SAN FRANCISCO, March 11, 2024 — Vouch, the leading provider of business insurance for high-growth companies, today announced the closure of a $25 million Series C-1 funding round, led by Ribbit Capital. The insider-led round was oversubscribed and follows a year of strong business performance, including 66% year-over-year revenue growth and favorable loss ratio outcomes. This growth trajectory is supported by an annual premium retention rate of over 120%, alongside improving margins across the business.
Sam Hodges, Co-founder and CEO of Vouch, remarked, “2023 was a landmark year for Vouch, driven by our team’s dedication and our investors’ belief in our mission. I’m proud that we’re one of the few companies in our market that has achieved our goals despite industry headwinds, balancing pursuit of our big vision with strong business performance. And most importantly, we’ve been there when our clients need us most, successfully resolving hundreds of claims – many of which are complex and potentially company-limiting – totaling many millions of dollars. This additional equity funding enables us to expand our insurance product set and distribution channels and also to continue investing in our technology platform.”
In 2023, Vouch also increased its reinsurance panel from four to seven partners and accelerated its pace of insurance innovation, including the launch of AI Insurance, a first-of-its-kind coverage that mitigates nascent AI risks including LLM hallucinations, regulatory mistakes and intellectual property issues. Vouch Horizon, the company’s solution for scale-stage startups, continues to win marquee accounts.
Vouch has invested significantly in its team, adding over 70 employees since 2022. Additionally, the company strengthened its leadership with strategic appointments, including Jared Klee as Head of Sales (previously of IBM Watson), Clark Kays as Head of Demand Generation (formerly of Marsh McLennan), Suzanne Robinson as Head of Claims (formerly of Travelers), Meg Glenn as Head of Actuarial (formerly of Clear Blue) and Mike Gorlin as Head of Underwriting (formerly of Zurich).
As Vouch embarks on this next phase of growth, the company remains dedicated to delivering cutting-edge insurance solutions that meet the unique needs of the technology sector.
About Vouch: Vouch is a US-based provider of business insurance to thousands of high-growth companies, having raised over $185 million from top-tier Silicon Valley institutions and investors, including Ribbit Capital, Redpoint Ventures, Y Combinator, Allegis, Anthemis and MS&AD Ventures. Since its inception in 2018, Vouch has empowered clients to get risk management right through niche expertise, a proprietary approach to pricing and underwriting, fast, digital-first procurement and coverages that scale as the company grows.
Vouch Insurance Services, LLC (NPN # 19039391) and Vouch Specialty Insurance Services, LLC (NPN # 19926463) are licensed in the states in which they conduct business. Detailed license information is available at https://www.vouch.us/licenses.
Leading shelf-stable baby and toddler food brand plans to utilize the capital to further accelerate the brand’s category leadership, retail distribution, and innovation
AUSTIN, Texas, March 11, 2024 — Today, Serenity Kids, the leading shelf-stable pouched baby food brand in the country(1), has closed a $52 million minority investment and partnership with Stride Consumer Partners LLC (“Stride”), a growth-equity investment firm focused on the next generation of great consumer brands and services.
Serenity and Joe Carr, co-founders of Serenity Kids with daughter, Della, and a sampling of Serenity Kids’ nutrient-dense baby and toddler food products
Serenity Kids was created and is led by co-founders Serenity and Joe Carr who could not find baby food options that were both low in sugar and contained balanced macronutrients, so they decided to make their own. Since launching in 2018, Serenity Kids has quickly become the fastest selling shelf-stable baby food pouch brand in all grocery channels(2). The brand offers nutrient-dense products that contain the highest quality proteins and healthy fats across pouches, puffs, and toddler formula with national distribution in over 18,000 stores, including Whole Foods Market, Sprouts, Walmart, Target, Kroger, Publix, Amazon, Thrive Market, and more.
