Mambu Raises €110 Million in Funding Round Led by TCV

January 07, 2021 — BERLIN, MIAMI & SINGAPORE–(BUSINESS WIRE)–Mambu, the market-leading SaaS banking platform, today announced its latest funding round of €110 million ($134 million USD) in new capital. This round was led by TCV, whose investments include Netflix, RELEX, Spotify, and WorldRemit. Additional investment was received by Tiger Global and Arena Holdings, as well as existing investors Bessemer Venture Partners, Runa Capital and Acton Capital Partners. The new round brings the company’s valuation to over €1.7 billion.

With this new round of financing, Mambu will continue to accelerate its rapid growth and deepen its footprint in the more than 50 countries in which it already operates and focus on markets like Brazil, Japan, and the United States. This announcement follows another year of approximately 100% YoY growth for Mambu in a banking software market which Gartner currently values at over $100 billion and is forecasting to grow at double-digits. FT Partners was the exclusive financial advisor on this transaction.

Mambu’s SaaS banking platform sets it apart from traditional core banking players as it drastically accelerates and simplifies the way financial products are built and serviced by any financial institution. Mambu’s platform is used by traditional banks, fintech startups, financial institutions, nonprofits and other businesses to power their financial products and services. Counting the likes of ABN AMRO, N26, OakNorth, Orange and Santander among its customer base, Mambu is powering both the building of new fintechs as well as the migration of existing financial institutions onto a tech stack fit for the fintech era. Mambu is continuing to expand both the breadth and depth of its platform and is planning to double the team to over 1000 Mambuvians by 2022.

Eugene Danilkis, founder and CEO of Mambu said: “When Mambu launched in 2011, we knew the future of banking would have to be built on agile and flexible technology. Nearly a decade later, this is more true now than ever, particularly given developments over the past year. As an increasing number of challenger and established banks sign on to prepare themselves to thrive in the fintech era, we have, and will continue to provide them with a world-class platform on which to build modern, agile customer-centric businesses.

“This latest funding round allows us to accelerate our mission to make banking better for a billion people around the world and address one of the largest, most complex global market opportunities that’s still in the infancy of cloud,” he said.

TCV General Partner, John Doran who joins the Mambu board, said: “Mambu was one of the first companies to leverage the opportunity to move banking software into the cloud. The team has built a highly composable, truly cloud-native product in a multi-billion dollar, rapidly-growing market traditionally dominated by large, slow-moving on-prem vendors. We have been following Mambu’s progress for many years and are truly delighted to be able to partner with Eugene and the entire Mambu team on their journey to expand their offerings to customers worldwide.”

About Mambu

​Mambu is the SaaS banking platform that is changing financial services. This rapidly growing company​ ​was launched in 2011​ and is enabling customers to build modern banking ​and lending​ offerings​ fast, securely and simply​. Through its composable banking approach, the platform gives customers the ability to design and service nearly any financial product while rapidly integrating to the best-of-service ecosystem of complementary solutions around the world. Mambu has a global network​ of nearly 500 employees​ supports ​160 customers in over 50 countries. ​It counts N26, OakNorth, ABN AMRO and Santander amongst its extensive list of customers.​ For more information, please visit our website or connect with us on TwitterLinkedInYouTube and​ ​Facebook.

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 $2.5 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, WorldRemit, and Zillow. In Europe, TCV has invested over $2 billion in companies including Believe Digital, Brillen.de, Perfecto, FlixMobility, Klarna, Mollie, OneTrust, RELEX Solutions, Revolut, RMS, Sportradar, Spryker, 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/

Contacts

Media Contacts:
For Mambu US/Canada
Anna Stanley
251.517.7857
anna@williammills.com

For Mambu UK/Europe
Stephanie Libous
stephanie.libous@allisonpr.com
+44 7751 597 558

For TCV
Katja Gagen
+1 415.690.6689
kgagen@tcv.com


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


Strava Announces $110 Million Financing in Partnership with TCV and Sequoia

SAN FRANCISCO, Nov. 16, 2020 /PRNewswire/ — Strava, the leading social platform for athletes, today announced that it has raised $110 million in a Series F financing round led by TCV and Sequoia Capital, with participation by Dragoneer Investment Group and existing investors including Madrone Capital Partners, Jackson Square Ventures and Go4it Capital.

Strava is the largest sports community in the world with more than 70 million members in 195 countries. This financing will help the company build more features that athletes love, support its global community and expand to better serve more athletes.

