Posts By Noah Long

NCino raises $29 million

nCino

nCino is a cloud-based operating solutions company that has products tailored for the financial services industry. The company has raised $29 million in Series B funding. This round of funding was led by Insight Venture Partners. Existing investors Wellington Management Company LLP, former Morgan Stanley Chairman and CEO John Mack and Promontory Financial Group Founder and CEO Gene Ludwig also participated in this round. More details below:

PRESS RELEASE

WILMINGTON, N.C.–(BUSINESS WIRE)–nCino, the leader in secure, cloud-based operating solutions to the financial services industry, today announced the successful completion of $29 million in Series B financing. Led by Insight Venture Partners, the round also includes investments from existing investors Wellington Management Company LLP, former Morgan Stanley Chairman and CEO John Mack and Promontory Financial Group Founder and CEO Gene Ludwig.

This announcement follows the recent news of a record 2014 for nCino, highlighted by 206 percent revenue growth and the addition of more than 40 financial institutions to nCino’s rapidly growing customer base of banks and credit unions with assets ranging from $150 million to $200 billion. The proceeds from this round of funding will allow nCino to continue to expand operations domestically, as well as enter international markets; accelerate product innovation; further engage with large, enterprise banks; and grow its team with a key focus on product development and customer success.

“We appreciate the strong support of our existing and new investors in this round, who have demonstrated their confidence in our strategy and progressive approach to cloud-based banking,” said Pierre Naudé, CEO, nCino. “nCino is committed to transforming financial services through innovation, reputation and speed. With this latest infusion of capital, we are strongly positioned to continue delivering on that mission and become the dominant bank operating system solution.”

In addition, as part of today’s announcement, Jeff Horing, managing director, Insight Venture Partners, will be joining nCino’s board of directors.

“nCino has progressed rapidly since inception and is entering the next stage of fulfilling its vision of becoming the undisputed leader in cloud-based banking,” stated Horing. “nCino’s innovative Bank Operating System tracks a loan through its entire life cycle to increase efficiency and create new revenue opportunities for its financial institution customers. In our view, nCino represents the future of banking, and we are pleased to partner with a company we believe will continue to create significant value for many years to come.”

About nCino

Wilmington, N.C.-based nCino, Inc. is the leader in cloud-based bank operating solutions to the financial services industry. Through its flagship Bank Operating System solution, nCino leverages the power of the Salesforce Platform to provide financial institutions with superior transparency and clarity into their existing loan production pipelines, portfolios and operating efficiencies across all business lines, resulting in increased profitability, productivity gains and regulatory compliance.

For more information, visit www.ncino.com.

About Insight Venture Partners Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $9 billion and invested in more than 200 companies worldwide. Our mission is to find, fund and work successfully with visionary executives providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit http://www.insightpartners.com or follow us on twitter: @insightpartners.com.

Mavenlink raises $19 million

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Based in Irvine, California, Mavenlink has announced that it has raised $19 million in funding from Carrick Capital Partners and Silicon Valley Bank. Mavenlink is a provider of integrated business management solutions. The funding will be used to accelerate product innovation, market share expansion, and mark penetration. More details below:

PRESS RELEASE

Irvine, Calif., (Feb. 24, 2015) — Mavenlink, a leading global provider of integrated business management software, today announced a $19M round of funding led by Carrick Capital Partners and Silicon Valley Bank. The growth capital is comprised of $15M in capital contributed by existing shareholders and a $4M credit facility.

“Since our initial investment in 2013, Ray Grainger and his team at Mavenlink have consistently exceeded Carrick’s high expectations,” stated Jim Madden, Co-Founder and Managing Director of Carrick Capital Partners. “The company has achieved explosive growth, adding larger, sophisticated clients while continuing to earn the loyalty of their existing client base.”

Mavenlink will use the capital to accelerate product innovation, market penetration, and global market share expansion. Over the past year, Mavenlink’s rapid pace of innovation has led to 3x growth in sales and personnel. This round of funding allows Mavenlink to continue to disrupt a fragmented technology landscape, further strengthening the company’s technology advantage and leadership for professional services companies.

