Menlo Park, CA – March 9, 2020 — TCV is delighted to announce that Neil Tolaney — a seasoned investor in the consumer internet, digital media, and subscription industries — has joined the firm as a General Partner. Founded in 1995, TCV has invested over $13 billion in more than 350 technology companies in both consumer and enterprise industries. Neil was actively involved in a number of those investments, including Facebook, AppNexus, Minted, and Prodege, when he was with the firm from 2011 to 2013.
Neil returns to TCV bringing a combination of investing and operating experience in consumer technology. Most recently, Neil was a Deal Partner at Francisco Partners, where he focused on growth equity and buyouts of consumer internet assets. As an operator, Neil was managing director of PersonalizationMall.com, an e-commerce direct marketer and category leader of personalized gifts (acquired by Bed Bath & Beyond); prior to that he directed strategy development at LegalZoom.com.
“We see tremendous opportunities in B2C investing and Neil’s background will be instrumental in helping guide our companies through their evolution into market leadership positions,” said Woody Marshall, General Partner at TCV. “Neil has built his career in the consumer internet sector, where experience really counts. Scaling high growth businesses requires differentiated pattern recognition, solid understanding of metrics and markets combined with conviction and alignment with management teams. To all of these Neil adds genuine empathy for everyone involved in the growth journey.”
Over the last six years, TCV’s General Partners have had the
opportunity to continue to work alongside Neil on shared boards among TCV portfolio
Based on the broad scope of shared experience, values, and
philosophies, we are thrilled to welcome Neil back to the investment team and
look forward to his contributions as TCV embarks on its next 25 years of
The General Partners of TCV
letter is not an offer to sell or the solicitation of an offer to purchase an
interest in any private fund managed or sponsored by TCMI, Inc. or its
affiliates (“TCV”) or any of the securities of any company
discussed. The TCV portfolio companies identified above are not
necessarily representative of all TCV investments, and no assumption should be
made that the investments identified were or will be profitable. For a complete
list of TCV investments, please visit www.tcv.com/all-companies/. For additional important disclaimers regarding this
website, available at http://www.tcv.com/terms-of-use/.
Shanna Tellerman is a two-time Founder and CEO. Her current company, Modsy, is a virtual home interior design service that provides 3D photorealistic renderings of the home space, where all items within the design are 100% shoppable and users can purchase all in one place. In this Growth Journeys podcast, Shanna traces her evolution from math-loving fine arts major to entrepreneur by way of 3D technology and venture investing at Google. Tina Hoang-To, Executive Vice President at TCV, also has both CEO and venture experience, so this lively conversation is filled with lessons of:
Founding and leading businesses and raising capital
Building and scaling high-performing teams
Integrating technology and design
Succeeding as a working parent
Forging a successful partnership with investors
For all this and more, settle back and click play.
Tina Hoang-To: Welcome everyone to Growth Journeys, a
podcast series from TCV focused on lessons from entrepreneurs and founders in
the TCV ecosystem. I’m Tina Hoang-To, Executive Vice President at TCV, and I’m
here with Shanna Tellerman, Founder and CEO of Modsy, a leading virtual home
interior design service. Shanna and I met five years ago, when I was CEO of
Wedding Spot and she was a partner at Google Ventures. Then we traded sides. I
re-joined TCV as an investor last year and reconnected with Shanna. Fast
forward a few weeks later…TCV led the Series C in Modsy and I joined the board.
Shanna, looking forward to having you today to share your story. Welcome to
Shanna Tellerman: Thank
you. Excited to be here.
Tina Hoang-To: Shanna, let’s start from the
beginning. You have a pretty unique journey from having a fine arts major at
Carnegie Mellon to venture capitalist to CEO of Modsy. What changed for you in
those early years to put you on an entrepreneurial path?
Shanna Tellerman: I
definitely did not have any original intention of going into venture capital or
even technology. I was a big fan of both art and math and science, and I was
always looking for the place where these two things intersected. And I tried a
bunch of ways that felt kind of
superficial to me until during my time at Carnegie Mellon, I took this
class called Building Virtual Worlds, which was very early days virtual
reality. Crazy headsets. Low resolution. And that class was, for me, the
changing point in my life. I figured out that you can combine all of these
things into 3D and graphics and consumer experiences and pave the way to new
ideas working on this interdisciplinary team. And for me, it was like,
“Check, check, check.” It hit every box. I had so much fun. And it
veered me from going through this path of selling art in New York to “I am on a
path to starting companies, founding businesses, and working in technology.”
Tina Hoang-To: So
your first company was Sim Ops. Tell me the story behind that.
Shanna Tellerman: I
was in Carnegie Mellon in graduate school and I was working on a technology
that I just couldn’t imagine leaving behind and taking a job. And that technology was game technology
that was being used to train emergency responders. And we were working with emergency
responders all over the country
and actually all over the globe. I had a professor who recommended,
“Why don’t you start a business around this?” And I thought,
“Sure. Why not? How hard is that?” And there I was, three months
later, and he gave us a $10,000 loan and I had set up my very first business.
And we were taking the technology out of the university and essentially using
it to train emergency responders.
Tina Hoang-To: And what were some of the toughest
challenges you faced as a young, first-time CEO with Sim Ops?
Shanna Tellerman: I
think I faced almost every challenge that you can face as a first-time founder.
I joke but it’s kind of serious that I made every mistake you can make from the
way you structure the company to the way you divide up your equity. And the
good news was that you can make a lot of mistakes as long as you recover very
quickly and learn from them. And so I made all kinds of mistakes. The biggest
challenge that I faced as a young entrepreneur I think was having no credibility.
I had never worked. I had no experience. I had gone to graduate school. And I
both had no credibility plus no experience to say, “This is how things
should be done.” And so for me, I think – rightly so – investors who were looking at my business said,
“It’s interesting technology, but are you the right person to lead this
company?” And I came into work every day being like, “Am I right
person to lead this company? I don’t know.” And over the years building
out that confidence for myself but also for investors was probably the hardest
part of the journey.
Tina Hoang-To: So selling your company is a big
decision. How did you know M&A was the right path for Sim Ops and yourself
at that moment in time when you did sell the company?
Shanna Tellerman: Yeah.
I mean, the moment of an exit is the moment of many, many, moments prior,
right? And for me, the path of Sim Ops was a path of lots of learnings. I
started out of graduate school. I didn’t plan to become an entrepreneur. And
then we hit fundraising issues, technology and product fit challenges, me
moving to the West Coast, and then the downturn. A massive recession hit, and
we had to raise our Series A during that. And I probably pitched 60 to 70
investors and somehow did raise a Series A during this downturn when nobody
else was getting funded. So there we were a year later and Autodesk had been a
partner that we had been talking to for a long time, and they wanted to buy the
company, and I was thinking about, “Do I go out and raise a Series B or do
I take this path?” And for me, at that moment I was like, “I’m ready
for the next chapter. And that was a very, very tough road. And this is a
really great company to keep doing what we’re doing and to have it impact an
even broader set of people.” So for me, that was the right moment but it
was a tough choice.
