companies (by revenue), in addition to over 4,500 leading research centers globally, and its platform is being used regularly by 50,000+ scientists. CEO Liran has scaled the organization to meet latent demand – BenchSci has grown its employee base more than 8x in the past three years, and expects to reach 400+ employees by the end of 2022. The company has been recognized as a Deloitte Tech Fast 50 company and a CIX Top 10 Growth company.

CEO Liran has also lined-up an impressive team of advisors and experts to advise BenchSci on life sciences research and development, organizational culture, and artificial intelligence and machine learning technology, including TCV Venture Partner Jessica Neal (former Chief Talent Officer at TCV portfolio company Netflix).

“BenchSci plays an important role in curating and contextualizing healthcare data to increase productivity in the preclinical research process,” says Jessica, “and I look forward to supporting Liran and his team as they continue to scale.”

Growth metrics and accolades aside, what also impressed us about BenchSci is Liran’s unwavering focus on fostering BenchSci’s culture. Liran believes the company’s distinguished culture is instrumental to its success, and he endeavors to build an inspiring, inclusive, and equitable work environment where employees are set up to thrive and have a meaningful career. Starting with Liran, it was clear during our diligence that BenchSci’s employees pursue continuous improvement and a high-degree of transparency and candor. The results speak for themselves – BenchSci has been named a certified Great Place to Work® and is a top-ranked organization on Glassdoor. We are excited to add Jessica Neal to BenchSci’s advisory board to help Liran continue to develop and grow the company’s culture as BenchSci scales through its next major inflection points.

“Our recent Series C raise enables us to build and deliver a next generation AI solution for global pharmaceutical companies that will enable scientists to exponentially improve their preclinical R&D work,” says BenchSci CEO Liran Belenzon. “We are a mission-driven organization intent on achieving success beyond success, and I’m excited that TCV recognizes our market-leading potential and has chosen to back our meteoric hypergrowth.”

We are off to the races in our partnership with Liran and the BenchSci team, and are incredibly excited to help build a category-defining, generational software company that drives productivity and efficiency in the preclinical research process, thereby bringing novel, life-saving medicines to patients faster.

***

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, if any, are not necessarily representative of all TCV investments, and no assumption should be made that the investments identified were or will be profitable. For a complete list of TCV investments, please visit www.tcv.com/all-companies/. For additional important disclaimers regarding this interview and blog post, please see “Informational Purposes Only” in the Terms of Use for TCV’s website, available at http://www.tcv.com/terms-of-use/


Safeguarding the modern software supply chain: Legit Security

Software development is a $2 trillion industry – yet today’s “software supply chains” have become increasingly challenging to govern and secure as agile development practices have evolved in the modern cloud era. Legit Security, a recent addition to TCV’s portfolio family, is on a mission to change that by providing end-to-end governance and security throughout the entirety of the software development lifecycle. 

Software now plays an important role in nearly every business; it is one of the most critical assets empowering organizations to create efficiencies and competitive differentiation. Software development practices are constantly evolving to improve business agility and enable new digital business models, but as a result, software supply chains are also changing, have become highly complex, and are increasingly difficult to govern and secure. Too often, the code, pipelines, development infrastructure, and third party resources within the software development lifecycle (SDLC) are left insecure, exposing the organization to potential breaches and software supply-chain attacks. 

The damage inflicted by software supply-chain attacks has gained publicity following events such as log4j and Solarwinds. However, these attacks were not isolated, and it’s estimated that software supply chain attacks are increasing at a rate of two to six times per year. As a result, the importance of bringing security and governance to the entirety of the software supply chain is becoming top of mind for businesses globally. 

Introducing Legit Security: Security for software supply chain environments

Legit Security, an Israeli-based security company founded in August 2020, aims to address this acute pain point by providing a security platform that protects the pipelines, infrastructure, code, and people within software supply chains so that businesses can stay safe while releasing software quickly. The platform provides security and developer teams with a “single pane of glass” to secure the SDLC by scanning development pipelines for gaps and leaks, the SDLC infrastructure and systems within those pipelines, and the people and their security hygiene as they operate within it.

Legit Security’s platform aims to remove blind spots and automate governance and compliance for the software supply chain. The platform uses an automated discovery and analysis engine to identify vulnerabilities, measure and track the security posture of teams and development pipelines, and ensure compliance to regulatory and governance frameworks in real-time. By using Legit Security, security and development teams can manage risk more effectively and increase efficiency by focusing on what’s most important.

“Legit provides a single pane of glass to mitigate software development risk. We’re now able to inventory all our SDLC systems and security tools, view developer activity, and detect and remediate vulnerabilities across them fast. Legit’s security scoring also allows me to measure the security posture of different teams and show progress improving it.” – Bob Durfee, Head of DevSecOps at Takeda Pharmaceutical Company

Deep cyber security expertise 

TCV is investing in Legit Security through its recently-announced Velocity Fund, which aims to invest in expansion-stage companies in its sectors of interest.

The founders and executive team of Legit Security have deep experience in cybersecurity. The founders all came from Checkmarx, a leading application security testing business, and had initially met in the Israeli military’s intelligence unit. As cybersecurity researchers and team leads for the renowned Israeli Defense Force’s Unit 8200, they gained real-world security experience with the offensive and defensive tactics specific to software delivery pipelines.

CEO & Co-Founder Roni Fuchs was formerly Senior Director and Head of Software Composition Analysis at Checkmarx, after his previous startup Lumobit was acquired by Checkmarx less than a year after its launch in 2018. Previously, Roni was a senior software engineer at Microsoft. Liav Caspi, CTO & Co-Founder of Legit Security, and Lior Barak, the company’s VP of R&D and Co-Founder, share similar backgrounds: all three overlapped at the Israeli military, Lumbobit, and Checkmarx. Chris Hoff, VP for Worldwide Sales was most recently Regional VP of Sales at Duo Security, having previously held sales roles at EMC, Kaspersky, Cognos, Watchfire/IBM, and CA Technologies. Derick Townsend, VP of Marketing, was most recently VP of Product Marketing at Ping Identity, with prior marketing leadership roles at UnboundID, DXC, ServiceMesh, CA Technologies, iTKO, and IBM.  

Shifting left: The vast “DevSecOps” opportunity

So why are we so excited? Well, on top of the deeply relevant and honed skills that run through the company from its highest level, we believe that Legit Security is on to something big and important in the application security space. Over the past five years, as application development practices have evolved, the notion of “DevSecOps” (development, security, and operations) or “shifting left” has become increasingly popular. 

“Shifting left” aims to make security more agile, repeatable, and automated, ultimately empowering DevOps teams to bring products to market faster. Existing application security solutions generally operate in isolation, resulting in silos throughout the pipeline. Further, blindspots can exist along development pipelines and SDLC systems and infrastructure, including GitHub / GitLab repos, which are not covered by traditional application security tools. In addition, the disparate nature of traditional AppSec tooling requires security teams to navigate across the numerous point solutions to try and stitch together insights into potential vulnerabilities, often leading to “alert fatigue.” 

Legit Security bridges this gap by spanning the SDLC with automated discovery and analysis capabilities that include auto-detection of code repositories, build servers, artifact repositories, and deployed security products such as Snyk and Veracode along with their security coverage. When your SDLC changes, it’s automatically detected by Legit. The platform provides hundreds of best practice software supply chain security policies that can be enforced directly in the product, as well as a unique Legit Security Score to manage risk, track security posture, and monitor compliance to regulatory and governance frameworks in real-time.

This holistic, end-to-end insight enhances governance at various checkpoints, empowering enterprises to derive greater value from existing security tools. It’s no coincidence that customers frequently describe the Legit Security Platform as their “application security command center.”

Where are we now?

Legit Security has now emerged from its pre-launch phase, during which the company has been busy acquiring customers (from Fortune 500 companies to fast moving software-driven businesses), building a platform for demanding enterprise environments, and securing funding from top-tier investors, including TCV. The business has already grown significantly with new offices in the U.S. and Israel, and an expanded team, as well as connections with important partners and advisors.

I’ve known co-founders Liav and Lior for many years, since our time working for the Israeli Defense Forces. We gained invaluable experience there, but perhaps most important was learning that ‘anything is possible’ in cybersecurity with the right talent, focus, and resources.”

Roni Fuchs, CEO & Co-Founder, Legit Security

After military service, the founding team members worked in leading cyber security companies across Israel and recognized a growing gap between traditional AppSec tools and a new generation of rapidly evolving, modern software development environments. The gap was growing and traditional security tools and vendors were unable to catch up.