“The current investment landscape is pretty dire, so our ability to attract this financing and partnership validates our differentiation, mission, and growth potential. We’re excited to pour more resources into our revolution that elevates children’s nutrition so that all future generations can thrive,” said Joe Carr, President and Co-Founder of Serenity Kids. “We are profitable and were not seeking to raise funds, but when we met the Stride team we immediately connected with them and appreciated their approach to building strong sustainable brands. The Stride team’s proven track record partnering with companies like Yasso and Chomps makes us confident that they can help take us to the next level.”
Serenity Kids’ success, including 71% year-over-year retail revenue growth in 2023 versus 2022(3), can be attributed to the brand’s strong product quality and differentiation, unique innovation, and commitment to the highest nutritional, ethical, and taste standards that parents seek today. With their Ethically Sourced Meat Pouches as a top performing product line, Serenity Kids is elevating the category by providing healthy meat-based protein solutions for little ones that are dramatically outperforming(4) traditional fruit-based purees at both natural and conventional retailers. The brand was recognized on Inc. 5000’s fastest growing companies list of 2023. Serenity Carr, CEO and Co-Founder of Serenity Kids, was named one of Inc.’s 200 Best Female Founders in 2023.
“We launched Serenity Kids to create superior products that give little ones the best start possible,” said Serenity Carr. “Stride’s team has already been super collaborative, and we’re confident they’re the right partner to help propel our business into the next phase. We look forward to working with them to achieve our goal of helping babies grow up healthy, happy, and strong.”
The growth capital from Stride will fuel investment within key areas of Serenity Kids’ business, namely marketing, talent, and innovation. The funds and strategic partnership with Stride will support Serenity Kids’ vision to improve the well-being of all children by making it easier for parents to feed their kids the healthiest food.
“In my 20 years of experience in growth equity investments, I have rarely seen a brand with such a consistent track record of winning at the shelf as Serenity Kids,” said Juan Marcos Hill, Partner at Stride Consumer Partners. “We were impressed with the brand’s unique positioning and the team’s vision and passion to provide the highest quality, most nutrient-dense products for babies and toddlers. We look forward to supporting the Serenity Kids team on their continued expansion as they seek to transform the standard in baby and toddler food.”
Serenity Kids offers baby food pouch varieties in five lines: *new* World Explorers, Dairy-Free Smoothies, Ethically Sourced Meats, Organic Savory Veggies, and Purees with Bone Broth, as well as zero-sugar Grain Free Puffs, and a first-of-its-kind A2 Whole Milk Toddler Formula. These differentiated baby food recipes introduce savory flavors early and sets children up for a lifetime of healthy eating without an early craving for sugar. Serenity Kids is committed to only using premium-quality ingredients without any antibiotics, added hormones, pesticides, fillers, or major allergens. All of Serenity Kids’ products are third party tested for over 200 heavy metals and contaminants and are made with ethically sourced, regeneratively farmed meats and Certified USDA Organic vegetables, herbs, and spices.
Serenity and Joe Carr will maintain ownership and continue to run the company with this significant and timely financial investment.
Kirk Lin, Serenity Kids’ VP of Finance played a pivotal role in this transition and Haynes & Boone served as the exclusive legal advisor to Serenity Kids. Latham & Watkins LLP served as the exclusive legal advisor to Stride Consumer Partners.
About Serenity Kids:
Serenity Kids makes premium baby and toddler food products of the highest nutritional, ethical, and taste standards. Serenity Kids only uses ingredients without any antibiotics, added hormones, pesticides, fillers, GMOs, or major allergens. The brand has established partnerships with Land to Market and Partnership for a Healthier America. All of Serenity Kids’ products are Clean Label Project certified, and the brand is one of the few baby and toddler food companies that has received a Clean Label Project Purity Award. Serenity Kids’ meat and vegetable pouch lines as well as the Grain Free Puffs line and new Toddler Formula are available online at www.MySerenityKids.com, Amazon, and Thrive Market, and in over 18,000 grocery stores nationwide including Harris Teeter, select H-E-B locations, Kroger, Natural Grocers, Meijer, select Albertsons/Safeway locations, Sprouts, Target, Wegmans, Whole Foods Market, Walmart, and more. For more information on the brand, mission, and products, please go to www.MySerenityKids.com, and follow them on Instagram and Facebook.
