– with over $22M firm commitments to date, new fund’s focus will continue to source/support catalyzing innovation in this vital sector amidst promising improvement in M&A climate, multiple recent successful exits
CHAMPAIGN, Ill., Oct. 15, 2024 — With investments secured from the State of Illinois’s Growth & Innovation Fund as well as the State of Wisconsin’s Economic Development Corp., the SERRA AG & FOOD TECH FUND II has obtained in excess of $22M in investor commitments to date with an initial target raise of $100M. With their Midwestern roots, they’ve successfully invested in ag-tech deals since 2011 as Serra has a track record of exiting Ag & Food Tech companies to the largest Ag players including John Deere, Nutrien, and Bayer among others. With 13 years of Ag/Tech investing experience they are one of the most prolific investors in this sector, having been ranked third most active in 2023 by Pitchbook. Amidst a historically harsh global economic landscape at the time – as only 9% of 2021 vintage venture funds produced a cash return – Serra was one of those.
This new Fund is further enhanced by improving macro economics, including low inflation and falling interest rates – which are ideal conditions for spurring new M&A activity, which has already been rebounding significantly as evidenced by multiple exits for portfolio companies in Serra’s earlier funds.
Responding to the acceleration of today’s planetary pressures given humanity’s ongoing need for the basics of life: food, water, and air, Serra Ventures specifically focuses on sourcing and supporting early stage companies delivering breakthrough technologies in this key sector of AgTech through their well-honed lens of the changing consumer, changing farmer, and changing climate.
The firm presently manages $180M in early-stage company investments with the support of over 275 limited partner investors. With offices in Champaign, Chicago, Park City, and San Diego, Serra Ventures has provided consulting to over 500 technology start-ups, and funding to over 100 of them. Accredited investors who are interested in partnering with Serra Ag & Food Tech Fund II‘s timely and compelling “sustainable healthy planet” mission are invited to learn more: www.SerraVentures.com.
Lumachain’s SaaS platform uses Computer Vision-based Artificial Intelligence to enhance safety, yield, efficiency, quality, traceability, and trust in food production
Brassica is a Mediterranean inspired sandwich and salad concept committed to wholesome ingredients and sustainable practices
NEWPORT BEACH, Calif., Oct. 15, 2024 — Chipotle Mexican Grill (NYSE: CMG) today announced it is making a minority investment in Lumachain, an AI supply chain platform, and Brassica, a fast-casual restaurant concept, through its $100 million Cultivate Next venture fund. Introduced in 2022, Cultivate Next makes early-stage investments into strategically aligned companies that further Chipotle’s mission to Cultivate a Better World and help accelerate the company’s longer term growth plans to operate 7,000 restaurants in North America.
Lumachain’s SaaS platform uses Computer Vision-based Artificial Intelligence to enhance safety, yield, efficiency, quality, traceability, and trust in food production.
Brassica is an Ohio-based fast-casual restaurant serving wholesome, Eastern Mediterranean-inspired cuisine.
Lumachain Headquartered in Sydney, Australia, Lumachain’s mission is to improve how food is produced, for good. The minority female-founded company has developed a traceability solution that, in real-time, tracks the origin, location, and condition of individual items in a supply chain, from farm to table, enabling reduced waste and increased efficiency. Lumachain’s traceability platform is complemented by its Computer Vision AI platform that monitors operations inside food production plants, to improve quality, efficiency and safety.
“The visibility in real time and quality data analytics that Lumachain’s software provides could optimize the management and quality of perishable goods for the food service industry,” said Curt Garner, Chief Customer and Technology Officer, Chipotle.
Brassica The Columbus, Ohio based fast-casual restaurant serves wholesome, Eastern Mediterranean-inspired cuisine for guests to personalize their own salads and sandwiches. Founded in 2015, Brassica is committed to using high quality, locally-sourced ingredients at its six restaurant locations. The concept provides healthy dining options without compromising flavor. It includes a front-line ordering experience and a welcoming atmosphere defined by natural materials and standout architectural details. Signature items include house-made falafel, baked-to-order organic pita, antibiotic-free meats, roasted vegetables, Brassica seasoned fries, vegan tahini chocolate chip cookies, and fresh-squeezed minty pink lemonade.
“Investing in emerging culinary concepts that align with Chipotle’s commitment to using real, fresh ingredients and making craveable food daily is consistent with our mission to Cultivate a Better World,” said Nate Lawton, Chief Business Development Officer, Chipotle. “Funding from Cultivate Next’s minority investment will help Brassica scale to open new locations and expand to new markets.”
ABOUT CHIPOTLE Chipotle Mexican Grill, Inc. (NYSE: CMG) is cultivating a better world by serving responsibly sourced, classically-cooked, real food with wholesome ingredients without artificial colors, flavors or preservatives. There are over 3,500 restaurants as of June 30, 2024, in the United States, Canada, the United Kingdom, France, Germany, and Kuwait and it is the only restaurant company of its size that owns and operates all its restaurants in North America and Europe. Chipotle is ranked on the Fortune 500 and is recognized on Fortune’s Most Admired Companies 2024 list and Time Magazine’s Most Influential Companies. With over 120,000 employees passionate about providing a great guest experience, Chipotle is a longtime leader and innovator in the food industry. Chipotle is committed to making its food more accessible to everyone while continuing to be a brand with a demonstrated purpose as it leads the way in digital, technology and sustainable business practices. For more information or to place an order online, visit Chipotle.com.
