August 28, 2014 @ 10:57 am

MEMBER NEWS: Beringea leads InContext Solutions’ $12 Million Series D Round

BERINGEA LEADS INCONTEXT SOLUTIONS’ $12 MILLION SERIES D ROUND
Investment to Support Company’s Rapid Growth, Expansion and R&D

FARMINGTON HILLS, Mich.Beringea, LLC, a private equity firm providing growth capital to market-leading businesses, today announced its Fund has made a $5 million investment in InContext Solutions, Inc., a Web-based company providing three dimensional (“3D”) virtual store research, simulations, and software to manufacturers and retailers.  Beringea led the $12 million Series D round, which included a $4 million investment from Beringea’s London affiliate Beringea, LLP, and funding from Mich.-based Plymouth Venture Partners, Ill.-based Hyde Park Venture Partners, as well as other inside investors.  Proceeds will be used to support sales and operational hiring plans and fund further development and functionality of InContext’s ShopperMX platform.

“There is a growing market familiarity with desktop 3D solutions, and we expect demand for the type of solutions InContext offers customers to grow substantially as retailers and manufacturers realize the significant benefit of online visualization tools,” said Mark Donnelly, principal at Beringea. “Making this investment alongside our London office gives InContext valuable resources to utilize as the company expands into the European market.”

With the latest funding efforts, InContext Solutions plans to rapidly grow and expand its virtual simulation and research presence worldwide. Their marquee shopper marketing platform, ShopperMX™, is a SaaS (software-as-a-service) offering that allows manufacturers and retailers to collaborate over the web within a 3D virtual store simulation. The first-of-its-kind technology takes 3D visualization to the next level with endless capabilities for testing store, aisle and category layouts, product packaging, in-store marketing or even shopper flow within a store to determine which concept is the most effective for generating demand. ShopperMX helps clients become faster, smarter and more profitable as they bring shopper and retail concepts to market. In the last year alone, ShopperMX growth increased 168 percent and continues to accelerate.

“We are seeing great interest and investments from current clients as virtual continues to gain traction in the market. With this funding round, we will be able to exponentially boost our growth and offer enhanced virtual solutions for clients,” says InContext Solutions CEO Mark Hardy. “Our plan is to increase our dedicated and knowledgeable staff, invest further in our ShopperMX technology, and support expansion into Europe.”

InContext Solutions was founded in 2009 with a vision to revolutionize 3D virtual simulation technology via Internet streaming and offer unparalleled virtual store research services. To date, InContext Solutions has become a partner for a large roster of companies, including seven of the top 10 global consumer packaged goods companies, six of the top 10 quick serve chain restaurant companies in the United States, three of the top five grocery retailers in the United States and three of the top 10 mass, drug and value chain retailers in the United States.

# # #

Notes to Editors: Videos of InContext’s 3D virtual store simulations can be found on the company’s Vimeo channel at www.vimeo.com/incontext. High resolution images also upon request.

About InContext
InContext Solutions was founded in 2009 with a vision to revolutionize how virtual simulations could be used by leading businesses across the globe to research the placement of products in a retail setting. InContext Solutions provides a unique and in-depth perspective on what consumers see on the shelf, how this drives their purchase behavior and why. InContext Solutions has been recognized in the industry among “America’s Most Promising Companies” by Forbes in 2009, as a Chicago Innovations Up-and-Comer in 2010, and featured as a “Cool Vendor” by Gartner in 2011. Recently named the 9th fastest growing privately held technology company, they continue to grow their team, knowledge and capabilities. Visit www.incontextsolutions.com.

About Beringea
Beringea, LLC provides equity and/or mezzanine debt to small- and-middle market companies. The Firm, which includes Michigan-based Beringea, LLC and its London, UK office Beringea LLP, invests in portfolio companies operating in a range of sectors, including health care, information technology, advanced manufacturing, media and specialized consumer products.

With flexible capital solutions, extensive investing experience and offices in the U.S. and UK, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for stakeholders. For more information, visit www.beringea.com.

In the United States of America, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. In the United Kingdom, this document is issued by Beringea LLP, a firm authorized and regulated by the Financial Conduct Authority. Beringea LLP is a limited liability partnership registered in England and Wales with company number OC342919, and its registered office is at 39 Earlham Street, London, WC2H 9LT, UK. This document is intended solely to provide information regarding Beringea’s potential financing capabilities for prospective portfolio companies.

