Accel 2020 Euroscape: "Decacorn Unleashed"​ – Apply Now!


This post is by Philippe Botteri from Cracking The Code

– This article was co-authored with my colleagues Varun Purandare and Candice du Fretay and published initially on Tech.eu. The Accel 2020 Euroscape will be presented at SaaStock in October.

Last year, we predicted it would take three years for Europe to mark its first Decacorn. We are so happy and excited to see how wrong we were, as it took less than 9 months! Following in the footsteps of consumer companies Supercell, Spotify and Adyen, UiPath became the first European SaaS decacorn earlier this week. With this milestone, Europe has clearly established itself as a key center for software innovation in the world. 

If we look back 10 years, it is amazing to see how far the SaaS ecosystem has come  in a decade. When we started to take stock of this progress four years ago with the first Accel Euroscape, the list of the top 100 cloud companies from Europe and Israel, we had great hopes and Europe delivered beyond our expectations.


So, what does the next generation of European SaaS companies have in store for us? 

This is what we will attempt to discover with the 2020 Accel Euroscape. 

Applications are now open, and if you think the name of your company should be on the list, you can apply HERE – applications will close on 9th September 2020. 

Similar to last year, on top of the 100 companies in the Accel Euroscape, we will release our Champions League of Unicorns and now Decacorns! Customer feedback will play a key role in our ranking as usual. We will be working closely with G2 to include their ratings in our ranking.

2020 has been the best of times and the worst of times. The worst, because the global COVID-19 pandemic, on top of its impact on the health of millions of people, has created havoc in the global economy, triggering unprecedented levels of unemployment and destroying many small and large businesses. The best, because the confinement has accelerated digital transformation dramatically, achieving in two months what should have taken at least two years. 

As a consequence, SaaS public multiples and private company valuations are at an all time high, and the pace of cloud innovation is accelerating. The aggregate value of the 67 public cloud companies have surpassed $1T in February 2020 to reach $1.4T at the time of this post. In some areas like collaboration or health tech, the progress has been dramatic. 

For example, unicorn Doctolib added 31,000 new doctors in five weeks for its tele-conferencing service, seeing the number of daily calls jump from 1,000 to 100,000! At the same time, the government adapted the legislative framework to make sure patients would be fully reimbursed. 

While founders have been very quick to streamline their costs and prepare for the worst in the early days of the crisis, the demand for most SaaS products has continued to grow since the beginning of the year, and we have not observed the shock that we saw during the past crises in 2000 and 2008.

Indeed, all the traffic lights are green for the SaaS ecosystem (fingers crossed!). 

In the past 9 months, the 100 companies from the Accel 2019 Euroscape and the 13 “Champions” have raised c. $3B, including 11 nine figure rounds, in particular UiPath ($226m), Algolia ($110m) and Celonis ($290m), with 3 additional companies passing the $2B valuation mark. SaaS remains one of the top categories for funding in Europe and Israel with $6.1B raised since the beginning of the year, a jump of 25%+ vs. the same period last year, despite Covid.

2020 is also a remarkable year for our firm, as we are celebrating the 20th anniversary of our presence in Europe. As you can imagine, it has been hard for us to celebrate this milestone in the current environment, but after 20 years of helping software companies go global, believing strongly that the European software ecosystem would rise and reach the global stage, witnessing the first European Cloud decacorn is above any celebration we could have hoped for.

We will disclose the 2020 Accel Euroscape on October 12-14 2020 at SaaStock. This year, it won’t be in Dublin but fully remote. 


Don’t forget to tune in, and you can already register for an opportunity to attend for free (ADD LINK). On top of the list of the top 100 companies, we will present our analysis of the European Cloud ecosystem and how it was impacted by COVID 19.

Stay tuned and see you in October. Don’t forget to apply HERE.

UI Path: the first European Decacorn is born


This post is curated by Keith Teare. It was written by Philippe Botteri. The original is [linked here]


From Bucharest to the World

As we boarded our flight back to London in early February 2017, leaving behind the Bucharest winter, our team was incredibly excited by the two days we spent with Daniel and his team. Yet, it was hard to imagine that a short three and half years later UiPath would become the first European Cloud Decacorn.