“Because of the adoption of agile development, cloud, and modern development pipelines, the approach needed to secure software releases has fundamentally changed. It’s no longer just about ‘the code’. Software is now assembled in multiple steps across a supply chain leveraging many trusted contributors, pulling artifacts from countless repositories, built, and assembled on underlying infrastructure that must be securely configured, and all the while providing speed, agility, and efficiency. These modern supply chain environments created a sprawling new attack surface – one that is increasingly exploited by over 2x-6x a year, depending upon the analyst, government agency, or vendor report you read.” – Roni Fuchs, CEO & Co-Founder, Legit Security

TCV team members Matt Brennan (TCV General Partner), Tim McAdam (TCV General Partner), Mark Smith (TCV Venture Partner), and Alex Gorgoni (Investor) are excited to partner with Legit Security, helping to guide the company through its next critical phase of growth. Our team has witnessed first-hand the enthusiastic response of customers as they learn about the unique positioning and scope of the Legit Security platform, and its ease of deployment.

This is a sector we expect to be active in over the coming months, too, and we look forward to being a part of it. 

***

The views and opinions expressed are those of the author and do not necessarily reflect those of TCMI, Inc. or its affiliates (“TCV”). TCV has not verified the accuracy of any of the data or statements by the author 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 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/.


Legit Security Launches Out of Stealth with Series A Investment to Secure Software Supply Chains

TEL AVIV, Israel, Feb. 10, 2022 (GLOBE NEWSWIRE) — Legit Security, a cyber security company with an enterprise SaaS solution to secure an organization’s software supply chain, today announced its launch out of stealth mode with a Series A $30 million funding announcement with leading venture capital firms Bessemer Venture Partners and TCV. Prior seed funding was provided by CyberStarts, the premier cybersecurity venture capital firm in Israel. Legit Security protects software supply chains from attack by automatically discovering and securing the pipelines, infrastructure, code and people so that businesses can stay safe while releasing software fast. The company will use the funds to expand its engineering team and continue building its go-to-market organization in the United States with offices in Austin and Palo Alto.

According to Gartner®, 45% of organizations worldwide will have experienced attacks on their software supply chains by 2025, a three-fold increase from 2021. Companies can no longer rely solely on traditional security tools and code scanners for protection as more organizations adopt modern applications, agile development, and DevOps. These complex software supply chains at the heart of digital business and critical infrastructure are now prime targets for cyber-attacks, and require new security solutions.

“Enterprises increasingly rely on software to do business, and they’re adopting cloud, DevOps, CI/CD and agile techniques to move fast,” said Roni Fuchs, CEO of Legit Security. “However, this has created a huge new, unprotected attack surface that cybercriminals have targeted, and their attacks are escalating. Right now, enterprises don’t need another code scanner. They need a holistic security solution for the broader software supply chain environment. That’s why we founded Legit Security and brought on world-class cybersecurity experts that share the same vision.”

“Legit provides a single pane of glass to mitigate software development risk,” said Bob Durfee, Head of DevSecOps at Takeda Pharmaceutical Company. “We’re now able to inventory all our SDLC systems and security tools, view developer activity, and detect and remediate vulnerabilities across them fast. Legit’s security scoring also allows me to measure the security posture of different teams and show progress improving it.”

Legit Security helps companies protect their end-to-end software supply chain environment and software releases through automated vulnerability discovery and analysis, security policy enforcement, and continuous assurance. The platform scans software development pipelines for gaps and leaks, development infrastructure and systems within those pipelines, and the people and their security hygiene as they operate within it. The solution doesn’t interfere with existing development tools and workflows, and includes continuous assurance and governance capabilities to monitor adherence to regulatory requirements and compliance frameworks in real-time.

“Legit helps us secure our CI/CD pipelines including tracking the security posture of our different teams and workspaces, addressing SDLC configuration drifts, and helping us apply security resources where it can help us most,” said Erik Bataller, VP of Security, ACV Auctions. “Legit’s platform enables our developers to maintain high velocity with minimal security friction and allows us to identify risk factors and adjust accordingly.”

“Legit is providing us with visibility across the entire supply chain, which helps us minimize risk and raise analyst productivity,” said James Robinson, Deputy Chief Information Security Officer at Netskope. “Legit’s platform nicely complements our existing investments in application security tools and allows us to make better decisions in allocating our security controls and resources.”

“Legit Security’s platform visualizes and analyzes our software pipelines quickly to help ensure security compliance with regulatory frameworks, as well as the unique compliance requirements of some of our large financial services partners,” said Or Cohen, Principal Engineer at Melio. “Legit’s solution saves us time and resources and allows us to manage risk better.”

“Software supply chain attacks will continue to grow until new solutions are available to close diverse security gaps across these environments,” said Amit Karp, Partner at Bessemer Venture Partners. “We love how Legit developed an enterprise solution that is easy to deploy and delivers value in a couple hours.”

Legit Security is led by CEO Roni Fuchs, CTO Liav Caspi, and VP of R&D Lior Barak and has assembled a team of security experts from the renowned Israeli Defense Force’s Unit 8200, Checkmarx, Ping Identity, Duo/Cisco, Microsoft and other leading cybersecurity firms in the U.S. and Israel. For more information, visit legitsecurity.com.

About Legit Security
Legit Security protects software supply chains from attack by automatically discovering and securing the pipelines, infrastructure, code and people so that businesses can stay safe while releasing software fast. Legit provides an easy to implement SaaS solution that supports both cloud and on-premises resources and combines automated discovery and analysis capabilities with hundreds of security policies developed by industry experts with real-world SDLC security experience. This integrated solution keeps your software factory secure and provides continuous assurance that your applications are released without vulnerabilities.

Media Contact
Tony Keller, Legit Security
tkeller@outvox.com

Katja Gagen, TCV
kgagen@tcv.com


Understanding the Future of High Tech

If the best way to create the future is to build it, then the best way to understand a possible future is to listen to those who invest in it. Gartner interviewed several leaders at TCV to better understand their views on the future of high technology and high-tech providers. The views expressed below represent TCV’s view on its operations and the future. These opinions are TCV’s own and independent of Gartner positions. Throughout the interviews, the following themes emerged regarding the forces and factors driving technology investments and future success:

  • Top-line revenue growth has replaced cost efficiency as the primary job for technology — it is now Job. 1.
  • Insight is the source of effective strategies for achieving growth through differentiation and specialization.
  • The pace of change is accelerating across the frontiers of technology, including how rapidly companies and consumers adopt it — and few competitive advantages are as decisive as speed.
  • Technology architectures are in the midst of a generational change that is driven by more than the cloud or Hyperscalers.

TCV has invested in these insights, focusing on companies with the technological potential to support rapid, substantial growth in large, untapped markets. Figure 1 shows the ideas and connections TCV leaders described as the future of high tech.

Figure 1. TCV’s Perspective on Technology-Accelerated Growth

Growth Is Job 1 for Technology

“When you cut through all of the jargon and acronyms, the biggest difference for software and tech over the past five years has been in supporting growth,” says McAdam, who contrasts the growth imperative with technology’s prior jobs of taking costs out or getting cheaper computing power. 

“Technology has created operating leverage via business process automation. Now technology’s value rests in driving top-line growth.” This changes the nature of technology, how it is valued, and what it does, according to McAdam.

“Growth is the uber premise when we think about disruptive technology solutions and the digitization of everything that drives our investment themes,” McAdam explains. “Consider CFOs. It used to be that an old-school CFO would be cost-oriented and say yes if the solution saved money and drove EPS. CFOs of today still care about this, but not as much as they care about taking market share from the competition. The clearest way a tech company can get a multibillion-dollar market cap — one that is 10, 20, 30 times revenue, is to provide a product that allows customers to transform their businesses and grow faster than the competition.”

Building for Scale and Speed

Applying technology in support of revenue growth requires TCV to work with companies on their go-to-market (GTM) strategy. TCV uses the ratio of revenue growth to sales and marketing expense (see Figure 2a) to identify points of friction and efficiency.

Figure 2. TCV’s Sales and Marketing Ratio

The calculation indicates how much new growth the company is achieving for every dollar spent on sales and marketing. If the ratio is 50 cents every $1 spent on sales and marketing generates 50 cents in new growth. The lower the ratio, the more opportunity there is to increase efficiency or effectiveness.

Figure 3 illustrates how the sales and marketing ratio can visually depict the performance of a company’s sales and marketing efforts. (Note these ranges are for illustration only; typical ratios vary by industry.)

Figure 3. Illustrations of Sales to Marketing Ratio

Source: TCV

TCV is using technology in a number of ways to move the needle:

  • Implementing analytics and diagnostics to identify growth obstacles, and documented strategies to better orchestrate key GTM practices across sales and marketing.
  • Facilitating forums and collaboration where leaders share ideas and best practices and road-test ideas with other executives.
  • Leveraging GTM practices that are based on best practices within the portfolio and providing other TCV companies with ready-to-programs to speed time to value.

TCV’s head of Marketing, Katja Gagen, added: “We see companies using technology to optimize their go-to-market capabilities. This can range from publishing thought leadership on growing sales pipeline or refining their messaging. The difference with technology is that companies can actively benchmark themselves against industry best practices.”

