Firm Continues Active Investment Pace and Announces Exit of a Portfolio
SAN DIEGO--(BUSINESS WIRE)--
Correlation Ventures, the venture capital industry’s leading co-investor
and predictive analytics pioneer, announced today that it added eight
new portfolio companies during the second quarter of 2014. Correlation
invested a record amount of capital in new portfolio companies during
the quarter, bringing the total number of portfolio companies it has
funded to 88.
In addition, one of Correlation’s portfolio companies, InstaEDU, a
fast-growing provider of online tutoring services, was acquired by Chegg
(NASDAQ: CHGG). Correlation invested in the company in 2013 alongside
outside investor, Battery Ventures, and existing investors including
Correlation’s eight new investments during the second quarter represent
diverse stages – from seed rounds through late stage financings – and
sectors. Industry sectors included biotechnology, database software,
medical devices, social media and technology-enabled business services.
Co-investors in new portfolio investments during the quarter included
such firms as Avalon Ventures, Emergence Capital, First Round Capital,
Frazier Healthcare, InterWest Partners, Lerer Ventures, Mohr Davidow
Ventures, RRE Ventures, SoftTech VC and Venrock.
One of Correlation’s new investments during the quarter was VigLink (www.viglink.com),
the platform on which site-to-site clicks are priced, bought and sold.
“Correlation is a great way to add capital to a round quickly,” said
Oliver Roup, CEO of VigLink. “Josh Kopelman from First Round Capital,
one of our existing investors, introduced us to the Correlation team.
They were exactly as advertised and completely pain free. They provided
a decision in six days, and their analytics allowed them to make a
decision efficiently without repeating the diligence of the outside VC
leading the round. They closed alongside RRE, who led the round, a
couple of weeks later. We look forward to a great working partnership.”
ABOUT CORRELATION VENTURES
Correlation Ventures, a $166 million venture capital fund, leverages
world-class analytics to offer entrepreneurs and other venture
capitalists a dramatically better option when they are seeking
additional co-investment capital to complete a financing round. The firm
makes investment decisions in two weeks or less and offers reliability
and transparency about reserves and its intentions to follow in future
financings. Correlation Ventures invests across all industry segments,
U.S. geographies and investment stages – from seed through late stage.
The fund's current portfolio includes companies such as AirXpanders,
Aldea Pharmaceuticals, AlienVault, Apsalar, CareWell Urgent Care,
Crossbar, edo interactive, Galera Therapeutics, Gild, Good Eggs, Ioxus,
MOGL, Pley, Retrofit, RQx Pharmaceuticals, SideCar, Telly and Urjanet.
Correlation Ventures has offices in Palo Alto and San Diego, CA. For
more information, visit http://www.correlationvc.com
The Townsend Team
Elizabeth Brown, 619-993-4648
Source: Correlation Ventures