Scaling Success
Scaling Success is a podcast designed for entrepreneurs who are looking to scale a business. Hosted by Volition Capital Managing Partner, Sean Cantwell, each episode centers around a critical topic for scaling a successful startup.
2023 YEAR IN REVIEW
OPENING STATISTICS
11
NEW
INVESTMENTS
4
FOLLOW-ON
INVESTMENTS
2
REALIZATIONS
$675M
LAUNCHED FUND V
A LETTER FROM THE PARTNERS
2023 was a landmark year for Volition Capital. We kicked off the year on a powerful note with the announcement of our Fund V with over $675 million in capital commitments, bringing our total Assets-Under-Management to over $1.7 billion. This new fund, our largest to date, underscores our commitment to fostering meaningful impact with a select group of high-growth, capital-efficient businesses with aspirations for greatness.
From a macro perspective, the market seems to have realigned with our core principles of capital-efficient growth over a growth-at-all-costs approach. Volition has stayed the course through market volatility, helping us have a strong 2023 highlighted by 11 new investments, 4 follow-on investments, and 2 realizations.
In October, we welcomed Jim Ferry to Volition’s Partnership. Jim notably started as an Analyst at Volition in 2014 and has been a huge contributor to Volition’s success over the past decade. On the Operations Team, we promoted Mike Wilkens to Chief Financial Officer and Chris Fahey to Senior Vice President of Talent. Our Investment Team also continues to grow with the hiring of seven new analysts during the year.
Looking ahead to 2024, our internal focus centers on continuing to expand the Investment Team, introducing new capabilities across the Volition Platform, and every day reaffirming our commitment of partnering with our portfolio companies as a “portfolio of one.” From an investment perspective, we look forward to continuing to engage with the brightest, hardest-working founders across the startup landscape. Additionally, as we move into the new year, we aim to live our values which we believe captures who we are and what makes us unique:
- Partner first: We exist to make an impact. We view each investment as a portfolio of one and collaborate with founders to achieve their dreams without risking them.
- Unrelenting commitment to success: A hunger to win is the cost of entry. We hate to lose and strive to deliver outsized results for all constituents.
- Conviction over consensus: We are not afraid to challenge the status quo. We welcome alternative perspectives and contrarian viewpoints.
- Work hard, laugh harder: As individuals, we are self-driven, as a team we’re collaborative, as a firm we are externally competitive.
As we reflect on 2023, we express our gratitude for your continued partnership and support. To our LPs, Founders, and Friends, Thank You.
To an even better 2024,
-Sean, Larry, and Roger.
new investments
Adtech
Data, Analytics & Automation
Aditude
Aditude is a next-generation ad monetization solution for online publishers, helping them scale with proprietary technology that enhances site performance and maximizes ad revenue. Aditude empowers publishers by not only providing cutting-edge technology but through providing solutions that are complemented by a variety of services and support that extend to both ad operations and development.
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Ecommerce
Chamberlain Coffee
Chamberlain Coffee is a specialty coffee and tea company founded by influencer Emma Chamberlain.
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Data, Analytics & Automation
Cohora
Cohora enables real time customer interactions within a brand-owned customer network built on your 1st party data.
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FinTech
Digital Onboarding
The Digital Onboarding engagement platform helps banks and credit unions turn account openers into deep and profitable relationships.
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Ecommerce
Sustainability
Grove Collaborative
Grove Collaborative (NYSE: GROV) is a leading sustainable omni-channel brand focused on everyday household essentials.
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Physical AI
Connectivity
Data, Analytics & Automation
HAAS Alert
HAAS Alert provides a digital alerting solution for fire, police, EMS, and tow fleets to effectively alert civilian drivers of emergencies in advance of lights and sirens to help increase road safety.
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HR Tech
hackajob
hackajob is a full-stack hiring platform where companies can directly source talent through a two-sided marketplace
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Relish
Relish empowers businesses to maximize the value of their existing enterprise software investments by providing solutions that protect against third-party risk, validate supplier data, and automate invoicing.
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Data, Analytics & Automation
Revi
Revi is a self-serve POS for QSRs and local businesses with a customer loyalty and marketing program that drives repeat and discovery visits across its entire network of restaurants.
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GTM Technology
Zenarate
Zenarate is a natural language AI Simulation Training enterprise SaaS platform to develop confident top-performing frontline workers.
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follow on investments
GTM Technology
Data, Analytics & Automation
Automatiq
Automatiq allows ticket brokers to manage ticket inventory by creating custom rules for individual listings and optimizing the timing and pricing of ticket sales.
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Physical AI
Connectivity
Proptech
ButterflyMX
ButterflyMX provides smart home technology, primarily for multi-family residential, and building owners and managers.
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Data, Analytics & Automation
Pramata
Pramata offers a Commercial Relationship Operations platform with human-assisted AI to help the largest companies in the world grow revenue, reduce risk and drive business efficiencies.