SOURCE Chipotle Mexican Grill
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Fund I’s success highlighted by DPI-producing acquisitions, top-decile portfolio performance, and the GPs’ hands-on role in helping portfolio companies build top-tier teams
NEW YORK, Oct. 15, 2024 — Swell VC, an early-stage venture capital firm that invests in market-defining opportunities, has closed Fund II with $11.5 million in commitments. The fund’s backers include a diverse mix of successful founders, family offices across tech, finance, and real estate, as well as prominent NYC tech investors and Fortune 500 executives.
Rusty Ralston, Co-Founder and General Partner; and Jay Patil, Co-Founder and General Partner.
At a time when Carta’s data shows slow capital deployment and minimal LP returns across the VC landscape, Swell VC stands apart. With $19 million in Assets Under Management (AUM) across two funds and a special purpose vehicle (SPV), Swell VC’s concentrated portfolio strategy has led to DPI-producing acquisitions such as ScienceIO and strong performance from companies like space tech leader Loft Orbital, which serves major customers like Microsoft Azure, Honeywell, and the U.S. Federal Government, and has driven over $100 million in revenue.
“The strength and alignment of our LP base is unique to Swell VC. They’re not just capital allocators but true partners who have believed in us from day one, sharing our vision to build a venture franchise anchored by strong judgment. Many have doubled or even increased their commitments up to 10x from Fund I to Fund II,” said Jay Patil, Co-Founder and General Partner at Swell VC.
“We reject the ‘spray and pray’ approach that dilutes ownership and leads to underperformance. In Fund I, we placed larger checks—6% of the fund—into fewer companies, maximizing ownership where the upside was asymmetric and returns uncapped. Fund II scales this proven model with bigger checks and more ownership, and founders appreciate knowing they’re not one of 50 companies in a fund—we’re in it for the long haul,” added Rusty Ralston, Co-Founder and General Partner at Swell VC.
A Founder-First Investment Approach
What sets Swell VC apart is not just its investment strategy, but its deep commitment to helping founders build exceptional teams. Ralston and Patil bring over 14 years of experience evaluating and recruiting top-tier talent, honed during their time as early employees at an AI talent assessment startup.
“What’s unique about Swell VC is their personal commitment to building world-class teams. Rusty and Jay have personally recruited over 50 go-to-market hires across my startups, TapAd and Crisp, helping us find the top 1% of candidates to drive success. They don’t just provide capital—they’re true partners fully invested in our growth. Beyond that, they’ve introduced us to investors, customers, and partners who’ve made a real difference. They’re more than just investors—they’re great partners and friends, always in your corner,” said Are Traasdahl, CEO of Crisp.
A Portfolio Poised for Market Transformation
Swell VC’s portfolio is built around startups who have the potential to transform entire industries. The firm has a track record of backing companies that have received follow-on funding from top-tier investors like Union Square Ventures, Spark Capital, and FirstMark Capital. Swell portfolio companies include:
Loft Orbital: Raised $140M in Series B funding, providing businesses and governments with plug-and-play satellite infrastructure and software for seamless access to space
Crisp: Raised $97M in funding, they are transforming the CPG supply chain to reduce waste and increase profitability through their Collaborative Commerce and data-sharing platform, used by over 6,000 customers and more than 80 of the top 100 CPG brands, including Walmart, Target, Nestlé, and Kraft
CredalAI: Delivers secure data infrastructure for enterprises building AI apps, counting clients like TransferWise, MongoDB, and Checkr
To learn more about Swell VC’s portfolio or to get in touch, visit swell.vc.
About Swell VC
Swell VC is a pre-seed and seed-stage venture capital firm focused on category-defining opportunities in high-growth sectors like B2B infrastructure, AI, space, healthcare, commerce, and defense. The firm focuses on backing founders with a commercial mindset, exceptional intellectual horsepower, and an obsessive drive to solve massive problems. With a deep understanding of talent dynamics and an unwavering commitment to supporting founders, Swell VC has built a reputation for driving portfolio success through strategic recruiting, follow-on fundraising, and industry-leading partnerships. Learn more at swell.vc.
Funding will accelerate Gladia’s transition from a speech-to-text API to an end-to-end audio infrastructure provider for use cases like agent assistance for contact center platforms, sales enablement tools and AI meeting assistants.
PARIS, Oct. 15, 2024 — Gladia, an AI transcription and audio intelligence provider, has completed a USD $16 million Series A funding round. The company will use the funding to develop an end-to-end audio infrastructure – starting with a new real-time audio transcription and analytics engine – enabling voice-first platforms to deliver more value to their users across borders with cutting-edge AI.
“Gladia represents the qualities we like to champion at XAnge: a bold, global tech team at the forefront of AI innovation, with a proven business model to unlock new opportunities across industries,” said Alexis du Peloux, Partner, XAnge. “In a fast-paced AI environment, Jean-Louis Quéguiner and his team have executed extremely well, and we are proud to back Gladia for the Series A.”