About Stride Consumer Partners:
Stride is a private equity firm that specializes in partnering with talented and dynamic founders, entrepreneurs, and business leaders to build the next generation of great consumer brands. Founded by a passionate group of experienced investor-operators, Stride’s unique approach brings together a fully integrated team of successful investors working alongside seasoned operators to assist high-growth and disruptive consumer products and services businesses to hit their stride. Together, Stride supports its partners on their journey as they take decisive steps toward delivering on their vision. Within consumer, the firm focuses on the following areas of expertise: beauty and personal care, food and beverage, active lifestyle, and multi-unit consumer services. The Stride team has had the pleasure of working side-by-side with the founders and teams of Brew Dr., The Bruery, Chomps, drybar, Essentia, First Aid Beauty, Jeni’s Splendid Ice Creams, MacKenzie-Childs, Odele, Patrick Ta, Simms Fishing Products, Skinfix, Tatcha, Truewerk, TRX, Urban Decay, and Yasso. For more information, please visit Stride Consumer Partners website.
(1) Leading defined as a brand with best-selling items. Serenity Kids Beef & Chicken have the most sales of any pouches in FMCG. Nielsen Baby & Toddler Food, Pouches, FMCG Channel, L13 WE 1/20/24
Fourth AnnualReport Finds Decline in 2023 Venture Capital Compensation from 2022
SAN FRANCISCO, March 11, 2024 — The Emerging Venture Capitalists Association (EVCA), the nonprofit dedicated to supporting the next generation of leaders in the venture capital industry, released its 4th Annual Compensation Report today.
Key Findings:
From 2022 to 2023, compensation dropped 10% for Analysts, 3% for Senior Associates, 1% for VP/Principals, and 1% for partners while rising 9% for Associates.
Average total compensation was $117,500 for analysts, $186,000 for Associates, $210,000 for Senior Associates, $270,000 for VP/Principals, and $387,500 for Partners.
A thriving innovation ecosystem requires constant re-investment to attract and develop the next generation of investors. One of the most powerful levers is competitive compensation, but data on compensation can be difficult to collect due to its sensitive nature. Since 2020, EVCA’s Annual Compensation Report has been used for industry-wide salary discussions and negotiations at every level of seniority. The report has kept a pulse on the venture capital industry, tracking compensation in the face of changing market conditions and global events while providing valuable insights that assist firms in attracting and retaining top talent.
The report is published with the ultimate goal of providing junior and partner-level venture capitalist investors with reliable benchmarks to accurately assess current and future compensation, irrespective of their role or fund. Additionally, the report seeks to provide GPs and senior leadership of venture funds a source by which to assess the compensation of junior team members compared to peer funds.
EVCA’s founder and chairman, Adam Dawkins, notes that even in the face of fluctuating market conditions, the 2023 VC Compensation Report underscores the importance of robust, data-driven insights for maintaining competitive compensation practices in the venture capital industry.
“Despite facing headwinds that have led to a slight contraction in compensation levels from the previous year, it’s encouraging to see that baseline compensation remains above 2021 levels. Our annual compensation report serves not only as a benchmark for industry standards but also as a crucial tool for venture capital firms to attract and retain the top talent necessary for driving forward the next wave of technological advancements and entrepreneurial success,” said Dawkins.
About EVCA EVCA is the primary community for the emerging (pre-partner & junior partner) venture capital investor. Founded in 2017, our 1350+ investors come from a diverse assortment of backgrounds to share insights on industry verticals, co-investment opportunities, career planning, community service, and personal interests.
