TCV Invests in Machine Identity Protection Provider Venafi – A Pioneer of a Vital New Category in Cybersecurity

Category-creating companies typically tackle a problem people didn’t know they had, or a problem considered too big to solve. Under CEO Jeff Hudson, Venafi has taken on one of the largest unrecognized problems imaginable: managing the encrypted communications between the machines that run in every organization and the internet. As result, Venafi is defining a new category called Machine Identity Protection.

At TCV, we’ve been watching the number of machines grow exponentially. It’s not just that IoT (Internet of Things) is connecting physical devices to the internet. It’s the software machines – virtual servers, containers, microservices – that are proliferating even faster due to cloud computing and the shift to mobile apps. These software machines are now creating machines on their own. Everything we do online involves machines identifying each other before granting access, delivering data, or conducting transactions. If those encrypted connections are not secure, nothing is.

But surprisingly few companies are trying to crack this problem at the necessary scale. Instead, the world poured billions of dollars into securing human identities, while the number of machine identities grew exponentially behind the scenes. When Jeff Hudson came to Venafi in 2010, driving the company’s evolution toward machine identity protection, we saw a great fit with our core investment thesis that continued growth in the digital economy depends on security. Creating the Machine Identity Protection category positions Venafi at the intersection of multiple major tech trends including cybersecurity, the cloud, IoT, SaaS, and DevOps. So we are truly excited to invest in the company and partner with Jeff’s team in scaling Venafi to its full potential.

The company has plenty of momentum, with more than 300 customers, and with its portfolio of 30 patents, Venafi has lifted machine identity out of the fragmented, nuts-and-bolts phase and elevated it to full solution status. The Venafi platform gives enterprises global visibility into their machine identity risks, generates actionable intelligence for managing them, and automates the processes for addressing them. Early adopters have learned that the Venafi platform transcends and unifies many of the security point solutions out there, from inventorying and policy enforcement to analytics and threat detection. And once customers discover what Venafi can do for them, they want more.

None of this comes as a surprise, because Jeff has a rare combination of strategic vision and disciplined execution. He plays the long game and that’s why he increased Venafi’s R&D efforts to address a problem most people didn’t see coming: the need to secure encrypted communication not just between people and machines, but between the machines themselves. At TCV, we also witnessed Jeff’s skill in recruiting world-class talent at a time when the supply of engineering talent is getting tight, particularly in the cybersecurity sector.

Jeff and his team recognize the critical role security plays in the digital economy. It’s not just about selling product, it’s about securing connections, data, and commerce. It works with anyone’s cloud and any type of machine. The open, public key infrastructure (PKI) system that underlies internet security has created a horde of “Certificate Authorities” (CAs), to the point that many large companies don’t know how many different CAs they are dependent upon. We believe Venafi dissolves these complexities, giving enterprises a unified, vendor-agnostic, dashboard-driven view of machine identity.

Given the growing risks that all companies and consumers face from cybercriminals, it’s essential that the fragmented security industry find more cohesive solutions, and Venafi is showing a way forward. TCV is excited to come onboard and contribute to the journey.

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The views and opinions expressed in the blog post above are that of the author and do not necessarily reflect those of TCMI, Inc. or its affiliates (“TCV”). This blog post is not an offer to sell or the solicitation of an offer to purchase an interest in any private fund managed or sponsored by TCV or any of the securities of any company discussed. The TCV portfolio companies identified above are not necessarily representative of all TCV investments and no assumption should be made that the investments identified were or will be profitable. Certain information contained herein has been obtained from third-party sources, including any portfolio companies described above. Such information has not been independently verified by TCV, and TCV does not assume responsibility for the accuracy of such information.

For a complete list of TCV investments, please visit www.tcv.com/all-companies/. For additional important disclaimers regarding this document, please see “Informational Purposes Only” in the Terms of Use for TCV’s website, available at http://www.tcv.com/terms-of-use/.

