January 29, 2014
SAN DIEGO – Jan. 29, 2014 – Correlation Ventures, the venture capital industry’s predictive analytics pioneer, today announces its 2013 year-end investment total, which featured 32 new portfolio companies, eight alone during the fourth quarter. The number was six more than the total the firm added in 2012.
"2013 was our most active investment year yet, and as we begin 2014, we're thrilled with the deal flow we’re seeing from our VC peers, top management teams and others in the ecosystem," said Correlation Ventures Managing Director, Trevor Kienzle, who leads the firm’s Palo Alto, CA office. "Our expectation is to bring our portfolio to more than 100 companies. With significant capital still available for new portfolio investments, we’re looking forward to backing more great management teams in 2014."
Correlation’s 32 new investments in 2013 represented six diverse sectors, including consumer products and services (11 investments), energy (1), financial services (4), medical devices (2), software (7) and tech-enabled business services (7). The new investments were also diverse by stage, including seed stage (10 investments), Series A (13), Series B (5) and Series C/later (4).
Correlation invested alongside a variety of VC firms in 2013 including: Accel Partners, Andreessen Horowitz, Avalon Ventures, Baseline Ventures, Battery Ventures, Braemar Energy Ventures, Crosslink Capital, First Round Capital, GGV Capital, Greylock Partners, IVP, Harrison Metal, Lerer Ventures, NEA, Shasta Ventures, Thomvest, True Ventures, Venrock and Union Square Ventures. Additionally, many of Correlation Ventures’ existing portfolio companies completed successful fundraisings led by other firms, such as Good Eggs, where Sequoia Capital led the A round.
The entrepreneurs and other venture capitalists that worked with Correlation in 2013 received a first-hand look at what makes Correlation different. By leveraging world-class analytics, the firm delivers co-investment decisions in two weeks or less, streamlining the path to completing a financing round.
“Correlation Ventures guarantees a decision in two weeks, but when they went from first conversation to funding in ten days to meet our company’s needs, we were blown away,” said Jason Rosenthal, CEO of Lytro, the creator of the world’s first consumer light field camera. “North Bridge Venture Partners led the round as an outside VC, and we wanted to top it off. Correlation’s process was almost effortless for our team, and they were totally flexible on investment amount, allowing us to reach our funding objectives with no pressure to take more capital. Correlation represents a welcome breath of fresh air to the capital-raising process.”
Correlation Ventures is poised to continue its active investment pace in 2014 and has significant available capital for new investments. For more information on Correlation Ventures and its unique value proposition, please visit www.correlationvc.com.
ABOUT CORRELATION VENTURES
Correlation Ventures, a $165 million venture capital fund with offices in Palo Alto and San Diego, CA, 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. Current portfolio companies include Aldea Pharmaceuticals, AlienVault, Bunchball, Crossbar, edo interactive, Getaround, InstaEDU, Lytro, Mirna Therapeutics, MOGL, Retrofit, RQX Pharmaceuticals, Telly, Urjanet and Virsto Software. For more information, visit www.correlationvc.com and @correlationvc.