What an incredible journey for this company born in Romania. This new financing of $225m valuing the company at a post-money of $10.2B is an incredible milestone, rewarding one of the fastest-growing cloud software companies of this generation.

This success is the testament of the hard work and relentless ambition of the founder, Daniel Dines and his co-founder Marius Tirca. Together, with a passionate and dedicated team, they pushed the limits of global growth, democratized the access to automation technology, and transformed the way enterprises of any size could harness the power of automation.

______________________________________________________________

"COVID-19 has heightened the critical need for automation…

we are committed to working harder to help our customers evolve,

transform, and succeed fast in the new normal"

Daniel Dines, founder UiPath

______________________________________________________________

We feel very fortunate and grateful to have been part of this journey from the early days, leading the series A in 2017 and the series B in 2018, and to have supported the company in every financing round since including the recently announced Series E this week.

While much of startup entrepreneurship activity historically centered in Silicon Valley, at Accel, we believed many years ago that Silicon Valley was not only a place but a state of mind. Technology entrepreneurship is exploding around the world and we seek to connect with the next generation of entrepreneurs everywhere, leveraging our offices in London and Bangalore. UiPath and Daniel Dines are the perfect example of a company founded locally but scaled globally.

It is a privilege to be working with this visionary team, and it has not always been an easy ride. Hypergrowth creates its own challenges and it is hard to build solid processes when you are running at 100 miles per hour. The company had to streamline its processes at the end of last year. Then came COVID, the black swan. And again, UI Path showed its resilience and adapted very quickly to this new environment, making some disciplined choices but emerging bigger and stronger, with more than $400m ARR run rate. 

Cloud Decacorn: big milestone for Europe

We all remember 10 years ago when the number one question was “Can Europe generate a $1B company”. Old times! With this financing, Europe is marking its first Cloud decacorn, following in the steps of Supercell and Spotify on the consumer side. This is a significant milestone for an ecosystem which has experienced exponential growth in the past decade.

The combination of strong tech Universities, the growing interest from large enterprises to embark on  their digital transformation and the rising level of ambition of the new generation of entrepreneurs creates a fertile ground for innovation.

The ecosystem, which was mostly centred around London and Tel Aviv 20 years ago, has become increasingly more fragmented with the emergence of 10-12 hubs across the region. Our last 25 software investments were based in more than 13 cities, including Altrincham outside Manchester and Aarhus in Denmark. It shows that innovation can come from anywhere in the continent and  “Silicon Valley” is a state of mind.

We came to Europe 20 years ago, and even though COVID 19 limited our ability to celebrate this milestone, witnessing the first European decacorn is above any celebration we could have hoped for. 

Global Cloud Factory 

We are very happy to see UiPath, as a European company, join the Accel Cloud decacorn family with other leaders from around the world such as: Atlassian, Crowdstrike, Docusign, Dropbox and Slack. 

At Accel, we love SaaS and Cloud and have invested close to $4B in 230+ companies globally. We believe that category-defining companies are founded all over the world, and while the first Trillion dollars of cloud market cap has come mostly from US-based companies, we expect the next Trillion dollars to come from many hubs across the globe. These smaller hubs can shape companies with growth-oriented DNA because their founders are required to think beyond their local (often smaller) market to plan for a global business from day one. While Silicon Valley will remain an epicenter of technology innovation, we expect to see an acceleration of cloud entrepreneurship globally, following in the steps of UiPath in Europe, Freshworks in India, Xero in New Zealand and  Atlassian in Australia. 

Big congrats and thank you to Daniel and his team for this great success and for what it means for the European and global tech ecosystem, and we look forward to continuing our small role in supporting their journey.

__________________________________

“I want a robot for every person”

Daniel Dines, founder UiPath

__________________________________

***********************

UI Path: the first European Decacorn is born


This post is by Philippe Botteri from Cracking The Code


From Bucharest to the World

As we boarded our flight back to London in early February 2017, leaving behind the Bucharest winter, our team was incredibly excited by the two days we spent with Daniel and his team. Yet, it was hard to imagine that a short three and half years later UiPath would become the first European Cloud Decacorn.