 


Venafi Secures $100M Financing Round Led by TCV

Salt Lake City–November 29, 2018–Venafi®, the leading provider of machine identity protection, today announced the closing of a $100 million round of financing, led by TCV with additional participation from existing investors, QuestMark Partners and NextEquity Partners. TCV is one of the largest and most respected providers of capital to growth-stage private and public companies in the technology industry and has backed industry-leading companies, including Airbnb, Alarm.com, Cradlepoint, Genesys, Netflix, Rapid7, Silver Peak, Splunk, Spotify and Zillow. As part of the transaction, TCV general partner, Jake Reynolds, joins Venafi’s board of directors.

The funding will be used to accelerate Venafi’s growth and to cement the firm’s growing market leadership. In addition to fueling growth, $12.5 million of the investment will be made available to third-party developers in the first tranche of the new Machine Identity Protection Development Fund. Venafi created the fund to accelerate the integration of machine identity intelligence into a wide range of machines in the enterprise and further enhance and expand the machine identity ecosystem. The fund will allow developers, including consultancies, systems integrators, fast-moving startups, open source developers and cybersecurity vendors to apply for sponsorship. This sponsorship will allow recipients to build integrations that deliver greater visibility, intelligence and automation for Venafi customers across any technology that creates or consumes machine identities.

“Identity is the foundation of security,” said Jeff Hudson, CEO of Venafi. “The cyber world is made up of machines, and all machines require identities for the cyber world to be secure. As a society, we understand the risks associated with human identity theft very well, and we spend over $8 billion per year protecting human identities. However, most organizations don’t yet understand the risks associated with machine identities and, as a result, spend almost nothing to protect them. This leaves our global digital economy at risk. TCV has a long history of partnering with the world’s leading technology firms, so we’re very excited about the opportunity to work with them. Their investment and expertise will help us ensure that the world’s machines, including hardware and software from smart machines, virtual servers, applications, containers, and more, are connected, safe and secure.”

Just as usernames and passwords are used to identify and authenticate humans, machine identities enable the trusted relationships between machines that control the flow of sensitive data. Because machine identities are poorly understood and often unprotected, they are subject to being exploited by cybercriminals. The Venafi platform protects the machine identities whose underlying technology is cryptographic keys and digital certificates by providing unparalleled visibility, intelligence and automation.

“The team at TCV is excited about our partnership with Venafi,” said Jake Reynolds, general partner at TCV. “DevOps and IoT are driving growth in the number of machines thanks to cloud computing, virtualization, and the proliferation of connected devices. Venafi is well-positioned to provide the machine identity protection for enterprise machines, and we look forward to supporting the Venafi team as they continue to scale in this rapidly expanding market.”

With over 30 patents, Venafi delivers innovative machine identity protection solutions for the world’s most demanding, security-conscious Global 5000 organizations, including the top five U.S. health insurers; the top five U.S. airlines; four of the top five U.S. retailers; and four of the top five banks in each of the following countries: U.S., U.K., Australia and South Africa.

For more information about the fund please visit: https://www.venafi.com/machine-identity-protection-fund

About Venafi

Venafi is the inventor and cybersecurity market leader in machine identity protection, securing connections and communications between machines. Venafi protects machine identity types by orchestrating cryptographic keys and digital certificates for SSL/TLS, IoT, mobile and SSH. Venafi provides global visibility of machine identities and the risks associated with them for the extended enterprise—on premises, mobile, virtual, cloud and IoT—at machine speed and scale. Venafi puts this intelligence into action with automated remediation that reduces the security and availability risks connected with weak or compromised machine identities while safeguarding the flow of information to trusted machines and preventing communication with untrusted machines.

For more information, visit: www.venafi.com.

About TCV

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

Contacts

Venafi
Shelley Boose
shelley.boose@venafi.com
408.398.6987

TCV
Katja Gagen
kgagen@tcv.com
415.690.6689


Developing Narrative to Compel Action and Drive Results

nar·ra·tive

noun

  1. A spoken or written account of connected events; a story.

 What separates companies that move quickly towards a common goal from those that struggle to find unity? Why is it that some teams can routinely find a second, third, or fourth gear of execution? How do people who start with divergent objectives find common ground? Perhaps most importantly, why are some leaders successfully plug-and-play no matter what technical problem, cultural issue, or market challenge they are tasked with addressing?

In my last post on “Hiring for Leaders”, I talked about how you can both screen for and cultivate leadership qualities as your company scales. These qualities include taking positions, creating environments where multiple perspectives are acknowledged, and being adaptable. In this post I’ll build on that framework to discuss narrative – a critically important concept that is talked about often but still remains confusing for many people in business.

