Our Investment in Tute Genomics

I’ve always been super passionate about early-stage startup companies that can change the world, and I believe one of those companies is Tute Genomics.  I remember the first time I was exposed to Reid and what he envisioned to do with Tute.  He had created the world’s biggest genomics database and coupled it with the software to use it that was six times faster than anything else.  This would bring personalized insight into medicine, and customized products made right for the individual.  This could change the world!  It was at a pitch meeting with several investor groups and I immediately raised my hand and exclaimed, “I’m in!” That was the first time we invested and now Peak Ventures Fund I is doubling down. Reid has proven himself to be just the type of entrepreneur that we love to back:  He’s scrappy and determined to change life for the better for millions of people–and audacious enough to believe he can do it.  Our thesis is that Tute Genomics’ technology + many vertical segment opportunities + market momentum + inspiring leadership + the Peak Ventures team = 10x... read more

Our investment in Creditera

I’ve cited the ripple effect that can come from a single startup.  One of my earliest mentors is Levi King and I’m delighted that we’re investing in Levi and Caton’s company, Creditera, along with KPCB in this series A round.  Creditera is hitting a real painpoint for small businesses by making business credit more transparent for business owners. Levi had an early impact on me personally and my path in entrepreneurship.  I recall early in my career in sales watching VHS tape recordings of Levi.   He has a sales style that immediately draws out the respect of his audience.   He would later provide funding and mentorship to the team at my last startup, Zinch.   We’ve invested in each other’s efforts with time and capital and the investment in Creditera is an extension of this relationship, not to mention our team being geeked about his business. Just as understanding one’s personal credit has come to the forefront of household finance, so too business credit will increasingly matter.  In the world of tech startups, this may be less apparent, as many of us had little personal or business credit to speak of and never really entertained debt as a financing option.  However, talk to a broader base of business owners and you’ll quickly find out that their growth can be influenced by business credit, or lack thereof.  Opening a new restaurant location and making capital improvements are a few examples of when this matters. Creditera has created an intuitive interface that bubbles up the most important data and makes it actionable.   Opportunities in the marketplace for your business can come... read more

Choosing a Good Partner

Context The Fall of 2007 at our startup had a rough patch and was summarized by sitting down with a portion of our team and announcing that we couldn’t make payroll.  We gave options and, credit to some real camaraderie that had been established, only one person decided to leave.  These times stink and is typically when you need more experienced and wiser folks to lend support.  Unfortunately, we lacked investor support at this time, which made things even trickier.  But this was a major lesson in choosing a good partner, especially in the early-goings of your startup.  Here’s why… Backstory Just months earlier, we were the startup darling and had the attention of many early stage and angel investors.  We had won multiple competitions, built a formidable team, and our management team had at least $25K personally in the deal.  After many pitches and meetings, we took investment from several (more than eight I believe) angel investors loosely organized through a local angel group.  Everyone was high on our business and it seemed there was no course but “up and to the right.” In spite of our excellent start, just months later I found myself cutting checks to each of our angel investors (plus 10% on their money), buying out their stake in our business, and moving on. What went wrong? In hindsight, we could have spent less,  attracted more users, and been more decisive.  There is a reason that investors tell you it will take twice as long and cost twice as much after all– they’ve seen that story many times before. At Zinch, we were no exception to this rule.  It wasn’t so much that... read more

Every Startup Takes On a Life of its Own

Recently, I was sitting over a pen and paper jotting notes for a meeting with two friends who happened to be my colleagues in my last startup.  As we met, I started methodically listing the names of that early team from my startup, the businesses that those individuals have founded since, and the quick math on what those businesses have accomplished. Here’s what it looked like: Early crew: Jeremy, Mick, Brad, Cache, Ryan, Dave, Anne, Chris, Nathaniel and Sid… Jeremy founded 2U, which went public last year Mick founded Undrip and Spatch, which emerged from the most recent Techstars London cohort and is completing a series seed raise Brad joined the founding team of Studio, which recently raised a series seed Cache founded Zibtek and is part of the founding team of Quotadeck, one of Techstars Boulder’s hot companies (I’ll be attending demo day this Thursday) Ryan founded MX (formerly MoneyDesktop), one of Provo’s darling startups (and now hardly a startup) Dave founded Degreed and was joined by Chris recently; Degreed continues to grow and attract top talent Anne led our startup through its acquisition and then led Chegg through IPO as its Chief Business Officer. Nathaniel is still sounding the war cry at Chegg All while…. I left to join Peak Ventures And what about the dollars and cents?  While I’m not at liberty to share company specifics, the back of the envelope math tells the story: Since our days together, these folks have collectively raised in excess of $55M As a group, we’ve already returned 2X the capital raised AND most of the companies above, are still in heavy investment/building If you... read more

