October 31, 2013
Correlation Ventures Funds Record Number of New Portfolio Companies in Q3 2013
11 New Companies Across Diverse Stages and Sectors Join Innovative VC firm’s Portfolio
San Diego – Oct. 31, 2013 – Correlation Ventures, the venture capital industry's predictive analytics pioneer, announced today that its third quarter 2013 results set a firm record for additions to its portfolio. With 11 new portfolio companies added during the quarter, Correlation increased its portfolio size to 63 companies. Investments were made across a wide range of sectors and stages, helping to further diversify the Correlation portfolio.
The 11 new portfolio companies include AlienVault, Apsalar, Bluevine Capital, InstaEDU, Ioxus, Personal Capital, Zypsee and more. This group features companies across all major funding stages in nearly equal representation: Seed (three companies), Series A (three companies), Series B (two companies), and Series C or later (three companies). The sectors represented are equally diverse, with new investments made in Q3 in security, financial services, consumer technology and energy. Co-investors in the new portfolio companies vary in size and focus; examples include Avalon Ventures, Battery Ventures, Braemar Energy Ventures, DCM, First Round Capital, GGV Capital, Kleiner Perkins, Lightspeed Venture Partners, NEA and Venrock.
"We expect this rate of investment activity to continue for the foreseeable future,” said David Coats, Managing Director of Correlation Ventures. "We are actively seeking co-investments in all sectors: IT, consumer/business services, life science and energy. We consider each stage equally, from seed stage to growth equity – in fact, we’ve made 29 seed investments to date.”
Correlation's model emphasizes speed for entrepreneurs, consistently delivering investment decisions in two weeks or less. This process, along with Correlation's commitment to transparency and reliability, has ensured a strong level of entrepreneur confidence and trust. The result is a simpler investment process that enables entrepreneurs to spend less time on fundraising and more on what's really important – building their businesses.
"Correlation Ventures was extremely straightforward to work with when we were closing out our series A," says Alison Johnston Rue, CEO of InstaEDU. "It was great to be able to focus our energy on continuing to build an awesome experience for our students and tutors." InstaEDU is a marketplace for online tutoring; the site makes it super simple for any student to instantly receive personal academic support at any time.
Correlation expects to be actively adding new investments to this fund’s portfolio over the next several years, reaching at least 100 portfolio companies. Further information about Correlation’s current portfolio and its unique value proposition for entrepreneurs and lead investors is available at http://www.correlationvc.com and @correlationvc.
ABOUT CORRELATION VENTURES
Correlation Ventures, a $165 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, Bunchball, CareWell Urgent Care, Crossbar, edo Interactive, Gild, Mirna Therapeutics, Proximal Data, RQx Pharmaceuticals, Sookasa, SAY Media, Telly and Urjanet. Correlation Ventures has offices in Palo Alto and San Diego, CA. For more information, visit http://www.correlationvc.com and @correlationvc.