 

Why Is Narrative So Important?

During my time at Facebook and Pinterest, I noticed one element that drove successful outcomes: the connection between people and company objectives. This connection can take different forms: intuitively understanding the why of what people were tasked with, linking personal goals with company goals, creating less friction with other teams, and being resilient in the face of obstacles. The differentiator in all of this was the construction and delivery of a narrative.

Narrative creates the ability to connect people to your company and your company mission and drive collective action. The corollary to this deceptively simple statement is that narrative is not one thing – it’s not just a story. Narrative binds individuals to a living set of company attributes.

The following tenets are core to creating a compelling narrative.

 

Establish Clear Mission and Vision Statements

 You can think about the mission and vision as the why and the how. Both are critical to any organization, large or small, because they become the scaffolding for how teams construct their roadmaps and how leadership talks about them.

At Pinterest, the mission was to help people discover and do the things that they love. As our technology advanced and our customers engaged with it more fully, our vision of how Pinterest could change the world also changed. This taught me that while the vision of a future outcome may not stay the same, the mission – the why – should remain stable. It’s the foundation for how people and teams answer the “Why are we doing this?” questions that naturally arise. Changing the mission can create confusion about priorities.

Make sure every team creates a mission and vision statement for the work that they do. You may call it a scope doc, a PRD, MRD, or something else entirely. But if the mission doesn’t answer why people are working on something, and the vision doesn’t show how that work changes things for customers and the company, it’s difficult for people to understand why and how their work is helping the company achieve its objectives.

 

Develop Long-Term Roadmaps

A roadmap is a narrative about where you’re going and what happens along the way. Push your teams to create three-year roadmaps. Acknowledge that the value in the exercise is not the accuracy with which teams can predict the future, but rather the exercise itself.

Teams with a roadmap for the future end up moving faster because they have already envisioned a journey in the process of creating the roadmap. They’re not disoriented when the real road turns or twists, because they already foresaw and prepared for some of them – and anticipated that there might be a few surprises along the way. That in turn alleviates the level of oversight and explanation that leaders need to provide, because their teams are advancing within a larger, more longitudinal comfort zone.

In creating the roadmap, aim to resolve it to a vision statement. This should be a 1+1=3 exercise where individual functions intersect and combine to create an even more powerful outcome. The company vision should be a leading indicator of what teams should strive to accomplish.

A good way of thinking about this at the team level or even division level is to break out into thematic areas and assign varying levels of confidence in the work. Those confidence levels will decrease the further you get out into the future.

Even if the technology you envision doesn’t exist, writing down the roadmap is a helpful exercise to plotting out an initial path.

 

Measure Everything

Everything is measurable, but not everything can be measured in the same way. Create space for teams to define their metrics so that their output can be measured in ways that are meaningful. These metrics naturally generate narratives about how to meet or exceed them. They become a source of ongoing conversation within teams and between teams: Do we have the right metrics for meeting company objectives? Should we adjust them for technology or customer behavior? Do our metrics mesh with our mission and vision?

When these conversations take place, people feel naturally connected to the company and its goals. This process is so powerful that it’s essential to make sure that all the team-level metrics ladder up to company-level objectives. You don’t want people embracing their metrics (and their roadmap) and then arriving someplace the company did not want them to go.

You also need to ensure that team roadmaps do not collide and create conflict. If they do, reflect on each team independently and try to assess how it moves the company forward towards its top-level goals. If one team comes out on top, talk to the other team in the conflict about how they could adjust their roadmap and still achieve their goals and the company’s goals.

Know that there will always be trade-offs to make, and that your job as a leader is to create the narrative that keeps teams informed, aligned, and excited.

 

Create Cross-Functional Narrative Forums

Often as companies grow quickly, the first thing to go out the window is inter-team communication on strategy and goals. This can lead to misalignments, political posturing regarding resources, and management attrition. A great way to prevent this is to create regular forums for your leadership team to sit together and explain to one another what they are doing and why. You’re not asking them to justify their existence or run their numbers. You’re asking them to tell everyone else a narrative about their mission, vision and roadmap, and how the journey is progressing.