What an incredible journey for this company born in Romania. This new financing of $225m valuing the company at a post-money of $10.2B is an incredible milestone, rewarding one of the fastest-growing cloud software companies of this generation.

This success is the testament of the hard work and relentless ambition of the founder, Daniel Dines and his co-founder Marius Tirca. Together, with a passionate and dedicated team, they pushed the limits of global growth, democratized the access to automation technology, and transformed the way enterprises of any size could harness the power of automation.

______________________________________________________________

“COVID-19 has heightened the critical need for automation…

we are committed to working harder to help our customers evolve,

transform, and succeed fast in the new normal”

Daniel Dines, founder UiPath

______________________________________________________________

We feel very fortunate and grateful to have been part of this journey from the early days, leading the series A in 2017 and the series B in 2018, and to have supported the company in every financing round since including the recently announced Series E this week.

While much of startup entrepreneurship activity historically centered in Silicon Valley, at Accel, we believed many years ago that Silicon Valley was not only a place but a state of mind. Technology entrepreneurship is exploding around the world and we seek to connect with the next generation of entrepreneurs everywhere, leveraging our offices in London and Bangalore. UiPath and Daniel Dines are the perfect example of a company founded locally but scaled globally.

It is a privilege to be working with this visionary team, and it has not always been an easy ride. Hypergrowth creates its own challenges and it is hard to build solid processes when you are running at 100 miles per hour. The company had to streamline its processes at the end of last year. Then came COVID, the black swan. And again, UI Path showed its resilience and adapted very quickly to this new environment, making some disciplined choices but emerging bigger and stronger, with more than $400m ARR run rate. 

Cloud Decacorn: big milestone for Europe

We all remember 10 years ago when the number one question was “Can Europe generate a $1B company”. Old times! With this financing, Europe is marking its first Cloud decacorn, following in the steps of Supercell and Spotify on the consumer side. This is a significant milestone for an ecosystem which has experienced exponential growth in the past decade.

The combination of strong tech Universities, the growing interest from large enterprises to embark on  their digital transformation and the rising level of ambition of the new generation of entrepreneurs creates a fertile ground for innovation.

The ecosystem, which was mostly centred around London and Tel Aviv 20 years ago, has become increasingly more fragmented with the emergence of 10-12 hubs across the region. Our last 25 software investments were based in more than 13 cities, including Altrincham outside Manchester and Aarhus in Denmark. It shows that innovation can come from anywhere in the continent and  “Silicon Valley” is a state of mind.

We came to Europe 20 years ago, and even though COVID 19 limited our ability to celebrate this milestone, witnessing the first European decacorn is above any celebration we could have hoped for. 

Global Cloud Factory 

We are very happy to see UiPath, as a European company, join the Accel Cloud decacorn family with other leaders from around the world such as: Atlassian, Crowdstrike, Docusign, Dropbox and Slack. 

At Accel, we love SaaS and Cloud and have invested close to $4B in 230+ companies globally. We believe that category-defining companies are founded all over the world, and while the first Trillion dollars of cloud market cap has come mostly from US-based companies, we expect the next Trillion dollars to come from many hubs across the globe. These smaller hubs can shape companies with growth-oriented DNA because their founders are required to think beyond their local (often smaller) market to plan for a global business from day one. While Silicon Valley will remain an epicenter of technology innovation, we expect to see an acceleration of cloud entrepreneurship globally, following in the steps of UiPath in Europe, Freshworks in India, Xero in New Zealand and  Atlassian in Australia. 

Big congrats and thank you to Daniel and his team for this great success and for what it means for the European and global tech ecosystem, and we look forward to continuing our small role in supporting their journey.

__________________________________

“I want a robot for every person”

Daniel Dines, founder UiPath

__________________________________

***********************


Accel: from Silicon Valley to The World – Interview with Start-up Vision TV


This post is by Philippe Botteri from Cracking The Code

I had the chance to share Accel’s vision and talk about the evolution of the Tech ecosystem in Europe in the past 10 years. Fun discussion with Florence Klein of Start-up Vision TV. 

