We’re thrilled to report that Better Ventures portfolio company KETOS, a provider of water intelligence solutions, closed a $9 million Series A round led by Energy Innovation. We invested in the Company’s seed round over a year ago and participated in the Series A along with existing investor Rethink Impact. KETOS combines innovative hardware with sophisticated software to revolutionize water safety and infrastructure management with continuous, real-time, cloud-based monitoring and analytics. They are the first and only company in the industry to provide real-time water quality monitoring of multiple contaminants within a single system at lab-precision levels while being fully automated and at a dramatically lower cost than other providers.Read More
With the launch of our third fund earlier this fall, we’ve been active on the deal front and recently closed our first two investments in Ride Report and Unnatural Products. Portland-based Ride Report is ushering in a more sustainable and equitable urban transportation future by helping cities better manage the myriad micro-mobility solutions now available, from dockless bikes to stand-up electric scooters. Santa Cruz-based Unnatural Products, a computational drug discovery platform focused on macrocycles, which have the potential to treat the 80% of drug targets for which there are currently no therapeutic strategies.Read More
We’re thrilled to announce that we’ve launched Better Ventures Fund III and have made two investments out of the new fund, which we’ll announce soon (one in urban micro-mobility and the other in bioinformatics). Our first close in August was anchored by two well known institutional investors along with a family office and a number of other returning investors from Fund II. We’re now more than halfway to our $35M fund target with a robust pipeline of investor interest for our upcoming final close. We’re on the hunt for 20+ mission-driven technology companies to add to the portfolio, so please don’t hesitate to reach out if you have a deal to share. We’re particularly interested in startups focused on the future of work, health informatics, clean meat/plant-based foods, and smart cities.Read More
BookNook takes a proven model of small group learning to scale with the added support of a technology platform. Thousands of books along with personalized interfaces for both the facilitator and student enable a scalable and fast-paced growth trajectory for the seed-stage company.Read More
We’re thrilled to announce our investment in BookNook, an Oakland, CA-based edtech startup tackling the early learning crisis with small-group learning. We co-led BookNook’s $2M seed round with the Urban Innovation Fund. BookNook has made significant progress since we invested in their pre-seed round over one and half years ago; from 10 schools to over 100, approaching $1M in ARR, and impressive impact metrics, we view BookNook as becoming the de facto platform for small group learning in schools across the country.Read More
We’re excited to announce our investment in MyVyllage, a startup that is re-imagining childcare and early childhood development in the US. We led the company’s $1.2M pre-seed round, which included investments from Acumen America, Gary Investments, Jasmine Social, and several angels. At a time when quality childcare is in short supply and out of reach for so many Americans, MyVyllage is building a national network of in-home childcare providers from the ground up, with an emphasis on community, quality, and affordability. The company is tapping into the expertise of existing providers to recruit and train new providers, building out supply in the market while offering a pathway to gainful employment.Read More
We’re thrilled to announce our investment in Agathos, a San Francisco, CA-based company improving outcomes by empowering doctors with customized clinical insights. We invested in the company’s $XM seed round, which was led by . Agathos is reducing variation in treatment and reducing costs for patients by building a powerful dataset for physicians, transforming actions into outcomes. Agathos associates outcomes to the care of individual providers, incentivizing doctors to improve their performance while being appropriately risk-adjusted on the back-end so that comparisons can be made across clinical contexts. Within six months of using Agathos, hospitals are seeing a 7% decrease in length of stay, and are queued up to stay ahead of reimbursement trends, reduce costs, and improve outcomes.Read More
We are thrilled to announce the newest member of the Better Ventures family, TheTownKitchen, an Oakland-based startup delivering healthy lunches for businesses and upward social mobility for at-risk youth. We participated in TheTownKitchen's $1M seed round, which was led by Urban Innovation Fund, giving a boost to TheTownKitchen's meal service capacity and local impact.