2024 Cohorts Will Join 39 Graduate Startups Already Working to Address the World’s Largest Environmental and Social Challenges through Nature-Inspired Solutions
MISSOULA, Mont., March 11, 2024 — Biomimicry Institute, a not-for-profit organization co-founded by Janine Benyus in 2005 to empower nature-inspired solutions for a healthy planet, today opens applications for its 2024 Ray of Hope Accelerator. This unique founder-focused program aims to propel nature-inspired startups towards marketplace growth with robust training, networking opportunities, and $15,000 in non-dilutive funding. Applications are due May 3, 2024.
Building on the success of the previous four years and 39 supported startups, the Ray of Hope Accelerator program is looking to identify the next ten leading nature-inspired startups. Those selected will be immersed in a six-month cohort program that provides more than $50,000 worth of in-kind services that aim to provide in-depth support and training for companies seeking to bring their ideas to commercialization. The program enhances participants’ visibility through science-based storytelling, as well as provides access to a wide range of corporate and investment leaders. The cohort is open to Pre-Seed to Series A stage companies world-wide and will commence with an in-person nature retreat where participants develop skills around community building, leadership, and cultivating a nature-inspired ethos.
“As we embark on our fifth year of the Ray of Hope program, we are pleased to share that all of our previous participating startups are thriving,” said Jared Yarnall-Schane, Director of Innovation at the Biomimicry Institute. “Graduate companies have raised more than $100M cumulatively in funding and are actively working to address systemic climate issues such as sea-level rise and plastic pollution. Building on this success, we are thrilled to launch an updated version of the program this year that provides more robust training and financial support to nature-inspired solutions.”
The Ray of Hope Accelerator, in partnership with founding sponsor The Ray C. Anderson Foundation, is not industry, technology, or geography specific. Chosen cohorts are connected by a shared drive to address at least one of the 17 UN Sustainable Development Goals. Any startup working on nature-inspired solutions, service, or technology with a positive environmental or social benefit may apply. The Biomimicry Institute is particularly interested in solutions that address the urgent need to regenerate nature, reduce the impacts of climate change and eliminate the current ‘take, make, waste’ paradigm.
“We are proud of our partnership with the Biomimicry Institute and of their efforts to support and scale the work of nature-inspired changemakers,” said Christoph Hohmann, Global Head of Brand Communications at Bentley Motors and Head of The Bentley Environmental Foundation. “Our partnership is a great example of the Bentley Environmental Foundation’s funding plus approach, in which we are working with mission-aligned organizations to create environmental change, also within Bentley itself. We hope this is a model other companies will follow in the future.”
Brent Cutcliffe, Co-Founder & Chief Operating Officer of New Iridium, a 2021 alumni of the Ray of Hope program adds, “not only was our startup elevated by the process, but being in the company of other viable nature-inspired solutions empowered us to know that collectively we are making serious progress against seemingly intractable problems.”
Past participants of the Ray of Hope program have secured additional funding, built greater awareness of their work through media, attained paid proof-of-concept pilot contracts with major corporations, and increased sales as a result of the program’s extensive network. Previous cohorts comprised companies from 15 different countries, were 40% female founders, and included award-winning startups like Sparxell (UK, 2023) GreenPod Labs (India, 2022), Spintex Engineering (UK, 2021), ECOncrete Tech (Israel, 2020). To see a full list of the nearly 40 nature-inspired startups that have completed the Ray of Hope Accelerator program, click here.
About the Biomimicry Institute The Biomimicry Institute is a 501(c)(3) not-for-profit organization founded in 2006 that empowers people to seek nature-inspired solutions for a healthy planet. To advance the solution process, the Institute offers AskNature.org, the largest free, living database of biological strategies for sustainable innovation. The organization also offers biomimicry curriculum and educator resources, including the Youth Design Challenge, a multidisciplinary, project-based challenge that teaches students to solve problems through biomimicry; a Biomimicry Launchpad incubator program; and the Ray of Hope Accelerator supports nature-inspired startups to scale systemic solutions to the world’s most pressing environmental challenges. Most recently, the Institute launched a new collaborative initiative called Design for Transformation which will pilot technologies that convert discarded clothes and textiles into biocompatible raw materials. For more information, visit biomimicry.org.