“We’re excited to partner with TCV and Sequoia. Together we’re building for athletes,” said Strava co-founder and CEO, Michael Horvath. “Today that means making Strava indispensable to athletes everywhere. When we do that well, we connect athletes to what motivates them, fuel the growth of our community, and strengthen our business. The experiences of Michael Moritz at Sequoia and Neil Tolaney at TCV with companies at Strava’s stage and beyond will be invaluable as we strive to enable athletes worldwide to get the most out of their active lives.”

In 2020, Strava has seen rapid growth, adding more than 2 million athletes per month to its community. Additionally, the company rolled out over 60 new features for athletes as part of a renewed commitment to subscribers and made Strava Metro free for urban planners and city governments. Strava Metro’s aggregate data helps over 300 city governments and urban planners create safer cities for pedestrians and cyclists.

“Strava has spent a decade accumulating the mojo required to help people become healthier and fitter,” said Michael Moritz, Partner at Sequoia. “In the future, being on Strava will be essential for anyone aspiring to live a healthy life.”

Strava gives anyone, anywhere access to an athletic community. Staying motivated is the oldest and biggest problem in health and fitness, but Strava has tapped into the magic ingredient to keep people moving: human connection. Strava enables motivation through competition, camaraderie and accountability. It’s a formula that works – 94% of Strava subscribers who set a goal remain active nine months later.

“TCV has been bullish on and an active investor in the connected fitness and health ecosystems over an extended duration. As the largest and most engaged community of athletes in the world, Strava is uniquely positioned and boasts a strong value proposition for athletes and partners alike,” said Neil Tolaney, General Partner at TCV. “Strava’s community and unique product offerings motivate athletes to lead healthier, more active lifestyles. In addition, Strava’s outsized growth in community membership, activities and subscribers demonstrates its importance for athletes to best fulfill their objectives.”

For more information about Strava, or to join its global community of 70 million athletes, please visit Strava.com.

J.P. Morgan served as sole placement agent for Strava in connection with the transaction and O’Melveny & Myers LLP provided legal counsel to Strava.

Press Contact

Strava
Andrew Vontz, VP Communications at Strava, press@strava.com

TCV
Katja Gagen, Principal and Head of Marketing, kgagen@tcv.com

About Strava
Strava is the leading social platform for athletes and the largest sports community in the world, with over 70 million athletes in 195 countries. If you sweat you’re an athlete, and Strava’s mobile apps and website connect millions of active people every day. Strava gives athletes simple, fun ways to stay motivated and compete against themselves and others without having to be in the same place at the same time. All athletes belong on Strava no matter where they live, which sport they love or what device they use. Join the community and make the most of your sport with a Strava subscription.

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 and has helped guide CEOs through more than 125 IPOs and strategic acquisitions.TCV investments in consumer subscription companies include Airbnb, Dollar Shave Club, EA, Expedia, Facebook, LegalZoom, Netflix, Peloton, Spotify, Zillow, and more. TCV is headquartered in Menlo Park, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com/.

About Sequoia
Sequoia helps daring founders build legendary companies from idea to IPO and beyond. We spur founders to push the boundaries of what’s possible. In partnering with Sequoia, companies benefit from 48 years of tribal knowledge from working with founders like Steve Jobs, Larry Ellison, Larry Page, Jan Koum, Brian Chesky, Drew Houston, Adi Tatarko, Julia Hartz and Jack Dorsey. In aggregate, Sequoia-backed companies account for more than 20% of NASDAQ’s total value. From the beginning, the vast majority of money we invest has been on behalf of non-profits and schools like the Ford Foundation, Mayo Clinic and MIT, which means founders’ accomplishments make a meaningful difference.

About Dragoneer Investment Group
Dragoneer is a San Francisco-based, growth-oriented investment firm with approximately $12 billion in long-duration capital from many of the world’s leading endowments, foundations, sovereign wealth funds, and family offices. Dragoneer has a history of partnering with management teams growing exceptional companies characterized by sustainable differentiation and superior economic models. The firm’s track record includes public and private investments across industries and geographies, with a particular focus on technology-enabled businesses. Dragoneer has been an investor in companies such as Airbnb, AmWINS, Ant Financial, ByteDance, Datadog, DoorDash, Farfetch, Livongo, Nubank, PointClickCare, ServiceNow, Slack, Spotify, Square, Twilio, Uber, Snowflake and others.

About Jackson Square Ventures
Jackson Square Ventures is the anti-hype venture capital firm focused on SaaS and Marketplace businesses that can be standalone at scale. Its portfolio includes Alto Pharmacy, Cornershop, DocuSign, Mynd, Jackbox Games, Seismic, Strava, and Upwork, among others.