Tina Hoang-To: You built Sim Ops and then you’re CEO
of Modsy. In between, I’m sure you’ve built a lot of confidence in operations.
Tell us a little bit about what you’ve learned along the way.
Shanna Tellerman: That’s
a great question. I actually believe first that you learn the most by mistakes.
So when you make a mistake and then you recover and you’re able to course-correct
from that mistake, to me it’s the center of confidence, because now you’re not
fearful when you’re making choices because you know that you’re going to make
bad choices. But as long as you can quickly react and maneuver from those
choices, you’re going to be okay. For me, that’s been one big piece at the
center. The second most important part for me of building confidence has been
learning to be really myself. I think that when you start a company especially
if you’re really young and you don’t know what you’re doing you like to put on
this pretense that, “I’m a manager. I’m a founder. I am somebody who can
run a business.” And most people don’t feel that level of confidence. And
ironically being completely transparent and vulnerable and sharing the things
you do know and don’t know build a tremendous amount of trust with your
employees and with your investors and with your partners. And you’re able to
build on that confidence of “These
are the things I actually do know. I know how to do them.” And then these ones
I don’t and I’m okay with that. And people are going to give me feedback and
I’m going to learn and I’m going to evolve. And then I get to be just myself.
Tina Hoang-To: What was your experience like once Sim
Ops was acquired by Autodesk? How was that
integration process? And I’m sure that’s a big transition to go from a really
small team to such a large organization.
Shanna Tellerman: The
experience for me going from acquisition to working at Autodesk was definitely a
night-and-day difference. We were, at that point, a 12-person company and I
went into Autodesk which was thousands of people, multiple offices, global
company. I had never worked for a company and I had never had a manager before
in my life. And so it was a transition at every single level of your work
experience. There was nothing that was the same anymore. The experience for me
though was amazing because, one, my first manager ever was actually an amazing
manager, somebody I still turn to today for advice. And the company was just
really full of incredibly intelligent, really humble people who were super-passionate
about the same kinds of things I was passionate about — like 3D and graphics
and this world of transformation into the cloud. And so the baseline of those
things that were aligned between me and them made it this incredible adventure —
many acquisitions don’t go that way. But
for me, I felt like I just got to absorb and I got to learn and I got to work
with great people. It was incredible.
So, Tina, I know you also went through the experience of an
exit. I’m so curious. It was probably a totally different experience for you.
What was it like? What were your lessons learned?
Tina Hoang-To: I think very similar to you. I think
at every point in time as a founder when you’re thinking about fundraising,
you’re also thinking about the strategic options, right? It’s a tough decision.
When you build your company it’s sort of your baby. So letting that go I think
was really hard for me. And very similar to you I thought “Hey, I’ve built
this, this far. There’s a new chapter that might be better partnered with
someone else.” And I think that was the right choice, and I still believe
it’s the right choice.
Shanna Tellerman: So,
Tina, I know that we also have the same common path that was a little unusual,
a little untraditional. You went from selling cars in college to becoming a CEO
and then back to being an investor. Tell me a little bit about how that path
Tina Hoang-To: Well, it’s a lot of lessons along the
way. But since you mentioned my car selling days, one of the biggest things
that I’ve learned throughout my career is that being good at sales is something
that got me very far. And I think that’s important to everybody in their
career. When I was CEO, I felt like every day I was playing a sales role. When
recruiting talent, you’re selling your culture and your mission. And then when
fundraising you’re selling the market opportunity and your growth trajectory.
And now as an investor, I’m still not done pitching. I’m pitching myself as a
board member. I’m pitching TCV’s brand, our domain expertise, and our track
record. To bring it back to something that I think all the listeners can relate
to, think about every annual review that you’ve had. You’re essentially
pitching your impact to the team and your work product. So my biggest advice
here is if you don’t feel like you’re good at selling, read some books. Go out
there and do some online classes, because I think that’s definitely going to
come in handy as you progress throughout your career.
So let’s talk
about Modsy. What is Modsy for those listeners who are not familiar with the
Shanna Tellerman: So Modsy is an online interior design
service where you get paired with a designer virtually, and then we use
specialized visualization technology to basically reconstruct your room into a
3D model and design it so you can see how everything will look in your space
and shop from real products, from real retailers. Everything integrated: You
can check out and buy from Modsy.
Hoang-To: How did you
come up with the idea?
Shanna Tellerman: The
story starts with myself. I am the Modsy customer. My husband and I moved into
a home in San Francisco and we went through that process of, “It’s time to
buy some furniture. It’s time to upgrade from our IKEA and hand-me-downs.”
And we got stuck almost immediately. We were looking at an awkward space. And
we had a sofa, but we couldn’t decide on the rug without deciding on the art.
And we couldn’t decide on the layout of the space. And without being able to
see what it would really look like and have design help to visualize and to
come up with a plan we did nothing for a year-plus and our space was sad. And
we came home to this kind of empty sad space. And for me, that led to this
moment where I was looking at a catalog and I looked at it and I was like,
“I wish I was having this experience looking at this beautiful image where
everything is designed and looks great, and they’re all products I can really
buy. I just wish it was in my own house.” And for me, that light bulb went
off because I had this background in 3D and graphics and spent time at
Autodesk. I knew what was coming and I knew that we could combine the ability
to visualize your unique space, fully designed, with real furniture you could
really buy, in a way that felt beautiful — like a catalog — but it was in
your house. And we could combine that with the ability to have a designer at a
very affordable rate, working with you to make the decisions. And that if I
provided that to the average consumer who today has no access to design
services without thousands and thousands of dollars, that we could open up a
huge market opportunity.
So the moment I had that idea I couldn’t drop it. I went
into work every day, and I was thinking about it, and prototyping it. And then
fast forward a few months later, and I had left Google Ventures, where I was
investing, and I was like, “I am starting Modsy.” And here we are,
five years later.
Tina Hoang-To: I can attest to the value proposition
since I was a customer of Modsy. You know this story, but you saved Nick and
I’s life when we moved into our new place in San Francisco, and we went through
the same thing. We tried out two interior designers. They came in, took a look
at the space, gave us an estimate of three to four months before we can
actually start buying furniture. And given I’m a very quick person to do
everything, that just didn’t work for me. Like, what are going to do for four
months without furniture in this wide-open space? So because of Modsy, we were
actually able to buy all our furniture in three weeks and be able to settle
into our new home.
Shanna Tellerman: It
Tina Hoang-To: Thanks, Shanna. What is the technology
behind Modsy and how’s it changed since you launched the company in 2015?