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realizations
*One Realization Has Not Been Publicly Announced Yet
KEY STATS
40%+
AVERAGE REVENUE GROWTH RATE*
$1.7B+
ASSETS-UNDER-
MANAGEMENT
*TTM 9/30/23 vs. TTM 9/30/22 growth for companies in the portfolio as of 12/31/23. Excludes investments with less than $1M of TTM 9/30/22 revenue.
the volition platform
TALENT
Volition Capital’s Talent Team had a strong 2023 successfully placing executives across the Volition portfolio, helping companies build out their hiring processes, and serving as a key resource to portfolio companies on a variety of key talent and HR functionalities.
Volition truly knocked it out of the park with recruitment support. Their input saved considerable time and effort, helping us onboard top-tier talent.
-Paul Paget, CEO Black Kite
FINANCE
Volition Capital’s Finance Team served as a key resource to portfolio companies in 2023 assisting them with strategic financial guidance, priorities around go-to-market, and cash flow management. Additionally, in Q4, Operating Partner, Steve Shaffer, launched our first "Center of Excellence" where Finance leaders throughout the Volition portfolio can connect to share best practices and advice with one another.
Whether the topic is product pricing strategy or operational cost management, the Volition Finance team’s expertise has allowed us to accelerate our transformation and has been very well received by our entire management team.
-Praful Saklani, CEO Pramata
MARKETING CONTENT AND PR
Volition Capital’s Marketing Team had an impactful 2023 by assisting portfolio companies in a plethora of areas including public relations strategy and execution, best practices around content generation and distribution, as well as facilitating brand-redesign processes.
Our Marketing & PR push with Volition was more impactful than I could have imagined. We had dozens of qualified inbound leads, hundreds of new job applicants, and also made it clear to our competitors in the industry that we are the top company in our space.
-Jared Siegal, CEO Aditude
team
internal promotions
new hires
Retirement
In 2023, Volition Capital said a bittersweet goodbye to Andy Flaster, Managing Partner and COO, as he entered retirement. Andy played an integral role in helping establish Volition after setting out from Fidelity Ventures and was critical in building Volition into the fund that it is today. While we miss Andy’s sharp intellect, unique perspective, and calming demeanor, we are so happy for him as he enjoys a well deserved retirement spending time with his family and friends.
Scaling Success
top media pieces of the year
community
women with volition
PORTFOLIO COMPANIES IN THE COMMUNITY
Make a Wish Canada
Assent continued its partnership with Make-A-Wish Canada including an event called "Lead with Purpose" where Assent team members volunteered in-person and online to help Make-a-Wish solve a business problem.
Female Executive Leadership
In 2023, Creatio CEO Katherine Kostereva continued being a trailblazer for women executives. This year alone, Katherine was selected as the Female Entrepreneur of the Year at the Stevie Awards, EY's Entrepreneur of the Year in the New England Region, and being named a Top 50 SaaS CEO by the Software Report.
Data Protection Initiative
GRAX announced their "Data Protection Initiative," where they are offering complimentary licenses of our cutting-edge Salesforce data protection solutions to help nonprofits safeguard their valuable data.
Sustainability Report
In 2023, Grove released their Sustainability Report which highlights the various accomplishments Grove has achieved from an environmental perspective. Specifically, Grove shares that since 2017, that "Grove-owned brands have avoided 7.8 million pounds of plastic by swapping conventional, single-use plastics for more sustainable options."
DE&I Initatives
hackajob announced three innovative features designed to increase diversity and representation in technology teams. In its unwavering commitment to inclusivity, hackajob is leading the way in the transformation of tech recruitment.
Waterloo Foodbank
The Messagepoint team volunteered at the Waterloo Region Foodbank where they packed over 4000 lbs of food and helped to provide 2,215 meals.
Blood Drive
Several RTS team members took some time during the holiday season to attend a blood drive.
Veteran Mental Health Advocacy
Sensible Care CEO Paul Kim continued being a mental health advocate for the veteran community in a CBS News LA Segment
Volition Capital In The Community
Cradle to Crayons
Volition Capital launched an annual clothing drive with Cradles to Crayons, the largest national nonprofit focused on ending Children's Clothing Insecurity
Him for Her
Volition Capital continued our relationship with Him For Her, a social impact venture aimed at accelerating diversity on corporate boards.
2023
JAN
JAN 23
Cohora Investment
JAN 26
New Fund Announcement
FEB
FEB 02
Mike Wilkens and Christopher Fahey Promotion Announcement
MAR
APR
APR 18
Volition Capital Named Top Growth Equity Firm
MAY
MAY 03
hackajob Investment Announcement
JUN
JUN 01
Chamberlain Coffee Investment Announcement
JUN 09
Revi Investment
JUN 27
Zenarate Investment Announcement
JUL
JUL 18
2023 New Hires Announcement
JUL 24
Steve Shaffer Operating Partner Announcement
JUL 27
Claude de Jocas Named Top Woman Investor
AUG
AUG 14
Grove Investment Announcement
AUG 28
Aditude Investment Announcement
SEP
OCT
OCT 20
Jim Ferry Named Partner
OCT 25
Sean Cantwell Named top Software Investor
OCT 31
Volition Capital Named Founder Friendly Investor
NOV
NOV 27
Mozaic Investment Announcement
DEC
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