InContext Solutions Contact:
Claudia Maj, Publicist
Empower Public Relations
O:  312.854.8816
C:  312.912.2706
cmaj@empowerpr.com
www.empowerpr.com

Beringea Contact:
Kelly O’Donnell, Marketing and Communications Specialist
O: 248.489.9000
kodonnell@beringea.com

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August 28, 2014 @ 9:07 am

Venture Fellowship prepares Adrian Fortino for career on other side of table

adrian fortinoFormer entrepreneur Adrian Fortino is nearing the end of his MVCA Venture Fellowship, but after leading the venture capital funds at Invest Detroit, First Step Fund (FSF) and Detroit Innovate (DI), he says there’s one challenge he’s found common to both VCs and entrepreneurs: fundraising.  “I spent several years as a venture backed entrepreneur prior to coming to Invest Detroit so I was very familiar with the industry. While we’ve had a successful launch for Detroit Innovate, I’ve found that fundraising for a venture fund can be just as challenging as it was when I was running my companies.”

Fortino has done over 20 deals during the two years of his MVCA Venture Fellowship. He says that while “that is way too many ‘children’ to have a favorite; they are all my favorites!”, a couple early ones stand out given the Fund’s position in the capital commitments. “We were one of the first two investors in Seelio, an online portfolio platform for college students, and it was my first deal. I worked extensively with Moses (Lee, CEO) and team from initial product launch to scale up through the acquisition negotiations and to a successful exit. We have been in a similar position for memloom, a storytelling platform which allows audio, video, images and narrative for seamless creation. I helped the company through the initial product development and product launch. The system is now getting a great deal of traction with organizations and users.”

Fortino plans to continue to be an active member of the Michigan venture capital community post-Fellowship.  “I loved being an entrepreneur and building companies as a founder, but I found the variety of working with several founders extremely rewarding.”

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August 20, 2014 @ 3:58 pm

PORTFOLIO COMPANY NEWS: University of Michigan Spin-Out Sakti3 Delivers Double the Energy Density of Current Lithium Ion Battery Technology, Cells Produced in Ann Arbor Lab

ANN ARBOR, Mich., August 20, 2014 – Sakti3, Inc. (www.sakti3.com) announced that it has produced a battery cell on fully scalable equipment with over 1100 Watt hours per liter (Wh/l) in volumetric energy density.  This translates to more than double the usage time in a wearable device like a smartwatch, from 3.5 h to more than 9 h. It also translates to almost double the range in an EV like the Tesla Model S, from 256 mi to 480 mi.

“It’s clearly a breakthrough – it’s a world’s best, made on a mass-production platform,” said Professor Wei Lu from the University of Michigan, a battery expert knowledgeable about the process. “It’s not either/or in cost and performance in batteries anymore – Sakti3 has both. They built a really high performance device on a really low cost platform – like building millions of high end processors in a factory that produces ordinary plastic wrap. It was quite a scientific feat.”

Sakti3 reports that it demonstrated over 1000 Wh/l over two years ago, and has since moved to a pilot tool, using all scalable materials and equipment. The technology development was guided by mathematical simulations, starting with materials, and continuing to full scale plant layout to avoid any high cost materials, equipment or processes.

Along with having an ultra-low cost solution, the battery cells are also the safest ever demonstrated because of the all-solid-state construction and materials in the cells. Sakti3 has released a video (http://youtu.be/ICQcj73dMgI) demonstrating an abuse test in which hot solder is dropped into the cycling cell – and it continues to operate normally.

”Our target is to achieve mass production of cells at ~$100/kWh,” said Dr. Ann Marie Sastry, CEO of Sakti3. “Our key patents on the technology have been issued, we are up and running on larger tooling, and can now speed up processing. Our first market will be consumer electronics, and after that, we’ll move to other sectors.”

About Sakti3

Sakti3 is commercializing a breakthrough, high performance, low cost and intrinsically safe solid state battery technology. The materials, device designs and manufacturing methodologies were selected and optimized using advanced computational modeling, and lockstep, small-scale prototyping. The company is now scaling its prototypes in pilot production.

Sakti3 has received $30MM in venture funding from Beringea, Khosla Ventures, GM Ventures, Itochu, and a grant from the State of Michigan.

Sakti3 has been recognized for its innovative approaches with several technical and business awards, including recognition as an Energy Innovation Pioneer by CERAWEEK (2014), in MIT’s Technology Review as one the World’s 50 Most Innovative Companies (2012) and the winner of the World’s Top Ten in the Energy Category (2011).

Contact

Mike Smiley • 734.827.2583 • info@sakti3.com

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August 14, 2014 @ 11:36 am

MEMBER IN THE NEWS: LaSorda adds Birmingham start-up space and money from Dr. Z (Detroit Free Press)

Detroit Free Press: LaSorda adds Birmingham start-up space and money from Dr. Z

A few years ago, Tom LaSorda was a top executive steering Chrysler and its tens of thousands of employees on a harrowing survival journey, as control of the automaker lurched from Daimler to Cerberus then to the U.S. government and Fiat.