Shanna Tellerman: Technology
is definitely at the center of Modsy. It’s at the center of the vision because
the vision is about visualization and visualization technology powers that. So,
there’s two parts to this. One is the photo-realistic 3D renderings. From day
one, we knew we could enable that. But to enable that in a scalable and
affordable way that would allow us to provide the service at a very low cost,
we had to build our own proprietary tools and technology and we had to plug
into a couple of systems that were all cloud-based so the whole thing could
scale. And so that just took a lot of time. That one we had a pretty clear
The second part of our technology is taking photos of
somebody’s room and then reconstructing an accurate to-scale 3D model — ideally
with as little measurements, or no measurements, as possible — and then coming
out with that 3D model to be usable in the design process to be able to put the
furniture in. And so it had to be accurate. It had to have floors and walls and
windows. And then it had to be something that could render out
photo-realistically. And nothing in the world existed to do that.
There was reconstruction technology as a concept and there
are big cameras that do depth sensing that can measure and that can use laser
scanners — but that doesn’t exist in the normal consumer’s pocket. So we were
like, we need to take the normal phone in normal consumer’s pockets and we need
to apply the things that are only possible in these really sophisticated
cameras. And we had some guesses about how to do it, but nobody had ever done
it. So fast forward to today. Several years of R&D and various approaches
and a sort iterative approach to solving this problem one piece of the pipeline
along the way, we now have patented technology. We have taken an approach that
is unique to everybody in the world that is trying to solve this. We’re
probably the furthest ahead. We’re about to release something even cooler in
this space in the next couple of months. But it has been one of those things
where you know what you’re trying to do at the end, but your R&D path
uncovers new ways and new approaches continuously and along the way you have to
adapt that plan.
Tina Hoang-To: I remember as I was using Modsy for
the first time, the biggest value proposition for me is actually seeing things
fit in my space. And that was very hard for us. I mean, I can walk around with
a ruler and measure everything but being able to look at three different types
of layouts for a sofa and how it’s arranged in the space and click a button to
live-swap in each and every one of the sofas was just a tremendous value add
for us. So thanks for building that.
Shanna Tellerman: Awesome.
Tina Hoang-To: So Modsy has been growing, raising the
Series C, and nearly doubling its headcount in 2019. How have you navigated
through the challenges of scaling a team so quickly?
Shanna Tellerman: It’s
interesting. Not only are we scaling the team, we’ve also been transitioning
the locations and roles of our team. So a lot has changed all in one year. I am
not going to say this is easy. Any time you grow and you add a lot more people,
your culture does change. But what I’m constantly telling our team is that the
culture is what the people make it and that as we add new people, they both
adopt pieces of our culture, and they bring new culture in. I’ve seen our
culture, the core elements of our culture, where we lead with our heart and we
believe in making magic for our customers and we believe in hard work — those have stayed.
Those have always stayed true. But we’ve added all these new elements of our
culture, like you can work anywhere, you can work remotely, you can work from
home. We have a lot of customer-facing people who have a different view of the
world and there’s a different set of things that they’re interested in when we
give Monday morning updates, for example. So you need to adapt pieces of your
business and pieces of your culture. You also need to hear the feedback from
all the people who’ve joined. And simultaneously you constantly rethink the
tools and the structures especially when things like the location of the people
changes along the way.
Tina Hoang-To: Fundraising is often a big part of
being CEO. I know that. If anybody tells you that fundraising is fun, they’re
probably lying. What were you looking for when you were raising the Series C?
And what was most important to you?
Shanna Tellerman: This
one is easy. I was looking for Tina. In all seriousness, I really, really look
for investors that are partners – true partners – and to be a true partner
you have to be able to put yourselves in the shoes of each other once in a
while. And I feel like my experience being on the investing side was helpful in
that I can understand what an investor’s trying to get out of the relationship.
I understand the dynamics of a partnership, I understand the growth rate, I understand
the things that are exciting to an investor. Simultaneously as an entrepreneur
it’s really, really helpful when your investor understands how hard it is to
run a business, to build a business and that every day you’re in there and
you’re slaving away and you’re making these hard decisions and hard choices and
that there’s real work in that. And again, when you get those snapshots of a
company once every couple of months it’s easy to not remember that there’s a
lot of hard work that goes into it. And for me when I’ve ultimately talked to
investors and had the opportunity to bring great people onto the board, it’s
the people who just get it. They get that there’s a lot behind the scenes and
that that’s always part of the conversation. And as we chatted, it was so clear
that that was how you thought about the world and that’s always made it easy.
It’s made the relationship easy.
Tina Hoang-To: I think on the flip side, one of the
greatest things that you’ve given me is the opportunity to work with the team. Every
time we’re launching new products, Sam, CTO, is sending me the test pilot
launches, it gives me the opportunity to bring myself back to the days when I
was an operator and launching new products. And that’s been really exciting to
be a part of that journey with you.
Shanna Tellerman: Yeah.
Actually, we feel that you have had a unique ability to put yourself in the
shoes of our team and ask the questions or give the feedback in a way that feels
like you are part of the team, not sort of passing by giving us side comments
or sort of surface-level comments. It’s real feedback that we can really apply.
Tina Hoang-To: Shanna, you’re a CEO and founder but you’re
also a mother. How has motherhood changed how you work and how you are as a
Shanna Tellerman: So motherhood, for anybody who’s listening –
as a mother or father, is hard work. There’s no question. It definitely started
to divide my time. But I will say, it has been life-changing, game-changing.
Not just for me personally, but for our business. The thing everybody says is
true — which is, you get way more efficient with your time and you start
canceling all those silly meetings and those lunches or dinners that
didn’t really matter But for me, the best part of it was really I always have
carried around the stress of my company. It doesn’t matter whether I’m going to
dinner or a movie or on vacation, it’s a weight in life and I’m always thinking
about it and nothing I could do would break me out of it. My first company, my
second company, I could be in the most beautiful place in the world and I was
still thinking about my new business. We were hiking in New Zealand and I’m
thinking about my business. And I’m like, “This isn’t healthy,” but I
can’t break out. But then I had a baby. And when I go home and see Skye it’s
pure joy and the thoughts of our business melt away. And even if it’s only for
a few minutes, there’s these few moments where I’m like, “This is actually
more important than that.” And I never had that before, and it’s been
Tina Hoang-To: So I’ve been really fortunate to have great
mentors in my career and I think this is a very important part of development
as you progress. Who are some of the people in your life that have provided
mentorship to you?
Shanna Tellerman: It’s such an important question. Definitely,
I have had a series of mentors along the way from managers to advisors and
people in my life, my husband. But for me actually even more fundamental
to that was something I realized when I was an entrepreneur, but then realized
more profoundly when I was an investor, was that there really wasn’t this same kind
of network for women. And so I became really passionate about connecting women
together who were founders, investors, and operators because that’s the
ecosystem and just allowing us to build bridges and connections and
relationships with no business purpose to start out — knowing that it would
lead to great business results in the end. And so it started then when I was an
investor and we started doing this annual trip to Park City and skiing, and
it’s been just amazing to see this network grow and support each other. And all
these women are people I know I can just get on the phone and I can ask a quick
question. When I started my company they were my first calls — being like, “Will
you invest in my seed round?” That is the network that ends up becoming
such a powerful resource for me.
