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

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

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

Victoria Guzzo
Director of Corporate Communications

SOURCE Watermark


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

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

© 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.


Silver Peak
Danielle Ostrovsky, 410-302-9459


Katja Gagen, 415-690-6690

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 For additional important disclaimers regarding this document, please see “Informational Purposes Only” in the Terms of Use for TCV’s website, available at


It’s Your Runway! Rent the Runway Is Redefining Your Closet Any or Everyday

As an MBA student, Jennifer Hyman had a deceptively simple idea that she successfully built into a powerful logistics and technology company – proving the power of web-based sharing models before Airbnb, Uber, and others came on the scene. TCV Founding General Partner and Rent the Runway board member Rick Kimball recently had a chance to talk with her about the journey from her original vision to the launch of Rent the Runway and making the “closet in the cloud” a reality for women across the U.S. Topics covered include:

  • Establishing a new category that helped create the sharing economy
  • Convincing her board to fund an extension of the original concept
  • Why your closet might soon reside in the cloud


Rick Kimball: Jennifer, most people know Rent the Runway, but can you share with us how the company came about?

Jennifer Hyman: My sister was getting ready to attend a wedding. She wanted to wear something new and aspirational. So she went out and purchased an extravagant dress that she knew she would likely wear only once and put her into credit card debt. This was a light-bulb moment for me.

I thought about separating wearing from ownership. My sister wanted the experience of wearing something different and aspirational – and that had nothing to do with actually owning the garment. Once you separate wearing from owning, there is a huge opportunity to totally disrupt the way we think about getting dressed.

Rick Kimball: What were your first steps in realizing your idea?

Jennifer Hyman: The first step was realizing that an initial idea isn’t a business. In our case, the idea needed to be iterated both for its customer value proposition as well as its supplier value proposition. We spent the next six months doing a series of iterative minimum viable product tests to assess whether we were on to a good idea or whether it was appealing only to us. When we launched, we had 100,000 people sign up for Rent the Runway in the first week of our business. So demand was not going to be the challenge.

Rick Kimball: What were the challenges?

Jennifer Hyman: Our business model requires our customers to return every single item we ship out. No one in retail does that. Plenty of companies have some reverse logistics capability for product returns, but we were doing reverse logistics as our entire business model, for expensive luxury products. There was no technology you could buy when we launched. We had to hire a hundred engineers and build everything ourselves. We also had to become the world’s biggest dry cleaner, and we had to become a data science company to gather, analyze, and leverage the mountains of data we were gathering on every transaction. Sometimes I joke that if I had known we were going to have to do all this just to rent clothing, I would never have launched the company.

Rick Kimball: It seems that your timing was great, considering some of the social and economic trends that began around that time.

Jennifer Hyman: It was late 2008, with social media really taking off. Women started posting piles of photos of themselves on the internet. They needed more variety in their wardrobe, as they did not want to be seen in the same outfit twice. This drove a huge emergence of fast fashion and off-price retail as a category. People were buying clothes in places other than traditional department stores. And the world has continued to change so quickly around us as we’ve built Rent the Runway. All the tailwinds are moving in the right direction.

Rick Kimball: Right. As you grew the team and your company, what was your focus in terms of creating a culture for the company?

Jennifer Hyman: Total, passionate focus on the customer backed by data. What does she need? What does she want? What is she telling us with her choices? Our original value proposition was that she wants to look fabulous at a black-tie event, without breaking the bank for a dress she might not wear again for a long time. Customers embraced that concept and pretty soon many of our customers were renting from us three or four times a year. We were relentless about gathering data on every rental, so we required customers to give us some information about wearing the dress: did it fit, did she love wearing it, and so on. That drove our inventory strategy. Ultimately listening to the customer led to our subscription service, called Unlimited.

Rick Kimball: The TCV team loves Unlimited. What drove the concept of Unlimited, which, today represents a large part of your business.

Jennifer Hyman: We were hearing from customers that renting the runway is great for big events on the weekend, but what about the other five days a week? Can you rent me clothes I can wear at work?

