Synder, Candidate, Finley, Nice, Ecologi— 21st June, 2021
We see about 5,000 startups each week, and I want to give you a glimpse into how we at Headline think about trending tech companies and tracking new investment opportunities. In this post, I’m highlighting top tech companies that have announced or raised a seed round within the past week.
Synder
EVA Growth Index:
Product:
Software platform that links to the payment processor of all major e-commerce platforms to automate revenue conciliation with QuickBooks/Xero to ensure reliable and real-time revenue reporting
Lead Investors:
TMT Investments
Total Raised:
$2M
Comparables:
Recurrly for non-subscription businesses
My Thoughts:
Modern direct-to-consumer brands are incredibly lean from a staffing perspective which enables them to operate profitably. I am, therefore, super bullish on any software that automates a knowledge worker’s task as it keeps headcount low. Looking at the EVA growth they are well on their way to building a great business here.
Candidate
EVA Growth Index:
Product:
A network of quality “referrers” who help job seekers gain access to high-quality jobs in the tech space and enables employers to gain access to their employee's network
Lead Investors:
Voyager Capital
Total Raised:
$5M
Comparables:
Freshworks has a referral incentive feature
My Thoughts:
We all know the saying that A’s hire A’s and B’s hire C’s. In the remote work world, I see network-based sourcing as more powerful than ever as it is not restricted to a single geography, so if you believe you have a bunch of A’s on your team you should definitely incentives them to get you even more A’s.
Finley
EVA Growth Index:
Product:
Software platform automates due diligence, compliance, and streamlines ongoing reporting for debt raises
Lead Investors:
Bain Capital Ventures
Total Raised:
$3M
Comparables:
DebtBook
My Thoughts:
In this low-interest environment, debt has become an attractive option, even for early-stage businesses. The process around managing it though can become costly though, so streamlining this with software like Finley seems like a no-brainer.
Nice
EVA Growth Index:
Product:
App-based primary care provider with a home-visit and telehealth first focus
Lead Investors:
Waterline Ventures
Total Raised:
$6M (Last seed round undisclosed so this figure is not accurate)
Comparables:
OneMedical
My Thoughts:
In this remote world, I see employers being more open than ever to test new health insurance benefits and the Nice offering looks incredibly intriguing from the outside in. I like their brand and I see a world where an employer providing Nice becomes a key way to compete from a hiring perspective.
Ecologi
EVA Growth Index:
Product:
Monthly subscription for consumers to fund ecological initiatives to fight climate change starting at $6.40 per month
Lead Investors:
General Catalyst
Total Raised:
$6M
Comparables:
Wren, TreeClicks
My Thoughts:
The category is massive and their EVA growth explosive, sometimes that is all that matters. The one thing I’d look out for as an investor here is if Ecologi has some form of proprietary access to supply as it would enable them to build defensibility until scale becomes the real long-term moat.
Hi, I am Nicolas von Blottnitz, an Associate at Headline’s SF office focusing on Consumer, Fintech, and SaaS businesses. Since joining in 2018, I have led our investments in Tabnine, Polygon, Flockjay, Solid, and Grin.
What is the EVA Growth Index?
The EVA Growth index is a composite of third-party data sources around a company’s website traffic. The vertical green lines in the charts represent a point in time where the company raised outside capital.
