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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.

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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…

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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.

SoftBank Vision Fund Leads $200 Million Bet on Indoor Farms

Bloomberg.com | by Selina Wang | July 19th, 2017

Masayoshi Son has discovered a green thumb.

The SoftBank Group Corp. chief’s Vision Fund is leading a $200 million investment in Silicon Valley startup Plenty, which says it has cracked the code on growing crops indoors super efficiently. Other participants in the round include Moore Capital Management founder Louis Bacon as well as existing backers such as DCM Ventures and funds that invest on behalf of Alphabet’s Eric Schmidt and Amazon’s Jeff Bezos.

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TripActions and Coupa Announce Strategic Partnership to Deliver Seamless Travel and Expense Management

FROM Coupa.com | July 17th, 2017

BOSTON, MA, July 17, 2017 – Coupa Software (NASDAQ:COUP), a global leader in cloud-based spend management, and TripActions, an innovative end-to-end corporate travel solution, are announcing a strategic partnership to help deliver a more seamless travel and expense management experience. Modern organizations with managed travel programs can now take advantage of the integration between these two premier solutions.

Read the full article here.

American Express invests in insurance startup Next Insurance

BY Anna Irrera | Reuters | June 20th, 2017

American Express Co has invested in Next Insurance, a Palo Alto-based technology startup that sells customized insurance for small businesses online, as Silicon Valley companies look to shake up the insurance sector.

Next Insurance, which raised $29 million in May from investors led by reinsurer Munich Re’s HSB Ventures, said on Tuesday that American Express’s venture capital arm has joined the investor group. Next Insurance will use the new cash injection, which brings the investment round to $35 million, to expand the products it offers and target new business sectors, the company said.

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Why this startup CEO went to the White House alongside Tim Cook and Jeff Bezos

BY CNN Money | by Aimee Rawlins | June 19th, 2017

The CEOs of some of the world’s biggest tech companies descended on the White House Monday — along with a few people who aren’t yet household names. One of those is Zachary Bookman, CEO of OpenGov. Launched in 2012, OpenGov focuses on helping state and local governments streamline their systems. Think opening up the budget process, setting trackable goals and being more transparent with constituents.

The state of Ohio, which used OpenGov to drill down on local spending, went from #46 in financial transparency to #1, according to the U.S. Public Interest Research Group. Meanwhile an official in Ivins, Utah (population 8,000) was able to cut his budgeting time in half using OpenGov. His experience made Bookman a perfect fit for Monday’s meetings, which were geared toward modernizing the federal government.

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Fintech start-up SoFi is moving into traditional banking

BY LA Times | by AP | June 13th, 2017

Online lender and financial start-up SoFi has taken the first step toward competing with the nation’s biggest banks on their home turf: the checking account.

Last week, the San Francisco provider of student and personal loans submitted an application for federal deposit insurance, a protection normally available only to conventional banks. In its application, the company said its SoFi Bank subsidiary will offer bread-and-butter banking products, including checking accounts, debit cards and eventually credit cards.

Read the full article here.

Addepar raises $140 million to help rich people manage their assets

BY Paul Sawers | VentureBeat | June 9th, 2017

Addepar, a company that touts itself as the “operating system for the financial world,” has raised a whopping $140 million in a series D round of funding led by Valor Equity Partners, 8VC, and QuantRes founder Harald McPike.

Founded out of Mountain View, Calif. in 2009, Addepar is a data-driven investment management platform targeted at financial advisers, who use the software to track assets and “visualize” information for their clients. The company also offers APIs to integrate with third-party products, including Salesforce Financial Services Cloud. The company said that it works with hundreds of advisers, endowments, and major financial institutions, with more than $650 billion in assets funneled through its platform — up from $300 billion 18 months ago.

Read the full article here.

Has This Silicon Valley Startup Finally Nailed The Indoor Farming Model?

FastCompany.com | by Adele Peters | May 18th, 2017

“I like to call this the cathedral.” So says Matt Barnard, CEO and cofounder of the vertical farming startup Plenty. We’re standing in a room at the company’s headquarters in a former electronics distribution center in South San Francisco, staring up at glowing, 20-foot high towers filled with perfectly formed kale and herbs.

The company isn’t the first to build an indoor urban farm in a warehouse. Aerofarms, for example, grows greens in a 70,000-square foot former steel factory in Newark, New Jersey. Nearby, Bowery, another tech-filled indoor farm, grows what it calls “post-organic,” pesticide-free produce. But Plenty, which has received $26 million in funding to date from investors such as Bezos Expeditions and Innovation Endeavors, believes that it has the technology to grow food more efficiently–at the same cost or less than crops grown in the field–so it can more easily scale up to supply supermarkets around the world.

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For OpenGov, President Trump is proving a boon for business

BY Connie Loizos | TechCrunch | Jan 24th, 2017

OpenGov, a Redwood City, Ca., company whose software helps local governments keep transparent financial records, has been picking up speed in a variety of ways, and co-founder and CEO Zac Bookman traces some of that momentum to the election of Donald Trump as U.S. president.

“We had the best Q1 in company history. It’s typically a quiet quarter, and we blew the top off” our internal projections, says Bookman…

Given the Trump “bump,” we ask Bookman — who has already raised $47 million for OpenGov and will announce a Series C round this year — if he has observed whether governments in so-called blue states and red states are distinct in any way. We ask if they use different products or whether their attitude toward the company itself is discernibly different.

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The Bouqs Co. Takes Floral Delivery Back To The Source

BY PYMNTS.COM | March 2nd, 2017

Though using the online channel to order flowers for delivery is nothing new, it’s safe to say that most consumers have no idea where those flowers are coming from and what the supply chain is that’s used to get that delivery from Point A to Point B.

But huge economic and environmental waste comes as a result of many of those flowers not even surviving long enough to make it through the traditional supply chain, and John Tabis, co-founder and CEO of The Bouqs Company, knew it was time for a change.

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SoFi Is in Talks for $500 Million Funding Led by Silver Lake

By Selina Wang and Alex Sherman | Bloomberg.com | February 16, 2017

Social Finance Inc. is close to raising about $500 million in a funding round expected to be led by private equity firm Silver Lake Partners to bolster the expansion of its online-lending businesses and personal financial services, according to people familiar with the matter.

The investment round should include several Asian investors, who will join Japan’s SoftBank Group Corp., DCM Ventures, Third Point and others. The new international group will purchase SoFi’s loans as well as take an equity stake, said one of the people, asking not to be identified because the matter is private. The round could close as early as next week, the person said. Bloomberg reported in September that SoFi was aiming to raise $500 million…

Read the Full article on Bloomberg.com Here