CreativeCo makes 9 investments; launches Fund II
CreativeCo, a growth equity studio based in Charlotte, is pleased to announce 9 investments in early-growth stage B2B software companies and the launch and first closing of our second fund. CreativeCo has now invested in 24 companies since we started in March 2020.
Seven new companies joined the portfolio during the last few months. In November and December, we invested in Charleston-based Case Status, a SaaS client automation tool for law firms; Atlanta-based Aginity, a collaborative SQL editor for enterprise data teams; Los-Angeles based NVISIONx, an enterprise data inventory and security platform; and DriverReach, a SaaS driver recruitment and compliance system for trucking companies. Then in January, we invested in Charlotte-based Anduin, a SaaS work-to-cash platform for professional services firms. During this same period, we also made two pre-seed investments: Atlanta-based Cue Intelligence, a SaaS call center productivity tool and Charlotte-based Subsalt, a synthetic data platform for compliance-oriented enterprises.
We were also pleased to make two follow-on investments in companies showing break-out growth. We expanded our position in Charlotte-based DebtBook, a SaaS public finance platform that had 10x growth in ‘21. We also made a follow-on investment in the Grotech-led $15M series A round for Krista and its ground-breaking enterprise intelligent automation platform. Including our follow-on investments, our average investment per company is $315K.
In order to continue our investment pace, we completed a $5.6 million first close on CreativeCo Fund II. Four of the investments mentioned above were made from our new second fund. We are incredibly appreciative of our limited partners that are funding our portfolio construction. In the last two years, we have raised over $13 million from individual investors seeking allocation to our focused software strategy. We expect to raise $10 million for our Fund II.
Aggregate ARR across all 24 portfolio companies was $74 million (with an average of $3.1 million) — up 99% year-over-year compared to 65% growth in ‘20. Our companies are well positioned to collectively double total portfolio ARR again in ’22. Accordingly, we expect to see some significant financings coming for our companies this year and we look forward to supporting our portfolio with additional capital and engineering capabilities as they scale.
Portfolio management teams are building value quickly — 50% of the companies have raised rounds (or been acquired) following our initial investment. In addition to Krista’s recent financing, noteworthy deals in ’21 included Apty’s $7.5M series A led by 645 Ventures, OneRail’s $9M series A led by Ironspring Ventures, and IRALogix’ $11M series B led by MorningStar. While our portfolio is still quite young, we’ve had one exit completed and have another pending. We are always supportive of entrepreneurs that come across game-changing strategic opportunities earlier than expected.
We love the collaboration between like-minded investment firms that’s inherent at our stage of investment. We thank all our 2021 co-investors and look forward to the new relationships we’ll build in 2022. We greatly appreciate our partnership with Companyon Ventures, Grotech Ventures, Fulcrum Equity Partners, Las Olas VC, Circadian Ventures, Meeting Street Capital and the other friendly firms that we hope to work with soon.
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CreativeCo portfolio companies
- Aginity — Collaborative SQL editor for enterprises
- Anduin — SaaS for work-to-cash professional services cycle
- Apty — SaaS for digital adoption management
- Case Status — SaaS for legal client automation
- Cue Intelligence — SaaS for call center productivity
- DebtBook — SaaS for debt and lease management
- DriverReach — SaaS for driver recruitment and compliance
- Fullcast — SaaS for sales operations planning
- IRALogix — SaaS for IRA investment firms
- Krista — SaaS for intelligent automation
- Leasecake — SaaS for location lease management
- Medxoom — SaaS for third party insurance administrators
- NVISIONx — enterprise data inventory and security platform
- OneRail — SaaS for same day delivery or pickup
- POS Nation — SaaS POS and payment processing
- Rabbu — platform for single family property investors
- Rent Ready — multi-family apartment turn management
- ReturnLogic — SaaS for e-commerce returns
- SingleOps — SaaS for landscaping businesses
- Social Studies — influencer marketing
- Spotio — SaaS for field sales teams
- Subsalt — synthetic data platform
- Tracks N Teeth — aftermarket construction equipment parts
- Ziflow — SaaS for collaborative content review and approval