Media Contact: Marc Cappelletti Biomimicry Institute, Communications Director [email protected] +1 (215) 435-6185
Privately-held TAMI Ventures will be acquired by Creatd, Inc. (OTCQB:CRTD)
TAMI Ventures is a diversified portfolio of assets concentrated in the technology, advertising, media and information (TAMI) sectors.
TAMI’s in-house built Proprietary Technology platform and stack, focused on Social Media and Gaming Platform including Sport Betting, Fantasy, ESPORTS, Racing, Virtuals, Lottery, Casino Slots and Table Games
NEW YORK, March 8, 2024 — Creatd, Inc. (OTCQB:CRTD), a leading innovator in digital technology and creator-centric platforms based in the United States, is excited to announce a strategic plan to acquire TAMI Ventures Inc.
Creatd, Inc. and TAMI Ventures have entered into a binding Letter of Intent (LOI) to solidify their commitment to the transaction. To further demonstrate their commitment and the seriousness of this transaction, a breakup fee of $500,000 has been agreed upon. This fee will be payable by either party should they decide to withdraw from the agreement under certain conditions.
Under the proposed all-prefered shares transaction, Creatd will welcome TAMI Ventures as a wholly owned subsidiary, issuing 2 year restricted preferred shares to TAMI Ventures shareholders at an aggregate valuation of $23 million, at a price per share to be determined prior to the close of the transaction. This way, common shareholders are protected from dilution.
TAMI Ventures brings to the table an extensive portfolio of in-house developed, proprietary technology platforms, including social media, sports betting, fantasy sports, eSports, racing, virtuals, lotteries, casino slots, and table games.
Post-transaction, the combined entity will target the rapidly expanding sports betting market, capitalizing on the sector’s significant growth, as evidenced by a record $119.84 billion wagered in the United States in 2023, according to the American Gaming Association. This new expansion into the sports betting market, in conjunction with a continued expansion of Vocal, a 100% owned social media technology platform subsidiary of Creatd, Inc., will enable great growth synergies of the businesses. Leveraging the coexisting businesses above, Creatd will then launch an innovative gaming social media platform, designed to empower digital influencers and content creators powered by a partnership with Vocal.
Timothy Alford, Executive Chairman of TAMI Ventures, highlighted the transaction’s strategic benefits, stating, “This represents a monumental opportunity for both TAMI Ventures and Creatd to leverage our combined technologies and expertise to capture significant market share in the sports gaming and social media sectors. As a publicly traded entity, we look forward to providing enhanced liquidity, increased brand visibility, and the realization of our collective technological advancements to our shareholders.”
Jeremy Frommer, CEO of Creatd, Inc., expressed enthusiasm for the transaction, remarking, “Joining forces with TAMI Ventures and its talented team is a pivotal step in our journey to build a diversified portfolio of leading-edge tech and media assets. This transaction lays the groundwork for significant growth. Equally important, it substantially increases our net equity on the balance sheet, improving our uplist prospects to a national exchange.”
Further details regarding the transaction will be disclosed in an upcoming Form 8-K filing with the U.S. Securities and Exchange Commission and will be made available on the investor relations section of Creatd’s website following the execution of definitive agreements and the finalization of the transaction.
About Creatd, Inc. Creatd, Inc. (OTCQB:CRTD) is a global leader in digital technology and creator-centric platforms.
About TAMI Ventures Inc. TAMI Ventures Inc. is a privately held portfolio company specializing in technology, advertising, media, and information sectors.
