Posts By Dan Anderson

RetailMeNot sets up $100 million stock repurchase program

RetailMeNot Logo
Digital offers website RetailMeNot has announced that its board of directors have authorized a stock repurchase program of up to $100 million of their outstanding Series 1 common stock, effective immediately. The stock repurchase program will take place over the next 24 months. More details below:

AUSTIN, Texas, Feb. 10, 2015 /PRNewswire/ — RetailMeNot, Inc. (NASDAQ: SALE), the operator of the world’s largest marketplace for digital offers, today announced that its board of directors authorized a stock repurchase program of up to $100 million of the company’s outstanding Series 1 common stock, effective immediately. The stock repurchase program is expected to be completed over the next 24 months.

“Our strong balance sheet and healthy cash flow enable the company to return excess cash to our shareholders through a repurchase program while continuing to invest.  We believe the current share price understates the strength of RetailMeNot’s long-term growth initiatives,” said Cotter Cunningham, RetailMeNot’s Founder and Chief Executive Officer.  “The repurchase program demonstrates our commitment to building shareholder value as well as confidence in the long-term prospects of our business.”

The stock purchases may be made from time to time through open market purchases, 10b5-1 plans, privately-negotiated transactions, accelerated stock repurchases, block trades, derivative contracts or otherwise in accordance with applicable federal securities laws. The actual timing, number and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factors, including, but not limited to, the market price of RetailMeNot’s Series 1 common stock, general market and economic conditions, regulatory requirements, capital availability and compliance with the terms of the company’s outstanding indebtedness.

Repurchases under this program will be funded from one or a combination of existing cash balances, future free cash flow and indebtedness. There is no guarantee as to the number of shares that will be repurchased, and the repurchase program may be extended, suspended or discontinued at any time, without notice at RetailMeNot’s discretion.

In a separate announcement today, RetailMeNot, Inc. also announced financial results for its fourth quarter and fiscal 2014, along with outlook for Q1 and fiscal 2015.  For more information, please see RetailMeNot’s earnings press release titled “RetailMeNot Announces Fourth Quarter & Fiscal Year 2014 Financial Results”.

About RetailMeNot, Inc.

RetailMeNot, Inc. (http://www.retailmenot.com/corp/) operates the world’s largest marketplace for digital offers. The company enables consumers across the globe to find hundreds of thousands of digital offers from their favorite retailers and brands.  During the 12 months ended December 31, 2014, RetailMeNot, Inc. experienced nearly 700 million visits to its websites, and during the three months ended December 31, 2014, monthly mobile unique visitors totaled 21.2 million.  In 2014, RetailMeNot, Inc. estimates $4.4 billion in paid retailer sales were attributable to consumer traffic from digital offers in its marketplace.  The RetailMeNot, Inc. portfolio includes RetailMeNot.com, the largest digital offer marketplace in the United States; RetailMeNot.ca in Canada; VoucherCodes.co.uk, the largest digital offers marketplace in the United Kingdom;Deals.com in Germany; Actiepagina.nl, a leading digital offers site in the Netherlands; Bons-de-Reduction.com and Ma-Reduc.com, leading digital offers sites in France; Poulpeo.com, a leading digital offers site with cash back in France; and Deals2Buy.com, a digital offers site in North America.  RetailMeNot, Inc. is listed on the NASDAQ stock exchange under the ticker symbol “SALE.”  Investors interested in learning more about the company can visit http://investor.retailmenot.com.

Team8 raises $18 million in funding

Based in Tel Aviv, Israel, Team8 is a venture capital funding focused on the cybersecurity industry that has raised $18 million in Series A funding. This round of funding was provided by Bessemer Venture Partners, Innovation Endeavors, Cisco Investments, Marker LLC and Alcatel-Lucent. Team8 was co-founded by Nadav Zafrir, Israel Grimberg and Liran Grinberg. Team8 is led by veterans of the Israeli army’s 8200 intelligence and electronic espionage unit.

NEXTracker raises $25 million in funding

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NEXTracker is a designer and manufacturer of the world’s most advanced single axis PV trackers. NEXTracker has announced that it has raised $25 million in equity and growth capital financing. This round of funding closed in December and it includes investments from SJF Ventures, Tennenbaum Capital Partners and earlier investors Sigma Partners and DBL Investors. More details below:

PRESS RELEASE

FREMONT, Calif., Feb. 9, 2015 /PRNewswire/ — NEXTracker, Inc., designer and manufacturer of the world’s most advanced single axis PV trackers, today announced the completion of $25 million in equity and growth capital financing. The funding round, which closed in December, includes investments from SJF Ventures, Tennenbaum Capital Partners and earlier investors Sigma Partners and DBL Investors. NEXTracker, based in Silicon Valley, provides state-of-the-art solar trackers that maximize system energy output while reducing installation and operating costs, resulting in substantially increased solar project profits.