About Go4it Capital
Go4it Capital partners with exceptional entrepreneurs, who are building innovative global businesses in sports, digital media and well-being. Together, their dream is to create a more active and enjoyable world. Go4it has also invested in ELEVEN Sports, WSC Sports, Fazenda Futuro, and G2 Esports.

SOURCE Strava


A Lesson to Remember: How Newsela Transformed K-12 Education with Customized Content That Engages Teachers and Students

Newsela’s founders were educators who imagined the equivalent of Spotify or Netflix for educational content in schools. They designed their SaaS offering for the practical realities of classroom instruction, seeded it with teachers across the country, and then leveraged teacher advocacy to win district-level contracts. When it looked like their high growth could be derailed by school closings during the pandemic, they pivoted to giving content away to demonstrate solidarity with their customers – and reached two-thirds of all schools in the country. Now Newsela is firmly entrenched in the new normal for K-12 education: laptops for every kid, bandwidth for every classroom, and customized, teacher-friendly content that helps dissolve differences in learning levels among students in the same grade. In this podcast, TCV’s Dave Eichler and Newsela co-founder and CEO Matthew Gross to unpack the secrets of the company’s success:

  • What separates Newsela from other ed tech companies, both during the pandemic and beyond.
  • How Newsela turned its users into a vast virtual marketing force.
  • How to succeed at giving away your product strategically – even if you could still charge for it.
  • Why playbooks are better than plans in a crisis.
  • How to overcome cultural and structural barriers to greater diversity in recruiting and hiring.

For all this and much more, settle back and press play.

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


Never Waste a Crisis: How Varsity Tutors Accelerated Product Development to Keep Children Educated During the Pandemic and Beyond

By early 2020, 13-year-old Varsity Tutors was strongly positioned as the largest live learning platform in the U.S., dedicated to connecting students and professionals with personalized instruction.

Then the pandemic impacted demand, due to social distancing and parents balancing home-schooling children and working from home. After taking quick action to ensure business continuity, Varsity Tutors went back on offense, expanding its offerings to support customers who were adopting technology at a fast pace.

The company moved its core tutoring business entirely online, vastly increased small class offerings, and introduced new options such as free live large classes. Customers responded enthusiastically and Varsity Tutors kept innovating, with virtual summer camps, engaging content delivered by celebrities, and a new program, School@Home, that can fully replace conventional schooling — including accreditation consultation, so pupils can advance to the next grade. What began as a crisis had become a crucible of creativity.

In the latest episode of Growth Journeys, Heidi Robinson, Chief Product Officer at Varsity Tutors, and TCV Principal Beth Knuppel explore a range of topics that can spark ideas for product leaders everywhere:

  • How to successfully rally and redirect talent into new responsibilities.
  • How to “predict the weather” in times of high uncertainty, so you can develop the right products at the right time.
  • Why looking at your business-like Lego® blocks can unlock greater flexibility and adaptability.
  • Principles for successful product design and development in an increasingly virtual world.
  • Why using your own products is the best way to understand your customers.

For all this and much more, settle back and press play.

###

The views and opinions expressed are those of the authors and do not necessarily reflect those of TCMI, Inc. or its affiliates (“TCV”). TCV has not verified the accuracy of any statements by the authors and disclaims any responsibility therefor. This interview and blog post is not an offer to sell or the solicitation of an offer to purchase an interest in any private fund managed or sponsored by TCV or any of the securities of any company discussed. The TCV portfolio companies identified, 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/.


Wealthsimple announces CAD $114 million investment led by TCV to transform financial services in Canada

TORONTO, Oct. 14, 2020 /CNW/ – Wealthsimple, the company behind Canada’s leading digital investing and stock trading platforms, today announced it has raised CAD $114 million on a valuation of CAD $1.4 billion. The investment was led by TCV, one of the largest growth equity investors focused on technology, alongside Greylock, Meritech, Two Sigma Ventures and existing investor Allianz X. Concurrent with the funding, David Yuan, General Partner at TCV, will join Wealthsimple’s Board of Directors.

Founded in 2014, Wealthsimple has evolved the financial services industry in Canada by bringing smart, simple and affordable financial products and services to market; today over 1.5 million Canadians use Wealthsimple products. The company is known for its client-centric approach to financial products, which include automated investing, commission-free stock and crypto trading, a savings account, and a tax filing software. Wealthsimple will use the new capital to expand its market position, build out its product suite, and grow its team in Canada.