Now, a few days after his 60th birthday, LaSorda is relishing his new life as venture capitalist — nurturing 14 young start-up companies funded by his IncWell firm, and soon providing two floors of working space in downtown Birmingham for 40 or more workers.  Read more at www.freep.com

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August 14, 2014 @ 10:44 am

Meet Daniel Ratliff, new MVCA Venture Fellow at Fontinalis Partners

photo 1We tracked down Daniel, our newest Venture Fellow, as he starts his MVCA Venture Fellowship at Fontinalis Partners in Detroit, to learn more about why he’s excited to be a Fellow, his thoughts about our venture community and the one deal his wishes he’d found first.

MVCA: What advantage do you think the Fellows program gives younger professionals and venture firms when trying to make a match?

Daniel: As I became more interested in making the transition from investment banking into venture capital, I learned more about the Fellows program from Bill (Blake, current Venture Fellow and Beringea team member) as well as from Chris Stallman with Fontinalis Partners. The Fellows program seemed like a great opportunity to get involved in the venture capital community, particularly as a younger professional. Having lived in downtown Detroit over the past few years, I’ve seen a lot of traction in the start up community and the growing number venture investors, particularly in Detroit and Ann Arbor, and the Fellows program offered a unique way for a young professional like myself to connect with a firm like Fontinalis that was seeking to add a new member to their investment team to support the firm’s growth.


What are you most looking forward to being an MVCA Venture Fellow?

From the outset it’s clear the Fellows Program will be a great tool during my early progression as an Associate with Fontinalis, providing a variety of additional resources and support outside of my new organization as I begin building a career in venture capital. As I get more settled in with Fontinalis, I look forward to engaging in the MVCA and Venture Fellows networks and creating opportunities to help grow both Fontinalis, as well as the greater venture capital community in Michigan.

 

What attracts you to the venture capital industry?

The venture capital industry is attractive for a number of reasons. It provides the opportunity to work with some of the brightest entrepreneurs, including proven business builders as well as rising stars. Additionally, venture capital is at the forefront of new technologies, products, and services that are capable of changing and improving the way we live on a daily basis.


What will you be doing at Fontinalis?

As an Associate with Fontinalis I will be responsible for a variety of tasks involving current portfolio companies, evaluating prospective investments, fund raising, reporting, conducting research, and other functions of the firm where I can be effective.


What do you hope to be doing in 10 years?

In ten years, I hope to be well into a successful career with Fontinalis, living in Detroit and continuing to make venture capital investments having worked on numerous investment opportunities from the initial review phase all the way to successful exits. In addition to earning attractive returns for our investors over the next decade, I also look forward to witnessing the evolution and impact of next generation mobility across the world.

 

Just for fun, what’s your “dream deal” (the venture-backed firm you wish YOU had spotted first!)?

At Fontinalis, our focus is on “next-generation mobility” companies; and within that market, it is hard to ignore Uber’s incredible success to date in navigating a murky regulatory environment to revolutionize on-demand transportation.  The company’s success is a great testament to what can happen when you combine a dedicated team that is fanatically focused the user experience with a market that is ripe for disruption.  While Fontinalis is not an investor in Uber, we’re excited to see the increased innovation that companies like Uber spur when they place a spotlight on the opportunity—and we’re confident that this won’t be the only multi-billion-dollar deal in our space.

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August 11, 2014 @ 2:39 pm

MVCA NEWS: MVCA Venture Fellows Program announces new Fellow Daniel Ratliff with Fontinalis Partners

ANN ARBOR, MICH. – August 11, 2014 — The Michigan Venture Capital Association’s (MVCA) Venture Fellows Program announces the placement of new Fellow Daniel Ratliff with Detroit-based Fontinalis Partners. The Venture Fellows program matches talented, highly motivated, emerging professionals with venture capital firms in order to grow the next generation of venture professionals in Michigan.  Ratliff will be an associate with Fontinalis, responsible for a variety of tasks involving current portfolio companies, evaluating prospective investments, fundraising, reporting, and conducting research.

“From the outset, it’s clear the Fellows Program will be a great tool during my early progression as an associate with Fontinalis, providing a variety of additional resources and support outside of my new organization as I begin building a career in venture capital,” said Ratliff.  “As I get more settled in with Fontinalis, I look forward to engaging in the MVCA and Venture Fellows networks and creating opportunities to help grow both Fontinalis and the greater venture capital community in Michigan.”