The Apostrophe founding team brings a powerful combination of passion for changing healthcare and functional expertise – CEO Cheryl Kellond specializes in product management and launching new products, COO Julia Hutchins is an experienced healthcare executive who scaled a health plan in her prior role, and Kathy Keating is a seasoned technology executive and software engineer specializing in data and payment centric businesses. They are the epitome of what we look for in a mature, complete, mission-driven team. Together, this founding team has curated innovative best practices into a plug-n-play health plan that any self-insured employer can adopt, building healthier businesses, communities, and of course, people.Read More
We’d like to officially welcome the newest addition to the Better Ventures family: BookNook, an Oakland, CA-based edtech startup that provides tablet-based in-person and virtual literacy instruction for K-12 students. We invested $275k in the company’s $1M seed round, alongside Reach Capital, Urban Innovation Fund, and Impact Engine. BookNook is addressing the educational divide in our country by building a robust solution to improve literacy skills, a fundamental building block upon which all other learning is dependent. BookNook is being used by all types of schools around the country (40 schools already signed up, and counting), but is particularly focused on students who are struggling with reading at underperforming Title 1 schools. And it just works: as the chart below demonstrates, 100% of students in a recent pilot demonstrated growth, while 86% of students advanced more than five months in reading after just two months of using BookNook.Read More
We are thrilled to announce our $400,000 seed investment in Fluid Financial, an Oakland, CA-based fintech startup that helps small businesses and freelancers get paid on time. Our investment was part of Fluid's $1M seed round, which closed late last summer and was led by Santa Monica-based Mucker Capital. Fluid fits nicely within our "future of work" investment theme and solves a big pain point for the freelancer economy, which is getting paid promptly and reliably.
We are thrilled to announce our pre-seed investment in Werk, a New York-based startup that is building a marketplace of flexible work opportunities for women. The company raised $1M in the round with participation from seed-stage venture firms Precursor Ventures, Montage Ventures, Halogen Ventures, and Social Starts. Werk will use the capital to build out the product offering and grow their pool of job seekers within their membership-based model. The company fits nicely within our Opportunity investment theme (sub-theme: Future of Work), and we are bullish on their ability to unlock the immense latent potential of retaining more women in the workforce.
In other news, we are excited to report that we held a final close on Better Ventures Fund II just before the holidays! We finished up the raise with total commitments of $21M and brought on Prudential as a new institutional investor. TechCrunch covered the closing today. We've been busy putting that capital to work, as Werk represents our 11th investment in the fund, with two more deals on the docket we'll be announcing soon. As we look to augment our capacity to sustain the growth of our portfolio, we're hiring an Operations and Community Manager, and we'd love your help in identifying candidates. You can view the posting here, and please note that we're asking applicants to apply via a referral to one of us.Read More
Better Ventures, an Oakland, CA-based venture firm that backs entrepreneurs building a better world, is hiring an Operations and Community Manager. We recently closed a $21M second fund, and we are adding an integral team member to support the growth of our portfolio and increase our capacity to service our portfolio companies. First and foremost, this position is responsible for the operational aspects of our investing and portfolio management activities including managing and tracking new investment opportunities, organizing due diligence and drafting deal memos, investor reporting, interfacing with bookkeepers and auditors, calendaring and contact management, and any other administrative tasks necessary to keep our engines running. Secondarily, the position also includes community-facing responsibilities such as event planning and logistics for our PreSeed startup support and deal-sourcing platform, building community within our founder network, social media and PR, and managing our website content. The Operations and Community Manager will work directly with the two managing directors of Better Ventures and with our portfolio company founders.Read More
We are excited to announce our $250,000 seed investment in Iris Plans, an Austin, TX-based digital health startup that provides Advance Care Planning (ACP) solutions for patients facing serious chronic illness. Iris Plans uses a telehealth platform with secure video conferencing and decision support tools to enable patients and their families to better plan for and navigate their critical treatment decisions in a complex healthcare system. The company is building a B2B model through which it works with health insurers and healthcare providers to reduce unnecessary utilization by 25%, employing proprietary algorithms that identify patients who will most benefit from ACP. Iris Plans is finalizing partnership agreements with a variety of partners and will use the proceeds from the round to build out the platform and launch with new customers this fall. More on the announcement here.Read More
We are thrilled to report that Better Ventures portfolio company LeadGenius closed a $10M Series B round last week, led by Lumia Capital. We participated in the round along with Javelin Venture Partners and existing investors Sierra Ventures, Kapor Capital, Bee Partners, Y Combinator and others. This round brings their total financing to date to $20M. You can read more about the announcement here.