“SJF Ventures is thrilled to partner with NEXTracker,” said managing director and co-founder Dave Kirkpatrick. “NEXTracker is led by successful solar veterans who have developed new tracking systems which are increasing the profitability of utility scale solar power in many countries. This financing will ensure that NEXTracker’s technology helps even more solar project owners surmount design and installation challenges, while driving down the cost of solar deployment.” SJF Ventures led the Series B round, and Mr. Kirkpatrick has joined NEXTracker’s board.

“Coming on the heels of last year’s tremendous increase in customer shipments, NEXTracker is appreciative of the capital from our investors to further scale production,” said NEXTracker CEO Dan Shugar. “We are now able to deliver over 200 MW/month. We have also expanded our team with experienced solar project personnel in North and South America, Europe, Asia, and Australia to provide customers the highest level of professional services and support to ensure smooth delivery of their solar power projects.”

“NEXTracker’s technology is facilitating large- and utility-scale project deployments by minimizing site grading and grounding requirements, while simplifying design, assembly, installation, cleaning and maintenance,” noted Todd Jacquez-Fissori, Managing Director, Energy Technology Group Head at Tennenbaum Capital Partners, LLC, a firm with over $5B in invested capital. “We’re proud to be providing financing to NEXTracker, as their innovations in tracker technology have been proven on dozens of projects financed by leading banks with total value in excess of $450M.”

Global demand for solar trackers continues to expand rapidly as the market has transitioned to higher irradiance locations where trackers deliver outstanding increases in power production. NEXTracker’s technology is proven to be a cost-effective solution to maximize solar project returns. Advanced features address and overcome layout constraints, significantly reduce the number of foundations and use of steel, eliminate stress on the drive components by aligning modules with the axis of rotation, and simplify AC wiring requirements.

About NEXTracker, Inc.

NEXTracker (www.NEXTracker.com) offers a significant breakthrough in horizontal tracking, with lower costs, better performance and more flexibility for solar power plants. These benefits increase solar project profits for developers, EPCs and system owners. Leveraging world-class design and installation expertise, NEXTracker has delivered trackers for dozens of projects in sizes exceeding 80MW, across three continents. The company is headquartered in California with offices in Asia, Europe and South America.

Parklet raises $1.5 million

Parklet Logo
Parklet is an onboarding and culture integration platform service that has raised $1.5 million in seed funding. Storm Ventures and Greylock Ventures led this round with participation from FundersClub, Winklevoss Capital and Western Technology Investment. Here is a blog post that Parklet published about the deal:

Parklet Raises $1.5M to Onboard Tomorrow’s Workforce

Parklet, the onboarding and culture integration platform, today announced that it has closed a $1.5 Million seed investment to further accelerate the company’s already impressive growth and customer success. The investment was led by Jason Lemkin of Storm Ventures, and Joseph Ansanelli & Sarah Guo of Greylock Ventures. The round also included participation by angels like Facebook co-founder Andrew McCollum, Radius CEO and co-founder Darian Shirazi and KISSMetrics co-founder Hiten Shah as well as FundersClub, Winklevoss Capital and Western Technology Investment.

“This is the most exciting time ever to be working on helping employee retention. We are finally at a moment where systems can be connected and the focus of HR can be put back on its people,” said Dane Hurtubise, CEO of Parklet. Parklet is growing like crazy, and we’re trying to bring together the smartest people we can to help us do this. We’re going from running to sprinting.”

Parklet has also added Lemkin, Managing Director at Storm Ventures and co-founder of EchoSign (acquired in 2011 by Adobe) to their board of directors. Lemkin brings a wealth of enterprise sales knowledge to Parklet’s board. At Adobe, he oversaw the growth of EchoSign and Adobe Document to $50,000,000 in Annual Recurring Revenue (ARR) in 2012 and $100,000,000+ ARR in 2013.

”According to HR Exec Magazine, 57% of companies plan to buy new HR technology in 2015 – and Employee Onboarding is one of the top two areas that matters most to executives,” said Jason Lemkin, Managing Director at Storm Ventures. The entire HR stack is being completely remade as we speak thanks to some incredibly elegant web services. Employee onboarding is one of the most broken and unautomated parts of the employee experience, and I’m pleased and fortunate to be partnering with and investing in Parklet.”