Blending Human Insight with Analytics to Identify Growth Potential

“We track nearly 10 million companies in our database,” notes Tim McAdam, a general partner at TCV. “We then do a deeper analysis of 2,000 to 3,000 candidates per year in order to select 12 to 15 companies in which to invest.” This puts our information on prospective companies into an analytic engine running proprietary algorithms created from the firm’s domain knowledge, sector expertise and 26 years of investment insights.

The result for each candidate is much like a credit score — a snapshot of investment worthiness that guides subsequent analysis and decision making. As McAdam explains, “Any given result is statistically valid because of the high number of other companies we have ranked against the same set of metrics. It’s an empirically driven assessment of the company’s areas of strength and needs for improvement.”

TCV uses this information to differentiate each of its portfolio company’s situation and connect it with experienced people and resources in support of the company’s success. McAdam compares TCV’s role to that of a coach, “we recognize that the founders of our portfolio companies are deeply invested in their firms. We seek to provide advice for them with humility, intellectual honesty and insight, with an eye toward finding solutions that move them forward.”

Growth requires a different Technology Architecture and Infrastructure

Matt Robinson, a TCV principal, explains that “high-tech architectures shift about every decade. Today, the increasing importance of speed, extensible solutions and consumption-based business models is the driver of evolution in architectures and infrastructure. If my technology is designed to drive your top-line growth, then your growth becomes my growth,” Robinson explains. “Our architectures and infrastructures need to be seamlessly integrated together.” Thus, the business case for architecture evolution is at least as important as the technical innovation from cloud and Hyperscalers.

The Future of High Tech — High Growth Potential

TCV does not see the future as one of consolidation around a few large well-capitalized companies — either Hyperscalers or so-called digital giants. “It is an old argument to think that everything will consolidate,” McAdam notes. “That view makes sense only if companies stop finding new ways to grow.” While he believes that Hyperscalers are important, he sees their role as “more of a channel to a stream of future technology-intensive growth and innovation rather than a competitor in the application/solution space.”

Gartner subscribers can see the full published case study at: Case Study: The Future of High Tech and Generative Providers (TCV).


At Growth Enablement, Modernizing Sales Enablement Means Throwing Out the Old Playbook

In an increasingly competitive sales landscape, throwing out the playbook may seem like a bold strategy. But that’s exactly what Scott Santucci, president of the sales enablement consulting firm Growth Enablement, has been advising his clients to do. Commercial systems designed even as late as 2019 are likely full of complex trainings, outdated information, and other sorts of friction that can slow down the actual sales process. Instead, businesses should focus on systematically reducing the obstacles that stand in the way of sales progress to accelerate enablement.

In today’s episode of Growth Hacks, Katja and Kunal speak with Scott about how he’s viewing the evolution and current state of enablement, and how he’s adapting the traditional customer-centric approach to unlock value at a faster pace for both businesses and their customers. In addition to actionable tips on accelerating the sales enablement process, Scott walks us through combining perspectives from sales, marketing, and product to create a route to value. He also shares his strategies for simplifying metrics to measure commercial health. Lastly, he breaks down the importance of including diverse stakeholders from across the organization in the process of creating a new sales enablement playbook, and his top tips for salespeople just starting out.

Here’s what you’ll learn:

  • How to use the sales and marketing efficiency ratio to improve commercial health across an entire organization
  • The importance of having multiple perspectives in the room to improve sales enablement
  • Ways to identify the right route to value to clarify sales messaging and training
  • Tips for aligning organizational economic value with the needs of your customer base
  • Actionable strategies to eliminate friction in the sales process

To hear more on this, settle in and press play. 

Please find the transcript below, which has been edited for brevity and clarity.

Kunal Mehta: It’s my pleasure to introduce Scott Santucci to Growth Hacks. Scott is going to be presenting a bunch of Growth Hacks today. I met Scott when he was a research director at Forrester, where he founded the enablement practice, led research around executive buying, and built frameworks to give people a common language to talk about sales enablement, and sales productivity. After Forrester, he moved into more commercial roles, helping companies transform not only their sales process, but simplify their go-to-market. How awesome it is to have Scott Santucci in our metaverse. Welcome to Growth Hacks.

Scott Santucci: Thank you so much for having me, Kunal, and I just want to plug Growth Hacks. Having been in the research business for so long, the way that you are tackling these issues and being reflective and asking questions about what’s really happening, not what should be happening, it’s just really fantastic. Thank you for having me as a participant on your show, and I’m definitely a listener.

Katja Gagen: That’s awesome. Glad to hear that. Where does this podcast find you today, Scott?

Scott Santucci: I’m in Leesburg, Virginia, suburb of Washington, DC.

Katja Gagen: Scott, you’ve done a lot of research around sales enablement, and our listeners are excited to hear about this. Tell us in a few words, what is sales enablement, how has it evolved and why does it still pique your interest today?

Scott Santucci: To be simple about it, Katja, what is sales enablement? If you ask 10 people, you’ll get 15 different answers. So let me give you sort of two schools of thought. One would be sales enablement is about doing something for salespeople to help drive more revenue or more sales. That could be in the form of training. It could be in the form of leads. It could be a form of content, those kinds of activities.

Another school of thought is that sales enablement is about creating the overall system, including customers. Figuring out sales and marketing and product and making sure that environment is thriving better.

The reason I’m so interested in that bucket, and what makes me so compelled is that the world that we live in today is so interconnected that we have to have different strategies on how we optimize sales and marketing. To me, they’re directly related of looking at the ecosystem or the buying networks that we’re connected with our customers with.

Those are the things that I concentrate on and that’s where my research has always been. It’s that sales and marketing exist in order to drive growth, and we drive growth by making sure we’re always understanding what our customers are looking for, what kinds of problems they have, and also what stands in the way from them getting the value from our products and services.

Kunal Mehta: Scott, you have been an analyst, a practitioner, a consultant. You have talked to thousands of people. You are at the center of enablement. I’d really love to get your meta view on the state of enablement today.

Scott Santucci: I think the state of enablement today is the state of a lot of businesses. This is a adopt or die kind of situation. And I hate to be so bold but let me give you a headline of what I mean by that.

If you are following the practices of before either 2008 or before 2019, you are probably arming or gumming up your commercial system. You are probably producing lots of activities that are overly complex, like a training class or a marketing piece, rather than recognizing how much information salespeople have to synthesize and make it digestible for lots of people inside their customer network.

If you have always been a person who believes you work backwards from customers first, that’s never going to change. What’s different is how interconnected selling activities are today. How fast things move, how many people are involved and how those situations make the old strategies not suitable for 2021 and beyond.

Katja Gagen: That’s interesting Scott. Since you’ve been in the enablement business for some time, what’s an example of things working and where can companies miss the mark?

Scott Santucci: What works is creating things that actually take stuff away. Here’s a perfect example of a really great enablement program. Going in and identifying all of the obstacles that stand in the way, say, to produce a price quote and just systematically eliminating them and replacing it with something simpler. You would think that doing something like that is no big deal, but taking stuff away is not in most people’s muscle memory, so to systematically reduce things that stand in the way of making progress is great success.

Another example of something that’s great success is getting people in the room that have different backgrounds, to collaborate on a shared vision. It might be a picture, a map, a diagram of what the future could look like for customers. Having multiple perspectives involved and the discipline to get it on one sheet of paper means that picture is going to probably be more accessible to more people in those customers.

Those are two examples of things that work. I put them in the bucket of synthesis. Things that don’t work are more detailed training, plotting the Salesforce out, doing another heavy training activity to teach them more and more sales technique.

Kunal Mehta: Got it. Scott, I want to start with something we are both really passionate about, which is the sales and marketing efficiency ratio, or something you refer to as the commercial ratio and how you are using it to measure the health of sales and marketing. Scott, maybe before we get rolling into it, you could just explain what it is.

Scott Santucci: The commercial ratio is a measure of the overall health of a commercial system. That includes the revenue coming from customers, includes the spending that’s done for sales, and the spending that’s done for marketing.

The calculation is pretty straight forward; we got that from you guys. It’s the revenue growth divided by total sales and marketing spend. That gives you a ratio. Which gives you a relative health of how efficient the sales and marketing investments are.

Now that’s the calculation. What is it measuring? It assumes that the money spent for sales and marketing, its purpose is to drive revenue growth. There are situations where you would spend sales and marketing money to retain customers, but that’s what its focal point is.

Kunal Mehta: What was your aha moment when you first learned about it?

Scott Santucci: Having been a consultant for so long, one of the things that has always been challenging is how much data companies track about sales and marketing. One large client, they track over 5,000 different metrics for their sales organization. If you are tracking that amount of data, you are tracking nothing. What I’m a big believer in is, what’s the one metric that we can work backwards from that we want to move the needle from?