“We are excited to welcome Dan to the growing Fontinalis team in Detroit, where he will be a critical component of our investment staff going forward,” said Chris Stallman, a principal at Fontinalis.  “Supportive programs like the MVCA Venture Fellows Program allow us to ensure that we remain thought leaders in next-generation mobility, and we look forward to continuing our commitment to Michigan by partnering with and investing in the best and brightest Michigan-based companies in our space.”

“The Michigan Venture Fellows Program provides critical support to the state’s efforts to grow the venture capital industry here,” said Carrie Jones, MVCA executive director. “The Michigan Venture Fellows Program is an important tool in attracting and retaining talent here, and helps venture capital firms hire the best and brightest to expand their capabilities.”

Prior to joining Fontinalis, Ratliff was an analyst at P&M Corporate Finance (PMCF), an investment banking affiliate of national accounting and professional services firm Plante Moran. During his three years at PMCF, he was engaged on numerous buy-side and sell-side M&A transactions focused on the plastics and packaging manufacturing space, working with a range of business and finance professionals including entrepreneurs, private equity investors, and other investment bankers.

Ratliff earned his master’s degree in finance from Vanderbilt University’s Owen Graduate School of Management, and he holds a bachelor of arts degree in accounting from the Eli Broad College of Business at Michigan State University.

MVCA recently received $987,850 from the Michigan Strategic Fund for Venture Upstart III, which includes the Michigan Venture Fellows Program. Since 2012, the Michigan Venture Fellows Program has placed nine fellows at venture capital firms throughout the state.

About The Michigan Venture Capital Association
The Michigan Venture Capital Association is a non-profit trade organization designed to bring together venture capital industry participants in the state of Michigan.  The organization’s goal is to grow and sustain a vibrant venture capital community in Michigan. Michigan Venture Capital Association members include private venture capital funds, corporate venture capital funds, private equity firms, angel investors, and entrepreneurial infrastructure participants.  More than 200 individuals are members of the Michigan Venture Capital Association, representing 100+ organizations across the state. For more information, visit www.MichiganVCA.org

About Fontinalis Partners
Fontinalis Partners is a strategic venture capital firm focused on the next-generation mobility sector.  Fontinalis was founded in Detroit in 2009, and the firm now has offices in both Detroit and Boston.  Fontinalis’ mission is to leverage the team’s considerable management experience, market access, strategic relationships, international expertise, and background in transportation innovation to scale companies providing next-generation mobility solutions. Fontinalis invests as a strategic partner across all facets of the world’s mobility systems on a stage-, structure- and size-agnostic basis. More information about Fontinalis is available at www.fontinalis.com.

CONTACT:

Jennifer Cornell
734-765-0174
jenn@jenncornell.com

 

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July 31, 2014 @ 10:13 am

NVCA NEWS: VC Fund Performance Continues to Strengthen amid Growth Prospects and Exit Markets

Venture Capital Outperformed DJIA, NASDAQ Composite and S&P 500 in Q1 2014

Arlington, VA, July 31, 2014 Venture capital fund performance continued to make gains across most time horizons as of March 31, 2014, according to the National Venture Capital Association’s (NVCA) performance benchmark, the Cambridge Associates LLC U.S Venture Capital Index®.  Despite returns being down on a quarter over quarter basis, the 1-, 5-, 10- and 20-year horizons all showed higher returns compared to the previous quarter.  The 15-year horizon was down and the 3-year horizon was unchanged.  Compared to other benchmarks, venture capital outperformed the DJIA, NASDAQ Composite and the S&P 500 during Q1 2014.  In addition, venture capital outperformed the other leading benchmarks during the 1-, 3-, 10-, 15- and 20-year time horizons.  However, during the 5-year time horizon, the DJIA, NASDAQ Composite and the S&P 500 all outperformed venture capital.

“For the second quarter in a row, venture capital outperformed the marquee benchmarks of Wall Street, suggesting strong future returns to limited partners that can be reinvested in the next generation of entrepreneurs,” said Bobby Franklin, President and CEO of NVCA.  “This is the result of venture capitalists deploying capital to and mentoring high-growth companies that are disrupting the status quo and making strong exits through acquisition and going public.  With limited partners continuing to see their investments bear fruit, we are hopeful the fundraising environment will continue to pick up steam in the coming quarters, which will finance and support the next crop of American companies.”

“We continue to see a sustained increase in the venture capital index returns across nearly all time periods.  The 10-year index reached 10% in March, the first time that index has been in double-digit positive territory since 2009 and a nice recovery from its low point of -4.6% in the third quarter of 2010,” said Peter Mooradian, Managing Director, Venture Capital Research at Cambridge Associates.

U.S. Venture Capital Index Returns

Cambridge Associates LLC U.S. Venture Capital Index®1 for the periods ending

Qtr.