LeadGenius, which was one of our first investments out of Fund I in 2011, is a Berkeley-based enterprise SaaS company that provides lead generation and qualification, leveraging both software and a platform of freelancer workers in the US and around the world. The company has strong intentionality around creating digital work opportunities for underemployed workers and to date has created 500 well-paying jobs, primarily for women and younger workers, in 40 different countries.
We are pleased to announce our seed investment in NextRequest, a San Francisco-based "govtech" startup that provides modern, robust, and user-friendly Freedom of Information Act (FOIA) and public records processing software to local government agencies around the US. NextRequest is bringing government into the 21st century by streamlining the process of requesting information - saving time and money - and dramatically improving public access to government records. Govtech has been described as a "$400B market hiding in plain sight" and the industry is poised for breakout growth due in part to increased adoption of cloud computing by government agencies and an influx of younger tech-savvy workers into the sector.
When we created Better Ventures PreSeed to help catalyze the social entrepreneurship community in Oakland, we couldn't have hoped for a better speaker than legendary investor and philanthropist Mitch Kapor.
Simply put, Mitch and his wife Freada -- along with Kapor Capital and Kapor Center -- are giants in the field of impact investing and philanthropy, and they are paving the way for so many others, including Better Ventures. They are a veritable force of nature in Oakland as philanthropists and investors.
As such, it was an honor and a pleasure to have a good, long chat with Mitch at Impact Hub Oakland to hear all about his work, how he got to where he is, his views on Oakland and diversity in tech and where he and the Kapor empire is headed.
As it turns out, Mitch may possibly be the most entertaining and quotable speaker in impact investing, so please indulge us while we provide more quotes here than we normally would. Here are just a few of the most noteworthy nuggets of wisdom in our talk. The full video is below or you can watch it among our other past events in our Video Archive.Read More
We are pleased to announce our seed investment in Localwise, a Berkeley-based startup that connects local businesses with local workers. The company is building a technology-driven employment marketplace that is based on trust, which is a missing component in many of the leading jobs platforms including Craiglist. Localwise's DNA is local, and they are combining their local focus with social features such as employee references to build a better jobs platform that is a delight to use and results in better hiring outcomes. The company offers tiered pricing models for employers depending on size and hiring needs. Better Ventures led Localwise's seed round, with participation from Bee Partners and a number of angel investors.
SunFunder (BVFI and BVFII portfolio company) had a banner year during 2015, raising $17M in equity and debt capital. In December, the company closed a $3.8M Series B round led by Treehouse Investments with participation from Better Ventures and other existing investors including Kholsa Impact, Schneider Electric, and Radicle Capital. The company will use the capital to continue to grow the team, expand into new geographies and solar project segments, and further build out their risk-mitigation technology platform. SunFunder also closed out the year with $13M in Solar Notes raised, which will be used to provide working capital, structured finance, and project finance loans to off-grid solar in the developing world. Backers of the Solar Notes include Iberdrola, Deutsche Bank, Ceniarth, the Packard Foundation, and Calvert, among many others.Read More
We are thrilled to announce that Better Ventures Fund II portfolio company UtilityAPI has been selected to receive a $760,000 grant from the US Department of Energy's SunShot Initiative. The program, which was designed to address the challenges to ubiquitous, affordable solar energy deployment, is highly competitive with hundreds of companies applying for a small number of funding slots. The capital will be used by UtilityAPI to build more data connections to utilities and further expand the geographical footprint of the company's API service. With the Paris climate talks in full swing, a big emphasis is on technologies such as UtilityAPI to drive adoption of renewable energy and ween our planet from fossil fuels.Read More