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:

  1. 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.
  2. 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.
  3. Conviction over consensus: We are not afraid to challenge the status quo. We welcome alternative perspectives and contrarian viewpoints.
  4. 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

Volition Capital
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.
LEARN MORE
Volition Capital
Ecommerce
Chamberlain Coffee
Chamberlain Coffee is a specialty coffee and tea company founded by influencer Emma Chamberlain.
LEARN MORE
Volition Capital
Data, Analytics & Automation
Cohora
Cohora enables real time customer interactions within a brand-owned customer network built on your 1st party data.
LEARN MORE
Volition Capital
Ecommerce
Sustainability
Grove Collaborative
Grove Collaborative (NYSE: GROV) is a leading sustainable omni-channel brand focused on everyday household essentials.
LEARN MORE
Volition Capital
HR Tech
hackajob
hackajob is a full-stack hiring platform where companies can directly source talent through a two-sided marketplace
LEARN MORE
Volition Capital
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.
LEARN MORE
Volition Capital
GTM Technology
Zenarate
Zenarate is a natural language AI Simulation Training enterprise SaaS platform to develop confident top-performing customer and prospect facing agents.
LEARN MORE
Volition Capital
Data, Analytics & Automation
Mozaic
Mozaic reaches creators all over the world, making it easy to collaborate with and pay creators anywhere and at scale.
LEARN MORE

*Three Investments Have Not Been Publicly Announced Yet

follow on investments

Arteza
Ecommerce
Arteza
Arteza is the leading direct to consumer arts & crafts supplies brand offering art enthusiasts and hobbyists high quality supplies at affordable price points across a variety of categories.
LEARN MORE
Volition Capital
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.

LEARN MORE
ButterflyMX
Connectivity
Proptech
ButterflyMX
ButterflyMX provides smart home technology, primarily for multi-family residential, and building owners and managers.
LEARN MORE
Volition Capital
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.
LEARN MORE

realizations

Volition Capital
HR Tech
PlayerLync
Acquired by Intertek, PlayerLync provides mobile learning and content management solutions to companies with deskless workers.
LEARN MORE

*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

In 2023, Volition most notably welcomed Jim Ferry to Volition’s Partnership. Additionally, on the Operations Team, Volition promoted Mike Wilkens to Chief Financial Officer and Chris Fahey to Senior Vice President of Talent. On the Investment Team, Emily Pawlak was promoted to Senior Associate and Estelle Spanneut and Michael Brannan to Associate.

Jim Ferry
VIEW MY PROFILE

Jim Ferry

Partner

Volition Capital
VIEW MY PROFILE

Mike Wilkens

Chief Financial Officer

Volition Capital
VIEW MY PROFILE

Chris Fahey

SVP, Talent & Human Resources

Volition Capital
VIEW MY PROFILE

Emily Pawlak

Sr. Associate

Volition Capital
VIEW MY PROFILE

Michael Brannan

Associate

Volition Capital
VIEW MY PROFILE

Estelle Spanneut

Associate

new hires

In 2023, we notably welcomed Steve Shaffer to Volition Capital as an Operating Partner. Additionally, Volition welcomed seven new Analysts to the Investment Team and two new members to the Operations Team.

Volition Capital
VIEW MY PROFILE

Steve Shaffer

Operating Partner

Volition Capital
VIEW MY PROFILE

Aparajita Chauhan

Analyst

Volition Capital
VIEW MY PROFILE

Hannah Deljkic

Analyst

Volition Capital
VIEW MY PROFILE

Aaron Hou

Analyst

Volition Capital
VIEW MY PROFILE

Kevin O’Donnell

Analyst

Volition Capital
VIEW MY PROFILE

Luke Phillips

Analyst

Volition Capital
VIEW MY PROFILE

Ella Steinhilber

Analyst

Volition Capital
VIEW MY PROFILE

Henry Stites

Analyst

Volition Capital
VIEW MY PROFILE

Alan Soclof

Marketing & Content Associate

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.

community

women with volition

Through Women with Volition, Volition Capital continues to foster an environment that celebrates the achievements of women and actively addresses challenges. Volition specifically is proud to share that 50% of our Analysts and Associates are women.

Volition Capital
VIEW MY PROFILE

Kelly Barnum

Sr. Talent Manager

Volition Capital
VIEW MY PROFILE

Aparajita Chauhan

Analyst

Volition Capital
VIEW MY PROFILE

Hannah Deljkic

Analyst

Katharine French
VIEW MY PROFILE

Katharine French

Associate

Volition Capital
VIEW MY PROFILE

Ashley Harding

Operations Specialist

Volition Capital
VIEW MY PROFILE

Wells Johnstone

Analyst

Volition Capital
VIEW MY PROFILE

Melanie Jordan

Vice President

Volition Capital
VIEW MY PROFILE

Kristen Murphy

Executive Assistant

Volition Capital
VIEW MY PROFILE

Emily Pawlak

Sr. Associate

Volition Capital
VIEW MY PROFILE

Ella Steinhilber

Analyst

Volition Capital
VIEW MY PROFILE

Estelle Spanneut

Associate

Volition Capital
VIEW MY PROFILE

Aimee Tashjian

Sr. Executive Assistant & Administrative Manager

Volition Capital
VIEW MY PROFILE

Carolyn Woll

Analyst

Volition Capital
VIEW MY PROFILE

Beth Birnbaum

Senior Advisor

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

This information is provided for general informational purposes only. Under no circumstances should this information be used in connection with or be considered an offer, solicitation of an offer, or a recommendation to purchase or sell, any securities, nor does any such material constitute investment, legal, accounting or tax advice or an endorsement with respect to any investment strategy or company. This information may include forward-looking statements. Volition Capital LLC (“Volition,” “we,” or “us”) can give no assurance that such expectations will prove to be correct. Past performance is not indicative of any specific investment or future results. Any specific companies listed or discussed are for illustrative purposes only, and do not represent any or all companies purchased, sold or recommended or an investment recommendation or offer to provide investment advisory services. Views regarding the economy, securities markets or other specialized areas are not guaranteed to be accurate. Volition does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any of this information, and Volition takes no responsibility therefor. Volition has no obligation to update, modify or amend any such information or to notify you in the event that any information, opinion, projection, forecast or estimate changes or subsequently becomes inaccurate. The views expressed herein are those of the individuals quoted or named and are not the views of Volition Capital LLC or its affiliates. This information is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by Volition.