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Corporate travel startup TripActions raises $154M at $1B valuation

techcrunch.com | November 8th, 2018

TripActions, one of the most well-capitalized travel startups in Silicon Valley, has raised yet another round of VC valuing the corporate travel manager at more than $1 billion.

Andreessen Horowitz co-founder Ben Horowitz will join TripActions’ board of directors as part of the startup’s $154 million in Series C funding. Lightspeed Venture Partners, Zeev Ventures and SGVC also participated in the round.

Read the full article here.

FinTech-focused SGVC pulls in $51m for Fund III

AltAssets.com | November 7th, 2018

SGVC has raised $51m for the final close of its oversubscribed third vehicle set to back Silicon Valley FinTechs.

The firm said it drew capital from a pool of investors including more than 120 high-profile entrepreneurs and Fortune 500 executives. SGVC closed the fund’s predecessor in 2016 with over $50m raised from at least 81 limited partners.

Read the full article here.

SGVC Raises $51 Million for Its Third Fund

LOS ANGELES, Nov. 6, 2018 /PRNewswire/ — SGVC, a Los Angeles-based venture capital firm, has announced an oversubscribed closing of its third fund at $51 million. Similar to its prior funds, SGVC Fund III will focus primarily on early stage investments in Silicon Valley-based financial technology software companies.

Founded in 2012 by managing partner, Dovi Frances, SGVC focuses on early stage investments in category defining software companies disrupting the $16 trillion global financial services industry. SGVC was an early investor in breakout financial technology companies such as: TripActions, SoFi, Addepar, HomeLight, Next Insurance, Sunbit, and Tipalti.

SGVC Fund III is anchored by investors Hachschara Insurance Company, True Capital Management, Manhattan West Asset Management, as well as Leumi Investment Services Inc., which served as the fund’s placement agent.

SGVC closes its third fund on the heels of high-profile acquisitions of three of its portfolio companies in the past year alone: Loop Commerce by Synchrony Financial, SkyGiraffe by ServiceNow, and Redkix by Facebook.

In addition to providing early stage capital, SGVC continuously seeks to add value to its entrepreneurs by drawing on its team’s extensive financial services expertise. SGVC also utilizes a limited partners base of over 120 high profile entrepreneurs and prominent Fortune 500 executives.

“Since our inception, SGVC has operated under a somewhat contrarian investment thesis,” says Dovi Frances, “We opted to build subject-matter expertise and invest predominantly in early stage financial technology. This approach has proven fortuitous as we are now in an era where institutional money has flooded Silicon Valley while inflating late-stage valuations in a radical and non-sustainable fashion. We’ve insisted on maintaining our investment focus and our fund size knowing that our value-add, returns, and our opportunities lie within early stage deals.”

SGVC has achieved exceptional performance and returns with both SGVC Fund I and Fund II beating Cambridge Associates’ top quartile venture capital benchmark1 for their respective 2012 and 2014 vintages.

“SGVC’s boutique approach to investing, coupled with its industry expertise, positions them to seize upon the ongoing fintech revolution,” says Jane Kizhner, Head of Product Development at Bank Leumi USA, “We are pleased to have our Private Banking clientele join SGVC Fund III.”

With over $150 million in assets under management, SGVC has been a stronghold amongst financial technology investors in recent years. As both funds before it, SGVC Fund III will continue to seek to create value by identifying and backing disruptive software companies poised to redefine the financial services industry.

Facebook Buys Workplace Software Company Redkix

Fortune.com | July 26th, 2018

Facebook’s bulking up on workplace software by buying enterprise startup Redkix.

Redkix cofounders Oudi Antebi and Roy Antebi said Thursday in a corporate blog post that they have agreed to sell their company to Facebook for an undisclosed price.

Read the full article here.

Next Insurance, an insurtech targeting small businesses, scores $83M Series B

Techcrunch.com | July 11th, 2018

Next Insurance, the Israeli digital insurance startup that helps small businesses get coverage, has raised a significant new funding round, adding another $83 million to its balance sheet.

The Series B round is led by Silicon Valley’s Redpoint Ventures, and will be used by the company to continue expanding across the U.S., where it now operates as a full service insurance carrier. It will also increase headcount in both its Israel and U.S. offices.

Founded in 2016 with the aim of becoming a one-stop insurance shop for micro and small business insurance needs, Next Insurance designs insurance plans for business sectors that are often overlooked by more general insurers…

Read the full article here.