“Our growth over the past six years shows how ready Canadians, and especially younger Canadians, are for a new model of financial services designed around their needs. But too many people still don’t have access to great financial products or are paying too much for them,” said Mike Katchen, co-founder and CEO of Wealthsimple. “There’s still so much room to grow, and to have investors of this caliber join us is an incredible vote of confidence in both our mission and our ability to deliver on it.”

“We have been watching Wealthsimple’s rise in the Canadian market and love the way the company is bringing simplicity, humanity, and delight to personal finance,” said David Yuan, General Partner, TCV. “TCV is focused on businesses that have the potential to transform industries, and we are thrilled to work with Mike and the Wealthsimple team to build a leader in financial services and an important consumer platform.”

TCV invests in tech-focused companies with an ambition to become market leaders. The growth equity firm has backed over 350 technology companies, including Airbnb, Klarna, Netflix, Nubank, Peloton, Revolut, Spotify, and Zillow. Greylock, a longstanding venture capital firm that focuses on enterprise and consumer software, has invested in companies including LinkedIn and Airbnb, and has partnered with over 180 companies through IPO, while Meritech has partnered with 200 companies globally including Salesforce and Snowflake. The investment also marks the first time that Meritech has invested in the Canadian market.

About Wealthsimple
Wealthsimple is a financial company on a mission to help everyone achieve financial freedom by providing products and advice that are accessible and affordable. Using smart technology, Wealthsimple takes financial services that are often confusing, opaque and expensive and makes them simple, transparent, and low-cost. The company was founded by a team of financial experts and technology entrepreneurs, and is headquartered in Toronto, Canada. To learn more, visit www.wealthsimple.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 120 IPOs and strategic acquisitions. 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/.

SOURCE Wealthsimple

For further information:
Wealthsimple
Sarah Pattillo, spattillo@wealthsimple.com, 416-567-7844

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

Related Links

https://www.wealthsimple.com/

Starting from Scratch: Strategies for Success from Netflix and Spotify, for CEOs and CFOs Everywhere

Barry McCarthy was CFO at Netflix and Spotify during periods of explosive growth, and he took both companies public – in different ways. Our latest episode of Growth Journeys pairs exceptional operator Barry McCarthy with veteran investor Woody Marshall, a Spotify board member and TCV General partner. Together they explore how “visionary” founders and CEOs need to be able to see the future while staying grounded in the present, and how strategic CFOs develop their own ability to see around corners and help the team navigate both choppy waters and growth opportunities in finance and operations. McCarthy and Marshall then apply these lessons to the timely topic of managing in a crisis, and the critically important relationship between CEOs and their boards of directors. Take-aways include:

  • Three fundamental leadership qualities exemplified by Reed Hastings and Daniel Ek.
  • How McCarthy learned to staff and task his team for challenges that were still months in the future.
  • How taking risks separates industry leaders from the pack.
  • Why Spotify went public with a direct listing – and why others are following its lead.
  • The single most important adjustment that leaders must make in a crisis.
  • The invisible but essential quality that binds CEOs and their boards of directors

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

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The views and opinions expressed are those of the authors and do not necessarily reflect those of TCMI, Inc. or its affiliates (“TCV”). TCV has not verified the accuracy of any statements by the authors and disclaims any responsibility therefor. This interview and blog post is not an offer to sell or the solicitation of an offer to purchase an interest in any private fund managed or sponsored by TCV or any of the securities of any company discussed. The TCV portfolio companies identified, 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/.


Redis Labs Raises $100 Million from Bain Capital Ventures and TCV to Help Companies Win in the Data-Driven Economy

Mountain View, August 25, 2020—Redis Labs, the company behind Redis, the most popular open source database and the provider of Redis Enterprise, today announced it has closed $100 million in Series F financing at a company valuation of more than $1 billion. This investment was co-led by Bain Capital Ventures and TCV, with participation by the company’s existing investors Francisco PartnersGoldman Sachs GrowthViola Ventures, and Dell Technologies Capital. With this funding, Redis Labs has now raised over $246 million to-date. 

More than ever, enterprise data is distributed, siloed, and increasing in volume. In order for companies of every industry to maximize and leverage the power of this data, Redis Labs is delivering a real-time data platform that allows them to manage, process, analyze, and make predictions, that will improve their customer experiences and drive their business forward.

“This investment will enable us to meet the surge in demand from companies representing every market and geography, to scale their Redis deployments and to help them win in the data-driven economy,” said Ofer Bengal, Co-Founder and CEO at Redis Labs. “The unprecedented conditions brought on by COVID-19 have accelerated business investments in building applications that require real-time, intelligent data processing in the cloud. During this time, Redis has become even more critical to our customers, partners, and community. We will continue to invest in strengthening our community footprint, advancing the Redis technology, and helping our users to do more with Redis.”