When we arrived at that commercial ratio from talking to other people inside your company, to have that one metric. The metric says to me, how do we, as a company work better together? How do we team up and be on the same page to go find more efficient ways to attract customers?

Where it became an aha moment to me is how do we stop the internal bickering to circle the wagons, go outside, and compete in the market and not compete inside our company.

Katja Gagen: That’s really interesting Scott. How do you use that ratio to bring people together or align them around a common goal?

Scott Santucci: That has been interesting. I think step number one is, let’s help everybody get on the same page behind it. Some people will reject it because it is not a ratio that they are familiar with, or it sounds like something that’s coming from finance.

I think step number one is let’s understand what the meaning of it is and step number two is to recognize that there is a sequence of events to get there and that we can get there together. By having a plan of stopping to do things that don’t work and finding ways to invest in things that do work. Having that narrative helps a lot.

I think what’s important though, is making sure you meet all of the different folks that would be involved in teaming together. You’ve got to meet them where they are first and then help them connect the dots, second.

Kunal Mehta: Scott, maybe you could just give us a practical example of how you’ve rolled this out at one of your customers now.

Scott Santucci: Let’s take a business with about $500 million in revenue in the security space, a SaaS company in the security space. Using the commercial ratio, as a way to say, if we want to improve the overall health of sales or profitability, let’s look at how we’re doing today. And using that ratio to say, what would it be if we went from .55 to .60, to .75 to 1.0, and why don’t we ask those questions of what would it look like?

Let’s simulate what that would look like in terms of our financial performance, what it would look like in terms of our organizations and help people envision what that would look like. In doing that process, what’s interesting is people move off the thing that they have to do right now in that moment, and they can start envisioning making incremental change.

Then from there could be doing things differently, and where should we start? Let’s look at your business like a portfolio of different revenue streams, and let’s segment it out differently and look at these different buckets in their own isolation.

What we’re looking to do is optimize or create the most value out of each of these revenue streams, and we want to take out as much friction as possible so that we make it much easier to do work and make sure that people agree with that. Then the next part is, let’s pick one of those things and work on something to tackle.

Katja Gagen: Right. And in the end, it’s all about value creation, right?

Scott Santucci: That’s right. Yes, exactly.

Katja Gagen: In that vein, you talk about the route to value, and how you combine what sales and marketing do to deliver that value. Give me an example.

Scott Santucci: That’s a great question. Let’s pick that same example that we were working backwards from, one of the things that we highlighted. So now that we have these different portfolios of revenue streams, and we have a good understanding about where their friction is. The idea of a route to value is a different way to think about a sales messaging and sales training.

A basic metaphor is to say, let’s recognize that we’re in the value creation business, to your point. What we want to do is help our clients along a journey from where they are today, the bad state, to where they want to get to, an envisioned future state that our company can take them.

We need to figure out what that journey looks like. We call that a value map, that’s where they want to get to. Now what the route to value is, is to say, let’s figure out what the change agent and the executive sponsor need to do to buy into that picture, and then help guide them through the decisions, the predictable decisions that they’re going to need to make through that journey.

It’s like plotting out a movie, in that there are predictable scenes that you can work backwards from. Then once you have that, you can determine, do we want our salespeople to be security subject matter experts? Or do we want them to be decision-making brokers, decision-making champions?

If you make them decision-making champions, things become a lot easier. You give them less materials; you can define very specific scenes. For marketing it’s capturing stories that match to each one of those scenes that you already have and organize that information to help salespeople.

A route to value is writing a future movie of where you want to take your customers. You are casting your clients as the heroes. Therefore, you are also casting your salespeople as the guides and then marketing is there to equip the salespeople with the tools that they need to help the clients, to navigate all of those different variables that they’re going to run into inside their organizations.

Katja Gagen: I like that. Scott, I’m getting my popcorn ready here for the movie roll out. After you’ve brought everyone in the company into this value creation, how do you make sure the economic value is aligned with what the customer wants?

Scott Santucci: The process of building a value map is very challenging. There’s a technique that we like to call model map match. The model part is, let’s model our customer’s world, what we’re looking at, isn’t interviewing customers about what products they want. That’s way too late in the game.

What we want to do is figure out what challenges do individual companies have that meet certain patterns. Let’s find out what’s the profile of the human that’s most likely to drive that forward. We call that person a change agent.

What do they look like? What’s their profile? You know that that person isn’t going to be successful unless they have an executive sponsor. If we understand what problems exist and we understand who these types of people are then the next thing that we can figure out is how do we build the information that they need to figure out why they need to change in the first place? And why now?

If you don’t have those things figured out, we put the burden on salespeople to figure it out and that’s really hard to do. When you have that information then Katja, it becomes pretty simple to figure out whether your value proposition matches those predictable conditions.

And then you have a scorecard and then you keep the validation from it by how well it’s testing in the field and how well it’s resonating. But you can always tweak it by bringing customers in to talk and react to it so there’s always ways to keep it fresh.

I think the challenge is just having the discipline to build it outside-in from the get-go.

Katja Gagen: I love that, Scott. Thank you. As always, we will finish our podcast with some rapid-fire questions. First one, what’s your go-to book?

Scott Santucci: I wish I had one go-to book. There are three books that I’ve read, and I keep reading over and over and over again. One is The Chaos Imperative, which is about embracing disruption and turning it into innovation. Another one is Antifragile, which is about turning disorder into a strategy. The third one is Switch, which is about how change actually happens and how you have to plot it out. You know how you can manufacture it and create an environment for change, rather than putting on the backs of individual people.

Kunal Mehta: Hey, Scott, what’s your biggest pet peeve?

Scott Santucci: My biggest pet peeve is for people who say salespeople should do X, Y, and Z, and they haven’t done it themselves.

Katja Gagen: What’s one piece of advice you would give someone starting out in sales.

Scott Santucci: Be curious. It’s not about you. It’s about the customer. Find out everything there is to know. What they think, find ways to be relatable with them. That’s the easiest path to being successful.

Katja Gagen: What was one thing you learned about yourself during the pandemic?

Scott Santucci: What I learned about myself during the pandemic is that going back to your roots of what you know and finding ways to challenge certain questions. So, doubling down on being more curious, what I did is kind of threw out my old playbook, I just threw it out and I decided I need to build one from scratch. I’m so grateful I did because a lot of the things in my old playbook just won’t work today, and I don’t think it’s coming back to where it was before.

Katja Gagen: Well, thanks for being with us today, Scott.

Scott Santucci: Thank you.

Katja Gagen: Thanks for listening to Growth Hacks. You can follow us on Spotify, Apple Podcasts, or wherever you listen. To learn more about us and TCV’s CEO and founder podcast, go to TCV.com or email us at growthhacks@tcv.com.

***

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


Little Fires Everywhere: How Redis Uses Product-Focused Storytelling to Build Communities, Drive Growth and Demand, and Create a Groundswell Among Developers

Growth Hacks – Moving the Metric

When database provider Redis undertook a marketing rebrand, the first order of business was identifying the brand’s core audience. Because developers were influencing sales decisions with greater frequency, Redis knew that it had to speak to what its audience cared about most. Accordingly, the company adopted a product-first marketing narrative. By focusing its marketing on extolling Redis’ product and features, the company was able to build a robust developer community that can both provide feedback and later go on to evangelize the brand. 

In this episode of Growth Hacks, Kunal and Katja are joined by Mike Anand, CMO of Redis. They talk about how Mike devised the company’s marketing strategy, and how it has helped drive both growth and demand at the same time. We also hear from Mike about what B2B leaders can learn from consumer brands when it comes to injecting personalization into their marketing. He explains the benefit of working backwards from the customer’s perspective for product marketing, even when employing a product-led storytelling narrative. Mike shares best practices on mentoring hires and leading marketing teams, and how he approaches recruitment and retention at a time when mission and social responsibility matter to employees more than ever. 