Forward Looking Statements This statement includes forward-looking statements, which are based on current expectations, beliefs, and assumptions about future events and are subject to uncertainties and risks that could cause actual results to differ materially. These statements often contain terms like “expected,” “anticipated,” and “estimated.” Factors influencing future outcomes are unpredictable and may emerge over time. We do not commit to updating any forward-looking statement post its publication date. Our SEC filings provide further details and risk disclosures.
SINGAPORE, March 8, 2024 — zkLink, the leading zero-knowledge Layer 3 infrastructure provider, today announced the launch of a 20,000,000 $ZKL grant program to support developers building on zkLink.
The grant program fosters innovation and development within the zkLink ecosystem by providing financial support to talented developers and teams working on projects that leverage zkLink’s technology. Grants will be awarded based on the potential impact of the proposed projects, technical feasibility, and alignment with zkLink’s mission to advance privacy and scalability in blockchain technology.
Vince Yang, Founder and CEO of zkLink, commented on the news, “We are thrilled to launch this grant program and to support the talented developers who are building the future of blockchain technology on zkLink. By providing resources and support, we aim to empower developers to unleash their creativity and drive innovation in the zkLink ecosystem.”
Developers can anticipate numerous benefits when building on zkLink, such as:
Aggregated liquidity across Ethereum and Layer 2 blockchains without needing to bridge assets across chains
Single point of deployment vs. having to deploy to each Layer 2 blockchain individually
Comprehensive SDK for developers to easily build and deploy multi-chain dApps using APIs, without needing to understand the complex details of zero-knowledge proofs.
Developers interested in applying for grants can find more information on the official blog announcement. The application process will be open from March 11, 2024 to June 11, 2024, and successful applicants will be notified via email by June 15, 2024.
Aggregation Parade – Mega Yield Campaign
Additionally, zkLink had made a second announcement stating that they plan to hold a multi-season community yield campaign, titled ‘Aggregation Parade’ to coincide with the upcoming mainnet launch of zkLink Nova. A further 10,000,000 $ZKL tokens have been earmarked for minters of its upcoming Nova Lynks NFT collection during the first season of Aggregation Parade, slated for March 13, 2024. The company had earlier pledged in January a whopping 200,000,000 $ZKL tokens, or 20% of the total token supply, towards community development & rewards during its CoinList token sale announcement.
Participants who bridge into the Nova L3 network during this period will earn ‘Nova Points’, which can then be converted into ZKL tokens at a later date. zkLink plans to continue offering ‘Nova Points’ and to hold subsequent Aggregation Parade ‘seasons’ in order to “drive user growth and participation for sustained ecosystem usage”, according to the announcement.
Users interested in participating in the community yield campaign can find more information on the Aggregation Parade announcement on the official blog. This campaign will also feature the participation of notable Ethereum Layer 2s including zkSync, Linea, Arbitrum, Manta, Mantle and others. The highly anticipated zkLink Nova mainnet is scheduled to launch on March 11, 2024.
About zk.Link zkLink is the world’s first Aggregated Layer 3 zkEVM network developed for high performance ZK applications. It empowers developers to easily build and connect DApps to any Ethereum Layer 2 ecosystem in minutes with inherited Etherum grade security. zkLink solves for liquidity fragmentation with ZK Proofs and is now rapidly expanding its vast ecosystem to provide the best-in-class onchain UX for all developers and users.
zkLink is funded by notable backers including Coinbase Ventures, Solana Ventures, SIG DTI, Huobi Ventures, Efficient Frontier, and others.
About zk.Link Nova
zkLink Nova is the pioneering Aggregated Layer 3 Rollup zkEVM network that brings unprecedented liquidity and asset aggregation to Ethereum and its Layer 2 Rollups. Built with ZK Stack and zkLink Nexus, it leverages ZK Proofs to enhance scalability and security. Developers enjoy an open platform for deploying Solidity smart contracts and instantly tapping into integrated networks like Arbitrum and zkSync. Nova simplifies DeFi by presenting a unified ecosystem for users and DApps, promoting a seamless blockchain experience.
