What We're Reading

As an addendum to my comments on VCs’ responsibility to encourage diversity on boards a few weeks back, here’s a recent piece from Fred Wilson’s well-known blog AVC on the same topic.

Tomasz Tunguz, famed VC at Redpoint, breaks down the results of the most recent Redpoint GTM Survey, which provides valuable benchmarks for sales team structure, performance by sales function, marketing spend benchmarks, and customer success priorities. It’s a great way to perform a quick reality check on how you’re structuring your company’s go-to-market processes.

In a recent interview with TechCrunch, Tim O’Reilly made the case for VC “doing more harm than good.” I don’t agree with all of his points, but his general indictment of the way business has been done in Silicon Valley for the past two decades is pretty persuasive. 

In these times when nothing feels “normal,” one favorite American pastime is alive and well: the drive-in theater. 

Deals

Denver-based DispatchHealth – an in-home acute health care platform – raised $135.8M led by OptumVentures; other investors included Alta Partners, Questa Capital, Echo Health Ventures, Oak HC/FT, and Humana.

Tucson-based TuSimple – a self-driving truck developer – is raising $250M.

Chicago-based The Mom Project – an online talent marketplace for women reentering the workforce – raised $25M led by 7CG led; other investors included Citi Ventures, Synchrony Financial, SVB, High Alpha, Initialized Capital, Grotech Ventures, OCA, Aspect Ventures, Wintrust Financial, Irish Angels, and Engage VC. 

Chicago-based Aclamaint – a safety and risk management workflow platform – raised $10M led by Mercury Fund.

Atlanta-based Layr – an insurtech startup building better customized commercial insurance for SMBs – raised $5M led by Sandbox Insurtech Ventures; other investors included Flyover Capital, Maschmeyer Group Ventures, and Lloyd’s of London.

Dallas-based Trivie – an adaptive workforce training and knowledge retention app – raised $5M led by Cottonwood Venture Partners.

Dallas-based Work Shield – a harassment and discrimination reporting platform – raised $4M led by Hoak & Co.

Indianapolis-based Pattern89 – a digital ad performance optimization startup – raised $2M from investors including Break Trail Ventures, Elevate Ventures, F&M Investments, High Alpha Capital, and Vitalize.

Austin-based Riders Share – a motorcycle rideshare platform – raised $2M led by LiveOak Venture Partners.

Austin-based Hoss – an API monitoring and management platform – raised $1.6M from investors including Y Combinator, Funders Club, Soma Capital, Liquid 2 Ventures, Abstraction Capital, Lombard Street Ventures, Shipyard Capital, and VentureSouq.

Houston-based SecurityGate.io – a cybersecurity platform for operational technology and industrial control systems – raised an undisclosed amount led by Houston Ventures.

Austin-based Outdoor Voices – a D2C activewear brand – raised an undisclosed amount led by NaHCO3, the investment management platform of fashion and retail entrepreneur Ashley Merrill, who will also join the company’s board as Chairwoman.

Funds

Columbus-based Scotts Miracle-Gro – the lawncare and fertilizer giant – launched a $50M corporate venture arm called 1868 Ventures.

Cincinnati-based Lightship Capital – an early-stage impact venture investor – is raising a $50M fund ($20M of which is committed) to invest in minority-led startups in the Midwest.

Atlanta-based Tech Square Ventures – an early-stage venture investor – raised ~$26M for its second fund.

Minneapolis-based The Syndicate Fund – an early-stage venture investor focused in and around Minnesota – has restructured as Bread and Butter VC.

Exits & Acquisitions

Denver-based Homebot – a mortgage lending and real estate software platform to support repeat business – was acquired by ASG.