Bevy.com raises $15M to power virtual events and community


This post is by Anthony Ha from Fundings & Exits – TechCrunch

This might seem like the worst time to be building an event software business, but it seems to be working for Bevy.com, which just announced that it has raised $15 million in Series B funding.

Co-founder and CEO Derek Andersen explained that the company had already started moving into virtual events when the conference business ground to a halt thanks to the COVID-19 pandemic. And it’s seen demand explode in the last few months.

For example, he pointed to how Duolingo has used the platform to host 1,000 events in the past six weeks, while Startup Grind went from a single virtual event in February (in Wuhan, China) to planning 600 for June. Salesforce is also using the platform, and community manager Sofía Rodríguez Mata said in a statement:

We’ve been blown away and inspired by our community’s resilience amidst the COVID-19 pandemic. Our customers are finding new and creative ways to learn, connect, have fun, and give back together. Although we feel the physical distance between us, it’s beautiful to witness how someone in Morocco can be in the same event as someone in Brazil or New Zealand. With Bevy’s help our user groups have organized 650 events with 20,000 RSVPs in the past few months.

Bevy actually emerged from Startup Grind —which Andersen also founded — to further develop and monetize the products that were initially built to help the entrepreneurial community organize hundreds of events around the world.

They’re separate companies, although Andersen still leads both of them. He described Bevy as providing a “fully end-to-end virtual experience” for event organizers, offering tools for event creation and user registration while also integrating to other platforms like Zoom, Salesforce, Marketo and Meetup.

He also argued that these kinds of community events are key for companies pursuing a “customer-to-customer marketing model” —  instead of flying field marketing teams into new locations (which again, isn’t exactly feasible right now), you “empower customers to do this for you,” both at events and on a more ongoing basis.

“Whether it’s virtual, or offline, in forums, chats, or events, C2C realizes the importance of taking the corporation out of the conversation and giving the torch to the customers at massive global scale,” Andersen told me in a follow-up email.

Bevy previously raised a $6.4 million Series A. The new funding was led by Accel, with participation from existing investors Ryan Smith (the Qualtrics CEO is also joining Bevy’s board of directors) and Upfront Ventures.

“No one understands how to build community and drive virtual marketing events at scale better than the team behind Bevy,” said Accel General Partner Ryan Sweeney in a statement. “Bevy has unmatched domain expertise and an award winning product that is already trending.”

Atlanta’s SingleOps raises $6M for its outdoor-care focused software business


This post is by Alex Wilhelm from Fundings & Exits – TechCrunch

Today SingleOps, an Atlanta-based software startup, announced that it has raised $6 million in new capital. The startup’s service is built to support companies that deal with outdoor work like landscaping, tree care and lawn maintenance. It’s an example of the vertical SaaS trend that has come to the fore in recent years, with startups building software services tailored to particular business categories.

The market that SingleOps is focused on isn’t small, mind. The company claims it’s worth $100 billion each year. And that means there is lots of room for SingleOps to grow.

Before this new $6 million round, SingleOps had raised just $2.5 million, using that to scale up to 30 staff (its software team is remote, making the company more prepared for COVID-19 than most) and around 400 customers. How did it do that in an era when most startups raised $2.5 million to clean their offices? According to the company’s CEO Sean McCormick and president Taylor Gould in an interview with TechCrunch, being capital-efficient has been part of the company’s modus operandi since its early days. (You can build SaaS with limited capital if early customers write you checks, it turns out.)

The SingleOps team, via the company.

But toward the end of 2019, SingleOps reviewed its SaaS metrics and, deciding that things looked good, aimed to accelerate by bringing on new capital. The $6 million was led by Kansas City-based Five Elms Capital, with the firm taking a board seat in the transaction. According to McCormick and Gould, they liked Five Elms’ focus on B2B SaaS companies like their own. Diligence with existing Five Elms portfolio companies also helped them in making the choice.

