1809 CAPITAL NEWS
1809 Capital and the Farmer School of Business are hosting a Chicago Reception in September!
Arthur Ventures Raises $470,000,000 in New Capital
Arthur Ventures is excited to announce that they have raised $470,000,000 to continue investing in B2B software companies across North America at the Early Growth stage.
Consistent with prior vintages, this capital raise consists of two new investment funds: Arthur Ventures V ($300,000,000 core fund) and Arthur Ventures Growth IV ($170,000,000 growth-stage fund). These funds will be deployed behind the same Early Growth Capital thesis with no change in strategy.
Aclaimant Recognized With Six Awards In G2’s Spring 2023 Grid® Report And Relationship Index
Aclaimant is proud to announce that its risk management platform has achieved several awards by G2, the world’s largest and most trusted software marketplace. These awards span four software categories including (1) Insurance Claims Management, (2) Environmental Health & Safety, (3) Occupational Health and Safety, and (4) Operational Risk Management. The recognitions were:
Best Support for the Insurance Claims Management Relationship Index
Easiest Doing Business With for Environmental Health & Safety (EHS) Relationship Index
Leader (#2 overall!) in the Insurance Claims Management
High Performer in Environmental Health & Safety (EHS)
High Performer in Occupational Health & Safety (OHS)
High Performer in Operational Risk Management
1809 Capital Announces New Event in San Francisco!
We are excited to announce the San Francisco Venture & Innovation Summit Event on March 16th at Ascent Private Capital Offices, 1 California Street in San Francisco. Miami alumni active in venture capital, corporate venture and innovation, entrepreneurship, or just interested in learning more are welcome to participate.
Hosted by 1809 Capital, along with the MU Armstrong Institute of Emerging Technology, the John W. Altman Institute for Entrepreneurship at Miami, this event will include insightful panels of investors and founders/operators with opportunity to engage in Q&A. We will also be joined by Jenny Darroch, Dean Farmer School of Business, Glenn Platt, ETBD Armstrong Professor of Networking Technology & Management, and Tim Holcomb, Chair Miami Altman Institute for Entrepreneurship. The program will begin at 3pm on March 16, 2023 at 1 California Street on Floor 21. The panel discussions will take place from 3:30 PM-5:30 PM PT, with the networking reception, including drinks and appetizers, to continue until 7:00 PM.
You can sign up for more information by filling out the form with the button below. Space is limited!
1809 Capital Closes Investment with Zengines!
We are pleased to announce our investment in Zengines' recent funding round!
Zengines, which was co-founded by Carl Drisko, has developed an innovative approach to data conversion. When businesses migrate data to new applications, systems, or outsourced services, Zengines automates the end-to-end data conversion process. The Zengines AI platform mitigates the time, cost, and risk involved in data conversions, system migrations, and data onboarding for a variety of business solutions. Zengines is utilized by prominent enterprises, software vendors, and consultants spanning multiple industries.
Hyde Park Venture Partners acted as the lead investor, with the assistance of 1809 Capital's participation. Notably, Greg Barnes, an alumnus of Miami University (Class of 2002), serves as a partner at Hyde Park and is also a limited partner at 1809 Capital.
1809 Capital Opens New Headquarters at College@Elm
1809 Capital is now headquartered in Oxford, Ohio at the College@Elm, a modern innovation and workforce development center that is fueled by the engine of Miami University as an incubator of ideas, novel thinking, and state-of-the-art facilities. General Partner Mark Richey attended the lease signing ceremony along with Miami University president Greg Crawford to officially kick off our partnership with the Miami and Oxford communities. The newly renovated building will establish Oxford and the larger Butler County as a hub of entrepreneurial and inclusive innovation in Ohio. We look forward to our partnerships with CincyTech and Taft Law at the College@Elm!
You can register to attend the February 16th grand opening with the button below. We hope to see you there!