1 Year

3 Years

5 Years

10 Years

15 Years

20 Years

March 31, 2014

          4.9

        30.5

        15.3

        14.1

        10.0

        18.7

        31.7

December 31, 2013

        11.9

        27.2

        15.3

        12.5

          9.7

        22.6

        30.8

September 30, 2013

          6.5

        15.1

        14.4

          7.5

          8.6

        26.1

        30.0

June 30,2013

          4.3

          8.9

        13.5

          5.7

          7.8

        22.8

        30.1

March 31,2013

          2.5

          4.9

        12.0

          4.8

          7.4

        22.8

        29.6

31-Mar-14

U.S. Venture Capital  – Early Stage Index1

          4.7

        30.9

        16.0

        14.5

          9.3

        82.1

        47.8

U.S. Venture Capital – Late & Expansion Stage Index1

          3.6

        33.4

        14.7

        18.5

        12.7

          9.4

        11.7

U.S. Venture Capital – Multi-Stage Index1

          5.7

        29.1

        14.4

        12.3

        10.6

          8.2

        13.8

U.S. Growth Equity1

          3.2

        24.8

        15.8

        18.1

        13.6

 NM

 NM

 

DJIA

         (0.2)

        15.7

        13.0

        19.9

          7.5

          6.0

        10.3

NASDAQ Composite*

          0.5

        28.5

        14.7

        22.4

          7.7

          3.6

          9.0

S&P 500

          1.8

        21.9

        14.7

        21.2

          7.4

          4.5

          9.5

Sources: Cambridge Associates LLC, Dow Jones Indices, Standard & Poor’s, and Thomson Reuters Datastream.

The Cambridge Associates LLC U.S. Venture Capital Index® is an end-to-end calculation based on data compiled from 1,494 U.S. venture capital funds, including fully liquidated partnerships, formed between 1981 and 2013, and the U.S. Growth Equity Index is based on data compiled from 156 U.S. growth equity funds, including fully liquidated funds, formed between 1986 and 2013.

¹ Pooled end-to-end return, net of fees, expenses, and carried interest.

*Capital change only.

U.S. Venture Capital mPME Analysis

 

CA Index

1-Year

3-Year

5-Year

10-Year

15-Year

20-Year

25-Year

30-Year

Cambridge Associates LLC U.S Venture Capital Index®1

30.51

15.31

14.15

10.05

18.66

31.71

21.08

17.35

mPME Analysis2

S&P 500 Index

       21.85

       14.42

       20.88

         8.04

         6.10

         9.02

         9.73

       10.53

Value-Add (bps)

866

89

-673

201

1256

2269

1134

682

Russell 2000® Index

25.04

12.69

24.17

9.02

9.33

9.76

10.11

10.13

Value-Add (bps)

548

262

-1003

103

933

2195

1097

721

Russell 3000® Index

       22.61

       14.32

       21.66

         8.44

         6.70

         9.22

         9.90

       10.53

Value-Add (bps)

791

99

-751

160

1196

2249

1117

681

Sources: Cambridge Associates LLC, Frank Russell Company, Standard & Poor’s and Thomson Reuters Datastream.

The Cambridge Associates LLC U.S. venture capital Index® is an end-to-end calculation based on data compiled from 1,494 U.S. venture capital funds (962 early stage, 163 late & expansion stage, 363 multi-stage and 6 venture debt funds), including fully liquidated partnerships, formed between 1981 and 2013.

1 Pooled end-to-end return, net of fees, expenses, and carried interest.

2 CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index returns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.

CA Index

1-Year

3-Year

5-Year

10-Year

Cambridge Associates LLC U.S Growth Equity Index1

24.80

15.80

18.14

13.57

mPME Analysis2

Russell 2000® Index

       24.97

       12.94

       23.65

         9.48

Value-Add (bps)

-17

285

-551

409

Russell 2500™ Index

23.91

13.62

24.73

10.29

Value-Add (bps)

89

217

-659

329

Russell 3000® Index

       22.47

       14.46

       21.30

         8.77

Value-Add (bps)

232

134

-316

480

Russell Midcap® Index

23.31

14.03

24.89

10.67

Value-Add (bps)

148

177

-675

290

S&P 500 Index

       21.72

       14.54

       20.56

         8.37

Value-Add (bps)

308

126

-242

520

Constructed Index: NASDAQ Composite Price Index/ NASDAQ Composite Total Return3

30.34

15.77

23.07

10.00

Value-Add (bps)

-554

3

-493

357

Sources: Cambridge Associates LLC, Frank Russell Company, Global Financial Data, Inc., Standard & Poor’s and Thomson Reuters Datastream.

The index is an end-to-end calculation based on data compiled from 153 U.S. growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013.

