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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.

Tipalti closes $30m Series C funding round

Finextra.com | February 13th, 2018

Tipalti, the leading global payables automation solution, today announced it has closed a $30 million Series C financing round led by Zeev Ventures. This brings the B2B fintech leader’s total funding to over $50 million, and will help Tipalti widen its innovation edge and position as the pacesetter in the accounts payable automation space.

“Tipalti’s near-perfect record of customer satisfaction and retention rates throughout our history are emblematic of how much value our service generates for our clients. By modernizing the finance operation, we typically automate 80% of an organization’s AP and cross-border payments workload, freeing the finance team to focus on mission-critical initiatives, such as scaling their business globally and improving their company’s competitiveness and profitability,” said Chen Amit, CEO and Co-founder of Tipalti. “This funding round enables us to continue our track record of innovation to transform the entire accounts payable operation.”

Read the full article here.

Forbes Fintech 50 2018: The Future Of Wall Street And Big Data

Forbes.com | by Antoine Gara | February 13th, 2018

Being at the cutting edge of technology on Wall Street can mean billions of dollars in value created, or saved. In a dawning era of disruption, Wall Street-focused financial technology startups are helping the world’s biggest banks and investors manage the flow of money better, safer and at a lower cost…

Our list also includes holdovers that are increasingly entrenched on Wall Street. Nashville’s Digital Reasoning pioneered algorithms that study language to help heavyweights like Goldman Sachs and Nasdaq NDAQ +0.43% uncover manipulators. Soon $1 trillion worth of assets will be stewarded on fintech unicorn Addepar. Stock exchange IEX my eventually redefine what it means to be a public company…

Read the full article here.

SGVC Launches $50M Third Venture Fund Less than 18 Months After Second Fund Closes

Alt Assets | September 25th, 2017

SGVC is launching its third flagship venture capital fund less than 18 months after its second fund closed on $50m. A person familiar with the matter said that the firm would look to maintain the size of its previous fundraises and continue to focus on Silicon Valley or Israel-based companies in the B2B, Enterprise Software and FinTech sectors. It will invest in their Series A rounds.

Read the article here.

HomeLight Raises $40M In Series B Funding To Help You Find A Listing Agent

Forbes.com | by Omri Barzilay | August 15th, 2017

San Francisco-based HomeLight, a marketplace for connecting home sellers with real estate agents, announced today that it has raised $40 million in Series B funding led by Silicon Valley’s Menlo Ventures with participation from Citi Ventures, and existing investors Zeev Ventures, SGVC, Crosslink Capital and Innovation Endeavors. HomeLight’s venture funding since inception in 2012 now totals $55 million. Following the round, Tyler Sosin of Menlo Ventures will join HomeLight’s board of directors. Venky Ganesan of Menlo Ventures and Dovi Frances of SGVC will join HomeLight’s board as observers.

Read the full article here.