July Update from Jurassic
Hello,
We hope you and your family had a wonderful July 4th holiday and continue to be well. At Jurassic, we find ourselves busier than ever and wanted to share some our most recent updates on the market and our portfolio companies.
We continue to see promising activity in the Triangle and the broader Southeast, supported by a few high profile exits in recent months.
Growth equity continues to rise in popularity, with renewed momentum coming out of the pandemic and potential changes in capital gains tax treatment creating a sense of urgency. According to Pitchbook's most recent benchmarks, the Growth/Expansion category of private equity had the highest IRR of any investing strategy in 2020 and also collectively over the last 15 years.
Accordingly, we're watching closely as the software growth equity market is getting so competitive at $10M of ARR that those firms are now starting to go down closer to a $5M minimum to gain an advantage. We believe this plays well into our strategy and provides many opportunities for our portfolio companies.
As a reminder, we do minority and majority growth equity investments in B2B software companies with at least $1M in ARR. Read more about our focus.
Our portfolio companies had a great Q2, with many exciting updates below.
We look forward to hearing from you and hopefully seeing you soon.
Best wishes,
Kevin and Joe
Portfolio and Other Updates
Corevist (B2B eCommerce Platform) had a record Q2 in Sales, finishing out a strong first half of 2021, surpassing their targets. In Q2, the company launched New Corevist Commerce, their largest product release in years, adding loads of functionality and a more modern UX and architecture to help manufacturers grow and sell even more. Check out open roles!
Performance Culture (HR Performance Management Software) had a first half of 2021 (their first 6 months with Jurassic!) full of transition and growth, both on the Sales side, as well as the creation of their first SLT under a newly promoted CEO. This led to a new Head of Customer Success in Q2 and they are currently hiring for a Head of Sales!
AddShoppers (B2C MarTech) had a record 2020, capitalizing on the B2C eCommerce market accelerating significantly during the pandemic. With all the momentum, after a few small acquisitions, they launched Minty, a digital shopping companion to help consumers save even more than they already do through the AddShoppers network. They are hiring like crazy and can use referrals!
Continuing on our mission to help regional tech founders, Kevin is currently recording season 2 of Exit Stories through Grepbeat. Featuring regional tech founders, buyers, and sellers (and all those in between) to tell their stories about raising capital and selling their startups, you can catch up on Season 1 here or on your favorite podcast service before new episodes drop in Q3!