1809 Capital General Partner Kim Walker rings NASDAQ Closing Bell
1809 Capital’s own Kim Walker was in New York this past week and had the honor of ringing the closing bell at NASDAQ! During her time in New York, she also joined Mark Richey for Miami University’s Wall Street Week. In addition to providing an update on 1809 Capital, they participated in a panel discussion on venture capital and other alternative investments in institutional portfolios. Afterwards, 1809 Capital cosponsored a networking reception with the Farmer School of Business for all in attendance. What a great week for our partners and network!
Visby Medical announces new Rapid PCR Respiratory Health Test for Flu and COVID
Visby Medical announces new Rapid PCR Respiratory Health Test for Flu and COVID
Clinicians, get ready to experience the ultimate power of PCR in your hands with the Visby Medical Respiratory Health Test. This rapid PCR test delivers accurate results in under 30 minutes at the point of care, enabling clinicians to accurately diagnose and treat patients.
1809 Capital Closes Investment With Aclaimant
Aclaimant is the developer of an enterprise incident reporting system designed to help businesses manage workplace incidents and insurance. The company's system helps employees report any type of workplace incident, manage incident information, claims management and coordinate with relevant parties in real-time, enabling companies to reduce time, effort, and money involved in incident management and reduce the cost of risk and keep people safe.
SOLARCORE® Insulates Merrell’s ISPO Award-Winning MTL Thermo Rogue 4 Boot
Portland, OR /OUTDOOR SPORTSWIRE/ – SOLARCORE®, a NASA-inspired proprietary insulation technology, has helped Merrell earn a 2022 ISPO Award for the outdoor hike and footwear brand’s MTL Thermo Rogue 4 Boot. Recognized for its ability to maintain superior conductive thermal properties under compression, SOLARCORE composite foam is powering the next generation of lightweight, cold-weather, performance footwear.
1809 Capital Closes Investment With Blackcart
Blackcart is a Try Before You Buy software platform for eCommerce vendors. Their product eliminates hurdles to online shopping by allowing customers to try products from a multitude of companies before paying for kept merchandise. The value add for sellers is increased customer sales conversion, average order value and net revenues.
For the Fifteenth Consecutive Year, the John W. Altman Institute for Entrepreneurship is named Top 10 Best Undergrad Programs for Entrepreneurs
For the fifteenth consecutive year, the John W. Altman Institute for Entrepreneurship's undergraduate entrepreneurship program is ranked among the Top 10 public schools in The Princeton Review® and Entrepreneur Magazine's 2023 ranking of "Top 50 Best Undergrad Programs for Entrepreneurs." In addition to extending its Top 10 rankings streak among public school programs, the Miami University Farmer School of Business's entrepreneurship program is also ranked among the Top 10 programs in the world at #9 overall, its highest ranking ever.
1809 Capital is Hosting a Reception in Oxford in December!
Please join Farmer School of Business dean Jenny Darroch, College @ Elm, and the Managing Partners of 1809 Capital for a special Alumni / Limited Partners event to network and learn more about the College@Elm initiative (future 1809 Capital headquarters), Farmer School progress, and the Fund.
The event is at the Goggin Ice Center Club Lounge from 5:00 PM - 7:00 PM.
If you want to learn more, click the button below and fill out the form to request more information and further steps for attending.
1809 Capital and the Farmer School of Business are hosting a Chicago Reception in September!
Please join Farmer School of Business dean Jenny Darroch and the Managing Partners of 1809 Capital for a special Alumni / Limited Partners event to network and learn more about the Fund.
The event is at 320 RiverBar at the Westin from 5:00 PM - 7:00 PM.
The Chicago Reception is an excellent way for Miami alumni to learn more about 1809 Capital, get updates on the Farmer School of Business's many achievements, and network and make new connections.
If you want to learn more, click the button below and fill out the form to request more information and further steps for attending.