Mavenlink provides a single solution that enables project-based businesses—including marketing, public relations, management consulting, IT services, and software implementation teams— to manage and grow their businesses profitably. The company’s SaaS solution enables customers to manage all aspects of service delivery from start to finish.

“Mavenlink has demonstrated the ability to expand on an exceptional technology platform and deliver product features in extraordinarily fast release cycles. This additional funding will be used to further accelerate the company’s product development, support sales growth, and continue driving up market to serve more large enterprises,” explained Steve Unterberger, Managing Director of Operations at Carrick Capital Partners.

“Mavenlink’s pace of growth and world-class product innovation are enabling business to compete more effectively in this networked economy,” said Ray Grainger, CEO and Founder of Mavenlink. “We bring the expertise required to provide customers with a best-in-class solution to profitably manage their businesses.”

About Mavenlink

Mavenlink delivers enterprise-class Software as a Service (SaaS) that transforms how businesses work with distributed teams, contractors and clients around the globe. Mavenlink’s innovative technology suite enables organizations of any size to successfully manage and scale their people, projects, revenue and profitability. Consulting firms, creative agencies and professional services teams in more than 100 countries are running their businesses more efficiently and more elegantly with Mavenlink. Learn more at www.mavenlink.com.

About Carrick Capital Partners

Carrick Capital Partners is an investment firm that utilizes ABV (Approach to Building Value) to operationally scale fast growing businesses that provide software and technology-enabled services. Carrick adds value by taking a concentrated approach and dedicating significant resources post-investment. Carrick helps scale great companies that deliver significant returns for investors, stimulating economic growth, and positively impacting the industry landscape. Working directly with CEO’s and entrepreneurs, Carrick fulfills a vital need for investment and growth expertise. For more information, please visit www.carrickcapitalpartners.com.

LocoMotive Labs raises $4 million in Series A funding

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LocoMotive Labs is a company that works on assistive and play-based educational apps for kids. The company has raised $4 million in Series A funding co-led by Softbank Ventures Korea and TAL Education Group. Other investors that participated in this round include K9 Ventures, Kapor Capital, NewSchools Venture Fund, Joe Gleberman, D3Jubilee and Jerry Colonna. More details below:

PRESS RELEASE

LocoMotive Labs Closes $4M in Series A Round

Softbank Ventures Korea and TAL Education Group Lead Round to Expand Reach to Consumers and Schools for LocoMotive Labs’ Educational Apps

BERKELEY, CA – February 24, 2015 – LocoMotive Labs, developer of assistive and play-based educational apps for young learners, today announced it has closed a $4M Series A financing round. Softbank Ventures Korea and TAL Education Group led the round, with participation from existing investors K9 Ventures, Kapor Capital, NewSchools Venture Fund, Joe Gleberman, D3Jubilee and Jerry Colonna. The company has raised $5.15M to date.

LocoMotive Labs will use the funding to expand its consumer presence in Asia, tapping into the deep connections of its lead investors. TAL Education Group is the leading K-12 after-school tutoring services provider in China, while Softbank Ventures Korea has built a strong portfolio of companies in the global education space. In addition, LocoMotive Labs will focus on increasing its presence in the US education market. The company’s Todo Math app and teacher dashboard is already being piloted in more than 1,000 elementary classrooms, with 25,000 students in PreK to 2nd grade across the US and around the world.

“Parents and educators in Asia, the US, and around the world are increasingly looking for tools and technologies that can make learning math fun instead of frustrating,” said Jason Wi, Principal at Softbank Ventures Korea. “We believe LocoMotive Labs’ deep understanding in gaming and interface design is second to none and will make an unprecedented impact on how children learn math.”

Addressing the Needs of Students with Mathematics Difficulties in Early Elementary

According to Successful STEM Education, 40 percent of US school children start kindergarten behind grade-level expectations in mathematics. Young students, and especially those who enter public school with little math knowledge need individual attention from teachers. This is often difficult in today’s classrooms of 25 students on average, with a variety of backgrounds and skill levels. LocoMotive Labs’ flagship app, Todo Math, offers a suite of multi-level math games with over 400 stages and 60 carefully crafted Common Core State Standard-aligned missions that help K-2 graders practice math fluency at home and at school. The app utilizes the Universal Design for Learning (UDL) framework as the theoretical underpinning for the development of the games so that all learners at home and in the classroom can learn and practice foundational math concepts.