SingleOps’ product, notably, isn’t narrow. Instead, the company’s service can log leads, handle scheduling, help provide estimates, has a mobile app and deals with scheduling, cost tracking and invoicing and payments. With a little tact, the self-described “green industry” that SingleOps works with is not renowned for being on the cutting edge of technological change; by offering a broader feature set, SingleOps can sell a single service to bring businesses in its target niche all the way into the cloud era.

The package of features is sitting well with the market so far, with SingleOps growing both GAAP revenue and ARR by “well over” 100% in the last 12 months, per its executives. And for the SaaS fans out there, SingleOps averaged 120% net retention over the last 12 months.

It was the first call for TechCrunch that I’ve had that involved several mentions of tree climbing as part of a startup’s go to market motion. As such, we had no choice but to write about the company, as it’s different than most startups we talk to, and therefore rather interesting.

Investors tell Indian startups to ‘prepare for the worst’ as Covid-19 uncertainty continues


This post is by Manish Singh from Fundings & Exits – TechCrunch

Just three months after capping what was the best year for Indian startups, having raised a record $14.5 billion in 2019, they are beginning to struggle to raise new capital as prominent investors urge them to “prepare for the worst”, cut spending and warn that it could be challenging to secure additional money for the next few months.

In an open letter to startup founders in India, ten global and local private equity and venture capitalist firms including Accel, Lightspeed, Sequoia Capital, and Matrix Partners cautioned that the current changes to the macro environment could make it difficult for a startup to close their next fundraising deal.

The firms, which included Kalaari Capital, SAIF Partners, and Nexus Venture Partners — some of the prominent names in India to back early-stage startups — asked founders to be prepared to not see their startups’ jump in the coming rounds and have a 12-18 month runway with what they raise.

“Assumptions from bull market financings or even from a few weeks ago do not apply. Many investors will move away from thinking about ‘growth at all costs’ to ‘reasonable growth with a path to profitability.’ Adjust your business plan and messaging accordingly,” they added.

Signs are beginning to emerge that investors are losing appetite to invest in the current scenario.

Indian startups participated in 79 deals to raise $496 million in March, down from $2.86 billion that they raised across 104 deals in February and $1.24 billion they raised from 93 deals in January this year, research firm Tracxn told TechCrunch. In March last year, Indian startups had raised $2.1 billion across 153 deals, the firm said.

New Delhi ordered a complete nation-wide lockdown for its 1.3 billion people for three weeks earlier this month in a bid to curtail the spread of COVID-19.

The lockdown, as you can imagine, has severely disrupted businesses of many startups, several founders told TechCrunch.

Vivekananda Hallekere, co-founder and chief executive of mobility firm Bounce, said he is prepared for a 90-day slowdown in the business.

Founder of a Bangalore-based startup, which was in advanced stages to raise more than $100 million, said investors have called off the deal for now. He requested anonymity.

Food delivery firm Zomato, which raised $150 million in January, said it would secure an additional $450 million by the end of the month. Two months later, that money is yet to arrive.

Many startups are already beginning to cut salaries of their employees and let go of some people to survive an environment that aforementioned VC firms have described as “uncharted territory.”

Travel and hotel booking service Ixigo said it had cut the pay of its top management team by 60% and rest of the employees by up to 30%. MakeMyTrip, the giant in this category, also cut salaries of its top management team.

Beauty products and cosmetics retailer Nykaa on Tuesday suspended operations and informed its partners that it would not be able to pay their dues on time.

Investors cautioned startup founders to not take a “wait and watch” approach and assume that there will be a delay in their “receivables,” customers would likely ask for price cuts for services, and contracts would not close at the last minute.

“Through the lockdown most businesses could see revenues going down to almost zero and even post that the recovery curve may be a ‘U’ shaped one vs a ‘V’ shaped one,” they said.

UserTesting Raises $100M, Acquires Norway’s Teston 


This post is by Sophia Kunthara from Crunchbase News

Human insights tech startup UserTesting has landed $100 million in a new round of funding, the company announced Thursday.