Mark Richey, 1809 Capital General Partner, featured in "The Road to the Top" Podcast
1809 Capital General Partner, Mark Richey, was featured in "The Road to the Top" podcast, hosted by Miami University alumni Will Grant. In this podcast, you will learn about what led Mark to join the venture capital industry and how 1809 Capital started. If you want to learn more about 1809 Capital, skip to 31:23 in the podcast
Joy Mbanugo, 1809 Capital LP, named Influential and Inspirational Modern Leader and Entrepreneur
Joy Mbanugo is a San Francisco based Finance professional with over 19 years of audit, tax, business operations, financial services, capital markets, and treasury experience. Joy currently works on the Cloud Partner Finance team which is responsible for evaluating cross functional deals. Joy worked on the largest ERP to ERP transformation in the U.S. Before this role, Joy led the Treasury Tax initiative at Google to streamline cash management of $100B+. Before joining Google, Joy worked at BlackRock where Joy led the taxation of financial instruments, securities lending ($3 trillion assets under management), information reporting and withholding, and more. From 2003 - 2014, Joy worked at EY in various offices providing tax and audit services to clients in international tax, financial services, and capital markets. Joy worked in San Francisco, London, Washington D.C., and Cleveland.
Aaron Ryan, member of the 1809 Capital Investment Committee, becomes NorthRock X President
Veteran sports business executive Aaron Ryan joins NorthRock Partners as president of NorthRock X. Ryan recently served as president and commissioner at Overtime Elite, an alternative pathway to professional basketball offering elite high school-age players six-figure salaries and bonuses, equity in Overtime, an education including life skills like financial literacy and media training, and the ability to profit off their name, image and likeness (NIL).
Visby Medical Expands Series E Round to Over $135 Million
Visby Medical announced that it expanded its over-subscribed Series E financing round to include an additional $35 million for a total of over $135 million raised in the round. The additional investment was led by Lightrock, who joined existing Series E investors including John Doerr, Cedars Sinai Medical Center, ND Capital, Artiman Ventures, Pitango Venture Capital, Blue Water Life Science Advisors and J Ventures.
The additional investment will be used to enable Visby Medical to scale production capacity, further expand the product menu to include advanced respiratory health tests, antimicrobial resistance panels, and deliver the power of PCR diagnostics to consumers at-home.
1809 Capital Closes Investment With Cloverleaf
Coaching for Everyone - Cloverleaf provides automated personal and team coaching delivered to the tools you work in every day. CloverLeaf has solutions for three categories. These categories are Team Leaders & Managers, Enterprise Leaders, and Coaches & Consultants. They use their own software to provide coaching to these categories. You can schedule a demo to learn how to use CloverLeaf and then obtain the product through a subscription service. Replaces one time use psychographic assessments: augments coaching consultancies with ongoing real time daily use SaaS platform.
1809 Capital is Hosting Three Events this Summer!
We are happy to announce that we are hosting a Networking Reception in New York City and two Venture Summits in Indianapolis and Cleveland!
NYC Event (Already Passed)
This event will be conducted in collaboration with Miami University's John W. Altman Institute for Entrepreneurship and Lytical Ventures, where the event will be held! Alumni attendees will hear updates on 1809 Capital from Mark Richey and updates on the John W. Altman Institute for Entrepreneurship from Tim Holcomb.
The reception is also a great way for alumni in the New York City area to network and make new connections.
If you would like to learn more, fill out the form below to request more information and further steps for attending.
Indianapolis Event (Already Passed)
Save the date! The 1809 Capital Indianapolis Venture Summit is quickly approaching.
High Alpha and 1809 Capital are co-hosting this event for Miami alumni on June 13th from 4:00 pm - 6:00 pm, in collaboration with Miami University's John W. Altman Institute for Entrepreneurship.
Tim Holcomb, Chair & Director of the John W. Altman Institute for Entrepreneurship, will provide an update on the Institute’s growth, national impact, student successes, and the expanding interdisciplinary collaboration across all schools and majors. Mike Fitzgerald (’93), Partner at High Alpha and 1809 Capital Advisor, will provide a current perspective on the state of the Venture Capital market and moderate a panel on the process and challenges of launching a venture-backed business.
A networking reception will follow with drinks and light hors d'oerves.
Finally, fill out the form below to request more information and further steps for attending. We hope to see you on June 13th!
Cleveland Event
Save the date! The 1809 Capital Cleveland Venture Summit is quickly approaching.
1809 Capital and the Miami Cleveland Alumni Chapter are co-hosting a Cleveland Venture Summit for Miami alumni on August 9th at 4:30 pm, in collaboration with Miami University's John W. Altman Institute for Entrepreneurship.