SINGAPORE, March 8, 2024 — OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, today announced its strategic investment in DeBox, a decentralized social networking platform for Web3 communities and Decentralized Autonomous Organizations (DAOs).
Over the past two years, DeBox has committed itself to serving the Web3 community, generating over 10 million posts and attracting more than 690,000 mobile users. The platform offers a range of features such as the formation and governance of DAOs, networking and social trading opportunities, the setup of decentralized identifier (DID)-based profiles and NFT avatars, and ability to earn tokens for publishing content, among others.
DeBox also offers a token swap solution, DeSwap, which allows users to swap tokens across seven supported blockchain networks. These include Ethereum, BNB Chain, Polygon, Optimism, Arbitrum, zkSync Era and Avalanche.
OKX Ventures Founder Dora Yue said: “We are motivated to invest in DeBox because of its potential to transform social use cases within the Web3 space, making it easier to onboard the next billion users. DeBox leads its community with a DAO format, enabling seamless wallet access and engagement through unique NFT avatars based on animal characters and DID names. DeBox enhances its user experience with interactive DApps, fostering the sharing of ideas, content management, and providing trading or staking options.”
OKX Ventures’ investment aims to cultivate a more inclusive and interactive Web3 space. This aligns with the shared vision of OKX Ventures and DeBox for a decentralized future.
OKX Ventures is the investment arm of global leading crypto exchange and Web3 technology company OKX, with an initial capital commitment of USD100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.
Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.
LOS ANGELES, March 7, 2024 — MoeGo, the leading software platform for pet care businesses, announced today that it has closed a $24 million Series A funding round. The investment was led by Base10 Partners, with participation from Mars Petcare’s Digitalis Ventures, alongside continued support from MoeGo’s existing investors Conductive Ventures and Uphonest Capital. The company will use the funding to substantially expand its team and product to serve its growing customer base.
Through its full-suite business-in-a-box platform, MoeGo empowers pet care businesses to do all aspects of their job better, by streamlining operations, improving customer service, and growing their business. Founded in late 2019 by Ethan Dong, MoeGo was started with a vision to reshape the technology infrastructure of the pet economy. Pet ownership in the U.S. reached 70% of households in 2020, representing an estimated 90 million dogs alone. The overall pet care market is expected to be worth $277 billion by 2030, which is more than double its 2019 size.
“The accelerated growth in demand for pet-related services poses operational challenges for pet care businesses, and the technology supporting these businesses remains outdated,” said Ethan Dong, MoeGo founder and CEO. “A seismic shift is underway as digitally-native pet parents and entrepreneurs increasingly influence this space, creating a pressing need for modern software like MoeGo.”
Ethan attributes MoeGo’s 100%+ year-over-year organic growth since inception and high satisfaction from its 4,500 customer businesses to his team’s unwavering dedication to building high-quality software and providing best-in-class support. In just three years, MoeGo has been able to attract the best businesses in the pet care space including enterprise and franchise clients through its enterprise-grade, all-in-one solution. These purpose-built features include multi-location / franchise management, a comprehensive reporting system, business intelligence capabilities, business growth at scale, employee management and payroll, and automation capabilities to boost operational productivity.
Rexhi Dollaku, General Partner at Base10 Partners added: “When we first met Ethan, it was clear that he and his team were not interested in becoming just another vertical SaaS company for the pet industry, but aspired to redefine an entire category. MoeGo is a true business-in-a-box platform for its customers, powering pet service professionals to do what they do best: take care of pet families. We see parallels between MoeGo’s product excellence in pet care to transformational companies like Toast for restaurants or ServiceTitan for home services professionals.”