Tina Hoang-To: So we’re down to the last question
which I think will be helpful for most listeners who are in your shoes. As a
CEO and a former VC, what is one piece of advice for someone pitching to a VC
firm that you wouldn’t have known if you hadn’t had that experience as a
Shanna Tellerman: I
get asked this question a lot. What did I take from being a VC and how do I
apply it to being an entrepreneur? And especially in fundraising and pitching,
what’s the secret sauce? For me, it’s actually my understanding that it is a
partnership and that the partnership collectively makes a decision. So you
might have a big champion who has brought you in and they’re super excited, and there might be a bunch of people at
the table really excited. But there might also be some people who are
not that excited about your business and that that is actually a pretty normal
part of a partnership discussion after a pitch. And for me, that’s allowed me
to take it way less personally — the pitch. It sounds funny but as an
entrepreneur you feel like this is my baby, this is my company, people are
giving me feedback they didn’t like me, they don’t like my business. But in
reality, there’s this collection of people looking at your business with their
collective history and experiences, and it is more common than not that some of
the people sitting around that table have some concerns and have some
reservations and bring it up. And then that discussion ensues, and it may be
swayed one way or the other. And you are a minor part of that equation. At the end
of the day, they’re making a collective partnership decision. And for me, that
just took a lot of the emotion out of the fundraise.
Tina Hoang-To: That’s a great point. When I was going
through a fundraising as well you get a lot of “no’s.” I think some people have
biases towards certain industries or certain products, etc. But one of the
greatest pieces of advice I was given was, it doesn’t matter how many “no’s”
you get. You really only need one “yes.”
Shanna Tellerman: So
Tina Hoang-To: And I think that turned everything
around for me, that it is okay to get turned down. Because if you look at the
data and the stats, the chances are you’re probably not going to get a “yes” in
your first try, so that’s really helpful advice.
Shanna Tellerman: Very
Tina Hoang-To: Shanna, these are really valuable
lessons you’ve shared. Thank you so much for joining us on Growth Journeys, and
thanks to all out there for listening.
views and opinions expressed are those of the authors and do not necessarily
reflect those of TCMI, Inc. or its affiliates (“TCV”). TCV has not
verified the accuracy of any statements by the authors and disclaims any
responsibility therefor. This interview and blog post is not an offer to
sell or the solicitation of an offer to purchase an interest in any private
fund managed or sponsored by TCV or any of the securities of any company
discussed. The TCV portfolio companies identified above are not
necessarily representative of all TCV investments, and no assumption should be
made that the investments identified were or will be profitable. For a complete
list of TCV investments, please visit www.tcv.com/all-companies/. For additional
important disclaimers regarding this interview and blog post, please see
Revolut raises $500
million in Series D funding, valuing the business at $5.5 billion, making Revolut
one of the highest valued fintech companies in the world
The round was led by
US-based investor TCV, with a number of existing investors also participating
in the round
Revolut will use the
capital to further strengthen product development in existing markets, roll-out
banking operations in Europe and increase daily engagement
LONDON, 25 February 2020 — Revolut, the global financial platform with over 10 million customers worldwide, has today raised an additional $500 million in Series D funding, taking the total amount raised by the company to $836 million.
funding round was led by US-based growth capital firm TCV, with a number of
existing investors also participating. The latest funding round values the
business at $5.5 billion, making Revolut one of the highest valued fintech
companies in the world.
capital was secured on the back of high customer demand and engagement and a
strong financial performance last year. In 2019, Revolut increased customer
growth by 169%, the number of daily active customers by 380%, and saw financial
revenues in 2018 grow by 354%.
capital will be focused on the customer experience and used to strengthen
Revolut’s core retail and business offering in existing markets, with a
particular focus on product development that will help accelerate daily usage
of accounts. Future plans include lending services for retail and business
customers, extending high interest savings accounts beyond the UK, further
improving customer service and rolling out banking operations across
also focus on further developing its Premium and Metal subscription accounts,
which have proven to be a successful revenue stream for the business, growing
by 154% last year. Revolut’s Premium and Metal accounts include a variety of
benefits for customers, such as unlimited foreign exchange, airport lounge
access, commission-free stock trading and travel insurance.
continue to invest in expanding its workforce across multiple locations. The
company now employs over 2,000 people, and last year made a number of senior
appointments across the business in order to scale up its governance. Last
year, Revolut appointed Martin Gilbert, the former Co-Chief Executive of
Standard Life Aberdeen, as Chairman of the Board. Caroline Britton, a former
Audit Partner at Deloitte, and Bruce Wallace, the former Chief Operations
Officer at Silicon Valley Bank, were both appointed as Non-Executive
on the new investment, Nik Storonsky, Founder & CEO at Revolut said: “We’re
on a mission to build a global financial platform – a single app where our
customers can manage all of their daily finances, and this investment
demonstrates investor confidence in our business model. Going forward, our
focus is on rolling-out banking operations in Europe, increasing the number of
people who use Revolut as their daily account, and striving towards
profitability. TCV has a long history of backing founders who are changing
their industries on a global scale, so we are excited to partner with them as
we prepare for the next stage of our journey.”
on the investment, John Doran, General Partner at TCV said: “We are delighted
to partner with Nik, Vlad and the entire Revolut team. Using a modern
technology stack and with a relentless focus on delighting customers, Revolut
has built a truly exceptional customer experience that is exceeding anything
that existing banks can offer. We look forward to supporting the team on their
journey to build Revolut into one of the biggest financial services companies
in the world.”
on the investment, John Glen MP, the UK Economic Secretary and City Minister
said: “It is clear that the UK fintech sector continues to thrive, and
Revolut’s announcement, which comes on the back of record-breaking fintech
venture capital investment in 2019, is a clear indicator of our strength as a
place for fintech business as we leave the EU.”
— END —
here to transform the way money works. As an innovative, new kind of
financial platform, it gives people the power to spend, invest and transfer
money without the sky-high fees charged by the big banks.
launching in 2015 in the UK, Revolut has expanded significantly beyond its
origins as an FX product, adding new features all the time, including
Commission-Free Stock Trading, Cryptocurrencies, Business Accounts and
in London, with 2,000 people in 23 offices, Revolut is now one of the biggest
Fintech communities in the world, with over 10 million customers globally.
Since launch, Revolut has processed over 1bn transactions worth over $130bn.
Revolut Press Contact Chad West, Director, Global Communications email@example.com l +447860651737
1995, TCV provides capital to growth-stage private and public companies in the
technology industry. Since its inception, TCV has invested over $13 billion in
leading technology companies, including more than $1.5 billion in fintech, and
has helped guide CEOs through more than 120 IPOs and strategic acquisitions.
investments include Airbnb, AxiomSL, Dollar Shave Club, ExactTarget, Expedia,
Facebook, LinkedIn, Netflix, Nubank, Payoneer, Splunk, Spotify, Toast,
WorldRemit, Xero, and Zillow. In Europe, TCV has invested $2 billion in
companies including Believe Digital, Brillen.de,
Perfecto, FlixMobility, RELEX Solutions, RMS, Sportradar, The Pracuj Group, and
WorldRemit. TCV is headquartered in Menlo Park, California, with offices in New
York and London. For more information about TCV, including a complete list of
TCV investments, visit https://www.tcv.com/.
