Chris DeVore
Pack Ventures partners with University of Washington, raises $30M fund to back UW founders
Pack Ventures, an independent VC fund, has formalized a partnership with the University of Washington and CoMotion to support UW-affiliated startups, launch its second fund, and is raising $30 million with over 50 investors so far. Founder Ken Horenstein says the fund will lower investment barriers for alumni, attract faculty and students, boost philanthropy, and he has pledged up to 2% of his personal proceeds to the UW.
BONUS: Seattle after Techstars, with guest Chris DeVore
Entrepreneur and investor Chris DeVore had an inside view of Techstars Seattle as one of the original leaders of the local startup accelerator in 2010, serving as its managing director from 2014 to 2019. His Feb. 21 post "What went wrong at Techstars," looked closely at the organization's evolution — including its increased focus on corporate sponsorships and shift to centralized fundraising — as the backdrop for the news last week that Techstars is closing its Seattle accelerator as part of a broader reset. So where should Seattle's tech community go from here? And what role do startup accelerators serve…
Pack Ventures launches Seattle syndicate to back UW-linked startups, pledges 10% of future profits to University of Washington
Pack Ventures, a new early-stage Seattle VC, will invest $100K–$200K checks in startups tied to the University of Washington and has already backed five companies including Jeeva Wireless, Talus.bio and Monod Bio; the firm will return 10% of individual future profits to UW. The syndicate includes more than 35 founding investors from the Seattle VC and entrepreneur community and will target AI, robotics, computational biology, enterprise software and other high-growth areas.
Founders Co-op General Partner Aviel Ginzburg Discusses NFTs, Web3, Metaverse and Startup Investing on GeekWire Podcast
GeekWire Podcast interviews Aviel Ginzburg, general partner at Seattle seed fund Founders Co-op, about pandemic-era networking, NFTs, crypto, Web3, the Metaverse, and how his firm differentiates in a crowded funding market.
NFTs, Metaverse, Web3, and new realities of startup investing, with Founders Co-op’s Aviel Ginzburg
So much of what happens in the startup world comes from serendipitous moments, random interactions that lead to fresh insights and new collaborations. And so much of that has traditionally happened at events, meetups, coffee meetings, and other in-person gatherings. Two years into the pandemic and remote work, what are the implications? That's our first topic on this episode of the GeekWire Podcast, with entrepreneur, software engineer and investor Aviel Ginzburg, general partner at Seattle-based seed-stage venture fund Founders Co-op. The former Techstars Managing Director for Amazon's Alexa Accelerator, Ginzburg was co-founder of social analytics platform Simply Measured, acquired by…
Remitly prices IPO at $43, values company near $7B and raises $300M+ as shares debut on NASDAQ
Remitly, a 10-year-old mobile remittance company, priced its IPO at $43 per share valuing the firm near $7 billion and raised over $300 million in net proceeds as it began trading on NASDAQ; shares opened at $53 and closed at $48.45 on debut. CEO Matt Oppenheimer framed the IPO as a step in the company’s mission to simplify cross-border money transfers for immigrants and their families.
Techstars Seattle 2011 cohort produced three unicorns (30% rate), making it arguably the accelerator world's most successful class
Techstars Seattle’s 2011 accelerator cohort produced three unicorns — a 30% unicorn-rate — making it likely the most successful accelerator class ever, despite founders facing near-death challenges and a low representation of women among its ten startups.
'They proved me wrong.' Investor who passed on Seattle startup analyzes its IPO
Jason Stoffer was still early in his career at venture capital firm Maveron in 2012 when he declined an opportunity to invest in Remitly, then a fledgling Seattle startup with ambitions to challenge Western Union by bringing a tech mindset to the business of international money transfers. He was impressed by Remitly co-founders Matt Oppenheimer and Josh Hug but knew they faced a huge challenge in getting the state-by-state regulatory approval required to make monetary remittances to what was then their initial international market, the Philippines. "It felt like the end vision was powerful — if they can get there,"…
LevelTen Energy raises $35M Series C led by NGP Energy Capital with Google participating, total funding $62.3M
Seattle-based LevelTen Energy raised $35 million in a Series C led by NGP Energy Capital with participation from Google, bringing total funding to $62.3 million as demand for renewable power and related marketplaces grows. The company operates marketplaces for power purchase agreements, physical project transactions, and tracking renewable energy agreements, and says it has facilitated over $5 billion in transactions.
Founders’ Co-op’s Chris DeVore skips Auth0 seed due to competing investment, joins 2015 Series A and profits from Okta’s $6.5B acquisition
Seattle VC Chris DeVore of Founders’ Co-op missed Auth0’s 2014 seed because the firm already backed competitor Meldium, which was acquired in 2014 for $15 million; after that exit he joined Auth0’s $6.9M Series A in 2015 and saw the company acquired by Okta for $6.5B. DeVore says avoiding portfolio overlap is key and expresses gratitude to Auth0’s founders for allowing Founders’ Co-op to participate.
Founders’ Co-op raises $50M fifth fund to back 20–25 Pacific Northwest early-stage startups
Seattle venture firm Founders’ Co-op raised a $50 million fifth fund, its largest to date, to invest in 20–25 early-stage startups across the Pacific Northwest. The larger fund reflects growing deal sizes and outside LP interest as the region sees record startup funding and more unicorns.
Outreach co-founders Wes Hather and Gordon Hempton leave to found stealth remote-work startup after Outreach raises $50M
Outreach co-founders Wes Hather and Gordon Hempton have left the Seattle sales-software unicorn and are collaborating on a stealthy remote-work startup; Hempton departed in October and Hather left earlier this year while Manny Medina remains CEO. Both founders are prototyping the new product and proving product-market fit, and Outreach recently raised $50 million.
Bateau raises $1.5M pre-seed led by Founder’s Co-op to scale safety and compliance software
Seattle startup Bateau raised $1.5 million in a pre-seed round led by Founder’s Co-op to sell safety and compliance software for multi-location businesses, with initial focus shifting to senior living during the COVID-19 pandemic. Co-founders Paul Jarvis (ex-Palantir) and Henry Hutcheson (ex-FullStory/Amperity) launched the year-old company in June and currently have one additional employee.