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UserTesting’s Human Insight Platform lets companies get feedback from customers on-demand so they can learn more about how to improve customer experiences. Insight Partners led the Series C round, with previous investors Accel, Greenspring and OpenView also participating.

UserTesting, which is based in San Francisco, now has more than $148 million in total funding, according to Crunchbase. It last raised $45.5 million in a Series C round led by Accel in January 2015.

“Customer centricity has evolved from being an aspiration to an expectation,” Insight Partners Vice President Rebecca Liu-Doyle said in a statement. “Companies across industries are now expected to absorb feedback—on a continuous basis—to deliver an ever-improving experience.”

The new money will be used to expand UserTesting’s presence in Europe and Asia and speed up product development.

Along with the new funding, UserTesting announced Thursday that it acquired Teston, a European startup that provides multilingual experience testing for customer feedback, according to a statement. The acquisition of Teston will help with UserTesting’s push to expand in Europe. UserTesting opened a European headquarters in Edinburgh, Scotland last year.

“Teston fits nicely within our product portfolio and reinforces our ability to give customers the fastest access to the human perspective, globally,” UserTesting CEO Andy MacMillan said in a statement. “They have built a playbook for localization that will enable us to serve our customers who wish to get feedback in European languages and beyond.”

UserTesting also acquired two companies last year, according to Crunchbase. It purchased UserMuse in January 2019 and Truthlab Technologies in October 2019.

Teston, which is based in Oslo, Norway, had $2.8 million in seed funding, according to Crunchbase.

Illustration Credit: Li-Anne Dias

The post UserTesting Raises $100M, Acquires Norway’s Teston  appeared first on Crunchbase News.

Meet Hopin, The Platform For Virtual Conferences


This post is curated by Keith Teare. It was written by Sophia Kunthara. The original is [linked here]

Major tech conferences have been canceled or postponed because of concerns surrounding the novel coronavirus.

Mobile World Congress. F8. Google I/O.

And in turn, companies that support remote meetings are flourishing. Virtual conference platform Hopin is the latest to join the roster of businesses benefiting from increased demand for services that facilitate working and networking remotely.

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Three weeks ago, Hopin had 10,000 organizers on its waiting list, Hopin CEO Johnny Boufarhat said in an interview with Crunchbase News. Now, that number is up to 18,000 organizers.

“People heard of Hopin, saw our tweets, thought ‘oh that’s a good idea for our events’… and then as soon as this happened I think they sort of just jumped through,” Boufarhat said.

Hopin came out of stealth about three weeks ago and raised $6.5 million in seed funding from investors including Accel and Northzone last month.

Hopin aims to replicate the experience and benefits of attending a conference without the expenses and other hoops like travel, logistics and environmental impact. People want to go to conferences to meet others, not just to watch presentations, Boufarhat said.

“That’s why people go to events, it’s not for live streaming,” he said. “You go physically to network with people, to interact with people. And that’s what we solve.”

How it works

Boufarhat walked me through a demo of the platform on Wednesday. Users can watch what’s being presented on the “stage,” join sessions, or network with other attendees.

About Continue reading “Meet Hopin, The Platform For Virtual Conferences”

Process Street Raises Accel-led $12M Series A For No-Code Workflow Builder


This post is by Mary Ann Azevedo from Crunchbase News

Process Street, which has developed no-code workflow builder, has raised a $12 million Series A led by Accel.

Subscribe to the Crunchbase Daily

Atlassian, Salesforce Ventures 1 and others also participated in the round.

Australian-born Vinay Patankar came up with the idea for Process Street when running a distributed marketing agency through contractors all over the world. The spreadsheets and project management tools were causing more problems than solutions, he said.

So, the concept behind Process Street was born. Initially, it was an internal tool to structure and manage internal workflows by doing things like documenting and tracking simple checklist-based processes for Patankar’s company.

But then Patankar teamed up with Cameron McKay to form a company based on that initial concept while both were staying at a hostel in Argentina.

