Our investment in Molio

Earlier this month, Molio announced a $3M raise, in which we participated alongside Greycroft Partners, True Ventures, Subtraction Capital, and Advancit Capital.   For those of us in Utah, or for those anywhere who have enjoyed the commercial success of Orabrush on Youtube, it’s exciting to now see the team, led by Jeff Davis, building tools that capture some of the genius of Orabrush and scale it to other products and services. There are a few themes to Molio that are part of why we backed the team and are believers in their business: Top talent converging in Utah: Jeff and his partners, Scott and Brent, represent what is happening along the Wasatch front– talented individuals who have decided on joining a startup in Utah.  10 years ago one or any of the three of these guys would likely not have been here.  Joining a startup?  Yes.  Tackling a big opportunity?  Yes.  But plotting themselves at the point of the mountain between Draper and Lehi?  Not likely. Online to offline:  pardon the buzzword(s)… but this is where the business gets really interesting.  Molio’s technology and ability to hyper-customize video marketing campaigns will, with time, drive measurable sales to retail brick & mortar locations.  When you consider what this means for some of the large chains alone, the ROI potential in video marketing is dramatically changed from how most measure it today. Finally, if you get the chance to stop by Molio hq, check out what Brent did with the room signage throughout their space...

StartSLC– a showcase for startups and the startup covering them

Make no mistake, Beehive Startups is one of Utah’s most active and interesting startups. Over the last few days in particular, amid the energy surrounding StartSLC, I couldn’t help but marvel that it was a startup making this all happen. How appropriate—the very company backing hustlers was doing it by pulling off a monumental effort of hustle. So I started walking through how I would view Beehive as I would one of the startups that we meet. There’s lots of ways to assess early-stage companies and they all end up as permutations or variations of one another. We like to look at companies by what we call internally “the five t’s.” Here they are and here’s how Beehive stacks up on theirs: Team. Clint Betts is scrappy, thoughtful, and a man on a mission. He’s also got the quality that is hard to put your finger on—one who doesn’t need to get in the last word and yet always makes a statement. Silent assassin was a description used by someone (Skonnard?) last week that may describe Clint best. Simply put, he’s a budding entrepreneur who is unequivocally adding value to the constituents he serves. What’s more, he rallied great people and if you paid attention, they not only put in the hours that you expect from a startup, but they did it with the level of execution and excellence that had to happen for it to work like it did. 10X. This is a function of the problem and size of market. Beehive isn’t slowing down and has meaningfully grown from a consistent and well-written blog to something much more.  ...

Our investment in Marketware

Bryce Bartel is leading a great team at Marketware and we’re proud to be backing the team and mission alongside Epic Ventures. Healthcare providers will have to continue to improve how they operate as a business or they, like individual universities or financial institutions, will suffer or simply go away.  The increasing expectation from consumers, whether they are patients, students or someone banking with you, is creating real winners and losers in each of these industries.   Marketware gives medical centers greater control over the health of their business through insight into customer comings and goings and the associated relevant data. Consider this scenario… when was the last time you were referred from your doctor or dentist to a specialist?  5 years ago I was personally caught up in a flurry of discussions happening with doctors in Salt Lake City, Boston, and London.  Our youngest daughter was born with some unique medical conditions and the question of who was best to assess and care for her needs went largely unanswered.  Long story short we put in the time needed to determine the best care for her/us and came away realizing we couldn’t just expect things to move along in this process without a conscious effort from the people affected most. What most of us, including me before our daughter, probably don’t think of, and what most health organizations don’t commonly track, is that process– thinking through a physician referral and the rhyme and reason to it (or if it exists at all).  What hospitals and consumers are realizing is that gone are the days when these things can be left to...

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...

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...

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...
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