This wasn’t a surprise to us. I had the vision of a “closet in the cloud” from the very beginning. But first we had to make renting a mainstream experience. For perspective, keep in mind that late 2008 was before Uber, Airbnb, and WeWork, and before Spotify came to the United States. The big successful sharing models we have now were still in the future. So we had to normalize the behavior of renting first. But it was already obvious to me that working women needed a new way to get dressed. More women are entering the corporate workforce today, and more women are staying in the workforce after having kids. Women are out in public as working women and entrepreneurs. Now consider that the traditional expectation is that women at work wear a different outfit every day. Beyond that expectation, women want to feel like their best self at work. It matters to their confidence and self-presentation to be well dressed and put together. With Rent the Runway, they can feel like the best version of themselves everyday which is empowering.

Rick Kimball: But dressing this way can be hugely expensive?

Jennifer Hyman: Exactly. In the typical corporate environment, women need a huge number of individual items in order to have a different, great-looking outfit every day. We can make her life not only a lot easier – she can do a lot less shopping – but also more affordable and effective. In fact, our Unlimited customers on average dress with us 150 days a year. That’s 60% of their business year. And we think we could get to an average of 200 days a year.

Rick Kimball: Does Unlimited offer casual clothes as well?

Jennifer Hyman: “Casual” is a big category that we like and have a great inventory for. Many companies have a dress policy known as “corporate casual,” so something you wear to work might also be appropriate for a brunch with friends on the weekend. We also offer clothes and accessories for off-work activities, such as patterned ski parkas and the right beach bag for your summer outfits.

Rick Kimball: How did you get Unlimited off the ground?

Jennifer Hyman: Surprisingly enough, one challenge was convincing my board of directors to raise and spend the money. We didn’t know if women would rent that many days a year, and people doubted that we could build a product to satisfy that demand. You have to remember that back then, massive subscription businesses were rare even for huge franchise companies. It took Netflix and Dropbox years to build a $100 million subscription business, and they were established brands with tens of millions of users. My argument was that with the data science capabilities we already had, we could manage a big increase in inventory without a big increase in risk. Also, the board members had seen some things come true that I had predicted way back when we were asking for our initial funding, such as the decline of department stores. So they, including TCV, trusted my vision and agreed to a beta test for twelve months, which was a success. We launched Unlimited in March of 2016 and it’s growing more than 150% a year.

Rick Kimball: A lot of people talk about big data and how to gain insights to drive better customer experiences. What are the key aspects of your data science strategy?

Jennifer Hyman: From day one we set up a rigorous data-centric culture in which the analytics team gathered suitcases full of data about our customers and our inventory. We also made sure that the data was transparent and usable to everyone in the organization. But it’s not just about numbers on a spreadsheet. We marry the quantitative data to qualitative data. If a customer says she didn’t wear something, we ask why. If she says she liked it but didn’t love it, we ask why. This is how we can constantly evolve our inventory toward higher customer satisfaction. Not only that, we can tell our brand partners what women think of their designs and their manufacturing. Before Rent the Runway, designers got this kind of feedback in little bits, anecdotally. We give them a steady stream of data, which they can use with their other partners. Everybody wins.

Rick Kimball: Describe your customers in more detail – it sounds like women only.

Jennifer Hyman: Men can wear the same three pairs of trousers and the same ten shirts all year and no one knows or cares. That’s why we are sticking with women for now. Our community includes 8.5 million of them, ranging from their teens up through their 60s. When we launched the business, Millennial customers were using us to rent the runway for a special event. Now our brand offering is 200X what it was at first, meaning we launched with clothes from 27 designers and now we have over 500 designers represented on the site. That means we cover a lot of different style types and can offer what you want no matter what your style is, or your age.

Rick Kimball: Is the customer age range the same for the special event dresses and the Unlimited service?

Jennifer Hyman: It is. The typical customer for upscale designer dresses is around 60 years old. So we’re introducing much younger customers to the fashion designers, which just delights both of them. It’s also giving the designers opportunities to create new work with more confidence and insight, because we bring them a large built-in customer base that includes feedback on how successful a garment is and could be. If you’re a young designer with aspirations, Rent the Runway has created a pathway to test your ideas and build your business that never existed before.

