Day: August 4, 2021

Senior Finance Associate – Glynn Capital



Glynn Capital is focused on investments in leading private and public technology growth companies. We seek to be long-term investors in a limited number of excellent companies with world-class management teams, attractive business models, and long-term growth potential. More about our firm can be found at glynncapital.com.

Background: As a member of the Glynn Capital finance team, the Senior Finance Associate will be responsible for fund accounting preparation, assist with audit, tax reporting and portfolio related ad-hoc requests. This role is based in Menlo Park, California, and will collaborate closely with the VP of Finance and Senior Finance Manager.

JOB DESCRIPTION:

  •  Prepare monthly and quarterly reporting, including preparation of financial statements in accordance with GAAP for venture and hedge funds
  • Allocate income to partners in accordance with terms of partnership agreements
  • Assist in the analysis of fund activity, valuations, and performance
  • Assist with ensuring client requests and investor reporting are prepared and completed appropriately
  • Prepare capital call and distribution calculations
  • Prepare schedules for auditors and tax providers
  • Work with ProSystem fx Tax to assist in preparation of tax return
  • Assist in management company functions, including reviewing payables and expense reports
  • Assist in compliance filings (13F, 13G, 13H, ADV, Form PF, FCA)
  • Provide support for quarterly compliance testing

REQUIRED QUALIFICATIONS:

  • BA/BS degree
  • 4-5 years of relevant accounting experience (can include: investment, venture capital, corporation, or private equity experience in public accounting and/or private industry)
  • Detail-oriented, highly motivated
  • Strong analytical skills, resourceful at solving problems
  • Exceptional interpersonal skills, team player, proactive; able (Read more...)

Companies Gone Public in 2021: Visualizing IPO Valuations


This post is by Omri Wallach from Visual Capitalist


Companies Gone Public in 2021

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Companies Gone Public in 2021: Visualizing Valuations

Despite its many tumultuous turns, last year was a productive year for global markets, and companies going public in 2021 benefited.

From much-hyped tech initial public offerings (IPOs) to food and healthcare services, many companies with already large followings have gone public this year. Some were supposed to go public in 2020 but got delayed due to the pandemic, and others saw the opportunity to take advantage of a strong current market.

This graphic measures 68 companies that have gone public in 2021 — including IPOs, SPACs, and Direct Listings—as well as their subsequent valuations after listing.

Who’s Gone Public in 2021?

Historically, companies that wanted to go public employed one main method above others: the initial public offering (IPO).

But companies going public today readily choose from one of three different options, depending on market situations, associated costs, and shareholder preference:

  • Initial Public Offering (IPO): A private company creates new shares which are underwritten by a financial organization and sold to the public.
  • Special Purpose Acquisition Company (SPAC): (Read more...)

Human Interest raises $200M at a $1B valuation, plans for an IPO



Less than six months after raising $55 million in a Series C round of funding, SMB 401(k) provider Human Interest today announced it has raised $200 million in a round that propels it to unicorn status.

The Rise Fund, TPG’s global impact investing platform, led the round and was joined by SoftBank Vision Fund 2. The financing included participation from new investor Crosslink Capital and existing backers NewView Capital, Glynn Capital, U.S. Venture Partners, Wing Venture Capital, Uncork Capital, Slow Capital, Susa Ventures and others. 

Over the past year, the San Francisco-based company has raised $305 million. With the latest financing, it has now raised a total of $336.7 million since its 2015 inception.

The company admittedly has an IPO in its sights, as evidenced by the appointment of former Yodlee CFO Mike Armsby to the role of CFO at Human Interest.

Demand for 401(k)s by SMBs appears to be at an all-time high, with Human Interest reporting that its sales tripled over the last year. The company has also more than doubled its headcount over the last 12 months to 350 employees.

The startup said it is seeing strong adoption in verticals that have not previously had retirement benefits, including construction, retail, manufacturing, restaurants, nonprofits, and hospitality. For example, over the past three quarters, Human Interest has seen 4.5x customer growth in the restaurant sector. Since the start of the pandemic, Human Interest has experienced 2x higher enrollment growth among (Read more...)

Duality Technologies Co-Founder And Chairwoman Rina Shainski On Innovation, Team Culture, And Preserving Privacy And Trust


This post is by Ayzia Vizcocho from Blog – Crunchbase


The Crunchbase “Female Founder Series,” is a series of stories, Q&As, and thought-leadership pieces from glass-ceiling-smashers who overcame the odds and are now leading successful companies.


Rina Shainski is the chair and co-founder of Duality Technologies, a leading provider of privacy-enhancing technologies based on homomorphic encryption. Following a career as a high-tech executive and a general partner in a leading VC and serving on boards of high-tech companies in a variety of IT areas, Shainski, and her co-founders, founded Duality with the goal of enabling organizations to collaborate on data, including sensitive and regulated data, to drive value while preserving privacy and trust.

Duality was created to bring about a fundamental change in data utility by enabling users to process and analyze data while it remains encrypted, preserving the confidentiality of personal information and ensuring compliance with data privacy regulations.

In this Q&A, Shainski shares the experiences that led her to found Duality, her insights on entrepreneurship in technology, and her advice to first-time and current female founders.

Rina Shainski, chair and co-founder at Duality Technologies headshot
Rina Shainski, chair and co-founder at Duality Technologies

Q: Why did you choose to enter the high-tech industry?