1 Pooled end-to-end return, net of fees, expenses, and carried interest.

2 CA Modified Public Market Equivalent (mPME) replicates private investment performance under public market conditions. The public index’s shares are purchased and sold according to the private fund cash flow schedule, with distributions calculated in the same proportion as the private fund, and mPME NAV is a function of mPME cash flows and public index returns. “Value-Add” shows (in basis points) the difference between the actual private investment return and the mPME calculated return. Refer to Methodology page for details.

3Constructed Index: Data from 1/1/1986 to 10/31/2003 represented by NASDAQ Price Index. Data from 11/1/2003 to present represented by NASDAQ Composite.

Vintage Year Return Ratios

The following chart lists the ratio between the dollars paid into venture capital funds by limited partners (LPs) and the dollars distributed to them by vintage year.  For example, the 2002 vintage year funds have distributed cash of 0.72 times the amount of capital paid in by LPs and the residual value is 0.35 times the paid-in capital; the total value multiple is therefore 1.02 times.  It is important to note that the residual value is unrealized and will change as companies exit the portfolio, are re-valued, or are written off.  The 2007 and 2010 vintage year funds show the most positive ratio of the last decade, with returns at 1.78 and 1.72 (respectively) the capital contributed by LPs, should those funds realize the value of what remains in the portfolio.  More recent vintage years have yet to return significant cash to LPs as most funds do not have the opportunity to begin returning capital until after year five.

Vintage Year

Distribution to Paid in Capital (DPI)

Residual Value to Paid in Capital (RVPI)

Total Value to Paid in Capital (TVPI)

1981-1995

3.39

0.01

3.40

1996

4.89

0.02

4.91

1997

3.08

0.03

3.11

1998

1.44

0.06

1.50

1999

0.87

0.10

0.97

2000

0.80

0.25

1.05

2001

0.84

0.34

1.18

2002

0.72

0.30

1.02

2003

1.00

0.72

1.72

2004

0.82

0.78

1.60

2005

0.49

0.87

1.36

2006

0.48

1.02

1.50

2007

0.49

1.29

1.78

2008

0.31

1.25

1.56

2009

0.23

1.42

1.65

2010

0.20

1.52

1.72

2011

0.04

1.21

1.25

2012

0.01

1.18

1.19

2013

0.00

0.95

0.95

Total All Vintage Years

1.11

0.56

1.67

Additional Performance Benchmarks

To view the full, comprehensive report, which includes tables on additional time horizons, vintage years, and industry returns, please visit the Cambridge Associates or NVCA websites.

Cambridge Associates derives its U.S. venture capital benchmarks from the financial information contained in its proprietary database of venture capital funds. As of March 31, 2014, the database included 1,494 venture funds formed from 1981 through 2013.

###

About NVCA

Venture capitalists are committed to funding America’s most innovative entrepreneurs, working closely with them to transform breakthrough ideas into emerging growth companies that drive U.S. job creation and economic growth.  As the voice of the U.S. venture capital community, the National Venture Capital Association empowers its members and the entrepreneurs they fund by advocating for policies that encourage innovation and reward long-term investment.  As the venture community’s preeminent trade association, the NVCA serves as the definitive resource for venture capital data and unites its nearly 400 members through a full range of professional services.  For more information about the NVCA, please visit www.nvca.org.

About Cambridge Associates

Founded in 1973, Cambridge Associates is a provider of independent investment advice and research to institutional investors and private clients worldwide. Today the firm serves over 950 global investors and delivers a range of services, including investment advisory, outsourced portfolio solutions, research services and tools (Research Navigatorsm and Benchmark Calculator), and performance monitoring, across asset classes. The firm compiles the performance results for more than 5,700 private partnerships and their over 65,000 portfolio company investments to publish its proprietary private investments benchmarks, of which the Cambridge Associates LLC U.S. Venture Capital Index® and Cambridge Associates LLC U.S. Private Equity Index® are widely considered to be among the standard benchmark statistics for these asset classes. Cambridge Associates has been selected to provide data and to develop and maintain customized industry benchmarks for a number of prominent industry associations, including the Institutional Limited Partners Association (ILPA), Australian Private Equity & Venture Capital Association Limited (AVCAL); the African Venture Capital Association (AVCA); the Canada Venture Capital and Private Equity Association (CVCA);the Hong Kong Venture Capital and Private Equity Association (HKVCA); the Indian Private Equity and Venture Capital Association (IVCA); the New Zealand Private Equity & Venture Capital Association Inc. (NZVCA); the Asia Pacific Real Estate Association (APREA); and the National Venture Capital Association (NVCA). Cambridge also provides data and analysis to the Emerging Markets Private Equity Association (EMPEA). Cambridge Associates has more than 1,100 employees serving its client base globally and maintains offices in Arlington, VA; Boston; Dallas; Menlo Park, CA; London; Singapore; Sydney; and Beijing. Cambridge Associates consists of five global investment consulting affiliates that are all under common ownership and control.  For more information about Cambridge Associates, please visit www.cambridgeassociates.com.