“I founded Gladia for a very personal reason – I was frustrated that existing audio transcription services were not able to understand my French accent,” explained Jean-Louis Quéguiner, CEO and Co-Founder, Gladia. “Our international team and customers often switch between languages during meetings, but finding a transcription solution that can handle different languages and accents simultaneously was impossible.”
Given that most speech recognition models today are trained predominantly on English audio data and are therefore inherently biased, Gladia prioritized building the first real-time product that is truly multilingual. The new fine-tuned engine delivers advanced real-time transcription in over 100 languages, along with enhanced support for accents and the unique ability to adapt to different languages on the fly.
Gladia’s new engine is unique in its ability to extract insights from a call—like the caller’s sentiment, key information, and conversation summary—in real time. This means it takes less than a second to generate both transcript and insights from a call or meeting using Gladia.
New Real-Time Product
Building an accurate, low-latency, and multilingual engine in-house is a complex and resource-intensive task. It requires extensive expertise in language understanding, real-time data handling, with continuous optimization and maintenance. Real-time models require more computing power and may struggle to produce accurate output immediately due to limited context.
Gladia’s new product allows companies to bypass these challenges. The real-time speech-to-text engine boasts an industry-leading latency of under 300 milliseconds without compromising accuracy, regardless of the language, geography, or tech stack used.
“Companies are spending valuable time and resources trying to incorporate multiple AI functions into their existing platforms,” said Jonathan Soto, Co-Founder and Chief Technology Officer, Gladia. “Our single API is compatible with all existing tech stacks and protocols, including SIP, VoIP, FreeSwitch, and Asterisk. This allows us to easily integrate real-time transcription and analysis into our customers’ AI platforms, so they can focus on delivering the best services to their end users.”
What’s Ahead
The company’s first async transcription and audio intelligence API launched in June 2023 and was based on a proprietary version of Whisper ASR. It rapidly gained traction in the enterprise market, particularly with meeting recorders and note-taking assistants. The API is now adopted by over 600 customers around the world, including Attention, Circleback, Method Financial, Recall, Sana, and VEED.IO and has more than 70,000 users.
“Gladia’s technology allows companies in vertical markets that need cutting-edge real-time transcription, including sales enablement and contact center platform, to shift seamlessly from manual post-call processing to proactive, low-latency workflows. Whether it’s automated CRM enrichment or real-time guidance for support agents, Gladia is designed to help businesses operate smarter and more efficiently in record time, without requiring AI expertise in-house,” Jean-Louis Quéguiner, CEO and Co-Founder, Gladia, explained.
Gladia will use the new capital to advance its R&D efforts and soon bring to market a one-stop AI toolkit for audio and expand its product offering with additional à la carte models—including large language models (LLMs) and retrieval-augmented generation (RAG). With several design partners in the contact-center-as-a-service (CCaaS) segment, the company is currently piloting an agent-assist solution powered by Gladia’s real-time AI engine. Additionally, Gladia will continue to expand its talent base as it prepares for international expansion.
About Gladia
Gladia was founded in 2022 by Jean-Louis Queguiner and Jonathan Soto with a mission to help companies leverage cutting-edge AI and retrieve actionable insights from audio data. Its API supports advanced speech recognition features in over 100 languages, with exceptional accuracy and asynchronous and real-time transcription.
Based in Paris, Gladia has grown to serve over 70,000 users and 600 enterprise customers, including Attention, Ausha, Circleback, Method Financial, Recall, Sana, and VEED.IO.
About XAnge XAnge is an early-stage investment fund with €650 million under management, based in Paris and Berlin. Its investment team supports European entrepreneurs who aim to transform everyday life through technology, investing amounts ranging from €500,000 to €10 million starting at the seed stage. With an investment thesis focused on making technology accessible to the widest audience, XAnge invests in sectors such as deeptech, healthcare, fintech, SaaS, and e-commerce. XAnge has supported companies like Lydia (Finance), Welcome to the Jungle (Human Resources), Believe (Music), MrSpex (eCommerce), and Ledger (Cryptocurrency). XAnge is the innovation brand of the Siparex Group.
SAN FRANCISCO, 14. Oktober 2024 — Gate Ventures, ein globales, auf Blockchain spezialisiertes Risikokapitalunternehmen, Movement Labs, ein führendes Unternehmen im Bereich der Move-basierten Blockchain-Technologie, und Boon Ventures, ein prominenter Investor in aufstrebende Tech-Startups, gaben heute die Gründung eines bahnbrechenden 20-Millionen-Dollar-Fonds bekannt, der den Web3-Bereich verändern soll. Diese strategische Allianz wird in bahnbrechende Projekte investieren und die Entwicklung von Move-basierten Blockchain-Technologien beschleunigen.