Smart leaders will bring a narrative that is tightly aligned with what they hear from their teams. It also gives the narrative “legs” for traveling across the entire enterprise – something that is otherwise rare.

Getting team-level narratives elevated to the leadership level, across functions, accomplishes a number of positive outcomes. First, it creates empathy among and within the leadership team about other team members’ goals, challenges and objectives. During resourcing conflicts, you want leadership team members to be able to advocate just as empathically for another team as they would for their own.

Second, it forces understanding. Anytime you have to tell a good story, you have to understand that story far better than the people you are delivering it to. The requirement to share your team’s story with other leaders forces you to master that narrative. Detailed work has to be distilled down to essentials. Technical complexity has to become clarity. Acronyms disappear, replaced by meaningful, memorable terms. Just the process of preparing a narrative about your team can help you spot work that is not truly aligned with company objectives.

Third, delivering cross-function narratives establishes trust at the inter-team level. Putting leaders in a position to explain to their teams why other teams are doing what they are, or why a trade-off decision went against them, establishes an authentic authority.

Story Time

The most successful teams have leaders that can weave a story using the foundations described above and connect it at various altitudes throughout the company. Driving board alignment around a strategic shift isn’t that different than getting your ops teams to the same place. It’s about creating shared understanding that drives people’s internal connection to the company’s goals.

Metrics, technologies and quantitative goals are important for any business to succeed. But without a narrative that makes people own them, they’re just components of a machine without a soul.

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

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


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

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

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

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

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

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

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

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

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

About Klook

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

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

About TCV

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

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

To learn more about our investors, please visit:               

Sequoia Chinawww.sequoiacap.com/china/en/  

Matrix Partners: www.matrixpartners.com.cn  

Goldman Sachs: www.goldmansachs.com  

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

TCV: https://www.tcv.com/ 

OurCrowd: www.ourcrowd.com/

For media enquiries, please contact: 

press@klook.com

SOURCE Klook

Related Links

http://www.klook.com


Peloton Announces $550M In Series F Funding Led By TCV

NEW YORKAug. 3, 2018 — Peloton, the global fitness technology company, today announced a $550 million Series F financing round; capital that will enable it to continue to innovate aggressively and to expand into more international markets. The round is led by TCV, one of the world’s largest technology growth equity firms. Nearly all of Peloton’s existing institutional investors, including Tiger Global, True Ventures, Wellington Management, Fidelity (FMRCo), NBCUniversal, Kleiner Perkins and Balyasny participated in this round, joined by new investors, including Felix Capital, Winslow Capital and other mutual fund partners.

Jay Hoag, Founding General Partner of TCV, who also serves on the board of Netflix, Electronic Arts, Zillow, and other prominent technology companies, will join the Peloton Board of Directors. He joins TCV Venture Partner Erik Blachford, who has been on Peloton’s board since 2015.

“We are truly honored to partner with TCV and with Jay Hoag personally,” said John Foley, founder and CEO of Peloton. “TCV’s reputation, experience, and involvement in businesses like Netflix, Spotify and Facebook will be invaluable as we build Peloton into one of the most unique and influential global consumer product and media companies of our day.”

“We look for companies that offer their consumers a great value proposition, have engaged and delighted customers, and are led by visionary CEOs who have built a world-class management team,” said TCV’s Founding General Partner Jay Hoag. “We found all of these characteristics in Peloton and look forward to working with John and the entire team on their journey to revolutionize the home fitness category.”

The $550M Series F round brings the total equity raised by Peloton to nearly $1B since its inception, and positions Peloton to take full advantage of the growing global trend of instructor-led fitness classes moving into the home.