Ben Veghte

Vice President, Communications

National Venture Capital Association (NVCA)

1655 Fort Myer Drive, Suite 850 | Arlington, VA 22209

Direct: 703-778-9292 | Cell: 202-841-6838

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July 21, 2014 @ 5:26 pm

MVCA NEWS: Michigan Venture Capital Association responds to Q2 NVCA/PwC MoneyTree Report

July 21, 2014 – ANN ARBOR, MICH.– Michigan Venture Capital Association Executive Director Carrie Jones responds to the release of the latest NVCA/PwC MoneyTree Report, a quarterly study of venture capital investment activity in the United States prepared by PwC and the National Venture Capital Association:

“The survey results reinforce what MVCA members have experienced firsthand in Michigan in 2014: steadily increasing venture capital invested in a number of extraordinary companies.  This activity speaks to the strength of the entrepreneurial ecosystem we have cultivated here over the last decade.

“According to PwC Moneytree’s survey, Michigan had 25 companies receive venture investment dollars in the first half of 2014, making it 15th in the country for number of deals done in the first half of the year.  Michigan portfolio companies received have $159.6mm to date, ranking 15th in the country for capital deployed in the first half of the year.  In the first half of 2014, Michigan companies have received over 6x what they had received in the first half of 2013 and 2x what they had received in the first half of 2012.    Some notable Michigan portfolio company successes in the first half of 2014 included:

  • Michigan-based ProNAi Therapeutics Inc., a maker of cancer drugs, closed on what is believed to be the largest single round of venture capital funding in Michigan’s history, a series D round of $59.5 million.
  • PlattForm, a leading marketing and enrollment management partner for colleges and universities worldwide, acquired Michigan-based Seelio, a service-based student portfolio solution for higher education institutions.

“While we are pleased to see high level of activity reported thus far, a full six months of potential investing remains.  MVCA will spend the rest of 2014 sharing the good news happening in Michigan’s venture capital community in order to attract additional investment dollars and keep Michigan companies growing.”

For extended context and comment, please contact:

Carrie Jones, Executive Director, MVCA
734-585-0324 x275
Cjones@michiganvca.org

 About The Michigan Venture Capital Association

The Michigan Venture Capital Association is a non-profit trade organization designed to bring together venture capital industry participants in the state of Michigan.  The organization’s goal is to grow and sustain a vibrant venture capital community in Michigan. Michigan Venture Capital Association members include private venture capital funds, corporate venture capital funds, private equity firms, angel investors, and entrepreneurial infrastructure participants.  More than 200 individuals are members of the Michigan Venture Capital Association, representing 70+ organizations across the state. For more information, visit www.MichiganVCA.org.

# # #

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July 17, 2014 @ 12:19 pm

MEMBER NEWS: Plymouth Ventures Announces Successful Final Close for Third Fund

ANN ARBOR, Mi., July 16, 2014 – Plymouth Ventures announced today the final close for
Plymouth Venture Partners III (PVP III). Surpassing its fundraising target of $60 million, PVP
III will continue to execute on the same strategy and focus as PVP II. The fund will invest in
growth stage businesses located in the Great Lakes region. With the close of the PVP III,
Plymouth Ventures now has over $100 million in committed capital under management.
The fundraising process for PVP III was completed in just eight months. Managing Partner
Mark Horne stated, “We are delighted to close so quickly on PVP III and continue to deploy
capital to growth stage companies here in the Great Lakes region. We were fortunate to have
strong backing from our PVP II limited partners, who are participating in PVP III in large
numbers, and from institutions – over 50% of PVP III’s committed capital comes from
regional institutions.”

As part of this raise, Plymouth Ventures took on a new partner, Evan Ufer, who is focusing on
generating deal flow and closing investments, and a Chief Financial Officer, Chris Frick, who is
managing Plymouth’s back office financial activities and the company’s third-party service
providers.

Horne continued: “It was important for us to continue investing without interruption, and we
are pleased to have accomplished that goal. Deal flow is strong, and we are excited about the
opportunities we are seeing in the Great Lakes region. My Partners and I look forward to
deepening our involvement in cities such as Cleveland, Cincinnati, and Indianapolis, while
continuing our emphasis across the state of Michigan and in the Chicago metro area.”

About Plymouth Venture Partners III, L.P.
Fund III is a follow-on fund to Plymouth Venture Partners I and II, which have collectively
invested in 39 companies since 2003. Plymouth Venture Partners III invests in growth stage
companies in the Great Lakes region.