TCV is delighted to announce that Gopi Vaddi, a seasoned investor with broad international experience, has joined the firm as a General Partner. Founded in 1995, TCV has invested over $13 billion in more than 350 consumer and enterprise technology companies, including $2 billion in Europe, where Gopi will be focused. TCV investments in Europe include Believe, FlixMobility, Brillen.de, RELEX Solutions, RMS, Sitecore, Sportradar, Spotify, The Pracuj Group, and WorldRemit.
Gopi is an excellent fit with TCV’s long-term strategy and
focus of investing across geographies and domains, often far from major
technology and financial hubs. He was born and raised in India, took degrees in
business administration and electrical engineering in the U.S. and India, and
has experience investing in the U.S., Europe, and Asia. Most recently, he was a
partner at Providence Equity’s growth fund, where he worked on growth buyouts
and minority investments in software and payments. At TCV, Gopi will focus on
software and software-enabled businesses covering business applications, vertical
software, digital marketplaces, and infrastructure software.
“We take as much care in adding a new partner as we do in making a new investment,” said Jake Reynolds, General Partner at TCV. “Gopi’s success springs from the same qualities that have driven TCV for nearly a quarter-century: deep domain knowledge, keen market insight, and a passionate commitment to helping entrepreneurs achieve category leadership. He also complements the firm’s broad growth-biased investment approach with expertise in software buyouts and buy-and-build investing.”
Gopi understands TCV’s approach, just as we recognize the value he has brought to his investments, including a willingness to roll up his sleeves and work side by side with management. As a citizen of the world who started his career as an engineer and data modeler, he has an innate ability to identify and partner with the next generation of category leaders and the entrepreneurs steering them.
We are thrilled to welcome Gopi to the team.
The General Partners of TCV
companies identified above are not necessarily representative of all TCV
investments and no assumption should be made that the investments identified
were or will be profitable. For a complete list of TCV investments, please
visit www.tcv.com/portfolio-list/. For additional important disclaimers regarding this post,
Dan Wernikoff rose to become an EVP at Intuit and general manager of its small business unit and consumer tax group. In both cases he scaled the business-within-a-business from small groups of early adopters to huge hordes of happy SMBs and consumers, by relentlessly measuring early indicators, leveraging core strengths, and focusing on long-term growth goals.
In this conversation with TCV General Partner Tim McAdam, he shares:
Lessons about how selling into SMB markets
differs from enterprise
The best metrics for tracking success, and
Why empathy and understanding matter more than
slick ads and sales techniques.
He also explains how to infuse human expertise
into SaaS models in a way that fits the SMB/consumer mindset.
For these insights and more, settle back and press play.
Dan Wernikoff is a former Venture Partner at TCV.
The views and opinions expressed are those of the speakers
and do not necessarily reflect those of TCMI, Inc. or its affiliates
(“TCV”). TCV has not verified the accuracy of any statements by the
speakers and disclaims any responsibility therefor. This blog post is not
an offer to sell or the solicitation of an offer to purchase an interest in any
private fund managed or sponsored by TCV or any of the securities of any
company discussed. The TCV portfolio companies identified above, if any,
are not necessarily representative of all TCV investments, and no assumption
should be made that the investments identified were or will be profitable. For
a complete list of TCV investments, please visit www.tcv.com/all-companies/. For
additional important disclaimers regarding this document, please see
Dublin, ROI, Sept. 04, 2019 (GLOBE NEWSWIRE) — Clio, the leader in cloud-based legal technology, announced today it has raised $250 million USD in Series D funding from TCV and JMI Equity. The investment marks one of the largest private transactions in legal technology and a definitive shift for the future of the legal industry.
As reported by the World Justice Project, 59% of individuals in the United Kingdom experienced a legal problem in the past two years, but only 28% were able to access help with many (48%) seeking advice from a friend or family member. Yet, there were over 138,000 practising solicitors as reported by the Law Society of England and Wales, with 63% of those residing in Dublin.
“It’s clear something needs to change when the majority of legal problems don’t receive legal assistance,” said Jack Newton, CEO and Co-founder of Clio. “Clio is committed to building the essential operating system for solicitors, one that focuses relentlessly on unlocking new efficiencies and entry points to legal services. This will allow legal professionals to easily deliver exceptional client experiences, increase their productivity, grow their firms, and make legal services more accessible. This investment will accelerate our ability to realize this vision.”
Founded in 2008, with their European headquarters based in Dublin, Clio will use these funds to amplify efforts to support access to legal services across Europe. Clio is the only legal case management software endorsed and approved by both the Law Society of England and Wales and the Law Society of Scotland due to their robust product, exceptional customer care, and commitment to helping law firms meet GDPR & SRA compliance responsibilities as data controllers.
“At TCV, we partner with innovative companies that are leaders in their industry and offer superior value propositions for their customers,” said Amol Helekar, Principal at TCV, and a member of Clio’s board of directors. “Clio has had long-standing success in transforming a vast industry that has been lagging in technology adoption and we are confident the company will continue to lead on a global scale. We are committed to supporting Clio with TCV’s resources and network in order to help them capitalize on their significant growth opportunities,” added Jake Reynolds, General Partner at TCV.
TCV and JMI have been investment partners to innovative technology companies such as Adaptive Insights, Airbnb, Eloqua, Expedia, Facebook, Netflix, PointClickCare, ServiceNow, and Spotify, and have helped these businesses achieve their growth objectives.
“We believe the legal software space presents significant opportunities for continued disruption, and Clio is the clear leader,” said Matt Emery, General Partner at JMI Equity who has joined Clio’s board of directors. “Clio is not only solving some of the biggest pain points for the legal profession, it is creating a platform for the future of legal services, and we look forward to partnering with the team in the company’s continued growth and success,” added Sureel Sheth, Principal at JMI.
Customers can expect to see ongoing investment in the depth and breadth of Clio’s offerings, with even more powerful and flexible tools for legal professionals to manage and grow their practices, making them more efficient and sustainable as businesses. Mark Britton, former Expedia executive and founder of legal marketplace Avvo.com, will also be joining Clio’s board of directors to provide his own industry experience as the company brings their vision for the future of legal to market.
Raymond James served as legal buyside advisor to TCV for this investment.
Clio (Themis Solutions Inc.), the leader in cloud-based legal technology, empowers legal professionals to be both client-centered and firm focused through cloud-based legal practice management software. Clio has been transforming the industry for over a decade with 150,000 customers spanning 100 countries, and the approval of over 66 bar associations and law societies globally. Clio continues to lead the industry with initiatives like the Legal Trends Report, the Clio Cloud Conference, and the Clio Academic Access Program. Learn more at clio.com/uk.
Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. TCV has invested over $12 billion in leading technology companies and has helped guide CEOs through more than 120 IPOs and strategic acquisitions.
TCV’s software and legal technology investments include Alarm.com, Altiris, Ariba, Avalara, Avetta, Avvo, AxiomSL, CCC Information Services, ExactTarget, ETQ, FinancialForce, Genesys, IQMS, LegalZoom, OpenText, OSIsoft, Rapid7, Rave Mobile Safety, RELEX Solutions, Sitecore, SiteMinder, SMT, Splunk, Toast, Xero, 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, please visit tcv.com.
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 145 businesses in its target markets, successfully completed over 95 exits and raised more than $4 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information visit jmi.com.
SALT LAKE CITY, Sept. 3, 2019 /PRNewswire/ — HireVue, provider of the most comprehensive suite of AI-driven talent assessment and video interviewing solutions, today announced that global investment firm The Carlyle Group (NASDAQ: CG) has signed an agreement to invest in HireVue as its majority investor. Existing shareholders, including TCV, Granite Ventures and Sequoia, together with HireVue management, will remain minority investors.
Over its 15-year history, HireVue has transformed the way companies discover, hire and develop the most diverse set of top talent. HireVue customers, who include over one-third of the Fortune 100, generate strong returns on their investment by reducing the time it takes to hire a candidate by 90 percent on average, and by regularly achieving world-class candidate net promoter scores of more than 70, all while increasing the number of prospective candidates, hiring objectivity and the diversity of hires. HireVue pioneered the video interviewing industry and remains the leader today, delivering a million interviews and over 150,000 pre-hire assessments every 90 days.
“We are delighted to partner with Carlyle to accelerate HireVue’s technology innovation and propel our growth globally,” said Kevin Parker, Chairman and CEO at HireVue. “Carlyle’s culture of ‘performance through collaboration’ makes it our ideal partner as we expand to new markets and enhance our support of enterprise partners around the world.”
“HireVue is the recognized video interviewing and talent assessments leader,” said Patrick McCarter, Managing Director and Co-Head of TMT at The Carlyle Group. “Innovative global enterprises are driving more efficient and effective hiring through HireVue, accessing a broader, more diverse talent pool and significantly reducing bias.”
“We look forward to partnering with Kevin and the entire HireVue team to further accelerate the business and create even greater value for HireVue’s global employees, customers and partners,” said Tyler Parker, Vice President at The Carlyle Group.
“HireVue’s market-leading SaaS platform and suite of recruitment solutions assist global enterprises in finding, engaging and hiring the best talent,” said Nari Ansari, General Partner at TCV. “We are excited about the new partnership with Carlyle and HireVue’s next phase of growth.”
The current executive team at HireVue will continue to lead the company under the direction of Chairman and Chief Executive Officer Kevin Parker.
Equity capital for the investment will come from Carlyle Partners VII, an $18.5 billion fund. The Carlyle team leading the transaction focuses on investments in global technology, media and telecommunications (TMT) companies. TMT is a core area of focus for Carlyle, representing more than $30 billion of invested equity since inception. Goldman Sachs acted as exclusive financial advisor to HireVue.
The HireVue Assessment and Video Interviewing Platform combine the power of video, AI, game and technical challenges for comprehensive hiring intelligence. Validated behavioral science is the foundation of HireVue’s highly effective pre-hire assessments, which are rigorously bias-tested according to the EEOC’s Uniform Guidelines and used to support greater diversity and efficiency in hiring. HireVue customers report lower attrition and high return on investment.
In addition, the HireVue Assessment and Video Interviewing Platform is the only platform in its industry that can scale to support the growth of enterprise customers. HireVue has achieved numerous industry and federal certifications, including:
ISO/IEC 27001:2013 certification
SOC 2 Type 2 assurance
For more information about HireVue or to schedule a demo, visit www.hirevue.com.
HireVue is transforming the way companies discover, hire and develop the best talent by combining the power of video, games and AI for better hiring decisions. The HireVue Assessments and Video Interviewing Platform uses a ground-breaking combination of industrial/organizational science and rigorously tested, predictive artificial intelligence to help customers find and engage higher quality talent, faster. HireVue is available worldwide in over 30 languages and has hosted more than ten million on-demand interviews and one million assessments. Its more than 700 customers worldwide include over one-third of the Fortune 100 and leading brands such as Unilever, Hilton, JP Morgan Chase, Delta Air Lines, Vodafone, Carnival Cruise Line, and Goldman Sachs. For more information, visit www.hirevue.com.
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $223 billion of assets under management as of June 30, 2019, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 33 offices across six continents.
When Beth Grous joined TripAdvisor as Chief People Officer, the popular travel platform was growing rapidly, with 40+ locations around the world. Beth quickly moved to develop Human Resources (HR) as a strategic partner for business functions, so that the team’s initiatives would more directly support company objectives. In this first part of a two-part conversation, Beth talks with TCV GP Nari Ansari about how she re-oriented her team for business partnership. She also explains how her team manages the employee journey within TripAdvisor as strategically as the company manages its customer journeys, so that recruiting and retaining talent is both systematic and flexible for an increasingly diverse workforce.
Nari Ansari: First off Beth, I really appreciate you
taking the time to chat with us. It was great seeing you at TCV’s East Coast CHRO
event in New York with portfolio company people and talent leaders. We had some
great conversations and wanted to share a few topics with a broader audience.
Beth Grous: Absolutely. Great to speak again.
Nari Ansari: Let’s dive right in, starting with
TripAdvisor. What does the company do?
Beth Grous: I think most people who have traveled, or
know someone that’s traveled, are familiar with TripAdvisor. We are the world’s
largest travel platform. We help about 490 million travelers every month plan,
book, and get excited about having the best trip of their life. We’re a global
website, and we also have a mobile app that helps travelers browse more than
three-quarters of a billion reviews and opinions on over eight million
restaurants, accommodations, experiences, airlines, cruises, and so on.
Nari Ansari: When did you join? What motivated you to
Beth Grous: I joined TripAdvisor in September of 2015.
I’ve been a review writing member on the TripAdvisor platform since 2006 so I
was a long-time consumer of the brand and loved it. When I got the call about
the job, I thought that it would be a unique opportunity for me to take the HR
skills, experience and capabilities that I had, and intersect them with a
consumer brand that I have a lot of passion for.
Around the same time frame there was an increasing recognition
at TripAdvisor that with 2,500 employees, and the company growing globally, we
really needed to elevate the people function to work in partnership with the
CEO to execute more strategically against our business and talent priorities. And
so that was very exciting for me as well, thinking about the potential impact I
Nari Ansari: Absolutely. You’re titled Chief People
Officer, so what areas fall under your responsibility?
Beth Grous: That’s a great question, because my job
description is perhaps a little different than most heads of HR.