Our investment in ClientSuccess

Dave Blake is the founder of ClientSuccess and we’re excited to have recently led his series seed financing, joined by Josh James and the Techstars Fund.   Dave led client success at Omniture and was part of the Adobe team before taking his experience to a new level in his own startup. We are fans of CEOs who have extensive experience in the pain they are solving.  Maybe that’s a given, but too often it’s missing.  Dave’s experience in navigating the waters of keeping the customers engaged, apprised, and prioritized within a rapidly growing tech business is compelling and part of why we think he will win. Managing client success is nothing new– but the growth of SaaS companies has created a unique challenge.  Churn can quickly send companies into a tailspin and staying ahead of the problem can be difficult when so much of the interaction is not happening by email, phone, or in-person.  Analytics alone aren’t sufficient. For anyone who’s had the task of managing a seemingly unmanageable number of clients, ClientSuccess’ interface will be a welcomed solution.  It’s a testament to Dave and, if you ask him, just scratching the surface of what’s in... read more

Our investment in Andela

Peak is pleased to join an impressive syndicate of investors in backing Jeremy Johnson and the entire Andela team.  Jeremy is a good friend and someone I’ve been fortunate to know dating back to his days at Princeton, through the inception of Zinch.com, and most recently as co-founder of 2U.  He is as aware of the people and mission as he is the business; I supposed that’s part of what has made him such an outstanding entrepreneur. Andela is meeting a gaping hole in the marketplace and represents where we think education and resourcing a global talent pool is headed– the expansion of how we view education.  There was a time in history when apprenticeships were valued and learning a trade under a true artisan or master was something sought-after.  I live in a mid-century home and have been fascinated by the work of Frank Lloyd Wright and the many who apprenticed for him (not few of whom had some not-so-nice things to say about the guy, but that’s not the point).   If there’s a skill that is rapidly bringing back the age-old practice of honing skill and art where it is highly sought after, it’s software development.   Andela does just this through their fellows program that harnesses the brilliance of an astoundingly selective process.  Jeremy, one of the brightest people I know, jokes that he wouldn’t make the Andela Fellows’ cut. The second piece to this is in tapping a global talent pool.  Having led a team in Beijing while I reported to Chegg hq in Santa Clara, CA, I can tell you there’s room for improving distance management in... read more

Our Investment in Grasswire

Have you ever been TRULY passionate about something? No no no…Not just interested in something, but sleep in your car, shower at the YMCA, eat ramen for weeks-passionate? Not many of us have. Austen Allred first caught my attention when he was part of the summer 2014 BoomStartup cohort. He had already been working on the Grasswire concept for more than a year and had spent the summer in Palo Alto sleeping out of his Honda Civic. He’s one of the special ones who truly thinks he can change the world. These types of founders remind me of myself, and are the types I like to back. Let me tell you why I like Grasswire. Free speech is a powerful force. Even in the US and with everything that we do right, media is still controlled by a few influential organizations. Yes, we now have a voice thanks to the internet. Yes, we’ve got twitter. But sometimes it’s like shouting into a black hole. There is still room to improve. In the US and certainly in other countries throughout the world.  The events of this year from Ferguson to the Crimean Peninsula have shown us that big media and their agendas still have too much power. I believe Grasswire can change the world for the better. It has the potential to be the Wikipedia meets Reddit for fact-checked, breaking news, created and curated by THE PEOPLE. We’re excited to invest in Austen and Grasswire in changing the way YOU find out about the world’s most important events. Do yourself a favor and make the world a better place by checking... read more