Allen Dengler (Miami ‘14), Director, Private Client Group of Clearstead, and Chapter President look forward to welcoming attendees. Tim Holcomb, Chair & Director of the John W. Altman Institute for Entrepreneurship, will provide an update on the Institute’s growth, national impact, student successes, and the expanding interdisciplinary collaboration across all schools and majors. Jenny Darroch, Dean of the Farmer School of Business, will update you on the business school's many accomplishments and strategic initiatives. You will have the opportunity to engage with VC and Corporate innovation leaders in a fireside chat moderated by Kimberly Walker, Miami ’80 and ret. Washington University Chief Investment Officer. The panel will provide insights regarding the state of venture capital, innovation, and entrepreneurship during this current market volatility and economic uncertainty.
A networking reception will follow with drinks and light hors d'oeuvres.
Finally, below is a current agenda and form you can fill out to request more information on the event. COHatch space is limited so please fill out the form at your earliest convenience.
We hope to see you on August 9th. Below is a current agenda and registration link
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4:30 Registration
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5:00 Introductions
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Allen Dengler, Director, Private Client Group of Clearstead, Miami ‘14
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Mark Richey, Co-Founder, 1809 Capital Partner, Managing Director, West Capital Advisors, Miami ‘80
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Tim Holcomb, Chair, Miami Altman Institute for Entrepreneurship
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Jenny Darroch, Dean of the Farmer School of Business
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5:30 Fireside Chat: The State of Venture Capital with Miami Alumni in VCs
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Moderator: Kim Walker, 1809 Capital General Partner, Miami ‘80
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Todd Schwarzinger, General Manager of Business Development and Licensing, Cleveland Clinic Innovations, Miami ‘99
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Aaron Grossman, Founder/CEO, Talent Launch, Co-Founder, Alliance Solutions Group, Miami ‘97
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Mac Anderson, Co-Founder/CCO, Cleveland Kitchen, Miami ‘14
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Howard Bobrow, Partner, Chair of Venture Capital and Emerging Company Practice, Taft Law, Miami ‘92
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Charu Ramanathan, Co-Founder/CEO, VitalXChange
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5:50 Q&A
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6:00 Networking Reception
1809 Capital Closes Investment With Visby Medical
Visby Medical is transforming the order of diagnosis and treatment for infectious diseases so clinicians can test, talk with, and treat the patient in a single visit. The Company’s proprietary technology development program culminated in the world’s first instrument-free, single-use PCR platform that fits in the palm of your hand and rapidly tests for serious infections. Originally developed for sexually transmitted infections, the Company’s FDA-cleared, CLIA-waived Sexual Health Click Test for women returns accurate results within 28 minutes. The Visby Medical technology is also helping to fight the global pandemic via the Visby Medical COVID-19 Test, and its robust pipeline includes tests for other infectious diseases. Visby Medical is accelerating the delivery of fast and accurate, palm-sized PCR diagnostics to the point of care, and eventually for use at home.
1809 Capital is Co-Hosting the Miami Venture and Innovation Summit!
We are pleased to co-host the 1809 Capital Cincinnati Miami Venture and Innovation Summit!
The Summit will be conducted in collaboration with Miami’s Altman Institute for Entrepreneurship and the Armstrong Institute for Emerging Technology and Business + Design. Alumni attendees will hear current insights and trends from leading venture investors and current venture-backed CEOs. You will also hear the latest on the nationally-ranked Miami entrepreneurship and innovation programs. There will be an opportunity for Q&A followed by a networking reception.
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3:30 Registration
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4:00 Introductions
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Tim Holcomb, Chair Miami Altman Institute for Entrepreneurship
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Glenn Platt, Founder of Miami School of Emerging Technology and Business + Design
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Mark Richey, co-Founder 1809 Capital, Managing Director West Capital Advisors
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Mark Lacker, Altman Clinical Professor of Entrepreneurship
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4:30 Opening Remarks – Pete Blackshaw, Cintrifuse/#StartupCincy
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4:50 Panel: Launching and Scaling a Venture-Backed Startup, A Roadmap Discussion – Founder/CEO vs. VC perspectives
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5:45 Q&A
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6:00 Networking Reception
Simply click on the button below to fill out the form and we will email you directly with more information.