“Our mission is to remove the obstacles that frustrate young learners and empower all children to develop the confidence and mathematics skills to be successful both inside and outside the classroom,” said Sooinn Lee, co-founder of LocoMotive Labs. “We’re excited to have the continued opportunity to expand our reach to even more families and educators, both at home and around the world.”

As a former game designer, Sooinn saw a tremendous need to merge learning with play when she came to the US and found a lack of educational apps to accommodate different types of young learners. Todo Math was selected as “Best in Design” at the Launch Education & Kids conference (2013) and reached #1 in the Apple App Store education chart in 20 countries including the US and the UK (2014), With over one million downloads worldwide, Todo Math has been localized in 7 different languages, and featured in Apple retail stores.

“K9 Ventures is honored to continue backing Sooinn Lee at LocoMotive Labs. As a mother and as a founder, Sooinn is on a mission to transform how all children all over the world learn,” said Dr. Manu Kumar, Chief Firestarter at K9 Ventures. “I’m confident that Todo Math is going to become the new standard and a right of passage for every child in their quest for being fluent in and comfortable with mathematical concepts.”

“We’re excited that this investment will be used to add additional features for the school market and expand LocoMotive Labs’ reach to support students at-risk for low mathematics achievement,” said Shauntel Poulson from NewSchools Venture Fund.

About LocoMotive Labs

LocoMotive Labs designs exceptional assistive and play-based learning applications to empower kids with special needs to be independent learners. With Todo Math, LocoMotive Labs offers practice and support in PreK – 2nd grade math skills so that elementary students build a strong foundation for further mathematical learning. The team is comprised of award-winning game designers and developers closely collaborating with parents and educators to elevate digital learning experiences for young children. LocoMotive Labs applications are available in the App Store with over 1 million downloads from parents and teachers around the world. www.LocoMotiveLabs.com or www.todomath.com

DriverUp raises $50 million in Series A

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DriverUp is an online car financing marketplace that has raised $50 million in Series A funding. Emerald Development Managers and RRE Ventures led this round of funding. More details below:

PRESS RELEASE

DALLAS, Feb. 23, 2015 /PRNewswire/ — DriverUp, the first online marketplace for automotive financing, launched today. In an industry first, the DriverUp marketplace gives accredited investors an opportunity to directly enter the $379 billion auto lending industry and provide dealers with an expedited, streamlined credit process. DriverUp is the exclusive brand of Sierra Auto Finance, an auto finance company launched with $50 million Series A financing, led by Emerald Development Managers and RRE Ventures.

The DriverUp platform uses technology to fundamentally improve how loans are secured and serviced by creating a direct-to-investor option that until now has not existed within the auto-lending industry. Through DriverUp’s proprietary software and advanced data analytics, the marketplace enables efficient processing and direct investment in auto loans, with full transparency and reporting.

“Auto lending historically has been riddled with inefficiencies and lack of innovation; it’s ripe for fundamental transformation and we are leading that change with a technology-driven approach,” said Sam Ellis, president and chief executive officer, DriverUp. “DriverUp democratizes the auto lending industry and brings incredible efficiency and transparency to the process. Consumers, investors, and dealers all benefit.”

DriverUp is the first mechanism that allows accredited investors such as hedge funds, family offices, and high net worth individuals an opportunity to participate directly in high yield auto lending. Previously, investing in this sector was limited to a handful of large institutions.

“DriverUp is the first of its kind auto-lending marketplace, and a critical solution to radically improve all stages of the auto-lending pipeline,” said Stuart Ellman, co-founder and managing partner, RRE Ventures, a leading VC with over $1.5 billion in total capital commitments. “This is a highly attractive investment vehicle for the 99% of investors who previously could not access this asset class; a turnkey credit process for dealers; and delivers increased financing for consumers.”