Our investment in RepDrive

Today we backed founders Eric and Dennis and finalized investment in RepDrive, an online reputation platform that assists businesses in building, monitoring, and managing customer reviews.   We think that RepDrive will contribute meaningfully to leveling the playing field in online reviews and associated brand reputation.  Here’s why… Consumers expect reviews, particularly in new purchasing decisions.  Amazon has forever biased our expectation not only on shipping time (if it’s not arriving in 2 days then it just feels late) but in access to reviews.  It’s arguably more important to know others’ experience with a product than it is to actually hold and heft that product yourself. Further, if you’ve spent considerable time in a big city, but reside in a smaller city, you know the pain that can come from the lack on online reviews.   You get accustomed to finding a great ramen shop in NYC and then arrive home in Provo, UT only to be reminded that Yelp is less useful than it might be.   No knock on Provo, we’re getting there, but it’s to be expected in smaller cities with smaller customer bases.  Will it get there?   No doubt– and RepDrive will accelerate this curve. On a final and related note, consumer insights are purest in the transaction; delayed reviews and surveys are after the fact and lacking.   I am contacted by Delta at least weekly to take some survey.  On occasion I’ll do it.  And when I do I rack my brain to remember the experience, the particular flight, and my impressions.  It’s stale.  Surveys are antiquated.  But an in-the-moment opportunity to share your enthusiasm or disappointment... read more

Why venture? Why now?

A few months ago I stepped away from my tech startup of 8 years to take a stab at venture capital. Having shared with friends and colleagues my reasons for making this career shift, I’ve found it useful in my conversations with entrepreneurs to give some color to why I chose venture capital, and I why I chose it now. So here goes… Utah is where it’s at. I grew up here. As a kid, I looked forward to the time when I could get out and see the world. And being raised by a wise, tough mom I quickly learned that education and effort could provide me opportunities to go and do what I chose. Since then I’ve lived in other parts of the US (Detroit) and abroad. What I found is that the more I saw outside of Utah, the more I appreciated what Utah had to offer. Whether it’s the marvelous growth of the tech sector in the area, professors, mentors, critics and community supporting local startups, or entrepreneurs hell-bent on seeing their startup visions fulfilled,  the opportunity to commit my time to Utah entrepreneurship just makes sense. Working with inspired people. Have I looked back since leaving Chegg, the company that acquired my startup, Zinch? Yes. Think of anything you threw yourself into that mattered and the people you labored alongside. Relationships grow and galvanize in startups, especially those that weather the storms. So, yes, I “look back” in terms of those people—many of whom I expect to continue to work with. However, my decision to come to Peak is a decision to work with great people, starting with my... read more

Our Investment in Owlet

Have you heard the term mHealth before? If you haven’t yet, you will. It means mobile health and is increasingly the way you and I will monitor our wellbeing. The emergence of low-cost cell phones, tablets and sensors has opened the floodgates for personalized, mobile health devices of all types. From mass consumer solutions such as a FitBit to more specialized wearable heart monitors for cardiac patients, mHealth is forecast to grow at a 61% CAGR and reach $26B by 2017 according to research firm Research and Markets. Owlet is positioned to monitor the most precious information of all, the wellbeing of your newborn child. If you’ve ever been a parent, aspire to be a parent or want to win the best aunt or uncle award you should check out Owlet. Owlet is a wearable smart sock for infants that brings peace of mind to parents about their infant’s health; monitoring their movement, heart rate, oxygen levels, and body temperature and giving you access to those stats in real time. Nobody cares about this more than Owlet founder’s Kurt Workman and Jacob Colvin. Kurt first had the idea when caring for his twin cousins who were born prematurely. He and his wife had a baby on the way and that, coupled with a cousin passing away from SIDS, instilled in him a passion to provide better monitoring tools for anxious parents. Jacob also knew what Owlet could do for parents through personal experience: “Hearing my sick child wheezing all night long because of serious RSV is one of the hardest experiences I have ever had, knowing I couldn’t do... read more
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Welcome to the Peak Ventures blog.

Through our blog, we aim to give you an idea of what we're thinking about, what our companies are up to, and the issues we face in the industry. We hope you'll join the conversation!