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VCs
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Moderator: Howard Bobrow, Taft Law, Miami ‘92
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Abigail Bartlett, Managing Director, Redhawk Ventures, Miami ‘23
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John Gardner, Partner, 1809 Capital, Venture Partner, NGP Capital, Miami ‘84
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Tim Schigel, Managing Partner, Refinery Ventures
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Michael Harper, Partner, Capital Midwest Fund, Miami ‘95
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Scott Miller, Queen City Angels, Miami ‘90
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Founders/Entrepreneurs
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Moderator: Tim Holcomb
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Kevin Kushman, CEO Electrada, Miami ‘91
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Summer Crenshaw, Founder/CEO, Roamie, Miami ‘03
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Missy Lavender, Founder/CEO, Renalis, Miami ‘80
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Tsavo Knott, Founder/CEO, Pieces.app, Miami ‘18
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Blake Faulkner, Founder/CEO, Bloxsmith, Miami ‘23
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Tom Ringenbach, Chief of Staff VNDLY, a Workday Company, Miami ‘08
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Joy Mbanugo is Making Big Moves by Helping Businesses Develop Unrivaled Financial Structures
Backed by 19 years of experience in audit tax, business operations, financial services, capital markets, and treasury, Joy Mbanugo is making big moves while simultaneously helping other entrepreneurs grow their ventures. Joy equips her clients with the fundamentals in business growth and amplifies the need to invest in their people, infrastructure and digital assets to land among industry leaders. Her extensive background has been instrumental in enhancing non-profit finance and investment committees. Joy has also established meaningful relationships within the industry that gives her clients leverage when it comes to investment and growth opportunities.
Formerly, Joy Harper, Joy Mbanugo is truly the ruler of her own queendom with a clear vision of what she wants to achieve and where she wants to take her many skills. Joy is currently working on Google’s Cloud Partnership Finance team, where she is responsible for evaluating partnerships and cross-functional deals. Prior to her current role, Joy has also worked on the Finance Transformation, Systems, and Integration group, which is responsible for Google’s financial data. She has also worked on the largest ERP to ERP transformation across the country and led the Treasury Tax initiative at Google, a process that streamlined cash management of $100 billion.
Besides working with the greats, Joy Mbanugo has also helped many startups, understanding how such businesses contribute significantly to their respective industries as she is also an entrepreneur herself. Joy is the Chief Financial Officer of Paladin.org, a nonprofit that focuses on supporting underserved founders to structure their startups. In addition, Joy is a newly invested angel investor and consults with startups for free and fun to help them develop a sound financial model and enhance product management.
1809 Capital Announces New $10 Million Venture Fund For Miami University Alumni
1809 Capital, a new venture fund established to benefit Miami University alumni announced the first close of its initial fund as it seeks to reach its $10M funding goal. The growth-stage fund aims to attract top-tier venture capital deal flow and plans to donate a majority of its carried-interest to the Miami University Foundation to support entrepreneurship at Miami.
With this first closing of capital, the fund is now active, and has closed on its first investment, Coda.io located in Mountain View, CA, participating with leading west coast venture capital syndicate partners.
Dr. Tim R. Holcomb Ph.D. Promoted to Full Professor in the Miami University Farmer School of Business
Huge congratulations to Dr. Tim R. Holcomb Ph.D. on his promotion to full Professor in the Miami University Farmer School of Business at Miami University.
Dr. Holcomb has tirelessly served the students at Miami University as the current Chair of the Department of Entrepreneurship and as the Director of the John W. Altman Institute for Entrepreneurship. Under his leadership, the Department and Institute implemented a strong "learning by doing" model that has helped propel Miami's Entrepreneurship program into The Princeton Review's “Top 10 Public Schools for Undergraduate Entrepreneurship Studies” for 14 consecutive years and helped Miami's entrepreneurship program earn the Nasdaq Center of Entrepreneurial Excellence Award in 2020.