Direct sale of auto loans helps establish streamlined financing for auto financing companies and frees up funds to continue lending, a growth driver for the economy. Through DriverUp, more money is put to work, dealers increase sales of cars and consumers benefit from greater access to credit.

Demand for auto loans is driven by a series of favorable macro-factors, including search for higher yield in 0% interest rate environment, tepid growth in credit cards and improved access to credit by borrowers. There is also strong post recession industry growth, consumer credit stability and healthy employment levels.

Even in times of economic stress, such as the 2008 recession, auto loans as an asset class performed well, providing desirable diversification for investors. Through DriverUp, investors can expect attractive risk-adjusted annual yields relative to comparable alternatives.

The company is built upon decades of combined auto industry, consumer finance and technology expertise. To learn more about DriverUp, please visit www.driverup.com.

About DriverUp

DriverUp is a new online marketplace for automotive financing that lets investors – who previously did not have access – to directly participate in the growing, higher-yield business of auto lending and provides dealers with a streamlined credit application that speeds loans and moves cars. DriverUp’s proprietary technology platform makes processing and buying loans quicker and easier. Rely on DriverUp’s industry stature – more than 100 years of collective experience in automotive and consumer finance – for a direct connection to the business.

ScienceLogic raises $43 million in Series D funding

ScienceLogic Logo

ScienceLogic has announced that they have raised $43 million in Series D funding. This round of funding was led by Goldman Sachs. New Enterprise Associates and Intel Capital also participated in this round. Based in Reston, Virginia, ScienceLogic is an IT monitoring software provider. More details below:

PRESS RELEASE

Reston, VA – February 19, 2015 – IT monitoring software provider ScienceLogic, today announced a $43 million Series D venture capital round led by Goldman Sachs with current investors, NEA and Intel Capital also participating. The investment will be used to accelerate sales, marketing, product development, and international market opportunities.

“We are very excited topartner with ScienceLogic, which is disrupting the multibillion dollar IT management market with products uniquely suited to meeting Hybrid IT monitoring demand,” said David Campbell, Managing Director – Merchant Banking Division, Goldman Sachs. “We were attracted by the transformative market opportunity, the unique differentiation of the ScienceLogic Hybrid IT monitoring software, and the consistent results of a disciplined management team.”

ScienceLogic is experiencing massive growth as enterprises and governments move in large numbers to take advantage of the cost savings and efficiency gained from Hybrid IT – or the ability to burst to the public cloud to meet fluctuating computing and business requirements. ScienceLogic is the only IT monitoring provider to have architected its products specifically to meet Hybrid IT monitoring requirements, across multi-clouds environments. The company recently reported year over year subscription GAAP revenue growth of 135 percent and year-over- year subscription customer acquisition of 125 percent.

“We are thrilled to partner with Goldman Sachs as we maximize our market opportunity to rapidly ramp our business growth and deliver even stronger value to our global customer base,” said Dave Link, CEO ScienceLogic. “The investment caps a highly successful 2014 for ScienceLogic, which saw a huge demand for our Hybrid IT monitoring platform and a huge growth in our enterprise customer base.”

Nearly 80 percent of global enterprises are now leveraging public clouds such as Amazon Web Services (AWS) to establish hybrid IT environments and 70 percent of those companies are planning to dramatically increase spending in the public cloud over the next year, based on the current benefits gained.

However, while adoption is increasing and investment booming, most enterprises are unable to monitor and control the accompanying sprawl – lack hybrid IT management skills – and do not have proper visibility into their clouds; this results in significant infrastructure availability and performance risk.

ScienceLogic automatically discovers the entire on and off-premise infrastructure, visually mapping the cross-technology and cross-cloud dependencies, and instantly applying the right monitoring policies. By doing so, this provides a complete end-to-end visibility and understanding into the health and availability of legacy systems and publiccloud infrastructure. Troubleshooting and identify the root cause of issues then become simple, and a task that can be completed in minutes, guaranteeing business services continuity and uptime.

Kellogg Company, a Fortune 500, multinational food manufacturing company headquartered in Michigan, chose ScienceLogic to view and manage their entire infrastructure both on-premises in their datacenters and off-premises in the public cloud, from a single view.They saw this unique capability as key to accelerate off-premises cloud adoption.