Key Takeaways: 

  • How to run an effective rebrand that resonates with your primary audience. Redis recently went through a marketing rebrand to break perceived silos between its open source project and the larger company. Despite the magnitude of the task, Mike’s primary objective was to keep the messaging simple, and maintain focus on the overall goal. It can be tempting to utilize every tool in the toolkit when trying to build buzz around the new message, yet Mike advises holding back: “You really have to think about who the key stakeholders are that you want to make an impact with. This is where your tone and the simplicity of your message matters.” 
  • Using outside-in messaging to become a product-focused storyteller. Developers have become the new power centers when it comes to decision making at information technology companies. That’s why Redis decided to focus on product-focused storytelling, thinking of the end user — a developer — when crafting its story. Since Redis has a number of products early in their life cycle, a product-focused messaging strategy allows them to continually focus on creating awareness with developers, customers, and partners. “You really have to make the messaging all about product and product focus, with an outside-in driving messaging,” says Mike. 
  • Unlocking the benefits of building growth and demand funnels in tandem. Usually marketing departments will focus on either a growth or a demand funnel at one time. Mike and his team decided to build out Redis’ growth and demand funnels in parallel. The growth funnel is focused entirely on getting the Redis product into users hands, even if that funnel doesn’t always convert to enterprise business. By analyzing product usage of the growth funnel, Redis’ marketing team is able to derive insights that influence their demand funnel, says Mike. “If you marry those two together, then I think you can build a very healthy top of the funnel business.” 
  • Leveraging use cases to build strong relationships with analysts. When it comes to building relationships with analysts and the broader community, Mike rarely opts for making the hard pitch to sell them on Redis’ products. Instead, he fosters connection by asking analysts their perspective on the biggest pain points facing customers. No one has their finger on the consumer’s ideal use cases better than analysts, says Mike. “So the first part of connecting and building that journey with the analyst community is not to sell them on what your products do. It’s actually to help you understand from them better, what do your customers need?”  
  • Why making marketing at Redis more agile and data-driven is a “number one priority.” The modern CMO role is about more than brand-building and demand generation, says Mike. Instead, marketing departments should be technology-forward, becoming more agile and data-driven rather than relying on traditional metrics alone. Identifying those leading indicators using a data-driven methodology allows Mike to track how each campaign is performing, and how to course-correct as needed. It also enables Mike to track specific KPI’s. “One of my favorite metrics is sales velocity and knowing how quickly we can convert leads into closed sales,” explains Mike. 
  • The importance of mission and social responsibility in modern recruitment. With increasing competition, recruiting key talent is far from easy. Mike says that marketing leaders need to expand their aperture past simply who you want on your team. Because mission is so key to employees, it’s important to ask yourself how you can connect to what people want on a broader scale than just the job alone. Some questions that Mike asks himself are “How can you connect what people want to a bigger, broader mission?” and “What role does the marketing organization play in taking social responsibility?” 

To learn more, tune into Growth Hacks: Product-Focused Storytelling: How Redis Rebranded and Revamped its Marketing to Better Connect with the Developer Community

***

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


An Audacious Goal: How Clio’s Mission of Transforming the Legal Experience For All Is Helping Lawyers Scale

Scaling a company can sometimes feel like a high-speed dash to the top, making it easy to prioritize activities that yield immediate growth. But it can also take time to educate the industries that a company is transforming with tech, and even more time to build trust with prospective customers. These were headwinds facing Clio, today’s leader in cloud-based legal software, when it introduced the first ever SaaS legal practice management software for attorneys.

When Clio launched in 2008, digital transformation was already driving an increasing number of industries towards cloud adoption. Yet in the legal industry, the question wasn’t which product to use. Instead, it was whether attorneys could be convinced that cloud-based applications were usable and secure enough to become part of their core operations. To foster acceptance around the concept of cloud-based legal software, the Clio team knew they had to plan for the long game by investing significant time into educating its market.

In this episode of Growth Journeys, Clio CEO and Founder Jack Newton joins TCV Principal and Clio board member Amol Helekar to discuss why Clio invested in educating an industry that is known for slow adoption as they climbed to the top and became the market leader for cloud-based legal technology.

Here’s what you’ll learn:

  • Why Clio invested in actively educating its market, rather than waiting for the market to come to them
  • How a strong partnership strategy can become an impenetrable moat
  • Choosing a mission statement that can foster growth
  • How to draw clients, employees, and investors into your mission
  • Jack’s tips on fundraising later rounds

To learn more, settle back and press play.

Please find the transcript below, which has been edited for brevity and clarity.

Amol Helekar: Welcome to Growth Journeys, a podcast series from TCV focused on lessons from the field from entrepreneurs in TCV’s network. I’m Amol, a principal at TCV, and I’m here with Jack Newton, CEO and co-founder of Clio.

Jack has been instrumental in driving adoption for cloud-based technology in the legal industry. In 2008, he brought the first SaaS legal practice management application to market. Today, Clio is a market leader and the only end-to-end solution for law firms.

As an investor and advisor to early-stage startups, Jack is a nationally recognized speaker and author of the bestselling book: The Client Centered Law Firm. I’m really excited to chat with Jack about how to get a business off the ground in times of uncertainty, how to foster a strong community and how to galvanize the team around a joint mission. Thanks for joining me, Jack, and welcome to Growth Journeys.

Jack Newton: Thanks for having me, Amol, happy to be here.

Amol Helekar: Jack let’s rewind back to 2008. When you founded Clio, you were the first to market cloud-based legal practice management software at a time when businesses were really hunkering down. On top of this, you had a baby on the way, and were working with your co-founder, who is hundreds of miles away in Vancouver.

Talk about a challenge! Many would have shied away, and yet you saw an opportunity there. How did you do it and what kept you going?

Jack Newton: Yeah. Great question, Amol. And what we saw back in 2008 was obviously a really tough macro environment from a financial crisis perspective. Fundraising was extremely difficult, people were really hunkering down and battening down the hatches for the impact of the great recession.

But we also saw at this point in time, a unique opportunity to bring the cloud to legal. When Rian and I came up with the idea for Clio back in 2007, what we saw with the advent of the cloud was a really clear signal that this was a technology and an approach to delivering software that was going to transform virtually every industry in the world.

Amol Helekar: Yeah. And it’s been quite the journey ever since. You know, it’s one thing to identify a market opportunity, but it’s entirely different to convince skeptical customers that there’s a real need for your product. How did you win customers over?

Jack Newton: Yeah, I would say in the early days of launching Clio, we had some customers just rush to the product and give us feedback along the lines of: “I’ve been waiting for somebody to develop a solution like this for me. Thank you. I’m all in.” And they were our most enthusiastic early adopters and that was obviously a very low friction process.

But for a large majority of the early customers we started onboarding there was obvious advantages to the cloud from an affordability perspective, from a total cost of ownership perspective, from an ease-of-use perspective, all of those things were obvious advantages to the cloud. But what was less clear back in 2008, 2009, was whether it was ethically acceptable for lawyers to put their practice in the cloud and to put really sensitive client data in the cloud. They have a very high bar with regard to privacy and security that they need to meet when they adopt and deploy IT infrastructure into their practice.

What we realized pretty early on in that growth journey was we’re going to need to get ahead of that conversation. We’re actually going to need to lead that conversation and educate the space around the security and ethics of cloud computing as it relates to legal professionals. And that was a big lift. We put a lot of energy into thought leadership, into speaking on this across the country, putting on seminars and writing white papers and even advocating at the bar association level for ethics rulings relating to cloud computing. And in the end, we ended up being successful in educating the market on cloud computing and really helping drive cloud adoption in legal, which is traditionally a pretty slow adopter of new technology.

Amol Helekar: Yeah. And I know it takes a lot of effort to build that type of trust amongst your customer base. And you know, something that a lot of people talk about is building a community. How do you go about doing that? What are the steps and how do you maintain momentum?

Jack Newton: Yeah, it’s a great question. And I think when you’re really trying to transform an industry and how it operates, what we realized pretty early on in Clio’s growth journey is that the product isn’t enough. Just having great technology is part of the solution, but it’s not enough to actually drive that true transformation in how an industry operates.

What we realized was we needed to spark a revolution in legal and a revolution in how lawyers thought about delivering legal services to their clients and how they embraced technology as a really foundational and integral part of the value they’re delivering to their clients.

And we’ve spent a decade building this movement around digital transformation in legal, and also around this concept of a client-centered law firm that is thinking about the way they deliver legal services in a completely different way.

This is something we also realize is bigger than any one company can do. We’ve built a huge integration network with over 200 integration partners that have built on top of the Clio platform. We’ve locked arms with bar associations from around the world to help bring the message around digital transformation and client-centered lawyering to lawyers as well.

Amol Helekar: A decade is a long time to build that type of community, but you guys have put a lot into it. Along the way, how did you know you were on the right track?

Jack Newton: I think one of the really early signals is that you’re seeing the snowball effect build from year to year. And I think one of the really important messages for our listeners today is that this doesn’t happen overnight. When you’re making the kinds of investments that we have been at Clio on thought leadership, on building this community, on building customers that will shout from the rooftops about your product, but also help enroll additional customers in the movement that you’re helping drive.

Partnerships are another example that take years to forge. But once you have those relationships built, you’re building a really defensible moat around your business.

Whether it’s through social channels, or other forms of engagement, you’re seeing evidence that the number of people that are enrolled in the movement and the community you’re trying to create is growing over time. And importantly, you’ve got a high net promoter score and they’re pulling more of their colleagues into the fold.

Amol Helekar: Yeah, that’s fascinating. I know one of the aspects of the community is the Clio Cloud conference, which is now the largest legal tech gathering in North America. What is the event all about and what made you invest the time and money to build it to where it is today?