Today, Process Street has evolved into “a fully-fledged no-code workflow builder with an easy-to-use interface that can handle almost any type of business process, from client implementation to employee onboarding and content approvals,” according to Patankar. And it does this by giving small-and-medium-sized businesses (SMBs) and enterprises the ability to create those workflows without having to write code. (Customers are mostly SMBs, with 10 to 20 percent being enterprises.)

The company services over 450,000 registered users – both free and paid – including enterprise customers like Colliers, Accenture, Spotify and Airbnb, as well as institutions like Columbia University and Johns Hopkins University.

“Process Street lets you build these workflows and plug them into other Continue reading “Process Street Raises Accel-led $12M Series A For No-Code Workflow Builder”

Hop-in to the future of events as Hopin raises $6.5M


This post is by Natasha Lytton from Seedcamp

With some founders we meet, “the stars just perfectly align”, says our Partner Tom Wilson, and no more is that true than with our investment in Hopin, founded by Johnny Boufarhat. We’re over the moon for the team as they today announce their $6.5M seed round for their all-in-one online events platform that brings people closer by replicating the experience of offline events and makes them accessible at a global scale.

We led the pre-seed into Johnny and his vision for Hopin and the future of events in summer of 2019 and are thrilled to continue the journey and see him quickly go onto raise this highly sought after round with some of the world’s most impactful investors onboard with this round led by Accel and with participation from Northzone, WebSummit’s Amaranthine Fund and Slack Fund. The round is joined by high-profile angel investors including founder of Seedcamp-backed unicorn, UiPath, Daniel Dines, Supercell founder Ilkka Paananen, Intercom founder Des Traynor, GoCardless COO Carlos Gonzalez-Cadenas and Miro founder Andrei Khusid.

Hopin founder Johnny Boufarhat

The event industry is massive, with many millions of people attending events every year. However, in a time where travel has been heavily impacted by a global health emergency and seen growing concern about its environmental impact, there is a need for a sustainable solution for attending events, that doesn’t require you to travel.

Hopin is an online venue where organizers can create, host and manage live events for up to 100,000 attendees. With Hopin’s Continue reading “Hop-in to the future of events as Hopin raises $6.5M”

VCs bet $12M on Troops, a Slackbot for sales teams

Slack wants to be the new operating system for teams, something it has made clear on more than one occasion, including in its recent S-1 filing. To accomplish that goal, it put together an in-house $80 million venture fund in 2015 to invest in third-party developers building on top of its platform.

Weeks ahead of its direct listing on The New York Stock Exchange, it continues to put that money to work.

Troops is the latest to land additional capital from the enterprise giant. The New York-based startup helps sales teams communicate with a customer relationship management tool plugged directly into Slack. In short, it automates routine sales management activities and creates visibility into important deals through integrations with employee emails and Salesforce.

Troops founder and chief executive officer Dan Reich, who previously co-founded TULA Skincare, told TechCrunch he opted to build a Slackbot rather than create an independent platform Continue reading “VCs bet $12M on Troops, a Slackbot for sales teams”

VCs love insurance, even if you don’t

 At first blush it may seem like insurance and venture capital make an odd couple. Venture capital is all about taking big risks for the potential of even bigger payouts down the road, while insurance is all about quantifying and mitigating risk. But make no mistake, there are vast sums of venture dollars going into insurance deals. Read More

VoiceOps launches to put insights in the hands of managers coaching sales reps

 The enterprise voice space grows hotter today as VoiceOps announces its seed round with participation from Accel, Founders Fund and Lowercase Capital. The YC-backed startup aims to support sales teams by offering managers clear insights into what tactics are being used on the front lines. Founders, Daria Evdokimova, Ethan Barhydt and Nate Becker designed a machine learning-powered system… Read More

Venture firm Accel just raised a new $500 million European fund

Accel groups-107 Accel is on a roll. Shortly after announcing a $500 million seed fund and a $1.5 billion growth fund for U.S.-focused investments, the venture firm has yet another fund. This time, Accel raised $500 million for Accel London V, a fund focused on Series A and B investments in Europe and Israel.
The company announced Accel London IV <a href="http: Read More