“At Kellogg, we are always looking to improve our IT operational efficiency. A big part of that is our all-in strategy on Hybrid Cloud with a particular emphasis on exploiting AWS for efficiency and agility,” said Stover Mcllwain, Senior Director IT Infrastructure Engineering. “With ScienceLogic, we are able to give Kellogg executives the IT visibility they need, while dramatically reducingoverall support and capital costs by over $2 million over five years compared to our previous ITOM suite.”

About ScienceLogic

ScienceLogic delivers the next generation IT monitoring platform for the network of everything. Over 20,000 global Service Providers, enterprises, and government organizations rely onScienceLogic every day to significantly enhance their IT operations. With complete Hybrid IT monitoring, total Amazon Web Services (AWS) visibility, and over 1,000 dynamic management Apps included in the platform, our customers are able to intelligently maximize efficiency, optimize operations, and ensure business continuity. We deliver the scale, security, automation, and resiliency necessary to simplify the ever-expanding task of managing IT resources, services, and applications that are in constant motion.

Pindrop Security raises $35 million in Series B

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Pindrop Security is a phone fraud prevention and call center authentication company that has raised $35 million in Series B funding. Institutional Venture Partners (IVP) led this round of funding. Return investors Andreessen Horowitz, Citi Ventures, Felicis Ventures, Redpoint Ventures and Webb Investment Network also participated in this round. Somesh Dash of IVP has joined the board of directors at Pindrop. More details below:

PRESS RELEASE

ATLANTA – Feb. 19, 2015 – Pindrop Security, the pioneer in phone fraud prevention and call center authentication, today announced a $35 million Series B round of financing, one of the largest Series B rounds in the history of the security industry. Institutional Venture Partners (IVP) led the round with reinvestment from existing investors Andreessen Horowitz, Citi Ventures, Felicis Ventures, Redpoint Ventures and Webb Investment Network. IVP’s general partner Somesh Dash will join the Pindrop Security board of directors.

This round of financing reinforces Pindrop’s leadership in the fast-growing voice anti-fraud and authentication market. Financial institutions, retailers and other enterprises are overwhelmed with identity theft and social engineering attacks from organized, professional attackers. Pindrop’s patented Phoneprinting technology, combined with voice biometrics, is the first and only solution to provide significant relief from these attacks, reducing fraud losses and authentication expenses.

“Over six billion individuals across the globe have access to a phone, yet there has been little security innovation in phone or voice,” said Somesh Dash, general partner at IVP. “Pindrop has revolutionized phone and call center security and is poised for impressive growth. Already Pindrop is protecting hundreds of millions of bank and retail customers.”

“Large financial institutions have traditionally invested heavily to protect themselves against physical and online attacks but now the bad guys have moved to the phone channel. This phone-based crime costs companies billions of dollars, which has made the demand for Pindrop products incredibly high”, said Paul Judge, Ph.D., executive chairman and co-founder, Pindrop Security.

“We are thrilled to have several of the largest US financial institutions and retail companies as customers. This additional investment will enable us to expand operations globally while continuing to serve our current customers with excellence,” said Vijay Balasubramaniyan, Ph.D., co-founder and CEO, Pindrop Security. “As the clear leader in the market, Pindrop is establishing the standard for how enterprises secure the call center.”

About Pindrop Security:

Pindrop Security, headquartered in Atlanta, Ga., is a privately-held company that provides enterprise solutions to secure phone and voice communications. Pindrop solutions reduce fraud losses and authentication expense for some of the largest banks, brokerages and retailers in the world. Pindrop’s patented Phoneprinting technology can identify, locate and authenticate phone devices uniquely just from the call audio thereby detecting fraudulent calls as well as verifying legitimate callers. Named SC Magazine 2013 Rookie Security Company of the Year, a Gartner “Cool Vendor” in Enterprise Unified Communications and Network Services for 2012 and one of the 10 Most Innovative Companies at the 2012 RSA conference, Pindrop Security’s solutions restore enterprises’ confidence in the security of phone-based transactions.