Dr. Holcomb is also an advisor and/or board member for several high-growth companies, including Portland-based OROS, Cincinnati-based Cerkl and Homeshake, Columbus-based 4Privacy, New York-based Nunona, and Tampa-based ReliaQuest, among others. He was a finalist for the VentureOhio 2019 Catalyst of the Year Award and the Greater Cincinnati Venture Association (GVCA) 2017 Mentor of the Year Award for his work in the Greater Cincinnati and broader Ohio startup ecosystems.
1809 Capital Partner, NGP Capital, Raises New Venture Investment Fund of $400M
NGP Capital has raised a new venture investment fund of USD 400 million from Nokia. The new fund will invest in promising, growing companies, with a focus on Edge Cloud, Cybersecurity, Digital Industry and Digital Transformation in the US, Europe, and China.
This is the fifth fund that NGP Capital has managed for Nokia and today’s investment brings the fund’s total committed, but uninvested capital, to more than USD 550 million, and total commitments from Nokia since the fund’s inception (in 2005) to more than USD 1.6 billion.
Venture Capital: Investing It... Raising It
1809 Capital is excited to co-sponsor this first time event with Miami's Altman Institutes for Entrepreneurship and Emerging Technology and Business + Design. Don't miss this opportunity to learn from a panel of Alumni Investors and Entrepreneurs as they share their experiences from both perspectives.
OpenText Acquires Bricata
OpenText, a company specializing in digital document management and data exchange, acquired Bricata (CEO Miami graduate John Trauth) to beef up its threat detection and response capabilities. The addition of the Bricata team provides "deep engineering talent" to innovate on new products, OpenText says.
Bricata's next-generation network detection and response technology analyzes network traffic for vulnerabilities and reduces the number of false positives analysts have to deal with. Bricata uses smart sensors to eliminate analyst blind spots and provide complete network visibility needed for internal investigations such as HR-driven investigations or fraud.
Integrating Bricata's technology will give OpenText the ability to collect and analyze data from all sources across cloud, network, endpoints, email, and web server, the company says.
Bitcoin Self-Miner Griid Infrastructure to List on the NYSE Through Merger With Adit Edtech Acquisition Corp.
Based in Cincinnati, Ohio, GRIID is a profitable, vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. GRIID supports the growth of carbon-free energy generation by procuring low-cost energy to build, manage, and operate its portfolio of vertically integrated bitcoin mining facilities. GRIID management reports that it has over 1,300 MW of power (under agreement, MOU or LOI), of which 734 MW will be operational by 2023, with a breakeven bitcoin production cost materially below its peers and a cost of scaled bitcoin production of under $6,225 per BTC.
Summit Partners Raises $8.35 Billion for Eleventh U.S. Growth Equity Fund
Congratulations to Miami University and Miami University Farmer School of Business Entrepreneurship alum Andrew Collins (MU ‘05 in Finance and Entrepreneurship), Managing Director at Summit Partners, and the team at Summit Partners for raising $8.35 Billion to close its eleventh U.S. growth equity fund. Summit Partners is a private equity firm with more than $23 billion in assets under management that seeks to invest in the communications, internet, e-commerce, healthcare services and technology, life science, consumer products, business services, education, energy, financial technology and services, semiconductors, electronics, industrial technology, and software sectors.
Finite State Lands $30M Series B to Help Uncover Security Flaws in Device Firmware
Columbus, Ohio-based Finite State, a startup that provides supply chain security for connected devices and critical infrastructure, has raised $30 million in Series B funding.
“Cyberattackers see firmware as a weak link to gain unauthorized access to critical systems and infrastructure,” Matt Wyckhouse, CEO of Finite State, tells TechCrunch. “The number of known cyberattacks targeting firmware has quintupled in just the last four years.”
The Finite State platform brings visibility to the supply chains that create connected devices and embedded systems. After unpacking and analyzing every file and configuration in a firmware build, the platform generates a complete bill of materials for software components, identifies known and possible zero-day vulnerabilities, shows a contextual risk score and provides actionable insights that product teams can use to secure their software.
