April 29, 2014
Firm Invests Record Amount of Capital in New Startups and Grows Diverse Portfolio to 80 Companies
SAN DIEGO – April 29, 2014 — Correlation Ventures, the venture capital industry’s leading co-investor and predictive analytics pioneer, announced today that it invested a record amount of capital for the firm in new startup companies during the first quarter of 2014. Correlation added nine new portfolio companies during the quarter, investing and reserving over $17 million in these companies. This brings the total number of portfolio companies funded by the firm to 80.
"We’re pleased that Correlation Ventures is continuing to see such a tremendous response from our VC peers and entrepreneurs to our unique value proposition as the ideal co-investor to fill out VC-led rounds,” said Correlation Ventures co-founder and Managing Director, David Coats.
Correlation’s nine new investments during the first quarter represent diverse sectors, including consumer health and medical devices, digital media, software-as-a-service (SAAS) and consumer hardware and services. Co-investors in new companies during the quarter included such firms as Allegro Venture Partners, Baseline Ventures, Floodgate, First Round Capital, InterWest Partners, Khosla Ventures, Mercury Fund, Norwest Venture Partners and New Enterprise Associates.
One of Correlation’s new investments during the quarter was Pley, which offers a unique toy rental business often called the “Netflix of toys”. “Correlation Ventures was an incredible partner throughout our fundraising process,” said Ranan Lachman, CEO of Pley. “We got introduced several months before our Series A round, and they were straightforward and transparent since the beginning. They kept in touch, and once we chose our lead VC, they moved very quickly and made an investment decision within 10 days. I especially appreciated their flexibility towards our request to increase the investment size, which allowed us to optimize the round for our fast-growing business. Correlation is really the ideal co-investor and a true partner.”
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, Aldea Pharmaceuticals, AlienVault, Apsalar, CareWell Urgent Care, Crossbar, edo interactive, Galera Therapeutics, Gild, Good Eggs, GraphDive, Ioxus, MOGL, Pley, Retrofit, RQx Pharmaceuticals, SideCar, Telly and Urjanet. Correlation Ventures has offices in Palo Alto and San Diego, CA. For more information, visit http://www.correlationvc.com and @correlationvc.