About Institutional Venture Partners (IVP)

With $4 billion of committed capital, Institutional Venture Partners (IVP) is one of the premier later-stage venture capital and growth equity firms in the United States. Founded in 1980, IVP has invested in over 300 companies, 101 of which have gone public. IVP is one of the top-performing firms in the industry and has a 34-year IRR of 43.2%. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. Since its inception, IVP investments include such notable companies as AppDynamics, ArcSight (HPQ), Buddy Media (CRM), ComScore (SCOR), Datalogix (ORCL), Dropbox, Dropcam (GOOG), Fleetmatics (FLTX), HomeAway (AWAY), Kayak (PCLN), LegalZoom, LifeLock (LOCK), Marketo (MKTO), MySQL (ORCL), ngmoco (DeNA), OnDeck (ONDK), Pure Storage, RetailMeNot (SALE), Shazam, Snapchat, Supercell, Synchronoss (SNCR), The Honest Company, Twitter (TWTR), and Zynga (ZNGA). For more information, visit http://www.ivp.com or follow IVP on Twitter: @ivp.

About Andreessen Horowitz

Andreessen Horowitz backs bold entrepreneurs who move fast, think big and are committed to building the next major franchises in technology. Founded by Marc Andreessen and Ben Horowitz, we provide entrepreneurs with access to our deep expertise and insights in innovation, business development, market intelligence, executive and technical talent, and marketing and brand building. Find us in Menlo Park, Calif., and at www.a16z.com.

About Citi Ventures

Headquartered in Palo Alto, with offices in New York and Shanghai, Citi Ventures is a unit of global financial services company Citigroup. The Citi Ventures team partners with Citi businesses internally and with leading companies externally to identify, invest in, develop, and commercialize the highest new growth opportunities around the world that directly support Citi’s global business strategy. For more information visit ventures.citi.com.

About Felicis Ventures:

Founded in 2006 by Aydin Senkut, Felicis Ventures is a super angel fund backed by institutional as well as high profile individual investors. It is focused on supporting the best and brightest technology entrepreneurs with capital, mentorship and connections. Felicis Ventures’ portfolio is comprised of innovative mobile and consumer Internet companies including Brightroll, Bump, Crowdflower, Erply, Imageshack, Meraki, Milo, Posterous, Rapleaf and Richrelevance. Recent exits include Aardvark (acquired by Google), GeoAPI (acquired by Twitter), Mint (acquired by Intuit), Mob.ly (acquired by Groupon), Mochi Media (acquired by Shanda Games), Plusmo (acquired by AT&T), Powerset (acquired by Microsoft) and Tapulous (acquired by Disney). For more information, visit http://www.felicisvc.com/.

About Redpoint Ventures

Redpoint Ventures focuses on creating franchise and platform companies for the next generation and broadband Internet, currently focused on communications infrastructure and Enterprise infrastructure software. Redpoint was founded in the fall of 1999 by three partners each from Brentwood Venture Capital and Institutional Venture Partners (IVP), two of the top ten Silicon Valley venture firms. http://www.redpoint.com/

Business application platform company K2 raises over $100 million in funding

K2
K2 has received over $100 million in funding from Francisco Partners. Based in Bellevue, Washington, K2 is an industry leader in business application platforms. More details below:

PRESS RELEASE

SEATTLE, WA–(Marketwired – Feb 18, 2015) – K2, an industry leader in business application platforms and solutions, today announced it has agreed to accept a strategic investment from Francisco Partners, a leading global private equity firm focused on the technology sector, to support investment in K2’s go-to-market initiatives and product innovation. The funding will enable K2 to further its vision of empowering its customers to optimize their business processes and seamlessly build and run their own unique business applications on premises and in the cloud. The transaction is expected to close during the first quarter of 2015.

“This investment marks a significant milestone for K2 and is a validation of our success and growth as we enter the era of Build Your Own Applications (BYOA),” said Adriaan van Wyk, co-founder and CEO of K2. “BYOA is led by a new generation of end users who are increasingly self-sufficient and entrepreneurial around the technologies they use to solve business problems. We are pleased to have Francisco Partners on our team to help us fully capitalize on the significant opportunity for K2 in a BYOA world.”