Since its last round of funding, Peloton has seen rapid growth across several key areas and is preparing to launch several new initiatives, including the following:

  • Global Expansion: This fall, the Peloton Bike will launch in the UK and Canada, marking the brand’s first new markets outside the US.
  • Retail Presence: Peloton plans to open at least 20 new retail showrooms in the US, UK and Canada by early 2019, bringing its total number of locations to more than 60 worldwide.
  • Peloton Tread: The company will launch its highly-anticipated second product, the Peloton Tread, this fall. Hundreds of running, walking, bootcamp and strength classes have already been produced in Peloton’s Tread Studio, which opened in New York’s West Village in May 2018.
  • Peloton Digital: Peloton recently introduced a new digital membership that offers over 10,000 live and on-demand, instructor-led classes across several fitness categories, such as cycling, running, walking, bootcamp, strength, stretching and yoga, for under $20/month.
  • Real Estate Footprint: Peloton announced plans to open a 25,000+ square foot campus in Plano, TX, which will serve as its member support hub, and Peloton Studios, a 35,000+ square foot, state-of-the-art flagship studio complex at Brookfield’s Manhattan West development in New York City. This new fitness facility will house Peloton’s broadcast and production operations and multiple studios from which thousands of group fitness classes will be hosted and live streamed for the Peloton Bike, Peloton Tread and Peloton Digital.

J.P. Morgan served as the sole placement agent to Peloton on the transaction.

The financing will be used for general corporate purposes, including providing liquidity to certain existing shareholders, and is scheduled to close in the third calendar quarter, subject to customary closing conditions and regulatory approvals.

About Peloton

Founded in 2012, Peloton is reinventing fitness by bringing live and on-demand boutique-style studio classes to the convenience and comfort of your own home. Our immersive fitness content, taught by Peloton’s roster of elite instructors, features real-time motivation and curated playlists of your favorite artists. The Peloton experience can be accessed through the Peloton Bike, the Peloton Tread, or Peloton Digital, an iOS app that offers an all-access pass to a full slate of fitness offerings, anytime, anywhere. Peloton is changing the way people get fit through a comprehensive and socially connected experience that makes every workout both efficient and addictive. The company has a growing number of retail showrooms across the US and, starting this fall, will launch in the UK and Canada. For more information, visit www.onepeloton.com.

About TCV

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

Media Contacts: 

Jessica Kleiman, (646) 829-1633, jkleiman@onepeloton.com 

Katja Gagen, (415) 690-6689, kgagen@tcv.com

SOURCE Peloton

Related Links

http://www.onepeloton.com


Watermark Expands into Course Evaluation with the Addition of EvaluationKIT

NEW YORKJuly 18, 2018 — Today Watermark announced that EvaluationKIT, the leading provider of enterprise online course evaluation and survey software for educational institutions, has joined the Watermark family. EvaluationKIT had been recognized this past June by SIIA as an Education Technology CODiE Award Winner for the 2018 Best Higher Education Enterprise Solution. With this addition, Watermark becomes the market leader in outcomes assessment, course evaluation, and faculty activity reporting solutions to help colleges and universities streamline core institutional processes while capturing and using better data to drive improvements at all levels of the institution.

Founded by Kevin Hoffman and Matt Rahdar in 2007, EvaluationKIT has been driven by a mission to empower institutions with robust and easy-to-use technology to support course evaluation and institutional survey needs. A two-time SIIA CODiE Award winner and integrated with all leading higher education learning management systems, EvaluationKIT provides a complete online solution for administrators to create and distribute surveys across the entire campus and automate information-rich reporting for faculty. Today, millions of users, including students, instructors, department chairs, IT and LMS administrators, deans, and provosts at over 400 educational institutions around the world are using EvaluationKIT to generate actionable insights and improve teaching and learning.

“For more than 20 years, Kevin Hoffman has been working to support and improve student feedback processes in education. He is recognized as one of the leading authorities in online course evaluation, from his early work in this area launching the first large-scale adoptions in U.S. higher education to building EvaluationKIT as the leader in this product category. I greatly respect the contributions Kevin and his group continue to make in this space,” said Kevin Michielsen, CEO of Watermark.

Michielsen continued, “That kind of experience aligns well with our mission to help institutions engage in meaningful feedback practices in order to gather, organize, and use data to improve student and institutional outcomes. In combining our experience with that of EvaluationKIT, we’re working hard to bring together a more comprehensive set of solutions that better support the higher ed community.”

