Dear friends of Streamlined Ventures, we hope you and your families are well and in good health during these trying times. At Streamlined Ventures, we have been extremely busy these last few months helping our portfolio company founders plan and prepare their businesses for this very difficult post-COVID-19 phase. As a result of the amazing work by our founders, the vast majority of the companies in our portfolio are well positioned with ample cash and in many cases, strong business momentum, to ride out the current downturn. We are now starting to look at what the future holds for our companies and the economy as a whole. We believe over the next few quarters economic activity will begin to occur in fits and starts in different parts of our country and beyond. The threat of a second and third wave of infection will be constant as we navigate the next 12 months. That said, we at Streamlined Ventures continue to remain optimistic that our relentlessly innovative human spirit will find creative solutions to help overcome the threat of this virus. We're inspired by some of Streamlined Ventures portfolio companies who are already working to help develop vaccines, match healthcare workers with PPE, and help displaced talent find new job opportunities. The process of digital transformation of our economies that began decades ago has just received a massive accelerant. We believe that the world of the future will be even more resilient and plentiful and economic activity in the next decade will surpass anything we have seen to date. We are actively investing in companies that support that vision and we will do our part to work hard with our founders to help shape that future. We believe the future is incredibly bright. It’s just a matter of time. In the meanwhile, hang in there. Call us if you need us. We are here for you. - Ullas, Nicky, Zach and Michelle Acquisitions within our PortfolioWe are excited to announce that our portfolio company TubiTV has been acquired by Fox for ~$500M. Fox will use TubiTV to immediately expand its direct-to-consumer audience and capabilities. Fox’s advertising partners will also have more opportunities to reach audiences at scale with the TubiTV platform. We are thrilled for the team at TubiTV on this huge accomplishment and we are grateful that we were able to partner with them since the company’s seed round. Our Fourth Streamlined Ventures Seed Fund We are in the process of closing on our fourth seed-stage fund from which we will invest in seed rounds in areas including applied AI and data science, eCommerce, digital health, productivity and collaboration software and unique on-demand models. We have already begun to invest from this fund and have made investments in 9 new companies. New Investments We are continuing to invest in new companies in our areas of interest at our usual pace. Listed below are some of the companies in which we have invested since our last newsletter: Vela provides a single dashboard for e-commerce vendors to manage all of their stores and eCommerce channels on a single dashboard. Breinify is the AI Engine and personalization marketing platform for large and medium enterprises. Blueberry Pediatrics is a telemedicine platform specializing in pediatrics that provides parents with live access to top pediatricians and child health information for a flat monthly rate. 99 Minutos is a delivery service for online shopping in Latin America. They enable their eCommerce merchant customers to provide their shoppers with a modern delivery experience with live tracking, flexible integrations, and environmentally friendly fleets. Stilt provides financial services to highly qualified individuals in the immigrant and underserved community, starting with unsecured personal loans and expanding beyond that to other product areas. IdeaFlow is a shared brain for organizations. It pulls intelligence from multiple siloed data sources into an intelligent interface that allows employees and knowledge workers to access unified actionable information across an organization and the web. We are growing!We have added a new member to the Streamlined Ventures Team: Zach Lord. Zach joined the Streamlined Ventures’ team as the Director of Finance. Prior to Streamlined Ventures, Zach focused on back-office operations and financial reporting at Silicon Valley Bank’s SVB Capital. Zach spearheaded SVB Capital’s annual tax compliance and provided quarterly financial statement reviews while managing the cash, lines of credit, and public securities for all funds. What’s new with our PortfolioIn the past 7 months, we have seen a lot of progress with many of our portfolio companies. A number of them raised meaningful follow-on rounds of financing and are listed below. Some financings in the portfolio are undisclosed and we will outline them in our next newsletter. Rigetti raised a $71M Series D Forge Global raised an $85M Series B Medable raised a $25M Venture Round COVID-19 Relief Activity in our portfolioWe’re proud of the many companies in our portfolio that are contributing to COVID-19 relief and we are working with others to do the same in their areas of focus. Some examples include: Rescale is supporting the largest study to date on genomic variants that influence sensitivity to COVID-19. Clever partnered with Zoom to provide free video conferencing to all school districts. DoorDash is providing financial assistance and commission relief to merchants. Resilinc launched a hospital-to-hospital exchange for PPE and other medical supplies. Medable is conducting decentralized clinical trials related to COVID, reducing timelines dramatically. Censia launched Ready to Hire, a free tool to match displaced talent at companies with urgent hiring needs. Womply is connecting small business owners to lenders and other resources. Chrysalis Cloud (Cocoon) is helping companies cut their AWS cloud costs by 70%+. Streamlined Ventures Webinars Valence Advisors asked Ullas to join them on their webinar to discuss what he believes are the core values and traits of successful founders. Watch here First Republic Bank hosted Ullas on their webinar to speak to the founder community on best practices for seeking funding during this time and what they should expect from investors in the coming months. Listen here BluePointe Ventures' VC Spotlight Series featured Ullas sharing how we at Streamlined Ventures are working with our companies during this difficult time and our investment strategy moving forward. Watch here |