Headquartered in Bellevue, Washington, K2 was founded by CEO Adriaan van Wyk and SVP of Product Development Olaf Wagner and today supports over one and a half million users across 1,400 customers in 80 countries. K2’s growing customer list includes Fortune 500 companies Shell, Kimberly Clark, PPG, and Microsoft. K2 was recently named by Puget Sound Business Journal as one of the top cloud computing companies in 2015.

“K2 has solidly positioned itself as an innovator in providing market leading low-code/no-code solutions for rapid development and deployment of business applications across all devices,” said Brian Decker, Principal at Francisco Partners. “We are thrilled to be working with the K2 team to extend this leadership position and expand their roster of happy customers.”

“The proliferation of mobile devices and rise of cloud applications has raised the bar for IT departments globally. K2 is helping leading enterprises worldwide rise to this challenge by enabling seamless application development,” said David Golob, Partner at Francisco Partners. “Adriaan and the K2 management team have innovated relentlessly, and we look forward to partnering with them in the next phase of the Company’s growth.”

Jefferies LLC is serving as exclusive financial advisor to K2 in connection with the transaction, and Sheppard, Mullin, Richter & Hampton LLP is serving as legal advisor.

For more information, please visit www.k2.com

Coffee Meets Bagel raises $7.8 million

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Coffee Meets Bagel is a dating app that has raised $7.8 million in Series A funding. DCM Ventures led this round of funding with participation from Quest Ventures, Azure Capital, Lightbank, WI Harper Group and Venture Lounge. More details below:

PRESS RELEASE

SAN FRANCISCO, Feb. 18, 2015 /PRNewswire/ — Coffee Meets Bagel, the social dating app that promises one quality match a day, announced today that it has closed $7.8 million in Series A funding to accelerate its already impressive growth, further expand to new geographies and significantly grow the team. The investment was led by existing investor DCM Ventures with participation from Quest Ventures and Azure Capital. Previous investors include Lightbank, Match.com founder Peng T. Ong, WI Harper Group and Venture Lounge. As part of the financing, Osuke Honda will join Coffee Meets Bagel’s board of directors.

Founded by three sisters in their 20s, Coffee Meets Bagel differentiates itself from other dating apps with quality over quantity. Members receive one match per day or “Bagel,” carefully curated by Coffee Meets Bagel’s proprietary algorithm. Users have 24 hours to respond with a LIKE or a PASS. A mutual LIKE by two members leads to a private chat line that expires in seven days.

“This focus on quality and safety is what draws a lot of women to Coffee Meets Bagel,” says Arum Kang, CEO and co-founder. “The online dating industry has always had difficulty attracting and retaining women. The typical gender ratio in a given dating app is 65 to 35 – men to women. The key to winning this market and expanding the size of the pie is winning over women and we have figured that out at Coffee Meets Bagel.”

The financing comes on the heels of the company’s much anticipated Android app release. Then, shortly afterwards, the founding team appeared on Shark Tank only to turn down Mark Cuban’s $30 million acquisition offer. This was the largest offer ever for a company on Shark Tank. Coffee Meets Bagel also recently announced new insight integration with Jawbone UP, where Coffee Meets Bagel provides the single members of Jawbone UP community with fun insights and tips on fitness and dating.

“We are incredibly excited to lead this round of financing and believe that Coffee Meets Bagel is a definitive leader in this space,” said Osuke Honda, General Partner at DCM Ventures. “Mobile is rapidly changing the way people meet, interact, and date. Coffee Meets Bagel has created a differentiated product with outstanding brand recognition and the team has done an incredible job of designing a high quality user experience.”

About Coffee Meets Bagel

Coffee Meets Bagel is the only dating service that women love to use! Every day at noon, we curate one best match who is a friend of a friend. Members have 24 hours to review their profile information and choose to LIKE or PASS on the match. Mutual LIKE leads to a private chat line that expires in 7 days. It’s designed for busy singles who want to find real relationships with little or no effort. Visit https://coffeemeetsbagel.com for more info.