“Redis has become the ideal database for companies to operate intelligently and win in the current economy,” said Enrique Salem, Partner at Bain Capital Ventures. “We’ve long believed in the market opportunity for a high-performance database in the cloud-era and Redis’ potential to lead this category. Since our initial Series A investment, the Redis team has done a remarkable job making Redis an essential tool for developers and being a trusted partner for global enterprises operating at scale. We’re thrilled to continue partnering to build a multi-billion dollar database company.”

“We, at TCV, are delighted to partner with Ofer, Yiftach, and the team at Redis Labs in their effort to revolutionize the high-performance database industry,” said Gopi Vaddi, General Partner at TCV. “The product leadership demonstrated by Redis Enterprise in low latency, distributed, and high availability use cases is particularly remarkable. We believe that applications demanding Redis Enterprise’s market-leading capabilities will continue to multiply in an increasingly real-time world.”

Redis Labs currently has more than 7,500 customers, including MasterCard, Dell, Fiserv, Home Depot, Microsoft, Costco, Gap, and Groupon. With this funding, Redis Labs will continue to grow the global Redis community, expand its go-to-market team and programs, and invest in the product and support services to deliver even more value for customers. In calendar 2020 Redis Labs has seen tremendous momentum to-date, including:

  • Signed a strategic alliance agreement with Microsoft Azure for making Redis Enterprise the top tier of Azure Cache for Redis, and launched it in Private Preview. Public Preview is expected in early fall.
  • Following the availability of Redis Enterprise Cloud as a native service on Google Cloud in October 2019, the service has experienced over 300% growth in just two quarters.
  • Achieved Advanced Technology Partner status with Amazon Web Services Partner Network.
  • Launched RedisAI, for inferencing artificial intelligence requests at the speed of Redis, and RedisGears, a programmable engine enabling data-processing options at milliseconds speed across any distributed Redis deployment.
  • Announced RedisRaft, which brings strong consistency to Redis, making it suitable to serve the most critical business applications on earth.  
  • Named “Most Loved Database” for a fourth consecutive year in Stack Overflow’s annual global developer survey.

About Redis Labs

Data is the lifeline of every business, and Redis Labs helps organizations reimagine how quickly they can process, analyze, make predictions with, and take action on the data they generate. As the home of Redis, the most popular open source database, we provide a competitive edge to global businesses with Redis Enterprise, which delivers superior performance, unmatched reliability, and the best total cost of ownership. Redis Enterprise allows teams to build performance, scalability, security, and growth into their applications. Designed for the cloud-native world, Redis Enterprise uniquely unifies data across hybrid, multi-cloud, and global applications, to maximize your business potential.

Learn how Redis Labs can give you this edge at redislabs.com.

Media Contact
Steve Naventi
Redis Labs
press@redislabs.com

Katja Gagen
TCV
kgagen@tcv.com


New CEO, New Normal, and High Demand for Online Giving – How GoFundMe is Mastering All While Staying True to its Mission

At GoFundMe, 2020 started with the celebration of a new chapter, a ten-year milestone, and the welcoming of new CEO Tim Cadogan. When the coronavirus pandemic began to spread globally, Cadogan, then in his first week as CEO, acted decisively to safeguard employees by implementing work from home and galvanized the team to quickly innovate to support the GoFundMe community in its mission of inspiring hope and changing lives through giving. In this wide-ranging discussion, Cadogan and TCV General Partner Woody Marshall, a GoFundMe board member, discuss:

  • How GoFundMe’s global community has responded to the coronavirus pandemic and how the company has adapted to meet the surge of activity
  • How GoFundMe seeks to create a seamless fundraising experience by balancing efficiency and safety
  • How to learn a global business from top to bottom, build relationships, and earn trust – remotely – in a short period of time
  • Essential qualities of culture for mission-driven companies
  • The importance of honest and open communication within a company, with a board, and with a community

For all this and much more, settle back and press play.

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The views and opinions expressed are those of the authors and do not necessarily reflect those of TCMI, Inc. or its affiliates (“TCV”). TCV has not verified the accuracy of any statements by the authors and disclaims any responsibility therefor. This interview and blog post is not an offer to sell or the solicitation of an offer to purchase an interest in any private fund managed or sponsored by TCV or any of the securities of any company discussed. The TCV portfolio companies identified, 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/.