Movement Labs, Gate Ventures and Boon Ventures forge strategic alliance to champion next-gen, Move-based blockchain projects
Der Fonds wird sich auf vier Schlüsselbereiche konzentrieren:
1. Beschleunigung der Einführung von Move-basierten Blockchain-Lösungen 2. Verbesserung von Sicherheit und Leistung in dezentralen Netzen 3. Unterstützung von Projekten, die die Ökosysteme von Move und EVM überbrücken 4. Innovation in Web3-Infrastruktur und -Anwendungen vorantreiben
„Dieser 20-Millionen-Dollar-Fonds ist ein wichtiger Meilenstein in unserer Mission, zukunftsweisende Lösungen im Web3-Ökosystem voranzutreiben”, sagte Kevin Yang, Managing Partner bei Gate Ventures. „Durch die Zusammenarbeit mit Movement Labs und anderen visionären Projekten ebnen wir den Weg für die Zukunft der dezentralen Technologie.”
Rushi Manche, Mitbegründer von Movement Labs, fügte hinzu: „Dieser 20-Millionen-Dollar-Fonds ist ein entscheidender Schritt für das Move-Ökosystem. Es ist eine starke Bestätigung für das, was wir bei Movement Labs aufbauen. Die Fähigkeiten von Move in Bezug auf Sicherheit und Skalierbarkeit setzen neue Standards im Web3. Dieser Fonds wird speziell zur Unterstützung von Entwicklern eingesetzt, die die Zukunft sicherer dezentraler Finanzierungen, vollständig On-Chain-Gaming und -Konsum sowie dezentraler physischer Infrastruktur aufbauen.”
Teerus Boon-Long, Geschäftsführer von Boon Ventures, sagte: „Dies ist der Beginn einer großen Reise in den Web3-Bereich. Es geht nicht um kurzfristige Ziele, sondern darum, eine vielversprechende Zukunft für eine dezentralisierte Gesellschaft aufzubauen.”
Die Partnerschaft nutzt die einzigartigen Stärken der einzelnen Einrichtungen:
Gate Ventures verfügt über umfangreiche Ressourcen, ein globales Netzwerk und große Erfahrung mit Web3-Investitionen, die strategische Partnerschaften und Wachstumsmöglichkeiten ermöglichen.
Movement Labs bietet profunde Expertise in Move-basierter Blockchain-Technologie, Infrastruktur und Ökosystemaufbau.
Boon Ventures hat eine beeindruckende Erfolgsbilanz bei der Förderung innovativer Startups in verschiedenen Sektoren durch Finanzierung, Mentoring und strategische Beratung.
Um seine Ziele zu erreichen, wird der Fonds mehrere wichtige Initiativen durchführen:
Organisation von globalen Hackathons, um Innovationen in Move-basierten Technologien zu fördern und Spitzenkräfte anzuziehen.
Einrichtung eines Mentorenprogramms, das Branchenveteranen mit vielversprechenden Web3-Neugründungen verbindet, um ihnen Anleitung und Fachwissen zu bieten.
Schaffung eines Forschungsbeihilfenprogramms zur Förderung von Lösungen für die Interoperabilität der Blockchain, das die Zusammenarbeit zwischen den Ökosystemen fördert.
Veranstaltung von vierteljährlichen Gipfeltreffen von Vordenkern, um dringende Herausforderungen im Web3-Bereich anzugehen und gemeinsame Fortschritte zu erzielen.
Während der Fonds seine 20 Millionen Dollar einsetzt, sind die Partner entschlossen, Innovationen zu fördern und den Web3-Bereich voranzutreiben. Sie werden aktuelle Informationen zu Investitionen, Kooperationen und Spitzentechnologien liefern, die die Zukunft von Web3, Blockchain und dezentralen Anwendungen bestimmen werden.
Informationen zu Gate Ventures Gate Ventures ist der Risikokapitalarm von Gate.io, einer der weltweit größten und vertrauenswürdigsten Kryptowährungsbörsen, die sich auf Frühphaseninvestitionen in Blockchain-Technologie und digitale Vermögenswerte spezialisiert hat. Unsere Aufgabe ist es, Innovationen voranzutreiben und das Wachstum im globalen Blockchain-Ökosystem zu fördern. Durch die Zusammenarbeit mit Branchenführern auf der ganzen Welt unterstützen wir visionäre Teams und Start-ups, die das Potenzial haben, soziale und finanzielle Interaktionen neu zu gestalten. Als langfristiger Investor sind wir bestrebt, unsere Portfoliounternehmen umfassend zu unterstützen, von der Produktentwicklung über die operative Skalierung bis hin zur globalen Expansion. Folgen Sie Gate Ventures auf X für weitere Updates.
Informationen zu Movement Labs Movement Labs entwickelt das Movement Network, ein Ökosystem von modularen, bewegungsbasierten Blockchains. Das Unternehmen entwickelt die erste virtuelle Move-Maschine L2 für Ethereum sowie Open-Source-Tools, um die Akzeptanz von Move auf allen Blockchains zu fördern. Die Plattform ermöglicht es Entwicklern, hochleistungsfähige Move-VM-Rollups einfach zu starten und Move- und EVM-Ökosysteme zu verbinden. Movement Labs, das mit einer 38-Millionen-Dollar-Finanzierung in der Serie A ausgestattet ist, treibt Move-basierte Technologien und Blockchain-Interoperabilität im Web3 voran. Folgen Sie Movement Labs auf X und auf Discord für Updates. Movement Labs hat es sich zur Aufgabe gemacht, eine globale Gemeinschaft von Move-Aufbauern zu schaffen, die zusammenarbeiten, um die Sicherheit, die Leistung und das Benutzererlebnis beim Bauen in dezentralen Netzwerken zu verbessern.