Ethan concluded, “This Series A funding represents a pivotal moment in our journey to catalyze positive change in the pet care industry. The new funding will fuel our product development initiatives, empowering us to introduce innovative features, enhance user experience, and expand our services to meet the dynamic, growing needs of the pet care industry. Our talented team will be able to continue to offer high-quality pet care tech solutions to a broader spectrum of pet care businesses, including pet boarding, daycare, and pet retail enterprises.”
About MoeGo MoeGo is a pioneering force in the pet vertical SaaS industry, committed to revolutionizing the technology infrastructure of the pet economy. With an unwavering focus on delivering exceptional products and services, MoeGo aims to redefine the industry and empower pet service providers. For more information, visit https://moego.pet/.
About Base10 Partners Founded by Adeyemi Ajao and TJ Nahigian, Base10 is a San Francisco-based venture capital fund investing in founders who believe purpose is key to profits and in companies that are automating sectors of the Real Economy. This includes heavily investing in Business-in-a-Box companies, which employ a multi-product strategy to consolidate core business operations in one platform that is purpose-built for a particular Real Economy end vertical or sector. The Advancement Initiative, Base10’s growth-stage fund, donates 50% of profits to underfunded colleges and universities to support financial aid and other key initiatives. Portfolio companies include Notion, Figma, Nubank, Nowports, Motive, Chili Piper, and Popmenu. Connect via base10.vc.
NASHVILLE, Tenn., March 7, 2024 — Interstate AC Service (“Interstate”), a leading provider of HVAC, plumbing and building automation solutions, today announced a partnership with Anchor Heating & Air Co. (“Anchor” or the “Company”). The Anchor partnership is the first transaction since Interstate received an investment from an affiliate of Point 41 Capital Partners (“Point 41”) in December 2023. Terms of the private transaction were not disclosed.
Founded in 1971, Anchor is a leading provider of commercial and residential HVAC services. Like Interstate, the Company specializes in light commercial applications and offers a full range of install, retrofit, replacement and maintenance services to industrial, education, faith, government, retail and other end markets. Anchor is headquartered in Douglasville, GA with approximately 65 employees, including approximately 40 skilled technicians, and has a longstanding reputation as the go-to provider in the Greater Atlanta market.
“We are excited to continue the Anchor legacy and build on our 53-year history in the Atlanta market. By joining forces with Interstate, we expect to accelerate our growth, create new opportunities for our loyal team members, and deliver even more value to our customers,” said Barry Tysor, President, Anchor.
“We are thrilled to welcome Barry and the entire Anchor team to the Interstate family,” said John Hurst, President, Interstate. “We have prioritized expansion into the Atlanta market for some time and could not have found a better, like-minded partner. We look forward to supporting Anchor with additional expertise, capabilities and resources as we expand our commercial offering in the market.”
Interstate is actively seeking partnerships with leading HVAC, plumbing and building automation companies, with the goal of providing best-in-class support to local leadership teams. Founders, owners and managers are encouraged to contact Point 41 to learn more about partnering with Interstate.
Klehr Harrison Harvey Branzburg LLP served as legal advisor to Interstate and Point 41. SF&P Advisors and Greenberg Traurig LLP served as financial and legal advisors to Anchor.
About Interstate AC Service
Founded in 2004, Interstate is a leading provider of commercial HVAC, plumbing and building automation solutions to industrial, education, warehouse, government, healthcare, datacenter and other end markets. The Company specializes in light commercial applications and offers a full range of install, retrofit, replacement and maintenance services. Interstate is headquartered in Nashville, TN with approximately 200 employees, including approximately 150 skilled technicians, and has a longstanding reputation as a market leader.
About Point 41 Capital Partners
Point 41 Capital Partners is a middle-market private equity firm that partners with founders and management teams to drive transformational growth. Point 41 focuses on attractive, well-structured markets within the specialty industrials and services sectors, building market-leading companies by combining deep sector knowledge with tailored resources, systematic processes and operational excellence. Point 41 is based in Greenwich, CT and Los Angeles, CA. For more information, please visit www.point41capital.com.