Rick Kimball: Do customers buy garments from those designers?

Jennifer Hyman: They do, but what Rent the Runway has really done is enable them to shop differently. Instead of buying a lot of separates, they rely on us for those. They invest in essentials, like a great-fitting pair of black pants that enables them to create millions of outfits. We are introducing our customer to brands she might not have been shopping before – without having to make expensive purchases.

Rick Kimball: You recently began opening brick-and-mortar stores. How does this fit into your strategic of building a comprehensive web-based reverse logistics platform?

Jennifer Hyman: Once we got to scale with a subscription service, we knew we had to achieve greater proximity to the customer. One dry cleaning facility in the middle of the country was not enough. A few warehouses of inventory were not enough. At the same time as we achieved numerical scale, we were scaling up qualitatively: women were trusting us as an essential utility and relying on us to get them dressed for work a majority of the time. So we opened retail stores where women can meet a stylist and try on different brands and pieces of clothing. This really enriches the data profile we have for them, and that makes it much easier for them to rent successfully for all their future occasions.

Rick Kimball: How have customers responded? How have you rounded out your team to deliver the best experiences online and in stores?

Jennifer Hyman: Customers have started to treat the stores as their physical closet. They can take any inventory they want off the shelf and walk out without swiping a credit card.

My vision for our business is that we are continuously disrupting ourselves, and our culture is built for that. We are in a primarily tech and logistics business, yet we are 70% female and 70% non-white. Our engineering team is 50% female. The leadership at Rent the Runway is 80% female. So we are defying the typical startup stereotypes. Come work at Rent the Runway to see the exception to the rule in action!

Rick Kimball: Such rapid growth involves a lot of learning on the job. Did you learn from what other companies were doing?

Jennifer Hyman: I wish that I had had more exposure to other companies in Silicon Valley. I’ve always been inspired by Netflix, but I didn’t know how Netflix was structured or how I could learn from them. I was sitting in New York as a 29-year-old woman with no experience in the tech industry, with no real connections to it and I had to figure this out by myself with my co-founder and our team.

Rick Kimball: This is something other female founders speak about. What’s your take?

Jennifer Hyman: There are some clear reasons why only 2% of venture capital dollars go to female founders. One huge disadvantage is that promising women are not mentored and lifted up early in their careers by others in the tech industry like men are. What you really need in the beginning of a company is tactical help, but if you are a woman, it is not always easy to meet the kind of people who can give you that. When you launch a company, you need someone who can pick up the phone and raise money. Someone who can refer you to talent. Someone who tells you how to set up your first HR system or write your first marketing plan. Those are the skills and help and tactical advice that female founders need. It’s not like we don’t have enough mentors. It’s that they are not mentoring enough women.

Rick Kimball: Speaking of investors and support, how did you get involved with TCV?

Jennifer Hyman: I got involved with TCV through the team, building a relationship with Rent the Runway over many years, and developing trust. And then simultaneously I was building a relationship with Barry McCarthy, the current CFO of Spotify and the former CFO of Netflix. I had a relationship with Barry and when I saw that he was also an advisor to TCV, I thought of it as the marriage of the financial support that we were going to receive as well as operational expertise and guidance.

Rick Kimball: How do you see Rent the Runway fitting into today’s economy and also the competitive landscape?

Jennifer Hyman: Well, I think that we are really the only ones who are trying to get you to buy less stuff. If you think about Amazon, Stitch Fix, Nordstrom, or Poshmark, a lot of what they’re doing is getting you to buy things in creative ways. But it is still buying and accumulating. It is a different value proposition to get you to not own and thus not buy things.

Rick Kimball: Looking out a few years, what excites you about the future of Rent the Runway?

Jennifer Hyman: I think I had a really big, bold vision at the beginning of Rent the Runway, but it’s not even comparable to how big and bold the vision is today. I am enthusiastic about the fact that this is only the beginning of transforming the modern woman’s relationship with her closet. We have to get dressed every single day, all over the world. We are focused on scaling our subscription service, making it even easier to access the “closet in the cloud” each and every day. There’s no reason why having this subscription to fashion shouldn’t become the dominant way that we experience clothing in the future.