Jack Newton: Yeah, it’s another great example of one of these investments that takes time to build. It’s the largest legal technology conference in North America. And it’s something we’ve put a huge amount of energy in over the last nine years to make successful.

And if we rewind all the way to the very first year we did the Clio Cloud Conference, it was very humble. It was just over 200 attendees and a very modest venue in Chicago, Illinois. We had 4,000 attendees at our virtual edition of the Clio Cloud Conference last year. We had over 2,500 attendees at the in-person Clio Cloud Conference in San Diego the year before that. And it’s an event that is just so energizing for both our attendees and our employees that attend this conference and just get so energized and excited by the opportunity to connect with both our customers and the prospects that attend this conference.

The way we frame this conference with attendees is really this conference is not about Clio. This conference is about innovation and thinking about what the next 10 years of innovation in legal will look like. It’s really a gathering of the best and brightest minds in legal coming together and what’s amazing for Clio is we’ve become an intrinsic part of that discussion. The conference is continuing to build year over year, and I can’t wait to get back to an in-person conference next year for our 10th year anniversary.

Amol Helekar: Yeah. Having attended the Clio Cloud Conference for the past few years now, I can attest to how inspiring it is for customers, employees, and investors too. Everything we’ve talked about is about community building, but it’s also part of your mission to transform the legal experience for all. What does that mission mean to you?

Jack Newton: The mission is really an important part of everything we do at Clio and it’s really become a north star for our company, our employees and our customers attached to our mission. That mission, which is to transform the legal experience for all, is number one, big and audacious.

At the heart of this is a massive access to justice gap. And one of the statistics that I was blown away by the first time I heard it, is that 77% of consumers that had a legal issue, did not see that legal issue resolved by a lawyer. And I describe this as the latent legal market. This is a vast market that is not currently being served by how legal services are delivered today. What I see as the opportunity is to better connect the millions of consumers that have legal issues with lawyers that can help them solve those legal issues.

Jack Newton: But to do that, we both need to create more efficiency and ease around accessing legal services in the first place. Most consumers are scared off by how lawyers price their services. They’re scared off by the idea of paying 400 plus dollars an hour to arrive at a solution to their legal problem. We believe what Clio, in particular, and what technology in general will enable law firms to do is to deliver their services in a much more efficient way. In a way that is more affordable and accessible by the average consumer, that automates big parts of what is done manually today.

And importantly is delivered over the internet. What we’ve seen over the course of Clio’s 10-plus years of growth is a very steady march away from on-premise law systems and bricks and mortar law firms toward a new cloud-based era where lawyers are delivering their legal services online and they’re delivering them in a client-centered way.

Ultimately, we believe being a cloud based and client centered law firm is what is going to unlock our ability to achieve this audacious mission to transform the legal experience for all.

It’s something that inspires not just “Clions,” which is our nickname for our employees, but also inspires our customers and inspires our broader integration partners. Because everyone understands that this mission is so deeply important and something that is going to be good for the public.

But it’s also, if we execute on this well, going to help make lawyers more successful. It’s going to help make lawyers feel like they’re truly bridging that access to justice gap that frustrates so many lawyers today.

It’s a big audacious mission. It’s exciting. It’s so multifaceted in terms of how we’re realizing it. But it is something that inspires our team on a daily basis.

Amol Helekar: Absolutely. And you know, some companies simply put a mission statement on their website, but Clio is really embracing yours. So how did you put that mission into practice across your business?

Jack Newton: I think when you arrive at a mission that is truly resonant with your team and you see the impact and inspiration it can drive in your team, you need to make it a part of your daily discourse. And that’s exactly what we’ve done at Clio.

We’re making decisions around how much this helps accelerate our ability to achieve our mission.

I believe that there’s also a huge role in the importance of the mission as it relates to recruiting. There’s an increasingly large percentage of the talent that’s out there today that is not just looking for pay and benefits as the important factors they’re looking at in the company they choose to work for.

We’re able to recruit the best talent on the planet in large part, thanks to a mission that is powerful and resonant. I really can’t understate how important that is to the overall success of a company, especially when you’re thinking in the long-term and thinking about building a multi-decade company.

Amol Helekar: I can tell you’re really passionate about it and how important it is to Clio’s success. You know, some people feel there’s a tradeoff between tackling the mission or driving growth. You’ve seen both tremendous growth and progress against achieving your mission. What’s your secret to achieving that?

Jack Newton: So, yeah, Amol completely agree. I think we’ve been really successful in pursuing both a mission that resonates and driving extraordinary growth and, and rather than being at odds with each other, I think in a lot of ways we’ve actually seen these be in service of one another. What we really talk about is, is our growth is what enables us to have broader impact and to achieve our mission.

The energy needs to go into finding how you can actually build, a bit of a flywheel where the progress you’re seeing on your mission and the team, and customers, and the broader movement that is helping attach to your mission is actually helping drive your overall flywheel of growth.

Amol Helekar: It’s something that Clio has put a lot of effort into and has been able to execute against. You know, over the years you’ve grown tremendously and successfully raised your series D and E rounds. Any advice you’d give to entrepreneurs who are fundraising?

Jack Newton: Yeah, absolutely Amol. One thing is you need to be executing really well and have a long-term vision that you’re talking about with investors and hopefully inspiring them in a way that they want to be part of that story and part of that mission and want to be partners with you in realizing that mission.

If you look at how lawyers practice today in the year 2021. In a lot of ways, it’s not that different from how they were practicing in the year, 1981. And when you’re looking at that scale of transformation, that scale of opportunity, it can be just such a gigantic opportunity that is hard for investors not to get excited about the opportunity.

The second piece, I think that is really exciting about the Clio opportunity in particular, but in general, something entrepreneurs can think about when they’re fundraising is, are you driving the kind of transformation in your industry that will actually expand the TAM of your customers? As a first step, can you expand the TAM of what your customers are able to address?

And with Clio, if we’re successful in our mission, we’re going to allow our customers to address that latent legal market which will vastly expand the TAM of the legal industry. Which in turn will expand our TAM as well. So that’s been one part of our story that I think is, is really powerful and exciting.

But Amol maybe you’re best positioned to comment on, on what attracted you to Clio in particular and what attracts you to companies in general. What advice do you have for other mission-driven founders and entrepreneurs?

Amol Helekar: I think to your point, investors are really recognizing how important it is for companies to have a strong vision and a culture that supports their growth agenda. So being mission-driven is not only great for the broader community. It also leads to stronger company culture, a deeper focus on the product and the customer experience and brand.

And ultimately this is in service of the company’s growth over time and can differentiate it in the market as it has for Clio. My advice to other entrepreneurs is to lean into their company’s mission statement and really incorporate that statement into the company’s products and growth strategies and to consider it central to their culture, rather than at odds with the growth agenda.

Jack Newton: I love that.

Amol Helekar: Jack, thank you. This has been an incredibly educational and inspiring discussion. It was great to have you on Growth Journeys today. And thanks to all of you out there for listening.

Jack Newton: Thanks for having me, Amol. It was a great conversation.

***

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


AxiomSL: A Fintech Franchise Takes Off

The financial crisis of 2008 came as a resounding shock for countless companies, including many in the financial industry itself. But not for AxiomSL, a leading provider of cloud-enabled software for governance, risk, and compliance (GRC) regulatory reporting solutions to the financial services industry.

AxiomSL was founded by Alex Tsigutkin and Vladimir Etkin in 1991. As data management experts they had seen disorganized, unintegrated GRC processes even in highly regarded financial firms. “Everywhere I went, it was the same. The data was all over the place, in different systems and different departments,” explains Tsigutkin, CEO of AxiomSL. “We saw a real need to bring all of this enterprise data together at a granular level.”  Large financial institutions soon began adopting AxiomSL’s software to assemble data they used for assessing risks and reporting financial results to investors and regulators.

Then the repeal of the Glass-Steagall Banking Act in 1999 freed financial institutions to diversify into a wide range of new activities, and GRC processes took a back seat comparatively. The new priority was financial innovation and growth, to extend the United States’ position of prominence in global finance. “For years, the government and regulators didn’t put that much pressure on financial institutions,” Tsigutkin points out. “That changed completely after the 2008 financial crisis, and that’s when AxiomSL really took off.”

By this time, the company’s software data management platform and related algorithms organized operating data to align with the latest requirements of various regulatory authorities in multiple countries globally. These category-leading capabilities spurred AxiomSL’s sales growth into double-digit territory. International business began climbing too. “We were growing like wheat in the fields,” says Tsigutkin, a native of Ukraine.

But growth also brought some challenges. AxiomSL had always given its customers attentive support, especially when they were new to automating GRC processes. With rapid growth, that level of care was becoming harder to sustain; a successful strategy for landing and expanding clients was reaching its limits. “It’s very difficult to do everything on your own, especially dealing with a large and growing client base at the same time,” Tsigutkin says. “I felt this was a great opportunity to put some expert disciplines together. When I got advice on how to do that, it was to bring top notch growth equity into the mix.”