The company’s latest funding round was led by Energize Ventures, with participation from Schneider Electric Ventures and Merlin Ventures, and comes a year after Finite State raised a $12.5 million Series A round. It brings the total amount of funds raised by the firm to just shy of $50 million.
Miami, FSB Graduates' Companies Raise Nearly $1B in Funding in 30 Days
It’s been a busy month for several companies founded by Farmer School and Miami University graduates as they brought in nearly a billion dollars in combined funding.
Mad Rabbit Tattoo, with founders Oliver Zak ’19 and Selom Agbitor ’19, and chief financial officer Drew Fallon ’19, had a $2 million seed round, including funding from RedHawk Ventures
OROS, an outerwear company co-founded by Michael Markesbery ‘15 and Rithvik Venna ’15, had a $14.5 million Series A round
Olive, a medical software technology company founded by Sean Lane ’02, had a $400 million growth equity round
Electrada, a company founded by Kevin Kushman ’91 to build out a network of electric vehicle charging stations, raised $20 million
Loop, a company that works to make online returns more efficient founded by Jonathan Poma ’08, raised $65 million in a Series B round
Paycor, a payroll and HR software company founded and led by Bob Coughlin ‘83, entered the public market for the first time with an IPO
Over the past 30 days, the six companies have raised more than $927 million in the private and public markets, with a combined market valuation across those six companies of almost $10 billion.
All-In-One Doc Startup Coda Reaches $1.4B Valuation In $100M Raise
In the battle for the almighty blinking computer cursor, all-in-one doc startup Coda is gaining steam. The startup, which offers customizable and collaborative documents, has raised $100 million in a Series D funding round that values it at $1.4 billion, more than double its valuation a year ago.
“Our viewpoint is that the lines between the different document formats are artificial and that anyone can make a doc as powerful as an app,” says Shishir Mehrotra, Coda’s cofounder and CEO.
A year after Kleiner Perkins led an investment in Coda, this newest funding comes from a surprise source: the Ontario Teachers’ Pension Plan (OTPP). Other major investors include Kleiner Perkins, General Catalyst, Greylock, Khosla Ventures, Madrona Ventures, Underscore VC, NGP Capital, and Renegade Partners.
Facebook Taps Marne Levine as Chief Business Officer, David Fischer’s Successor
When Facebook Chief Revenue Officer David Fischer revealed in late March that he was leaving the company after 11 years, Facebook said his successor would hold a different title: Chief Business Officer. On Thursday, another 11-year Facebook veteran and Miami University alumna, Marne Levine, was elevated to that role.
Levine had been Vice President of Global Partnerships, Business and Corporate Development. She joined Facebook as VP of Global Public Policy in 2010 before shifting to Instagram in 2014 and becoming its first ever Chief Operating Officer.
Prior to Facebook, Levine was Chief of Staff for the National Economic Council during the administration of former President Barack Obama.
As CBO, Levine will oversee a newly combined business unit covering Facebook’s ad business and global partnerships, leading the company’s marketing and sales teams, along with its partnerships team that works across several business areas.
Overtime Selects Atlanta for its Basketball League
Media company Overtime has selected Atlanta to host its basketball league that will pay teen players over $100,000 a season. The company is also constructing a new building for the games.
Overtime Elite, which will exclusively feature high-school-level players between the ages of 16 and 18, released the rendering of a 103,000-square-foot complex in Atlanta’s Atlantic Station section. It said players will be housed on the campus, which will include personal living space and room for education courses. The project is expected to be complete by OTE’s debut in September.
OTE President and Commissioner Aaron Ryan said in a statement that Atlanta’s “diverse population, vibrant business community and rich culture” stood out in the location search. Overtime estimated the project would add 400 construction jobs in Atlanta, adding that at least 30 percent of those jobs would be “diverse hires.”
Jeff Bezos, Drake and Others Invest $80 Million in Sports Media Company Overtime
Sports media company Overtime has secured an $80 million fundraising round with investors including Jeff Bezos’ investment firm, global entertainer Drake, Reddit co-founder Alexis Ohanian and several National Basketball Association players.