Kevin Hoffman, EvaluationKIT’s CEO and Co-founder, commented, “We are excited to be joining the Watermark family and plan to continue our mission to provide the leading software solution for institutions to collect and report on student feedback for course evaluation and institutional survey needs. At the same time, we recognize the value of merging this process with other streams of institutional data to provide even more powerful insights and efficiencies for institutions. This is what is truly thrilling about becoming a part of Watermark and the vision for an integrated educational intelligence system that empowers administrators, faculty, and students with better-connected data to make evidence-based decisions and drive improvements.”

Watermark Now the Largest Educational Intelligence Provider in the Industry.

In 2017, the three largest providers of ePortfolio and assessment management solutions for higher education – Taskstream, Tk20, and LiveText – joined forces to become what is now Watermark. Last month, Digital Measures, the leading provider of web-based faculty activity reporting software, joined Watermark. Now with EvaluationKIT, the leading provider of course evaluation and institutional survey software, Watermark can better serve higher education institutions with an expanded set of solutions.

Watermark has over 75 years of combined experience serving higher education and more than 1,600 unique partner institutions worldwide. This increase in size, resources, and expertise allows Watermark to provide institutions with more extensive data and meaningful insights to drive improvements at all levels.

“Like Watermark, EvaluationKIT is focused on helping their partner institutions optimize outcomes and effect positive changes through the use of feedback and data,” said Nari Ansari, Principal at TCV – Watermark’s chief majority investor. “Together, Watermark will work toward a comprehensive, integrated educational intelligence system that provides a more holistic view of learning and institutional quality to enable continuous improvement initiatives at colleges and universities.”

About Watermark™

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

About EvaluationKIT

EvaluationKIT is the leading provider of enterprise online course evaluation and survey software to over 400 educational institutions. Easy to implement and straightforward to manage, EvaluationKIT includes a variety of features proven to drive response rates, with turnkey integrations for learning management systems and a robust suite of reporting functionality. For more information, visit www.EvaluationKIT.com.

Contact: 
Victoria Guzzo
Corporate Communications
708.250.4622
vguzzo@watermarkinsights.com

SOURCE Watermark


tastytrade, Inc. Raises $20 Million in New Funding

CHICAGO — tastytrade, Inc., the award-winning, innovative financial media company and parent to financial subsidiaries, announced today $20 million in new funding from TCV. The funding will be used to continue to challenge the traditional financial models and products currently offered to retail, self-directed investors.

The funding follows the company’s 2017 expansion of launching tastyworks, a high-speed technology brokerage firm with low fees and capped commissions. In 2018, the team created an investment advisory initiative called Quiet Foundation based on data-driven research, which provides unique risk analysis of any investment portfolio held at any firm. tastytrade continues to level the playing field by formulating new trading vehicles appropriately sized for retail investors.

“tastytrade remains focused on fighting for and empowering the everyday investor, providing free and engaging video content that empowers investors with actionable information they can apply every day,” said Kristi Ross, co-CEO and President of tastytrade, Inc. “Research-based content, trading technology, and the tastyworks’ brokerage are just the base for what we’re building. The overall tastytrade vision encompasses an offering that goes much deeper than most large institutions are willing to go.”

Tom Sosnoff, co-CEO and Chairman of tastytrade, Inc. added, “If you’re going to change the world, it starts with changing the way people think about strategic active investing. TCV has been a long-term supporter of our vision and our mission, initially with thinkorswim in May 2004, and now with their continued investment in tastytrade.”

TCV is a leading, Silicon Valley-based provider of growth capital to private and public technology companies, that has deployed over $1.5 billion in the fintech sector. “TCV’s mission is to invest in exceptional management teams who are reshaping industries and are innovators willing to disrupt even their own business models,” said Jake Reynolds, general partner at TCV. “We’re supporting a team that we believe has and can continue to transform the way self-directed investors interact with trading technology, financial media and new products.”

To learn more about tastytrade’s financial and investment strategies, visit www.tastytrade.com and the tastyworks brokerage offering, visit www.tastyworks.com.

About tastytrade, Inc.

tastytrade is one of the most-watched online financial networks, engaging investors and traders across 165 countries with 8 hours of daily, live, cost-free and commercial free programming with almost 100 million hours viewed. tastytrade offers over 50 original segments for new and seasoned veteran traders. tastytrade’s research-based content teaches a logical, mechanical approach to investing and identifying opportunities based on probability and volatility. Investors are continually challenged with financial math, humor and new market perspectives. tastytrade is also the parent company to tastyworks, a brokerage firm creating and leading a financial revolution for the do-it-yourself investor and to Quiet Foundation, a data science-driven, fee-free investment advisory service. tastytrade and its companies focus on empowering the individual investor through content, technology and know-how.