So Tsigutkin invited growth-stage investors to present their ideas for AxiomSL, including TCV, a firm he knew well from regular interactions in the past. With around $2 billion already invested in fintech, TCV understood that AxiomSL’s business could grow even faster for three interrelated reasons: an explosion of data in the financial world, proliferating regulations around the globe, and sharply higher consequences for financial companies that mismanaged them. With tighter financial discipline, more proactive sales efforts and scaling up systems and processes, AxiomSL believed it could become not just a category leader but the global standard for risk management and regulatory infrastructure solutions for the financial services industry.

“As we talked with private equity firms, TCV was distinctive in a number of aspects,” recalls Etkin, the company’s CTO. “They had proven success with fintech and GRC companies, so their long-term vision for AxiomSL and their approach to collaborative business-building really stood out.”

TCV invested in AxiomSL in June of 2017, and the new partnership moved fast. “TCV knows how to focus on what’s key for scaling a company, not just growing in the same way,” Tsigutkin explains. For example, TCV pinpointed the need for industrializing sales, sales leadership as well as more robust processes for planning and budgeting. “They also helped us understand how to use equity to attract and reward people,” Etkin notes, which enabled the company to recruit multiple new executives with significant experience scaling similar organizations.

“TCV saw in AxiomSL a category leading industry-specific software business with next generation technology, a highly satisfied client base, a mission-critical use case, – and most importantly, product-centric co-founders and partners in Alex and Vlad who had deep subject matter expertise and a strong growth orientation.” recalled Nari Ansari, TCV general partner and former board director at AxiomSL.

The collaborative approach between AxiomSL management and TCV helped AxiomSL accelerate growth, increasing software revenue over 150% in three years. Its ControllerView® intelligent data management and analytics platform could provide thousands of reports across dozens of jurisdictions and more than 100 regulatory agencies. From 60 employees during the financial crisis, the company had grown to nearly 900 globally. According to Tsigutkin, “having such a strong team really helped us to build a world-class organization.”

Consistent with TCV’s longstanding investment thesis for governance risk and compliance solutions, change and complexity can provide for significant opportunities for leading software vendors.  Indeed, AxiomSL’s positioning for its offering set has been as a “Platform for Change” given the constantly evolving regulatory environment for financial services market participants.  As the business entered 2020, that change orientation would become even more paramount.

“As COVID-19 started in early 2020, the world changed quickly, and the swiftness of market happenings was adding increased complexity for banks and regulators alike. During this period, AxiomSL’s value proposition in understanding and managing risk continued to demonstrate its importance and the business saw sustained momentum throughout 2020,” remarked Amol Helekar, a TCV principal. 

When the pandemic hit, AxiomSL as an organization had to adapt as quickly as its customers. “Being with TCV during this period was absolutely a blessing,” Tsigutkin recalls. “First they helped us to stay calm and provided very sound advice about our talent strategy and the welfare of our valued Axiom team members. Then they helped us focus on execution and growth. Moving more into digital marketing, for example, really enabled us to keep growing in 2020.  TCV also supported us as we increased our investment in cloud offerings which became even more important in a distributed COVID world for our bank clients.”

AxiomSL’s hyper-growth during the TCV partnership resulted in consistent market share gains. Along with the company’s strong profitability, blue chip client list and technology leadership, these attributes brought interest from outside parties, particularly private equity firms. As Rick Kimball, TCV founding general partner and former AxiomSL board director remarked, “Alex, Vlad, and the team transformed the organization during our partnership while deftly executing a growth agenda that expanded the business on multiple dimensions.”

In the fall of 2020, TCV worked collaboratively with Alex, Vlad, and the AxiomSL management team to assess this external investment interest and prepare the business to explore various alternatives. Ultimately this brought an offer from private equity firm Thoma Bravo to acquire a majority stake in the company.  The new investment closed in December of 2020 in one of the largest GRC transactions of its kind, and Tsigutkin took a moment to reflect, “Our growth is due in no small part to the contributions of TCV, who has been a critical partner for AxiomSL for the past three years as we grew the franchise at a record pace.”


OneTrust Secures $300 Million Series C Funding at a $5.1 Billion Valuation led by TCV

ATLANTA, Dec. 21, 2020 /PRNewswire/ — OneTrust, the largest and most widely used privacy, security, and data governance technology platform, today announced a $300 million Series C funding round. The funding values OneTrust, founded in 2016, at $5.1 billion and brings the company’s total money raised in the last 18 months to $710 million. TCV signed on as a new investor and led the round, joined by OneTrust’s existing investors, including Insight Partners and Coatue.

Watch the video: Kabir Barday, CEO and Blake Brannon, CTO, discuss OneTrust’s growth to a $5.1 billion-valued leader in privacy, security, and governance

OneTrust’s technology sits as the epicenter of trust for organizations, enabling strong privacy, security, data governance, and ethics and compliance practices that underpin their digital transformation. As organizations strive for increasing levels of efficiency and agility in their transformation journey, they are looking for a platform approach to managing privacy, security, and governance requirements across an increasingly complex regulatory environment.

Today, 7,500 organizations, including more than half of the Fortune 500, use OneTrust’s technology to comply with the world’s privacy, security, and compliance requirements, including GDPR, CCPA, LGPD, ISO 27001, NIST, DOJ Guidelines, and hundreds of other laws and frameworks. The list of regulations an organization must comply with continues to rise. In 2020, sweeping privacy laws came into effect in California, Brazil, and others, and Gartner predicts 65% of the world’s population will be covered under modern privacy regulations by 2023, compared to just 10% today.

OneTrust has pioneered a true platform approach to trust with its modular products that are built on a single code-base and have been awarded 130 patents. Product offerings include:

  • OneTrust Privacy – Privacy Management Software 
  • OneTrust DataDiscovery™ – AI-Powered Discovery and Classification 
  • OneTrust DataGovernance™ – Data Intelligence Software
  • OneTrust Vendorpedia™ – Third-Party Risk Exchange 
  • OneTrust GRC – Integrated Risk Management Software 
  • OneTrust Ethics – Ethics and Compliance Software 
  • OneTrust PreferenceChoice™ – Consent and Preference Management Software 

In less than 18 months, OneTrust raised $710 million in funding. Since its founding in 2016, OneTrust has grown to the largest and most widely used privacy, security, and governance technology and achieved the #1 spot on the 2020 Inc. 500 list of fastest-growing private companies.

“OneTrust is leading the market outright and showing no signs of slowing down or stopping,” said Ryan O’Leary, senior research analyst, Legal, Risk, and Compliance at IDC in the report: Market Share Worldwide Data Privacy Management Software Market Shares, 2019: OneTrust Dominates the Competition. Other key analyst recognition includes:

“Our mission is to build the technology platform that creates the trust fabric of an organization, while addressing the hundreds of privacy, security, and compliance requirements they are faced with today,” said Kabir Barday, OneTrust CEO and Fellow of Information Privacy. “We were excited when TCV approached us for an investment. Even with most of our previously raised funds still available, their partnership allows us to further accelerate our mission, leverage our capital and currency to drive organic and inorganic growth, and deliver for our customers and partners long term.”

“Consumers and regulators are demanding that every company on the planet comply with complex and ever evolving privacy regulations,” said Tim McAdam, General Partner at TCV. “There are hundreds of regulatory initiatives in the works emanating from all major countries. OneTrust has emerged as the runaway SaaS leader in the trust and privacy arena. Kabir and his team have built the only truly global privacy platform allowing companies at any stage or size to own their privacy initiatives and remain compliant. TCV is honored to partner with such a rapidly growing and category-defining company led by an outstanding team of innovators.”

For information or to request a demo, visit OneTrust.com

OneTrust, OneTrust DataDiscovery, OneTrust DataGovernance, and OneTrust PreferenceChoice are registered trademarks or trademarks of OneTrust LLC or its subsidiaries in the United States and other jurisdictions.

About OneTrust
OneTrust is the #1 fastest growing and most widely used technology platform to help organizations be more trusted, and operationalize privacy, security, data governance, and ethics and compliance programs. More than 7,500 customers, including half of the Fortune 500, use OneTrust to build integrated programs that comply with the GDPR, CCPA, LGPD, ISO 27001, NIST, DOJ Guidelines, and hundreds of other laws and frameworks.

The OneTrust platform is powered by the OneTrust Athena™ AI and robotic automation engine, and our offerings include:  

  • OneTrust Privacy – Privacy Management Software 
  • OneTrust DataDiscovery™ – AI-Powered Discovery and Classification 
  • OneTrust DataGovernance™ – Data Intelligence Software
  • OneTrust Vendorpedia™ – Third-Party Risk Exchange 
  • OneTrust GRC – Integrated Risk Management Software 
  • OneTrust Ethics – Ethics and Compliance Software 
  • OneTrust PreferenceChoice™ – Consent and Preference Management Software 

Be a More Trusted Organization™. To learn more, visit OneTrust.com or connect on LinkedIn and Twitter

About TCV
Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. TCV has invested over $14 billion in leading technology companies and has helped guide CEOs through more than 125 IPOs and strategic acquisitions.