About Plymouth Ventures
Plymouth Ventures is the manager for Plymouth Venture Partners I, Plymouth Venture
Partners II, and Plymouth Venture Partners III. The company has five partners, Mark Horne,
Ian Bund, Jeff Barry, Kevin Terrasi and Evan Ufer. It is headquartered in Ann Arbor, Michigan.
For more information, please visit www.plymouthvc.com

CONTACT: Mark Horne, Managing Partner
(734) 747-9401 phone/ (734) 929-1811 fax
Email: mhorne@PlymouthVC.com
555 Briarwood Circle, Suite 210

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July 14, 2014 @ 1:46 pm

MEMBER NEWS: Beringea invests $5.1 million in Chargemaster

FARMINGTON HILLS, Mich., July 14, 2014 – Beringea, LLC, a private equity firm providing growth capital to market-leading businesses, has announced that its London office, Beringea LLP,  has invested $5.1 million in Chargemaster, the UK’s leading provider of electric vehicle (EV) charging infrastructure. The investment will be used to strengthen Chargemaster’s position in the UK market and fund further expansion into the European EV charging market.

Since its founding in 2008, Chargemaster has quickly grown to become the largest supplier of EV equipment and infrastructure in the UK with more than 10,000 public and commercial charging points installed across the country. The company is also a key player in the European EV market, with over 4,000 charging points installed.

Malcolm Moss, founding partner at Beringea, commented: “The Chargemaster team has more experience in designing, building and installing high technology streetside electronics than any other European organization. We are excited to partner with a strong management team that is positioned to create the worldwide benchmark for EV charging equipment and infrastructure.”

David Martell, CEO of Chargemaster, commented: “Chargemaster has demonstrated very significant growth over the last two years and is well positioned to capitalize on the mainstream adoption of electric cars. We are delighted to have received this investment from Beringea which provides a strong endorsement of our number one market position and additional capital to enable us to maintain our strong momentum.”

Chargemaster’s EV charging units can be wall mounted, placed on street-side posts or custom-built to specific customer requirements. The company’s advanced charging stations are installed in both domestic and public places, enabling EV owners to safely charge their vehicle at home or on the go.

Chargemaster’s public charging stations have built-in communications equipment creating a nationwide charging network called POLAR. Customers who have purchased domestic charge points are automatically enrolled in the POLAR network, offering them access to charge points across the country.

With flexible and practical charging station solutions, Chargemaster has developed a number of strategic partnerships with energy providers, vehicle manufacturers, government agencies, property development companies and leading blue chip companies.

Electric vehicles are expected to account for 7 per cent of all light duty vehicle sales by 2020, resulting in a surge in demand for charging infrastructure to support EV drivers. As the market leader in the UK, Chargemaster is well positioned to capitalize on the anticipated growth of the global EV infrastructure market, which is expected to exceed $855 million by 2021.

Notes to editors:

About Chargemaster

Chargemaster Plc is the UK’s leading provider of electric vehicle charging infrastructure. Benefitting from over 25 years of experience working within the telematics and vehicle-orientated industry, Chargemaster provides a comprehensive, flexible and practical range of electric vehicle charging solutions. Its charging stations are specially developed to accommodate new technological advances and the growing demands of the electric vehicle industry.  Chargemaster works in partnership with a number of leading energy providers, vehicle manufacturers, government agencies, management consultancies and property development and blue chip companies. For more information, visit www.chargemasterplc.com.

About Beringea
Beringea, LLC provides equity and/or mezzanine debt to small- and-middle market companies. The Firm, which includes Michigan-based Beringea, LLC and its London, UK office Beringea LLP, invests in portfolio companies operating in a range of sectors, including health care, information technology, advanced manufacturing, media and specialized consumer products.

With flexible capital solutions, extensive investing experience and offices in the U.S. and UK, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for stakeholders. For more information, visit www.beringea.com.

In the United States of America, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. In the United Kingdom, this document is issued by Beringea LLP, a firm authorized and regulated by the Financial Conduct Authority. Beringea LLP is a limited liability partnership registered in England and Wales with company number OC342919, and its registered office is at 39 Earlham Street, London, WC2H 9LT, UK. This document is intended solely to provide information regarding Beringea’s potential financing capabilities for prospective portfolio companies.

Media Contact:
Kelly O’Donnell
Beringea LLC
Phone: 248-489-9000
Email: odonnellkelly@yahoo.com

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The MVCA is a non-profit trade organization designed to bring together venture capital industry participants in the state of Michigan. The organization's goal is to grow and sustain a vibrant venture capital community in Michigan.
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