Rick Kimball: Thanks, Jennifer, and we wish you and the team continued success.



TCV is an investor in Rent the Runway and Rick Kimball serves on the board of directors of the company.

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

Watermark and TCV Close on Strategic Investment to Accelerate 2018 Growth

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

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

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

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

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

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

Victoria Guzzo
Director of Corporate Communications

Katja Gagen

Welsh, Carson, Anderson & Stowe to Lead Majority Investment in Avetta Alongside TCV and Norwest Venture Partners

OREM, Utah, March 21, 2018 /PRNewswire/ — Avetta (, a leading provider of cloud-based supply chain risk management solutions, today announced that Welsh, Carson, Anderson & Stowe (WCAS), a leading private equity firm focused exclusively on the technology and healthcare industries, will acquire a majority equity interest in the Company. In addition, TCV, a leading provider of capital to growth-stage private and public companies in the technology industry, will acquire a minority equity interest in Avetta. Norwest Venture Partners (Norwest), a premier multi-stage investment firm that partnered with Avetta in 2012, intends to retain a portion of its investment in the Company, alongside the founders and management.

Avetta provides cloud-based supplier risk management and compliance software that allows enterprises to more effectively manage and qualify service providers performing activities across their global operating sites to drive better safety, regulatory compliance and sustainability outcomes. The Company’s platform centralizes the management of contractors in a single system, enabling efficient assessment of safety, compliance and performance records. Avetta’s customers include more than 220 enterprises in over 100 countries. Over 55,000 suppliers and service providers use Avetta’s platform to manage their relationships with enterprise clients.

“We are proud of the role played by Avetta today in connecting the world’s leading organizations with qualified suppliers, contractors and vendors, and look forward to the next phase of our Company’s growth,” said John Herr, Chief Executive Officer of Avetta. “As we welcome WCAS and TCV on board as new partners to Avetta, we also thank Norwest for the support they have provided to our team over the past six years. We are excited to benefit from the combined support and expertise of WCAS, TCV and Norwest.”

Christopher Hooper, General Partner of WCAS, said, “Avetta is a compelling network-based platform given its clear and quantifiable value proposition to both enterprise clients and suppliers, underpinned by a scalable cloud-based software platform and distinguished by a strong leadership team. We look forward to partnering with and supporting John Herrand the broader Avetta team to capitalize on the Company’s significant growth opportunities to build the premier global supply chain risk management platform and continue to enhance safety, compliance and sustainability outcomes for its customers.”

David Yuan, General Partner at TCV, said, “The Avetta platform is unique in that it helps transform how enterprises assess and mitigate risk within their supply chains, simplifying the engagement and evaluation of suppliers to ensure alignment with each client’s unique operating requirements. We are excited to partner with the Avetta team as it pursues a broad range of market opportunities.”

Jon Kossow, Managing Partner at Norwest, said, “This is a fantastic outcome for Avetta’s founders, management team and shareholders. The Company’s technology platform, product roadmap and huge greenfield market opportunity suggest a future that’s just as bright for all parties involved.”

The Company has locations in Utah, California and Texas, with international offices in the UK, Australia and Canada.

Avetta and Norwest were advised by William Blair & Company, LLC. WCAS was advised by Raymond James & Associates.

About Avetta

Avetta provides a cloud-based supply chain risk management platform. Avetta’s global solution connects the world’s leading organizations with qualified suppliers, driving safe and sustainable supply chains. Its next-generation software is used by more than 55,000 active customers in over 100 countries to reduce risk and optimize efficiency. Over 220 of the world’s biggest organizations depend on Avetta every day. See for more information.

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, EtQ, ExactTarget, Expedia, Facebook, Fandango, GoDaddy, HomeAway, Netflix, Rent the Runway, Sitecore, Splunk, Spotify, VICE Media, and Zillow. TCV is headquartered in Palo Alto, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit

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SOURCE Welsh, Carson, Anderson & Stowe; Avetta; TCV; Norwest Venture Partners


Katja Gagen, TCV