Exciting Array Ventures Updates, Exits, Jobs, and Links
Q3 enterprise numbers, trends, new deals, numbers, and lots more!
Array Ventures (website) invests $1M checks in pre-seed stage B2B companies. We invest across the enterprise stack with our thesis of Intelligent Enterprise. Connect with us if you are thinking of starting an enterprise software company. We are still looking to invest in 2-3 companies before end of 2021!
Congrats to 2 of our portfolio companies on their acquisition by Generac (Tank Utility) and Classy (Lennd). Within the last 5 years we have had 8 exits and invested in a total of 58 companies between 2 funds. 5 of those exits have been in the last year! We have returned 31% of our 1st fund which launched in 2016 and feel proud of our accomplishments.
Happy Fall!! 🍂 🍁 - There is an easter egg 🥚🐇 in this newsletter 📰! See if you can find it.
Job Opportunities at Array Ventures:
We are looking to bring on a Principal and Head of Community and/or a Chief of Staff onto our team. As you can tell from the updates above Array is growing along with our portfolio and the new team member will allow us to take our ambitions to the next level.
Check out what Shruti shares with Kia Kokalitcheva on Axios about Enterprise software's reawakening.
Shruti shares her investor perspective on managing a tech startup during covid at Mozart Data's first conference called Symphony No. 1.
Shruti puts together a list of Megatron Investors that invest in startups valued over $1B+.
Here is another podcast where Shruti shares her thoughts on how to network and build a career in VC.
Shruti shares her thoughts with SVB on Amplifying Performance with Diversity in VC.
Welcome New Investments to the Array Family:
Hermis - Enabling virtual employee engagement
DevOpsNow - Fully configured DevOps tools deployable in minutes to run on any public or private cloud
Stealth - Customer support platform
Portfolio Notable Follow-on Rounds:
Our companies have also been busy with some good follow-on raises. We have been an investor since their first ever raise in all these companies.
Solugen - $350M Series C led by Singapore GIC
Almanac - $34M Series A led by Tiger Global
Openprise - $16M Series A led by Susquehanna
Blumira - $10M Series A led by Mercury Fund
Blendid - $2M crowdfunding raise bringing total raise to $20m
Job Opportunities at our 58 Portfolio Companies:
Our companies are hiring and looking for Engineers (leads and IC’s), Sales, Customer Success, and more globally including many remote openings. Check out all the listings here.
Enterprise in Motion:
If you ever needed reassurance on the viability of enterprise products then check out these things that happened in enterprise this quarter:
13 enterprise companies IPO’ed in Q3 with a collective $86 billion dollars in valuation at their time of IPO. Overall Enterprise software represents nearly $530 billion, growing 9.1% from the previous year. In Q3 the general market saw a 3% gain compared to BVP’s Cloud index that had an 8% return. Public enterprise companies are growing and continue to show the value enterprise businesses provide to their customers with the avg. revenue growth rate of 32%.
Other Updates from around the web:
4 things VC's get wrong about investing in AI (but Array doesn't)
While the use of APIs is growing so is the security risk. Web application attacks tripled in 2021 and 88.72% of the attacks used common API vulnerabilities.
Two Chinese streamers sold about $3B worth of goods in a half-day livestream.
Using deepfake-like tech and location-based services Cadbury worked with one of the highest paid celebrity Shahrukh Khan to create a personalized ad for each viewer!
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