My start in the high-tech industry was very natural given my background in computer science. But in hindsight, the choice of high-tech came because it provided me the perfect medium for creativity and innovation – creation of new products and the satisfaction of knowing that customers were using them. I studied computer science for my M.Sc. degree and I loved designing (Read more...)

Reserve Trust raises $30.5M to become the ‘Stripe for B2B payments’



Reserve Trust, a Denver-based financial services provider, has raised $30.5 million in a Series A round led by QED Investors.

FinTech Collective, Ardent Venture Partners, Flywire CEO Mike Massaro and Quovo founder and CEO Lowell Putnam also participated in the financing, which included $17.9 million in secondary shares. It brings the startup’s total raised since its 2016 inception to $35.5 million.

Reserve Trust describes itself as “the first fintech trust company with a Federal Reserve master account.” What does that mean exactly? Basically, a federal reserve master account allows Reserve Trust to move dollars on behalf of its customers directly, via wire and ACH payment rails, without an intermediate or partner bank. 

Historically, only banks were able to access these payment rails directly, which left both domestic and international fintechs “with limited partner options, poor technology and slow implementations when it came to embedding high-value B2B payments,” says COO Dave Cahill. Reserve Trust touts that its technology and services give companies all over the world the ability to “seamlessly move money via the first cloud-based payment system connected directly to the Federal Reserve” since it is not limited by legacy banking systems.

Image Credits: CEO Dave Wright and COO Dave Cahill / Reserve Trust

In conjunction with the fundraise, Reserve Trust is also announcing that Dave Wright has been named CEO and Cahill joined as COO. The pair worked together previously at SolidFire, a flash storage startup that Wright founded and sold to NetApp for $870 million in 2016.

(Read more...)

NVCA Member Spotlight: NewRoad Capital Partners



Welcome to our Member Spotlight series where we give a profile overview of our many diverse members. For this deep dive, we spoke to Chris Ladd, Partner at NewRoad Capital Partners, to learn more about his firm.

Tell us about your firm. What makes it different?

When we launched NewRoad Capital Partners nine years ago, we developed a differentiated investment philosophy based on three key approaches.

Operator Focused: Our view of the world has been shaped by our own experiences operating businesses. As experienced entrepreneurs and operators, the NewRoad team prides itself on the high level of collaboration we bring to each of our investments. We have learned the journey is most fruitful when partnered with like-minded people that share an obsession to improve their business. We love to bring together people fueled by an entrepreneurial spirit, innovative thinking, and a drive for success.

Demand Driven: We are keenly focused on demand. We look to invest in proven and innovative technologies, products, and services that serve both existing and unmet needs in the marketplace. We believe demand, in the form of a product or service being pulled into the market, is a key validation point in a company’s business model. In addition to capital, we provide knowledge, expertise and industry connectivity that come from our experience as entrepreneurs and operators. We pride ourselves on our ability to help propel companies with proven and quantifiable demand into their next stage of growth.

Purpose: We also believe that companies built on (Read more...)

Robinhood is now a stonk



Update: Trading of Robinhood shares has been halted due to volatility. The company’s stock paused at $65.60 on Robinhood itself. Yahoo Finance has a higher $77.03 price on the company’s equity, up a stunning 64.59% today. Things are fluid, but Robinhood may have been halted and then rose again when it resumed trading. Stonks indeed.

Shares of Robinhood, an investing-focused consumer fintech company, soared this morning in pre-market trading. The stonk phenomenon, which helped propel minor companies like GameStop and AMC earlier this year, appears to be impacting Robinhood’s own stock; that much GameStop and AMC trading took place on Robinhood’s platform during stonk-fever is irony not lost on this publication.

Here’s what things look like this morning, per Yahoo Finance:

Recall that Robinhood went public at $38 per share, the low end of its range, and sank in its early trading sessions to below its IPO price. Now, it’s worth $54 per share.

Cool.

Normally we’d crack a joke and close this small news item here, but with Robinhood’s IPO featuring a unique twist on the traditional public offering, we have to do a bit more work. When it went public, Robinhood reserved a chunk of its equity for purchase by its own users. The impact of this was that more retail investors likely owned Robinhood equity at the start of its trading life than would be normal with a traditional IPO.

One hypothesis regarding Robinhood’s somewhat slack early (Read more...)

Apax to combine three social impact software companies in deal valued at $2B



Who says there is no big money in software aimed at helping people? Private equity firm Apax Funds announced this morning that it is combining three social impact firms to create a platform of sorts in a deal valued at $2 billion.

To build this social good juggernaut, Apax went out and purchased EveryAction from Insight Partners and Social Solutions from Vista Equity Partners, two firms we often see involved in SaaS deals.

The plan is to combine the two firms with CyberGrants, a company that Apax acquired in June. With EveryAction, companies get a customer engagement platform focused on the needs of nonprofits. Instead of trying to get people to buy more stuff, the goal would be to increase engagement with donors. Social Solutions is a tool for gathering data on an organization’s activities and taking advantage of that data to coordinate service delivery and measure how well you are doing with your service goals.

Finally, CyberGrants is a corporate responsibility platform designed to help companies create programs for employees to volunteer in the community and “maximize the impact of corporate philanthropy.”

Erin Mulligan Nelson, CEO of Social Solutions sees combining the three companies as a way to accelerate their individual efforts as companies. “Joining forces will empower human services agencies in both the non-profit and public sectors to fully capitalize on the opportunities for digital transformation. Our expanded offerings and opportunities for product innovation will (Read more...)