The Daily Startup: Accel Scores $2 Billion in New Funds

dailystartup_D_20090806101628.jpgArt by Mike Lucas

Accel said it raised $2 billion in new funds, one of several big Silicon Valley venture firms that have recently raised funds close to or in excess of $1 billion. The funds include a thirteenth early stage fund of $500 million, which is consistent with the size of previous early stage Accel funds, and a $1.5 billion growth fund, the fourth such fund since 2008. They were raised in eight weeks, the firm said. Accel’s growth funds have grown consistently larger–the last one, closed in 2014, was $1 billion, according to Dow Jones VentureSource. The firm defines growth investing as being the first venture money in to a company that’s achieved some size without previous funding. An example is the Australian software tools maker Atlassian Pty. Ltd., which is now public.

ALSO IN TODAY’S VENTUREWIRE (subscription required):

Bot Home Automation Inc., which does Continue reading “The Daily Startup: Accel Scores $2 Billion in New Funds”

Couchbase Raises $30 Million for Promise of NoSQL Databases Growth

Couchbase CEO Bob Wiederhold
Couchbase

A new category of databases developed to handle problems first seen at early Internet companies like Google Inc. and Facebook Inc. have attracted well over $500 million in funding and continue to report growth, despite the current pressure on public tech stocks.

Couchbase Inc., one of the three largest of these database companies, called NoSQL companies, has raised  $30 million in what the company says is its last private funding round before a potential IPO, according to Chief Executive Bob Wiederhold.

Mr. Wiederhold said the new round, a Series F, will take Couchbase to cash-flow positive, now considered a requirement by many investors, and should enable an IPO “in the not too distant future,” although he declined to be more specific on timing.

He also declined to comment on Couchbase’s revenue or valuation. Competitor MongoDB Inc. was valued privately in December 2014 at $1. Continue reading “Couchbase Raises $30 Million for Promise of NoSQL Databases Growth”

Just Because a Market Lacks [X] Doesn’t Make it Fundamentally Broken

When I first started this blog, the intention was to detail my own path into VC and be a resource for other aspiring investors to learn from. Admittedly I deviate from that regularly to write thought pieces, but after a couple of recent conversations around how to think through addressable market pain points, I thought […]

Pillpack: Adding $50M in funding to bring redesigned pharmacy to all

There are some people in the world that it is simply a joy to work with, and when good things happened to them you can only feel joy.  TJ Parker and Elliott Cohen are two such people and I’m delighted with the new milestone our company Pillpack has reached. 

$50 Million in New Funding 

Pillpack just announced a $50M round led by George Zachary (of Twitter and Yammer fame) and Rafael Corrales at CRV with new money from Pravin Vazirani and Tylor Sosin at Menlo Ventures (another awesome duo) and Shervin Pishevar at Sherpa Ventures (with a fashionably minimalist website :-)).  Accel Partners is also participating meaningfully to the round.

Pillpack signing Term-sheet

Yes this his how this stuff gets done – Exhausted but happy TJ and Elliott (behind camera) with George and Rafa signing the term-sheet

It’s not so much that raising a big round in itself makes me happy (though Continue reading “Pillpack: Adding $50M in funding to bring redesigned pharmacy to all”

Pillpack: Adding $50M in funding to bring redesigned pharmacy to all

There are some people in the world that it is simply a joy to work with, and when good things happened to them you can only feel joy.  TJ Parker and Elliott Cohen are two such people and I’m delighted with the new milestone our company Pillpack has reached. 

$50 Million in New Funding 

Pillpack just announced a $50M round led by George Zachary (of Twitter and Yammer fame) and Rafael Corrales at CRV with new money from Pravin Vazirani and Tylor Sosin at Menlo Ventures (another awesome duo) and Shervin Pishevar at Sherpa Ventures (with a fashionably minimalist website :-)).  Accel Partners is also participating meaningfully to the round.

Pillpack signing Term-sheet

Yes this his how this stuff gets done – Exhausted but happy TJ and Elliott (behind camera) with George and Rafa signing the term-sheet

It’s not so much that raising a big round in itself makes me happy (though Continue reading “Pillpack: Adding $50M in funding to bring redesigned pharmacy to all”