Informationen zu Boon Ventures Boon Ventures ist ein Einzelfamilienunternehmen, das 2015 aus der Boon-Long-Familie, einer der traditionsreichsten Familien Thailands, hervorgegangen ist. Seitdem fungiert es als alternativer Investment- und Beratungszweig der Familie Boon-Long. Boon Ventures ist ein unabhängiges, schnell wachsendes Unternehmen mit einem starken Netzwerk und Partnerschaften sowohl in Thailand als auch weltweit, das sich zum Ziel gesetzt hat, innovative Veränderungen, langfristiges Wachstum und nachhaltige Werte zu fördern.
Haftungsausschluss: Die in dieser Pressemitteilung enthaltenen Informationen stellen weder eine Aufforderung zur Investition dar, noch sind sie als Anlageberatung, Finanzberatung oder Handelsberatung gedacht. Es wird dringend empfohlen, vor der Investition in oder dem Handel mit Kryptowährungen und Wertpapieren die gebotene Sorgfalt walten zu lassen, einschließlich der Konsultation eines professionellen Finanzberaters.
TMRW Sports, Golf Digest, Old Tom Capital, and EP Golf Ventures Invest in the New Funding Round
Number of Dryvebox’s Mobile Golf Simulators Operating Has More Than Doubled Since the Beginning of the Year
SAN FRANCISCO, Oct. 14, 2024 — Dryvebox, the pioneering mobile golf simulator company, today announced additional funding and new investors joining the company on its mission of cultivating golf everywhere. Founded in 2020, the off-course golf entertainment company revolutionizes golf experiences through state-of-the-art weatherproof, climate-controlled, and solar-powered mobile golf simulators (Boxes). Dryvebox has grown to over 30 technology-fueled Boxes operating across the United States and Canada, with more set to launch in the coming months.
This funding round adds new investors TMRW Sports; which is launching TGL presented by SoFi and other modern approaches to sports, media, and entertainment; and Golf Digest, the leading golf media publication. Additional participants include current Dryvebox investors Old Tom Venture Club, the member-based investment syndicate of Old Tom Capital, a golf investment holding company, and EP Golf Ventures, the investment partnership between the PGA of America and Elysian Park Ventures.
“We have consistently been reaching a broader and broader audience of both corporate and consumer clients. With the backing of both new and longstanding investors, we are now excited to reach even more people and scale our goal of taking golf anywhere and everywhere,” said Adeel Yang, Dryvebox’s Co-Founder and CEO. “To have support from each of these partners is a testament to what we are working on, and key to pushing Dryvebox into the future. Wherever you are, Dryvebox is working to bring golf directly to you.”
Dryvebox more than doubled its fleet of mobile golf simulators this year. So far in 2024, the company has opened 16 new Boxes in cities across the US, plus one in Kelowna, Canada. Other Boxes, including those in Edison, NJ, and Napa, CA, are set to launch soon.
With co-founders Adeel Yang, Jake Hutt, Tim Lin and Matt Gipple putting golf on wheels, Dryvebox has addressed the problem the game often faces: The need for accessible playing opportunities. In doing so, the company has attracted major brands, including Cobra Puma, Topgolf, Genesis, Lexus and Malbon Golf. Dryvebox, with these partners and others, provides a turnkey solution to expand golf’s presence beyond conventional settings, and has become a favorite at any event.
“Dryvebox aligns well with TMRW Sports’ vision of harnessing technology to create modern, immersive sports experiences and making the game of golf more accessible through technology. Their mobile golf simulators have quickly become an important tool for our TGL presented by SoFi teams to engage fans in their home markets and we look forward to playing a role in fueling the company’s continued growth,” said Joey Brander, Founding Team and VP, Corporate Development, TMRW Sports.
“Making golf more enjoyable and accessible to everyone interested in the game sits at the core of Golf Digest’s brand identity. Dryvebox’s mission to cultivate golf everywhere is strategically aligned with our goals and its leadership team has already demonstrated the experience and drive to succeed. We look forward to leveraging our relationship with the golf audience to tell Dryvebox’s story and help create more memorable golf experiences for consumers and brand partners alike,” said Chris Reynolds, SVP & General Manager at Golf Digest.
“When we made our initial investment in Dryvebox, we had complete confidence in Adeel and his entire team – and our belief has only been cemented by the growth we’ve seen. Our continued investment in Dryvebox reflects our confidence in their innovative approach to making golf more accessible and fun. Dryvebox is at the forefront of golf innovation, and its continued expansion and ability to attract major brand partners demonstrate the strong market demand for its mobile golf experience. We are excited to support Dryvebox as it brings golf to even more people,” said Matt Erley, Managing Partner at Old Tom Capital.