Wandera raises $15 million

Wandera Logo
Wandera is a secure mobile gateway company that has raised $15 million in funding. Wandera is a leader in mobile data security and optimization. This round of funding was led by 83North with participation from existing investor Bessemer Venture Partners. More details below:

SAN FRANCISCO, Feb. 10, 2015 /PRNewswire/ — Secure Mobile Gateway pioneer Wandera, today announced $15 million in additional funding to consolidate its position as the global leader in mobile data security and optimization. This latest funding was led by 83North, with participation from existing investor Bessemer Venture Partners. This brings Wandera’s total funding to $23 million.

Leading global organizations, including three of the Big Four accountancy firms, rely on Wandera’s Secure Mobile Gateway to secure their mobile devices from cyber criminals. They also benefit from Wandera’s mobile data optimization and real-time intelligence, which provides granular control and visibility over their data usage and generates immediate ROI.

As a recent example, the security team at Wandera discovered a serious security hole in the popular NFL Mobile app just days before this year’s Big Game between the New England Patriots and Seattle Seahawks. The vulnerability was leaving highly valuable personal information exposed to man-in-the-middle hacker attacks.

“Following the recent Sony Pictures and celebrity iOS hacks, companies are demanding the next generation of mobile security. We have reached a tipping point where businesses must tackle mobile data security threats head-on or face serious repercussions,” said Roy Tuvey, President of Wandera. “We’re thrilled to add 83North as an investor and this capital will help us grow and scale at a time when mobile attacks are growing exponentially across all smart devices.”

The Wandera cloud processes more than 350 million content requests daily for customers with users in 60 countries. Wandera’s partner ecosystem includes AT&T, BT and Samsung as well as integrations with MobileIron, AirWatch and Citrix.

“Wandera’s proactive security and optimization service powered by its unique cloud gateway architecture goes beyond traditional solutions and gives enterprises the confidence to employ mobility as a key productivity tool,” said Erez Ofer of 83North, who will join the Board. “We’re pleased to facilitate Wandera’s aggressive expansion plans across Europe and particularly in North America where they are already securing mobile devices for some of the world’s largest companies and partnering with global telecom carriers and MDM players.”

Wandera is the second successful global security venture from brothers Eldar and Roy Tuvey. They previously founded cloud-based web security market leader ScanSafe, which scaled rapidly to thousands of enterprise customers before being acquired by networking leader Cisco in 2010.

ZeroHour Innovations raises $250,000 on Kickstarter

ZeroHour Relic XR

ZeroHour Innovations has raised $250,000 on Kickstarter for its ZeroHour Relic XR Tactical Compact Flashlight + Battery Backup. Over 1,400 backers will receive a Relic XR — which is a highly adaptable carry flashlight that can charge smartphones, cameras, and USB devices. More details below:

HUNTINGTON BEACH, Calif., Feb. 9, 2015 /PRNewswire/ — ZeroHour Innovations has concluded its latest Kickstarter campaign with over $250,000 in pledges for ZeroHour Relic XR, the newest product in its line of tactical portable charger flashlights. Over 1,400 backers will be rewarded a Relic XR, a highly adaptable, everyday carry flashlight that can also charge smartphones, cameras, and other USB devices.

“We are incredibly amazed and humbled by the support of everyone who helped us raise 1000% of our Kickstarter goal,” said Aaron Son, co-founder of ZeroHour Innovations. “ZeroHour continues to gain momentum as our users around the world spread the word about our revolutionary combination of light and power.”

Pledges will cover ZeroHour’s initial manufacturing costs, with rewards to begin shipping in May 2015. Relic XR is now available to pre-order for $145 from www.zerohourxd.com.

ZeroHour will next make its national television debut on Science Channel’s “All-American Makers,” premiering February 11th at 10pm ET/PT.  Founders Amy Truong and Aaron Son will have the opportunity to pitch ZeroHour to a panel of experts, who then put the product through a series of rigorous tests to find out if it lives up to its claim.

About ZeroHour Relic XR

ZeroHour Relic XR is a compact, USB rechargeable flashlight featuring a 1,000 lumen LED, 3400mAh portable charger, and IPX8 waterproof protection. Combining fully adjustable illumination with multiple battery configurations, Relic XR is also bike and weapon mountable. Relic XR includes removable stainless steel bezels, a variable brightness selector ring, 2.1amp USB output port, micro-USB charging port, 3400mAh lithium-ion battery, anti-roll clip, and soft carrying case. Other models and options are available.