About TCV

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

Contacts

Influence Consulting Group
Fran Del Valle
212-717-5499
917-922-5653
fran@influencecentral.com
or
TCV
Katja Gagen
415-690-6689
kgagen@tcv.com


Digital Measures Joins Watermark To Advance Educational Intelligence Solutions For Higher Education

NEW YORKJune 27, 2018 — Today, Watermark announced that Digital Measures, the leading provider of a web-based faculty activity reporting solution, joined the Watermark family. With this addition, Watermark becomes the market leader in outcomes assessment, accreditation management, and faculty activity reporting solutions to help colleges and universities streamline core institutional processes while capturing and using better data to drive improvements at all levels of the institution.

Digital Measures is a pioneer in the field of faculty activity reporting for higher education. Since 1999, Digital Measures has partnered with 3 of the 5 largest U.S. universities to achieve reporting success. Working closely with over 350 partner institutions and more than 400,000 faculty members, the company has gained a deep understanding of faculty needs, as well as the complexities of faculty activity reporting. Digital Measures was driven by a mission to help faculty more easily and efficiently document their teaching, research, and service activities and track progress for review processes, while simplifying inefficient reporting processes for administrators.

With a streamlined, centralized approach for capturing and reporting this information, the company’s flagship product, Activity Insight, and its Workflow Module have helped institutions more effectively leverage faculty activities and accomplishments and helped faculty prepare for annual performance, promotion, and tenure reviews.

“We deeply value the experience Digital Measures has in understanding faculty activity reporting processes at institutions,” said Kevin Michielsen, CEO of Watermark. “That kind of experience is invaluable and aligns well with our mission of helping institutions use better data to improve learning and institutional quality.”

“We understand that teaching and learning take place and are captured in many different areas and systems across campus. Being able to measure only a part of that picture is insufficient for an institution. By combining our experience with that of Digital Measures, we’re bringing together a more comprehensive set of solutions that better support and provide members of the higher ed community with the educational intelligence needed to improve outcomes.”

Matt Bartel, CEO and Founder of Digital Measures, commented, “We are excited to join the Watermark family and look forward to strengthening our commitment to support faculty. With the opportunity to draw feedback from a client base of over 1,400 institutions worldwide, we’re eager to contribute to Watermark’s vision for an integrated educational intelligence system that empowers administrators, faculty, and students with better-connected data to make evidence-based decisions.”

The Watermark team is excited to begin working with the Digital Measures team. “We believe Matt is an innovator in this space and recognize the company’s deep commitment to supporting faculty,” Michielsen said. “Digital Measures will play a key role as we work together toward this vision.”

The Largest Assessment and Faculty Activity Reporting Solutions Provider in the Industry.

In 2017, the three largest providers of ePortfolio and assessment management solutions for higher education –Taskstream, Tk20, and LiveText – joined forces to become what is now Watermark. With the addition of Digital Measures, Watermark now has over 65 years of combined experience developing software for higher education, supporting over 1,400 institutions across the globe. As one company, employees will be dedicated to serving this growing user community with innovative solutions and world-class support services that empower institutions with better data to make improvements at all levels.

“Thanks to Watermark’s rapid growth over the last year and half, we’re seeing a significant increase in the number of colleges and universities who look to Watermark for technology solutions to improve learning outcomes and institutional effectiveness,” said Nari Ansari, Principal at TCV – Watermark’s majority investor. “We believe Digital Measures will further strengthen Watermark’s position and accelerate work toward a vision for an educational intelligence system.”

Terms of the transaction are not disclosed. Tyton Partners acted as exclusive financial adviser to Digital Measures and Kramer Levin Naftalis & Frankel LLP and Godfrey & Kahn, S.C. served as legal counsel.

To learn more, visit www.watermarkinsights.com.