“EP Golf Ventures is excited and bullish on the future ahead for Dryvebox. The Dryvebox business has a scalable model, strong leadership, including a PGA of America Member Jake Hutt, and unique value that truly brings the game to new places,” said Kris Hart, Senior Director of Growth and Ventures for the PGA of America.
About Dryvebox: Dryvebox is an off-course golf entertainment company founded in 2020 with a mission to cultivate golf everywhere. The company is known for its events, where people play golf on simulators integrated into the company’s high-end, patented mobile golf trailers (“Boxes”). The weatherproof, climate-controlled, and solar-powered boxes serve events ranging from intimate parties to 100,000-person affairs. Between events, individuals use the boxes for coaching, personal practice, and play. Dryvebox currently has both corporate and franchised units across the United States, and is excited to offer entrepreneurs and golf enthusiasts the opportunity to grow the game in their communities and join this exciting venture. Learn more at www.dryvebox.com.
SOURCE Dryvebox
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SAN FRANCISCO, Oct. 13, 2024 — Gate Ventures, a global venture capital firm specializing in blockchain; Movement Labs, a leader in Move-based blockchain technology; and Boon Ventures, a prominent investor in emerging tech startups, today announced the establishment of a groundbreaking $20 million fund designed to transform the Web3 space. This strategic alliance will invest in cutting-edge projects and accelerate the development of Move-based blockchain technologies.
The fund will concentrate on four key areas:
Movement Labs, Gate Ventures and Boon Ventures forge strategic alliance to champion next-gen, Move-based blockchain projects
Accelerating the adoption of Move-based blockchain solutions
Enhancing security and performance in decentralized networks
Supporting projects that bridge Move and EVM ecosystems
Driving innovation in Web3 infrastructure and applications
“This $20 million fund marks a significant milestone in our mission to drive forward-thinking solutions in the Web3 ecosystem,” said Kevin Yang, Managing Partner at Gate Ventures. “By collaborating with Movement Labs and other visionary projects, we’re paving the way for the future of decentralized technology.”
Rushi Manche, Co-Founder of Movement Labs added, “This $20 million fund is a game-changer for the Move ecosystem. It’s a powerful validation of what we’re building at Movement Labs. Move’s capabilities in security and scalability are setting new standards in Web3. This fund will specifically be used to support builders building the future of secure decentralized finance, fully on-chain gaming and consumer, as well as decentralized physical infrastructure efforts.”
Teerus Boon-Long, CEO of Boon Ventures said, “This is the beginning of a great journey forward in the Web3 space. It’s not aimed at short-term goals but at building a promising future for a decentralized society.”
The partnership leverages the unique strengths of each entity:
Gate Ventures brings extensive resources, a global network, and deep experience in Web3 investments, enabling strategic partnerships and growth opportunities.
Movement Labs offers profound expertise in Move-based blockchain technology, infrastructure and ecosystem building.
Boon Ventures has a successful track record of empowering innovative startups across multiple sectors through funding, mentorship, and strategic guidance.
To help achieve its goals, the fund will implement several key initiatives:
Organize global hackathons to stimulate innovation in Move-based technologies and attract top talent.
Establish a mentorship program connecting industry veterans with promising Web3 startups to provide guidance and expertise.
Create a research grant program to advance blockchain interoperability solutions, fostering cross-ecosystem collaboration.
Host quarterly thought leadership summits to address pressing challenges in the Web3 space and drive collective progress.
As the fund deploys its $20 million, the partners are committed to fostering innovation and driving the Web3 space forward. They will provide updates on investments, collaborations, and leading-edge technologies that will define the future of Web3, blockchain, and decentralized applications.
About Gate Ventures Gate Ventures is the venture capital arm of Gate.io, one of the world’s largest and most trusted cryptocurrency exchanges, specializing in early-stage investments in blockchain technology and digital assets. Our mission is to drive innovation and foster growth across the global blockchain ecosystem. By collaborating with industry leaders worldwide, we support visionary teams and startups that have the potential to reshape social and financial interactions. As a long-term investor, we are committed to offering comprehensive support to our portfolio companies, from product development and operational scaling to global expansion. Follow Gate Ventures on X for more updates.
About Movement Labs Movement Labs develops the Movement Network, an ecosystem of Modular Move-Based Blockchains. The company is creating the first Move Virtual Machine L2 for Ethereum, along with open-source tools to promote Move adoption across blockchains. Their platform enables developers to launch high-performance Move VM rollups easily, bridging Move and EVM ecosystems. Backed by $38 million in Series A funding, Movement Labs is advancing Move-based technologies and blockchain interoperability in Web3. Follow Movement Labs on X and on Discord for updates.Movement Labs is on a mission to create a global community of Move builders, working together to increase the security, performance, and user experience of building in decentralized networks.
About Boon Ventures Boon Ventures is a single-family office spun out of the Boon-Long family, one of the longest-established families in Thailand, in 2015. Since then, it has served as the alternative investment and advisory arm of the Boon-Long family. Boon Ventures is an independent, fast-moving organization with a strong network and partnerships both in Thailand and globally, driven by a mission to foster innovative change, long-term growth, and sustainable value.
Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.