About ZeroHour Innovations

Headquartered in Huntington Beach, Calif., ZeroHour Innovations was founded in early 2013 to revolutionize the tactical battery backup flashlight. Its dedicated team of designers creates the highest quality products with modern technology to power users through any situation. With a built-in USB battery backup, ZeroHour flashlights provide more than just light in an emergency. ZeroHour Innovations targets the needs of the outdoor, consumer electronics and public safety markets. For more information, visit www.zerohourxd.com or follow ZeroHour on Facebook, Twitter, and Instagram.

Quantum Biosystems raises 2.4 billion yen in Series B

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Quantum Biosystems is a company that is developing a genome sequencer that has raised 2.4 billion yen ($20.5 million). This round of funding was provided by Innovation Network Corporation of Japan, Mitsubishi UFJ Capital, JAFCO, UTEC, and Mizuho Capital. Quantum will be setting up a research team in Silicon Valley.

Start Garden triples cumulative investment limit to $1.5 million

Start Garden is a Grand Rapids, Michigan based investment company that has announced they are tripling their investment limit from $500,000 to $1.5 million. This means that Start Garden will now invest up to $1.5 million to an individual startup. Start Garden also announced that they have hired veteran venture capitalist Mike DeVries. More details in the press release below:

START GARDEN EXPANDS VENTURE CAPITAL FUND,

ACCEPTING APPLICATIONS TO THE START GARDEN SPACE

GRAND RAPIDS, Mich., February 9, 2015—In fewer than three years, Start Garden, the unconventional, early-stage, venture capital fund, has transformed Michigan’s startup ecosystem. Today the organization announced it has increased the amount of its cumulative investment limit from $500,000 to $1.5 million. It has also opened the application process for startups to work in its new location at 40 Pearl St. in downtown Grand Rapids, nicknamed Start Garden Space.

Since its launch in 2012, Start Garden has provided financial capital and more to entrepreneurs in the region. During its first years, the organization focused its efforts on seeding hundreds of ideas that could become potential businesses. Having developed a portfolio of promising startups, Start Garden’s next phase will raise the maximum investment it can make in a single startup from $500,000 to $1,500,000, further cultivating the portfolio and playing a larger role in Midwest early stage deals.

“Start Garden needed to establish a volume of ideas, which we have done, but it’s now important for us to raise the amount of our cumulative investment, so we can play a bigger role in deals happening in Michigan and the Midwest region,” said Rick DeVos, CEO of Start Garden. “At the point a company has proven its viability and is ready to expand, it needs a significant capital injection from multiple investors, and we are now positioned to lead and manage those types of series-A or pre- series-A investment rounds.”

Michigan has historically been a difficult place to raise a large, early stage investment round. To help guide and develop Phase II portfolio companies, Start Garden has hired Mike DeVries, a veteran venture capitalist from EDF Ventures out of Ann Arbor. DeVries will work with the existing portfolio and investment team to build out a portfolio of companies into which more than $500,000 is invested.

Start Garden will continue to find great entrepreneurs and great companies, and not only connect them with financial capital, but intellectual and social capital for entrepreneurs in the region. The organization’s move to 40 Pearl is not just a relocation, but a change in how it helps Michigan’s startup ecosystem mature.

“In 2012, we set out to make a place where people in the region could take their ideas. With the Start Garden Space, we’re making a place where entrepreneurs take their companies,” added Paul Moore, director of marketing and communications at Start Garden. “It’s modeled as a neighborhood where entrepreneurs that know they’ll need to fundraise can bump into new investors, trusted consultants and, of course, other entrepreneurs.”

The Start Garden Space will be home to several startup companies, venture capital funds and corporate partners seeking to co-work and participate directly in the ecosystem. Any company, whether or not they are part of Start Garden’s portfolio are invited to apply for membership in the new space. Applications are available at startgarden.com.

Additional detail about Start Garden Phase II and the Start Garden Space can be found at startgarden.com.

About Start Garden

Start Garden is an unconventional venture capital fund that invests in over a hundred ideas a year in small increments. The program brings financial, intellectual and social capital to ideas at the earliest stage by connecting them to the resources of an entire region.  Located in Grand Rapids, Michigan, it is founded by Rick DeVos who’s past projects included ArtPrize, 5×5 Night, Momentum and Spout.com.