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Fuse Venture Partners Launches Fund to Back Innovative Founders in the…

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“Fuse is thrilled to provide this next generation of innovative Seattle companies with an equally innovative venture platform to grow with and support them for decades to come.” – Kellan Carter, General Partner, Fuse Venture Partners.

Fuse Venture Partners, founded by General Partners Kellan Carter and Cameron Borumand, launched today to invest in Seattle-based, Seed and Series A companies that are reinventing the modern economy with software.

Joining Fuse’s founding team is Venture Partner and Seattle Seahawks captain Bobby Wagner, as well as Senior Operating Partners John Connors and Satbir Khanuja. Nader Naini, Managing Partner at Frazier Healthcare Partners, and Gary Rieschel, Founding Managing Partner at Qiming Venture Partners, will be senior advisors to the fund.

“Home to two of the most impactful technology companies in the world, Microsoft and Amazon, Seattle sits at the epicenter of the innovation driving enterprises’ digital transformation efforts,” said Kellan Carter. “There’s a booming, untapped and thriving ecosystem of emerging entrepreneurs in the region. Fuse is thrilled to provide this next generation of innovative Seattle companies with an equally innovative venture platform to grow with and support them for decades to come.”

Kellan and Cameron both hail from Ignition Partners, a 20-year-old, early-stage enterprise software-focused venture capital firm. Ignition has been an early and significant backer of some of the largest outcomes in enterprise software including Docusign, Splunk, Cloudera, Heroku, Zenprise, Parse, Xamarin and Xensource. As the youngest partner at the firm, Kellan was responsible for backing several return-driving deals for its most recent fund, including Icertis, the leading enterprise contract management platform and Seattle unicorn. Cameron was promoted to Principal at Ignition after only two years, and as a University of Washington alum and the son of immigrant parents who built a life in Seattle from the ground up, his Pacific Northwest roots run deep.

Fuse’s partners include many current and former executives at the PNW’s top companies, including Microsoft, Amazon, Nike, Starbucks, Costco, T-Mobile, Avalara, Evergreen Gavekal, DocuSign and Smartsheet. “Our goal was to bring on partners who are committed to investing not just their capital but also their time and experience in helping our portfolio companies grow,” said Cameron Borumand. “It has been humbling and exciting to see the Seattle business community step up to support Fuse and this region in such a meaningful way.”

A dedicated team with unrivaled connections

Having been captain of the Seattle Seahawks for many years, Bobby Wagner is renowned both on and off the field for his tenacity and business acumen. His personal deal experience spans famously negotiating his own contract last year – making him one of the highest paid defensive players in the league – as well as investing in several early-stage companies. During the last three off-seasons, he worked closely with Kellan, Cameron, John and Satbir at Ignition.

“I have enjoyed these past three years getting to work with this high-energy team. Their hustle is unmatched, and their focus is always on the entrepreneur,” said Bobby Wagner. “We each bring a wide range of experience and vast networks of diverse, local connections that uniquely position us as the best partner for companies reimagining and reinventing how work is done – and we can’t wait to get started.”

As Operating Partners, John Connors and Satbir Khanuja will provide unique support to Fuse portfolio companies through their wide networks and business growth expertise. John brings a storied 30-year career in enterprise software, having served in roles such as Partner at Ignition, CFO, CIO and head of the Worldwide Enterprise Division at Microsoft and on the boards of Nike and Splunk. Satbir likewise spent seven years on the Amazon leadership team under Founder and CEO Jeff Bezos, and nine years as CEO of Ignition portfolio company, Datasphere Technologies.

“Having worked with the Fuse team while at Ignition, this is the beginning of something special for the Seattle software community,” said John Connors.

About Fuse Venture Partners

Fuse Venture Partners is an early-stage, venture capital fund investing in Seattle-based Seed and Series A companies that are reinventing the modern economy with software. Fuse Venture Partners is committed to supporting the next generation of B2B technology entrepreneurs building category-defining businesses of lasting value. Founding partners Kellan Carter and Cameron Borumand are joined by Venture Partner and Seattle Seahawks captain Bobby Wagner, as well as Senior Operating Partners John Connors and Satbir Khanuja. The strategic LP base includes current and former executives at the Pacific Northwest’s top companies, including Microsoft, Amazon, Nike, Starbucks, Costco, T-Mobile, Avalara, DocuSign, Smartsheet and many more. For more information about Fuse Venture Partners, please visit fusevp.com.

Media Contact

Katy Hoeper

katy.hoeper@walkersands.com

C: 317-726-7858

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Source: https://www.prweb.com/releases/fuse_venture_partners_launches_fund_to_back_innovative_founders_in_the_pacific_northwest/prweb17285847.htm

Private Equity

Tonka Bay Closes Fund IV

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Tonka Bay Equity Partners has closed its fourth fund, Bayview Capital Partners IV LP, with $200 million of capital.

Tonka Bay invests in companies that have between $20 million and $50 million of revenue and EBITDA between $2 million and $8 million. Sectors of interest include highly-engineered manufacturing, value-added distribution, and business services. The firm was founded in 1998 and is based in the Minneapolis suburb of Minnetonka.

The new fund is led by partners Steve Soderling, Shane Slominski, Cary Musech, Peter Kooman, and principal Kam Kielhorn.