SOURCE Movement Labs
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Investment Will Advance LeagueApps’ Growth As a Leading Youth Sports Management Platform and Further its Ability to Serve Organizations, Families, and Communities
NEW YORK, Oct. 11, 2024 — LeagueApps, a leading youth sports management platform, today announced that it has received a significant equity investment from Accel-KKR, a technology-focused investment firm. The investment by Accel-KKR will advance LeagueApps’ role in providing youth and local sports organizers with the tools, partnerships, and community they need to succeed on and off the field – helping them manage and grow their clubs, tournaments, leagues, camps, and facilities.
Founded in 2010, LeagueApps currently powers thousands of youth and local sports organizations across eight different team sports, as well as programs by many professional leagues and professional teams. To date, the LeagueApps platform has helped youth sports organizations manage millions of events, process billions of dollars that enable their sports programming, as well as support their engagement of millions of players, parents, and coaches.
Brian Litvack, LeagueApps’ CEO & Co-Founder, said, “We are thrilled to team up with Accel-KKR to further our mission to create amazing sports experiences for all. The youth sports industry is evolving, and LeagueApps strives to provide more solutions, technology and data to youth sports communities. The partnership with Accel-KKR will give us capabilities and resources that enhance our ability to serve organizations that are central to the youth sports experience.”
Jeremy Goldberg, LeagueApps’ President & Co-Founder, said, “We are eager to build on the strengths of our product and technology, and will use this investment to expand our capabilities across more dimensions of youth sports management, and further impact the experience of coaches, parents and participants via our web and mobile technology and partnerships. We chose to partner with Accel-KKR because of the firm’s track record of supporting market-leading software firms as they have grown, with a portfolio of over 60 software companies that also are committed to innovation and success. Accel-KKR is a perfect fit with our values-led culture and they share our belief in our mission to impact the world through sport.”
Dean Jacobson, Managing Director at Accel-KKR, said, “We have been impressed by LeagueApps’ key role in the rapidly evolving youth sports universe, and their vision of how technology can be integrated to help organizations scale, simplify, build community, and enable more youth athletes and families to participate. We are excited to support their important mission to bring the benefits of sport to kids and communities everywhere.”
In conjunction with the significant equity investment in LeagueApps by Accel-KKR, Arctos Partners, a private investment firm with a platform dedicated to the sports industry, will also make a minority investment. Since 2020, Arctos has invested in over 25 professional sports franchises, including the Utah Jazz, Los Angeles Dodgers, and Tampa Bay Lightning, as well as mobile sports platforms like SeatGeek.
Existing investors Contour Venture Partners, funds managed by Hamilton Lane and a range of sports and business leaders will continue their involvement with LeagueApps in support of its mission to deliver amazing sports experiences. These investors include Julie Foudy (Broadcaster, Olympic Gold Medalist, USWNT World Cup Champion), Shane Battier (NBA Champion, NCAA Champion), Swin Cash (New Orleans Pelicans SVP of Basketball Operations & Team Development, NCAA Champion, WNBA Champion, Olympic Gold Medalist), Dhani Jones (11-yr NFL veteran, NCAA Champion), and Derrick Dockery (10-yr NFL veteran).
Julie Foudy, former captain of the U.S. Women’s National Soccer Team and founder of the Julie Foudy Sports Leadership Academy, said, “I’ve experienced the value that LeagueApps provides through its technology in my own organization, the Julie Foudy and espnW Sports Leadership Academy, as well to the industry as a whole through NextUp, FundPlay, and their strategic partnerships. There’s so much opportunity to make youth sports better for everyone, and I’m excited to continue my involvement with LeagueApps and to be joined by others who share our commitment to elevating the industry through innovation and community.”
LeagueApps is committed to continuing its leadership of the youth sports industry. LeagueApps launched and leads NextUp, the leading industry conference created to provide youth sports leaders with the professional development and networking opportunities, and co-founded and chairs the PLAY Sports Coalition, the industry’s advocacy platform that has unlocked millions of dollars in federal and state funding. LeagueApps has been involved in the Aspen Institute‘s Project Play initiative since inception, and has committed to be in the 63×30 Roundtable that involves leading organizations focused on increasing U.S. youth sports participation to 63% by 2030.
LeagueApps will continue to use its success to fuel its ability to increase access and improve the quality of youth sports experiences. LeagueApps’ impact initiative, FundPlay, has now officially grown into a public charity, FundPlay Foundation, a 501c3 that provides technology, resources and professional development to support sports-based youth development organizations doing amazing work in underserved communities. Over 200 youth sports organizations have received grants of free, perpetual licenses of LeagueApps software and more than 275,000 youth sports opportunities have been enabled in underserved communities as a result. The foundation has set a goal of enabling another 500,000 unique sports experiences over the next three years.
About Accel-KKR Accel-KKR is a technology-focused investment firm with $19 billion in cumulative capital commitments. The firm focuses on software and tech-enabled businesses, well-positioned for top-line and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions, including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across various transaction types, including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR’s headquarters is in Menlo Park, with offices in Atlanta, Chicago, London, and Mexico City. Visit accel-kkr.com to learn more.