“The breadth and diversity of this investment group, including leaders from business, entertainment, technology and sports, speaks to Overtime’s remarkable growth and our future trajectory,” co-founder and CEO Dan Porter said in a statement. “We believe this is just the tip of the iceberg, as we develop new ways for Overtime to engage with and entertain the next generation of athletes and fans.”
Overtime is a media company that distributes original sports content on social media outlets, including Snapchat, YouTube and Facebook. The company also and sells apparel with its logos and branding. The fundraising comes more than a month after Overtime announced a paid basketball league for young players.
Miami University John W. Altman Entrepreneurship Institute Spring 2021 Newsletter
Miami University's RedHawk Venture Pitch Competiton ranked as the 19th top competition for Entrepreneurs for the 2019-2020 academic year. The competition awarded $25,000 in total cash awards and had 86 participants compete.
For the fifth year in a row, a team of Farmer School and Miami University students won the regional round of the Venture Capital Investment Competition. Entrepreneurship Professor Theresa Sedlack, who led the group, stated, "Observing this Miami team in action was watching the best of Miami University, the Farmer School of Business and the Altman Institute for Entrepreneurship. The students were authentic in their interactions with founders and judges. They worked seamlessly as a team, with a level of mutual respect and camaraderie noted by the judges."
Miami Grad Lindsay Knight Promoted to Partner at Chicago Ventures
Chicago Ventures has announced their third fund, a $63M vehicle raised to lead seed rounds in overlooked companies. Founded in 2012, CV's portfolio companies have raised over $1.5B of follow-on capital and employ thousands. 17 of those companies are now valued over $100M.
To help find and support more overlooked teams, CV has promoted Peter Christman and Lindsay Knight to Partner.
Lindsay leads CV’s post-investment operations, including talent, business development, and functional best practice sharing, providing mission-critical support to founders and their teams. She often serves as CV’s external voice. Nowhere is this more pronounced than her work as the Founder of Chicago:Blend. Her efforts have led to recognition as a Kauffman Fellow and leader of the VC Platform Global Community.
A New League’s Shot at the N.C.A.A.: $100,000 Salaries for High School Players
A new basketball league, Overtime Elite, formed under the sports media company Overtime, is entering the intensifying debate over whether student-athletes should be paid, by starting a venture offering high school basketball players salaries to skip college. The commissioner is Aaron Ryan, a former longtime N.B.A. league office executive and Miami University grad.
Overtime will offer each athlete a minimum of $100,000 annually, as well as a signing bonus and a small number of shares in Overtime’s larger business. The company will also provide health and disability insurance, and set aside $100,000 in college scholarship money for each player — in case any decide not to pursue basketball professionally.
1809 Capital Network Collaborator Andy Collins recognized in GrowthCap’s 40 Under 40
Andrew joined Summit Partners in 2008, and he focuses primarily on the technology sector with an emphasis on software. Prior to Summit, Andrew worked as an investment banking analyst in the Mergers and Acquisitions group at Banc of America Securities. Before that, he worked for ABN Amro Financial Services in Chicago. Andrew holds a B.S. in finance from Miami University.
“One of the most exciting parts of my job as a growth investor is having the opportunity to work alongside incredibly dedicated entrepreneurs who are transforming their industries – whether that’s through developing pioneering technology, executing innovative go-to-market strategies, or building passionate communities. I’m continually inspired by the vision and tenacity of these leaders – and I consider it a privilege to be a part of their growth journeys.” – Andrew Collins
Jim Ryan Launches Ryan Family Scholar Program and First Recipients are Selected
The Farmer School Department of Entrepreneurship has announced its first three Ryan Family Scholars for 2020-2021. Funded by a $1 million gift from Jim Ryan ’80 and his wife Michelle, the program takes a holistic approach to supporting student success. Recipients will receive tuition, room & board and fees up to $20,000 annually. Students may major in any discipline, provided they are minoring or co-majoring in entrepreneurship.
To read more about this program and its recipients please read, Department of Entrepreneurship announces first Ryan Family Scholars, on Miami University's News page.