“We are thrilled with the response from our investors and fortunate to exceed our initial target,” said Mr. Soderling. “Our consistent and focused investment strategy is to provide patient, personalized and collaborative capital to entrepreneurial private businesses while generating attractive returns for our investors. We believe Tonka Bay has a unique skillset to effectively grow and develop private companies that have not previously had outside investors.”

Tonka Bay’s existing portfolio includes Engineered Specialty Products, a Georgia-based supplier of gauges, thermometers, instruments and accessories to industrial end markets; Fenix Group, a Minnesota-based manufacturer of industrial coatings and specialty concretes; NuSource Financial, a Minnesota-based technology provider of ATM, branch transformation and security services to financial institutions; Quick Cable, a Wisconsin-based maker of battery connectors, cable, and cable assemblies for the energy storage industry; Seaway Plastics Engineering, a Florida-based provider of plastic molded parts for prototype and low-volume production runs in the medical, defense and commercial markets; United Skin Care Specialists, a Minnesota-based dermatology practice acquisition company that provides management services to physicians and practices.

Since its founding in 1998, Tonka Bay has raised over $550 million of capital, invested in 37 portfolio companies, and completed more than 70 add-on acquisitions.

Tonka Bay’s earlier fund, Bayview Capital Partners III LP, closed with $150 million in capital in October 2011.

Private Equity Professional | August 10, 2020

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Private Equity

Alvarez & Marsal Adds Aerospace and Defense Pro

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Alvarez & Marsal (A&M) has added James Marceau as a managing director in its private equity performance improvement group. Mr. Marceau will be active within A&M’s aerospace, defense and aviation practice and will be based in the firm’s Boston office.

Mr. Marceau has more than 25 years of experience advising US and foreign governments and the US Department of Defense. Additionally, he has worked with original equipment manufacturers, prime contractors, and suppliers across the defense industry. Mr. Marceau has specific expertise in mergers and acquisitions advisory, financial performance improvement, data science and analytics, artificial intelligence, machine learning, business strategy, adaptive manufacturing, and supply chain management

“The industry is facing a whirlwind of vulnerability and uncertainty amidst on-going investment commitment, government requirements, research and development, engineering and innovation challenges,” said Nick Alvarez, managing director and national practice leader of A&M’s private equity performance improvement group. “A&M’s history of leadership, action and results in challenging situations syncs well with our growing aerospace, defense, and aviation practice, as well as the firm’s proven ability to maximize value and drive change.”

“Recent events in commercial aviation, the impact of COVID-19, and challenges across the defense industrial base has led to unprecedented sector uncertainty along with financial and operational challenges,” said Mr. Marceau. “The success of our defense industrial base concerns both shareholder value and national security. This pandemic will progress from a global health crisis to a global financial crisis impacting most sectors for many years to come. Combining my industry experience with A&M’s operational heritage and integrated platform will help our aerospace, defense and aviation clients perform at the highest levels.”

Before joining A&M, and from 2015 to 2020, Mr. Marceau was a partner and member of the board of directors with Cambridge, Massachusetts-based PA Aerospace and Defense which was spun out from London-headquartered PA Consulting in April 2020. Previously, he had served as president and CEO of Hitachi Consulting’s aerospace and defense business.

New York City-headquartered Alvarez & Marsal is a professional services firm that specializes in turnaround management, operational performance improvement and business advisory services. The firm was founded in 1983 and has more than 4,500 employees across four continents.

Private Equity Professional | August 10, 2020

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Private Equity

Carrick Buys Flatiron from WeWork

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Carrick Capital Partners has acquired Flatiron School, an educational provider of on-line coding skills, from WeWork.

New York City-based Flatiron School is an educational institution that teaches software engineering, computer programming, data science, and cybersecurity analytics. The company was founded in 2012 by CEO Adam Enbar and Avi Flombaum and sold to WeWork in 2017.

“We’re excited to have Carrick in our corner as we embark on this next chapter,” said Mr. Enbar. “Our goal at Flatiron is to do whatever we can to fix a broken and expensive educational system that doesn’t always prepare students with the skills they need for successful careers. As we work to redefine what higher education means, and what it can do to lift up a generation of underserved students, it’s important we acknowledge the shortcomings of education in tech, an industry that’s still made up of only 7% Black professionals.”

The acquisition by Carrick follows Flatiron’s July 2020 launch of the John Stanley Ford Fellowship to support the advancement of Black tech professionals. The new fellowship program partners with companies to create apprenticeships that offer on-the-job training, mentorship, and access and opportunities to the tech community and scholarships to Flatiron School programs. John Stanley Ford was IBM’s first Black software engineer – he was hired in 1946 – and he was also America’s first Black system engineer.

“We’re proud of our investment in the future of technology education at Flatiron School,” said Jim Madden, Carrick’s co-founder and managing director. “Diversity in tech starts with increasing access to, and benefit from, skills training, networking, and corporate hiring. We know the John Stanley Ford Fellowship is one step forward along a much-needed path toward change in the industry.”

Carrick invests in software and software-enabled businesses that have revenues of $20 million to $100 million. The firm was co-founded in 2012 by Marc McMorris, a former General Atlantic managing director who led investments in business services and software, and Jim Madden, the founder and chief executive of Exult, a human resources business processing company. Carrick has offices in San Francisco and Newport Beach.

WeWork is a commercial real estate company that provides shared workspaces and services for technology startups. The company was founded in 2010 and is headquartered in New York City.

Private Equity Professional | August 10, 2020

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