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

1IDC, Worldwide Data Privacy Management Software Market Shares, 2019: OneTrust Dominates the Competition, Doc # US46214219, April 2020

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Media Contacts
Gabrielle Ferree, OneTrust
+1 770-294-4668
media@onetrust.com

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

SOURCE OneTrust


Commerce Technology Provider Spryker Announces $130 Million Financing Round Led by TCV to Accelerate U.S. Centric Global Expansion to Enable Transactional Business Models

NEW YORK AND BERLIN (PRWEB) DECEMBER 17, 2020

Spryker, a fast-growing commerce technology for global enterprises, today announced that it has raised over $130 million in a Series C financing round, led by Silicon Valley-based TCV. Existing investors One Peak from London and Project A Ventures from Berlin also participated in the round.

The funding will be used to expand Spryker’s proven B2B and Enterprise Marketplace products and create a compelling 3rd party technology AppStore. Spryker also intends to grow its international footprint with a focus on the U.S., which already accounts for 10% of its annual software revenue. With $7 billion in annual spend, the potential in digital commerce software is massive — and Spryker is rapidly increasing its market share. Spryker also intends to grow its global talent to maintain its innovative edge and continue to build new products for future use cases and touch points, including IoT commerce, subscription, and click & collect.

Used by over 150 global customers, Spryker accelerates the deployment, time-to-value, and transformation towards transactional business models beyond e-Commerce, retail, and desktop. These benefits stem from Spryker’s innovative headless and API-based architecture, combined with a modular packaged business capabilities (PBC) design. The cloud native PaaS (Platform as a Service) delivery model empowers sophisticated businesses that have outgrown SaaS (Software as a Service) and on-premise single tenant models. As more companies shift to become “composable enterprises“ led by multidisciplinary “fusion teams”, Spryker is at the forefront of this movement having pioneered and predicted these approaches.

Founded in 2014, Spryker has been growing its recurring revenue more than 100% annually. The global team counts more than 250 employees with over 35 nationalities, working out of offices in Germany, USA, U.K., Netherlands, and Ukraine. Spryker recently pioneered a “New Work” model, offering remote first options for talent worldwide. Spryker is expanding operations in the U.S. in early 2021 to continue its rapid growth and support global customers, such as Ricoh, Siemens, and Toyota.

Spryker was named the most innovative and visionary of all new vendors in the Gartner Magic Quadrant for Digital Commerce, recognized as a major player in B2B e-Commerce by IDC, and has partnered with leading global software integrators.

Boris Lokschin, Co-Founder & CEO at Spryker Systems said:

“With more industries beyond traditional retail building transactional business models we enable our global enterprise customers at any touchpoint. Verticals like Food & Beverages, Manufacturing, Services or FMCG transform to become composable enterprises and demand for cloud native, modular commerce technologies to power their sophisticated B2B, Enterprise Marketplace, or Unified Commerce initiatives. They want the platform to respond to digital best practices and enable shorter time-to-value, better TCO, and faster innovation which always was Spyker’s DNA. With TCV we are happy to have one of the most reputable global growth funds joining us to support our global, U.S.-centric expansion as well as groundbreaking product roadmap.”

Gopi Vaddi, General Partner at TCV who will be joining Spryker’s board of directors, said:

“We at TCV are pleased to partner with Boris, Alex, and the team at Spryker in their effort to provide a modern commerce platform that revolutionizes the deployment model with packaged business capabilities. With the acceleration of the digital adoption curve in the global pandemic, there has never been a better time for customers to rethink their digital commerce strategy.”

Bob Burke, Venture Partner at TCV, said:

“Digital commerce is a strategic priority for enterprises operating across consumer (B2C), business (B2B), direct to consumer (D2C) and marketplaces. Spryker offers a next-generation solution with a modular, API-first solution that is extensible with the ever-changing business & technology needs of enterprise organizations. We look forward to supporting the Spryker team as they expand internationally and empower businesses in their digital transformation.”

David Klein, Co-founder and Managing Partner at One Peak, said:

“Similar to how Hybris and Demandware led the first wave in commerce infrastructure software solutions, Spryker is now leading the way with a best-of-breed, highly scalable cloud platform which drives sales for its customers. Boris, Alex, and the Spryker leadership team have done an outstanding job in hyperscaling the Company to a global leader in the past three years since our investment, and we are thrilled to continue to support their expansion into the US and beyond.”

Florian Heinemann, General Partner at Project A Ventures, said:

“Since its founding in 2014, we have been excited about Spryker’s development and growth. We are confident that with this new funding and the world-class team, they will become one of the global leaders in e-commerce software. New transactional business models require innovative technical implementation and Spryker is the best solution we know of to do this. For many companies with sophisticated business models, Spryker is the right partner, especially in B2B and marketplaces.”

Oscar Jazdowski, Co-General Partner at SVB, global banking Partner of Spryker said:

“SVB is excited to be part of Spryker’s growing success story. We are extremely impressed by the management team and are convinced that their commerce solutions are building the backbones of today’s enterprises. We are confident that Spryker will successfully scale globally, and we are pleased to provide support with funding and expertise across Spryker’s core markets in Germany, EMEA, and the U.S.”

With $130 million raised in this round, Spryker’s company value exceeds $500 million which makes it one of the fastest growing enterprise commerce software companies ever.

About Spryker:

Founded in 2014, Spryker enables companies to build transactional business models in B2B, B2C, and Enterprise Marketplaces. It is the most modern platform-as-a-service solution with a headless architecture that is cloud-enabled, enterprise-ready, and loved by developers and business users worldwide. Spryker customers extend their sales reach and grow revenue with a system that allows them to increase operational efficiency, lower total cost of ownership, and expand to new markets and business models faster than ever before. Spryker solutions have empowered 150+ companies to manage transactions in more than 200 countries worldwide. Spryker is trusted by brands such as Toyota, Siemens, Hilti, and Ricoh. Spryker was named the most innovative and visionary of all new vendors in the Gartner Magic Quadrant for Digital Commerce and named a major player in B2B e-Commerce by IDC and is the only commerce platform to provide full B2B, B2C, D2C and Marketplace capabilities out of one stack. For more information about Spryker please visit Spryker.com.

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 $14 billion in leading technology companies, including more than $2 billion in fintech, and has helped guide CEOs through more than 125 IPOs and strategic acquisitions.

TCV’s investments include Airbnb, AxiomSL, Dollar Shave Club, ExactTarget, Expedia, Facebook, LinkedIn, Netflix, Nubank, Payoneer, Splunk, Spotify, Strava, Toast, Xero, and Zillow. In Europe, TCV has invested over $2 billion in companies including Believe, Brillen.de, FlixMobility, Klarna, Mollie, Perfecto, Redis Labs, RELEX Solutions, Revolut, 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/.

About One Peak:

One Peak is a growth equity firm investing in technology companies in the scale-up phase. The firm provides growth capital to exceptional entrepreneurs with a view to transform innovative and rapidly growing businesses into lasting, category-defining leaders. In addition to Spryker, One Peak’s investments include HighQ, Neo4j, DocPlanner, Keepit, Concentra Analytics, Quentic, Coople, DataGuard, Pandadoc, and Brightflag. To learn more, visit http://www.onepeakpartners.com.

About Project A:
Project A is one of the leading venture capital companies in Europe, with offices in Berlin and London. In addition to $500 M in assets under management, Project A provides its portfolio companies with a wide range of operational support services. This includes more than 100 employees from key areas such as software engineering, business intelligence, marketing, recruiting, and many more. In 2020 Project A was named Germany’s best VC by Business Insider magazine. Project A was founded in 2012 and since then has supported more than 60 start-ups in 12 countries. The portfolio includes companies such as Catawiki, WorldRemit, Homeday, Spryker, sennder, KRY, Trade Republic, and Voi.

About SVB:

For over 35 years, Silicon Valley Bank (SVB) has helped innovative businesses, enterprises and their investors move bold ideas forward, fast. Through its various locations in international innovation centers, SVB offers clients targeted financial services and expertise. No other bank in Germany focuses solely on the innovation economy. Europe’s leading technology and life science businesses, in all stages of development, look to SVB’s niche expertise, experience and unparalleled network, as they grow at home and tackle new markets abroad. Learn more at svb.com/Germany.

Media Contacts:

For more information about Spryker please visit Spryker.com.

Media Contact:

Spryker, press@spryker.com
TCV, Katja Gagen, kgagen@tcv.com, 415 690 6689