About Arctos Arctos is a private investment firm that provides bespoke growth capital and liquidity solutions, differentiated thought partnership, and value creation advice to sports franchises (Arctos Sports) and alternative asset managers, their funds, and portfolio companies (Arctos Keystone). Founded in 2019, Arctos serves as a catalyst for innovation and business transformation for its portfolio companies and its markets. The firm’s proprietary approach is anchored by its unique quantitative research and data science platform, Arctos Insights. Arctos has a team of more than 50 investment and operational professionals with investment and operating expertise across industries, geographies, and economic cycles. The firm is headquartered in Dallas, with office locations in New York, and London. For more information, visit www.arctospartners.com or Arctos’ company page on LinkedIn.
About LeagueApps LeagueApps is the leading youth sports management platform. Powering thousands of leading organizations from teams, clubs, and camps to professional leagues, LeagueApps is on a mission to bring the benefits of sport to kids everywhere. Through its software and NextUp platform, which provides organizers with opportunities for leadership development and networking, LeagueApps supports and strengthens the youth sports industry. It also runs FundPlay, a philanthropic program focused on sports-based youth development programs in underserved communities, and is a founding member of the PLAY Sports Coalition.
Connecting Great SoCal Entrepreneurs to Venture Capital
LOS ANGELES, Oct. 10, 2024 — The Alliance for SoCal Innovation (“The Alliance”) is pleased to announce that they have entered into a multi-year strategic partnership with Riviera Partners (“Riviera”). The partnership leverages Riviera’s highly respected recruiting and talent management expertise to advance high impact Alliance programs. As part of the partnership, Riviera will become the newest supporting sponsor of the SoCal Venture Pipeline program (SVP) which connects the most promising early stage startups with venture capital in order to improve access to institutional capital across the SoCal region. In Addition, Riviera will become a Corporate Supporting Partner with the Alliance, adding Eoin O’ Toole its Managing Partner and head of VC-backed practice to the Alliance’s high profile Advisory Council.
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Entering its third year, the SVP program is completely free for the startups and investors who participate. The Alliance does not collect any fees or take equity thanks to lead underwriting from Banc of California as well as support from Wilson Sonsini, KPPB LLP, and HCVT. Increasing capital access for the most promising startups across the expansive SoCal region is core to the Alliance’s mission and this particular program is foundational to that effort.
Andy Wilson, Executive Director of the Alliance, said “We are so fortunate in SoCal to have so many amazing founders building great startups across this massive and diverse region. However, access to critical early stage capital is not equally available to all. We rely on great partners like Riviera Partners who share our commitment to supporting the most promising entrepreneurs in their effort to build high growth startups. I know their talent management expertise will be particularly valuable to these efforts.”
“We are very excited to partner with the Alliance on the important mission of the SoCal Venture Pipeline program,” said O’ Toole. “We are committed to supporting the venture community and entrepreneurs. The Alliance, with its deep SoCal network, has a proven track record of connecting venture-ready founders to relevant investors. As a firm, we are committed to community impact and believe the combination of improved access to capital and top talent will propel the region’s most talented entrepreneurs to higher levels of success.”
Startups based in the SoCal region who apply to be in the SVP program undergo a rigorous screening process by a team of investment professionals before being accepted into the program. Once accepted they are further vetted before receiving highly targeted personal introductions to appropriate investors in the Alliance’s extensive and growing network of 215 active venture capital partners.
Since its formal launch in June 2021, the SoCal Venture Pipeline, which serves both Seed and Series A-ready companies, has attracted 778 total applicants with 87 accepted companies of which 24 startups were funded for a total of $112M raised, plus 3 additional companies that were acquired. Since launching in June 2024, the Alliance’s new SoCal Catalyst Fund has already co-invested in 4 SVP selected startups following leading investor City Rock Ventures, Long Journey Ventures, K Street Capital and GFT Ventures.
For SoCal-based tech startups that are raising $1M+ of seed or $4M+ of Series A institutional capital and meet the guidelines outlined in the program FAQ, apply now to begin the process of getting connected to the right investors.
About The Alliance for Southern California Innovation
The Alliance for Southern California Innovation (the “Alliance”) is a not for profit formed in 2017 that has successfully brought together the heft of Southern California’stop research institutions, local business leaders, and world-class advisors to focus on bridging critical gaps in the SoCal innovation ecosystem. The goal of the Alliance is to engage and unify SoCal’s compelling diversity of talent, ideas, and perspectives in order to optimize the conditions for the region’s innovators to bring breakthroughs to the world.
About Riviera Partners
Riviera Partners is a global driver of innovation for today’s most influential companies – expertly placing executive talent in the crucial areas of IT, software engineering, product management, security, AI/ML/Data, and design. Riviera combines over two decades of recruiting expertise with a proprietary platform that uses machine learning to score and predict the best candidate for a company’s specific needs, driving successful outcomes. As a result, the company has become the go-to talent partner for leading private equity investors, venture capitalists, public companies and technology innovators. Learn more about Riviera Partners at www.rivierapartners.com, and follow us on LinkedIn.
Media Contacts: Eric Eide, The Alliance for SoCal Innovation, Email: [email protected]
SOURCE Alliance for SoCal Innovation
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