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

About Digital Measures
Digital Measures seeks to empower universities to succeed at a higher level by helping them leverage faculty teaching, research and service information more effectively. The company’s flagship product, Activity Insight, simplifies faculty activity data collection and reporting, and its Workflow Module brings the same efficiency to faculty reviews and more. Digital Measures had partnered with three of the five largest U.S. universities to achieve reporting success. Since its inception, the company has fostered a culture of innovation focused on best-practice technology use and guidance for simplifying institutional processes. For more information, visit www.digitalmeasures.com.

Contact:
Victoria Guzzo
Director of Corporate Communications
708.250.4622
vguzzo@watermarkinsights.com

SOURCE Watermark

RELATED LINKS

www.watermarkinsights.com


Silver Peak Announces $90 Million Investment From TCV to Accelerate SD-WAN Growth

SANTA CLARA, Calif. — Silver Peak®, a global leader in broadband and hybrid WAN solutions, today announced a $90 million strategic investment from TCV. The investment enables Silver Peak to expedite execution of its go to market expansion plans and cement its position as a global leader in SD-WAN and cloud-first WAN edge solutions. TCV is one of the largest providers of capital to growth-stage private and public companies in the technology industry and has backed industry-leading companies including Airbnb, ExactTarget, Genesys, Netflix, Rapid 7, Redback Networks, Splunk, Spotify, and Zillow. With the investment, TCV general partner Tim McAdam will join the Silver Peak board of directors.

As applications migrate to the cloud, it’s become clear that enterprise networks must evolve in order for geographically distributed companies to benefit from the increased agility, flexibility and simplicity the cloud promises. Users connect to applications via the Wide Area Network (WAN), which was originally designed when applications resided exclusively in the data center. To truly realize the full benefits of the cloud, enterprises need to move beyond legacy router-centric approaches that are manual, error-prone and ineffective in a cloud-first environment. Only Silver Peak delivers all the necessary functions of the new WAN edge in a single device – advanced SD-WAN capabilities, routing, security and integrated WAN optimization – that simplifies the WAN edge, delivers new levels of agility and automation, and improves productivity.

“It’s rare that we see an opportunity to disrupt a massive, entrenched $100 billion technology category supporting mission critical applications and communication,” said Tim McAdam, general partner at TCV. “After researching all the players in the multi-billion-dollar SD-WAN market and speaking with enterprise CIOs, it is clear that Silver Peak has the most complete solution, clear market differentiation and traction, and a unique vision for the future of the new WAN edge. We look forward to working with the team to rapidly grow the business.”

“With more than $100 billion spent on the WAN every year by enterprises, much of it on technology that pre-dates the cloud, Silver Peak has an enormous opportunity as we deliver disruptive new WAN edge solutions for enterprises,” said Silver Peak Founder and CEO, David Hughes. “TCV has a proven track record for identifying high-growth markets and investing in those innovative companies with the right solution and the right team in place to achieve market leadership. Our partnership with TCV will help accelerate our growth trajectory, increase our competitive advantages and extend our market leadership. We are excited to work with the TCV team.”

J.P. Morgan served as exclusive placement agent to Silver Peak on the transaction.

About Silver Peak

Silver Peak is a global leader in broadband and hybrid WAN solutions. Silver Peak offers a high-performance SD-WAN solution that provides secure and reliable virtual overlays to connect users to applications with the flexibility to use any combination of underlying transport without compromising application performance. This results in greater business agility and lower costs. More than 3,000 globally distributed enterprises have deployed Silver Peak broadband and hybrid WAN solutions across 80 countries. Learn more at silver-peak.com.

About TCV

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

© Silver Peak Systems, Inc. All rights reserved. Silver Peak and the Silver Peak logo are trademarks or registered trademarks of Silver Peak Systems, Inc. in the United States and/or other countries. All other marks may be trademarks of their respective owners.

Contacts

Silver Peak
Danielle Ostrovsky, 410-302-9459
dostrovsky@silver-peak.com

or

TCV
Katja Gagen, 415-690-6690
kgagen@tcv.com


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

By Jonathan Shottan

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

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

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

  1. Leaders That Scale Take A Position…

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

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

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

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

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

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

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

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

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

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

  1. Leaders Embrace the Outcome…and Adapt Appropriately

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

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

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

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

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

 

The Most Important Deliverable You Have

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

###

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

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