Chief People Officer, I have all the traditional HR domains:
rewards (compensation and benefits) and HR systems
acquisition (our recruiting engine)
and organizational development
diversity, and inclusion
In addition to those more typical functions, I have a few
other areas of responsibility, including our global real estate portfolio and office
experience for our 40+ offices worldwide, and our social impact function, which
is a combination of both our TripAdvisor Charitable Foundation and our employee
volunteerism and giving activities.
Nari Ansari: Since you became Chief People Officer,
how have you established the HR team as a business partner to the rest of the
organization? What steps did you take, what lessons did you learn as you
industrialized the function, and what advice would you have for other HR
leaders of growing tech companies out there?
Beth Grous: When I joined, I looked around and I
said, “There are some places where we have real strengths, and some places
where we need to fill in some blanks.” Probably the biggest shift we made
was to build out an HR business partner (HRBP) function – we wanted to shift a
portion of our team from being more focused on tactical day-to-day priorities
to taking a pro-active focus towards business objectives and working with their
counterparts throughout the organization. That shift in focus meant that some
people stepped up to develop their skills and to work differently. Other team
members transitioned out of the organization and, also importantly, we had a
few members join from the business side.
It was a significant shift to staff and organize this HR business
Nari Ansari: That’s an impressive shift. Tell us a
bit more about the role and skill set of HR business partners.
Beth Grous: The members of our HRBP team are expected
to have a deep understanding of the business—financials, strategy, and how each
business function aligns and interacts to execute against those objectives. I
encourage the HRBP team to frame their day-to-day work by asking the question:
“How am I working with people at all levels of the organization to help drive
the business forward?” Much of this learning happens on the job—and our
business leaders are very supportive of sharing their expertise. It has been an
important shift for us, because with this knowledge and understanding, they can
then support the business most effectively: defining the right organizational
structure to support strategy, ensuring that we are hiring and developing a
diverse and talented group of employees across the organization, and aligning
rewards, as some examples.
I am fortunate that I work for a CEO and with an executive
team who greatly values the input of our people and human capital team on
matters not just related to HR domain areas, but also matters related to the
overall business. This has been exciting and fulfilling for me and my team.
Nari Ansari: That’s great. I think what’s top of mind
for many company leaders and talent leaders is retaining exceptional talent.
You talked a bit at our recent TCV CHRO event that TripAdvisor very
methodically thinks through, manages, and monitors the customer journey and
that you and your team symmetrically are methodically thinking through,
managing, and monitoring the employee journey as well. Can you talk a little
bit more about what that looks like for your 3,600 plus TripAdvisor team members
today spread across 40+ offices?
Beth Grous: I’m going to make an obvious statement
here. If you retain and engage more of your workforce, you have less of a need
to recruit people…
Beth Grous: We
recognize that those two things sit in a very healthy and logical balance. We
also recognize that turnover in and of itself is painful. You lose
institutional knowledge. It’s disruptive to teams. It slows throughput. It
slows innovation. We’re only as good as the people that we have working in the
right teams and right configurations to execute against our business objective.
We think a lot about how to make TripAdvisor a great place to work, to
encourage not only retention, but also to drive engagement and satisfaction. Just
like our sales team thinks about the “customer first”, we think about how we
can put our employees first. That also means that we are taking their views
into account, so it’s not just about delivering “HR services” to our employees
but having a dialogue with them. This aligns with our brand, which is all about
transparency and providing honest and constructive feedback. For example, we know
that what makes a company a great place to work likely means different things
to different people. To someone early in their career, that might mean, “I
get to have a lot of different experiences and I’m promoted pretty
rapidly.” To someone in a different phase of life or with different
interests or needs, that might be that an individual wants a lot of flexibility
in terms of the hours when they work or the places where they work. We
encourage flexibility, and we also have office spaces with many different
places where people can get away from their desks if that helps them work more
effectively. We think about our workforce just like TripAdvisor (and many
consumer-facing companies) think about their customers, recognizing that one
size doesn’t fit all. That does not mean that we can necessarily be all things
to all people—but we try hard to listen, learn, and discern what’s most
important to our workforce, and meet our employees’ needs, as long as it makes
sense for the business.
I believe that there are some things that transcend all
employees, regardless of role, experience or tenure. Employees want to come to
work at a place where they understand the business objectives, they understand
the strategy, and they know their role, how their role ladders up to executing
against that strategy. So as a company, we spend a ton of time being
transparent about those elements – we do that through company town halls,
through company meetings and through various forms of communication.
Communication is so important, and I don’t think we can ever do enough of it
internally! We’ve found it critical for our employees to understand the
business context and importantly, how they fit into that context, so that they
can be most successful—and therefore we can be most successful as a company.
Nari Ansari: That makes a lot of sense. I
do think that having a much more rigorous multi-faceted view of your employee
base is becoming critical for companies of all sizes and in all
industries. And I also think open communication across the organization
is important, particularly when it feels like change is the only constant these
Another trend – and transition – we are seeing is that HR is
becoming more tech and data driven to deliver on human capital and business
goals. We’ll talk more about this in a follow-up Q&A and address other
topics that are top of mind for today’s HR professionals and tech companies,
including HR’s role in successfully executing acquisitions. Thanks so much for
sharing your thoughts with us, and I look forward to our next conversation.
Beth Grous: My pleasure!
The statements, views, and
opinions expressed are those of the speakers and do not necessarily reflect
those of TCMI, Inc. or its affiliates (“TCV”). TCV has not verified the
accuracy of any statements by the speakers and disclaims any responsibility
therefor. This interview 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,
available at http://www.tcv.com/terms-of-use/.
The funding marks the largest investment round raised to date by Nubank
Since the last funding in 2018, the firm’s customer base has more than doubled, reaching over 12 million people in Brazil
Nubank’s product portfolio has evolved, now including personal loans, a digital account with debit function for consumers and SMEs in addition to existing credit cards and its Rewards program
The company started its international expansion this year, in Mexico and Argentina
Nubank continues to pursue and hire talent for its four offices worldwide
São Paulo, 26 July 2019 — Nubank, the leader in
financial technology in Latin America, today announced it has raised $ 400
million in its Series F investment round. The round was led by TCV, one of the
largest growth equity firms based in the U.S., and marks TCV’s first
significant investment in Latin America. Existing investors Tencent, DST
Global, Sequoia Capital, Dragoneer, Ribbit Capital, and Thrive Capital also
participated in the round. The transaction is subject to customary closing
With this new round, Nubank
has raised $820 million in seven investment rounds.
Nubank, currently Brazil’s
sixth-largest financial institution by number of clients, started its
international expansion in May of this year. The company has opened offices in
Mexico and Argentina and is preparing to start operations and serve customers
in both countries over the coming months.
The firm also expanded its
product portfolio beyond its original app-controlled credit card and Rewards
products, now including a personal loan product and digital savings accounts
for consumers, as well as small and medium-sized businesses and
“We remain firm in our
mission to fight complexity and give back to people the control of their
finances. Even though the technological change has been transformational for
most industries across the globe, most banked consumers continue to pay absurd
interest rates and fees to receive very poor financial services in return.
Additionally, over two billion people still do not have access to basic
financial services. With this new investment by TCV and our existing investors,
we expect to contribute to meaningfully change this situation by accelerating
our growth in Brazil and supporting the launch of our new Latin American
markets,” says David Vélez, founder and CEO of Nubank.
“We are proud of our
shareholders and their continued support of our business. Since our early days,
we have had the privilege of drawing from the experience of some of the most
successful technology investors in the world, and this round led by TCV further
strengthens our capital base”, continues Vélez. “TCV has supported some of the
most remarkable disruptors of our time, including Netflix, Spotify, and Zillow,
with capital, strategic guidance, and industry expertise, and we look forward
to partnering with them as we grow the business.”
has a long history of backing founder-run businesses that leverage technology
to provide magical experiences to consumers,” says Woody Marshall, General
Partner at TCV. “David Vélez and his team have built an impressive business at
Nubank. We have been impressed by their market position, product-centric DNA
and unrelenting focus on the consumer experience. We look forward to supporting
their expansion into new markets and providing additional services to their
products and internationalization
Nubank started offering
debit and cash withdrawal functions to its digital savings account
(“NuConta”) customers in late 2018, consolidating its digital account
as a complete alternative to meet the basic financial needs of all Brazilians.
Today, more than 8 million Brazilians are already customers of NuConta.
After completing the process
to obtain its license as a financial institution, the company launched in early
2019 a personal loan product, which is now available to over 500,000 customers.
Nubank reached 100% of the 5,570 Brazilian municipalities within 5 years of
activity, a milestone in a country where only 60% of cities have bank branches.
In the second quarter of
this year, the company also began its international expansion, announcing
operations in Mexico and, less than two months later, in Argentina. The two
countries will receive technology and innovation hubs to develop solutions
focused on local financial problems.
In six years of existence,
Nubank reached the mark of more than 12 million customers, becoming Brazil’s
sixth-largest financial institution in number of customers, and the largest
digital bank in the world. Recently, the company entered the corporate market
with the announcement of a new digital account for SMEs, a market with more
than 20 million companies in Brazil.
Nubank today has more than
1,700 employees in Brazil, Germany, Argentina, and Mexico. The company expects
to significantly grow its employee base over the next few years.
“We are always looking
for the best talent in the world. We build strong and diverse teams with
professionals from different cultures to jointly challenge the status quo and
reduce complexity. We are a technology company by nature and, therefore, we
want the best software engineers as part of our global team,” says Vélez.
Nubank is a leading
financial technology company in Latin America. Its first product, launched in
2014, is a no-fee credit card that is fully managed by a mobile app. Almost 30 million people have requested the product since launch, and the company has
passed the 12 million customer mark. In 2017, Nubank launched its
proprietary loyalty rewards program (“Nubank Rewards”), as well as a
digital account (“NuConta”) that is already used by 8 million
people. This year, the company began testing its personal loan product and took
its first steps in international expansion, opening offices in Mexico and
Argentina. To date, Nubank has raised around US$ 820 million in seven
equity investment rounds from TCV, Sequoia Capital, Kaszek Ventures, Tiger
Global Management, QED, Founders Fund, DST Global, Redpoint Ventures, Ribbit
Capital, Dragoneer Investment Group, Thrive Capital and Tencent. Recently,
Nubank was elected as the most innovative company in Latin America and ranked
no. 36 on Fast Company’s 50 Most Innovative Companies ranking.
Founded in 1995, TCV
provides capital to growth-stage private and public companies in the technology
industry. Since its inception, TCV has invested over $11 billion in leading
technology companies, including more than $1.5 billion in fintech, and has
helped guide CEOs through more than 120 IPOs and strategic acquisitions. TCV’s
investments include Airbnb, AxiomSL, Dollar Shave Club, ExactTarget, Expedia,
Facebook, LinkedIn, Netflix, OSIsoft, Payoneer, RELEX Solutions, Rent the
Runway, Splunk, Spotify, Toast, WorldRemit, Xero, and Zillow. TCV is
headquartered in Menlo Park, California, with offices in New York and London.
For more information about TCV, including a complete list of TCV investments,
SAN JOSE, Calif., June 10, 2019 /PRNewswire/ — Vectra, the leader in network threat detection and response (NDR), today closed a $100 million round of funding led by TCV, one of the largest growth equity firms backing private and public technology companies. Existing investors also participated in the funding round, bringing the company’s total funding to date to more than $200 million.
Vectra will use the investment to accelerate global market expansion and R&D innovation, solidifying its Cognito platform as the market-leading solution for artificial intelligence (AI)-driven cloud security using NDR.
The cloud has critical security gaps that leave organizations vulnerable. Cyberattackers take advantage of these gaps without leaving a trail of evidence. Underscoring this risk, a recent survey by the SANS Institute found that one in five businesses had serious unauthorized access to their cloud environments this past year alone, and many more were unknowingly breached.
The Cognito platform addresses these security gaps by providing 360-degree visibility into cloud, data center, user and internet-of-things (IoT) infrastructure, leaving attackers with nowhere to hide.
“TCV has an extensive track record of partnering with enterprise security companies, including Rapid7 and Splunk, from growth stage to public,” said Tim McAdam, general partner at TCV and a member of the Vectra board of directors. “In our research on the category, it became clear to us that Vectra was rapidly gaining momentum with customers by rethinking the way enterprises view both network and cloud security. The Vectra Cognito platform is poised to become requisite in the security infrastructure of multinational enterprises and midsize businesses alike.”
“The cloud has inherent security blind spots, making it imperative to eliminate cyber-risks as enterprises move their business to the cloud,” said Hitesh Sheth, president and chief executive officer at Vectra. “The Cognito platform enables them to stop hidden cyberattacks in the cloud. We look forward to partnering with TCV and our existing investors as we continue our rapid growth.”
Vectra experienced 104% growth in annual recurring revenue in 2018 compared to 2017. The company will continue to ramp up initiatives aimed at addressing the global deficit in cloud security, innovating on its existing platform and expanding its global customer base.
About Vectra Vectra® is the leader in network detection and response – from cloud and data center workloads to user and IoT devices. Its Cognito® platform accelerates threat detection and investigation using AI to enrich network metadata it collects and stores with the right context to detect, hunt and investigate known and unknown threats in real time. Vectra offers three applications on the Cognito platform to address high-priority use cases. Cognito Stream™ sends security-enriched metadata to data lakes and SIEMs. Cognito Recall™ is a cloud-based application to store and investigate threats in enriched metadata. And Cognito Detect™ uses AI to reveal and prioritize hidden and unknown attackers at speed. For more information, visit vectra.ai.
About TCV Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. Since inception, TCV has raised over $15 billion in capital and has helped guide CEOs through more than 120 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, Rapid7, Rent the Runway, Sitecore, Splunk, Spotify, Varsity Tutors, Webroot, 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.