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MomentFeed Raises $10 Million to Accelerate Proximity Search…

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“Interest in MomentFeed has grown significantly as multi-location brands look to influence a purchase decision that often starts with a mobile search, a trend that has accelerated during COVID-19.” — Nick Hedges, MomentFeed CEO

MomentFeed, the leading provider of Proximity Search Optimization software, today announced it has closed $10 million in funding led by private equity firm Level Equity. Previous investors Signia Venture Partners, Draper Nexus, and DFJ Frontier also participated. To date the company has raised more than $38.3 million in funding.

MomentFeed helps multi-location brand marketers capitalize on the digitally-driven consumer, who turns to their mobile device to research nearly every purchase. This same consumer increasingly prioritizes convenience over brand as demonstrated by the rise in unbranded “near me” searches such as “grocery store near me” on Google and other discovery networks.

To succeed in this new era, the most recognized, multi-location brands have turned to MomentFeed to ensure their brand is visible when nearby consumers search. The company’s Proximity Search Optimization platform helps brands effectively manage local listings, local reviews and ratings, and local social media across hundreds or even thousands of locations.

MomentFeed CEO Nick Hedges credits the success and growth of the company to an obsessive customer focus that has become even more important as the company helps its clients maintain high levels of digital visibility during COVID-19.

“Interest in MomentFeed has grown significantly as multi-location brands look to influence a purchase decision that often starts with a mobile search, a trend that has accelerated during COVID-19,” said Hedges. “Brands want to be the first to show up in mobile search results with accurate, trustworthy information that instills confidence and drives sales. We believe we have the best platform in the industry to help our clients achieve these goals today, but also recognize there is opportunity for innovation to help our clients continue to excel. This funding will help us do just that.”

The capital infusion will fuel MomentFeed’s efforts to meet growing demand for its Proximity Search Optimization platform, helping multi-location brands continue to outperform competitors in proximity discovery, reputation, and loyalty. MomentFeed is committed to being the platform innovation leader and will more than double the size of its research and development team by the end of 2020.

Earlier this month the company unveiled its most recent innovation, a Proximity Search Optimization Dashboard that helps multi-location marketers more easily stay on top of the five key factors needed to target and convert local consumers.

“We are very excited by the direction that MomentFeed is headed in and are delighted to have the opportunity to lead this new round,” said Sarah Sommer, partner at Level Equity. “This is an already large and now accelerating category as MomentFeed becomes business essential. We are really pleased to be able to support MomentFeed in this next wave of innovation and growth.”

“As we look ahead to the next decade, we see massive greenfield opportunities to reimagine how online and offline experiences are connected. We remain steadfast in our mission to unite mobile consumers with brands locally,” said Hedges.

ABOUT MOMENTFEED

MomentFeed is the leading Proximity Search Optimization platform trusted by many of the largest multi-location brands in the restaurant, retail, automotive, hospitality, and financial services industries. Proximity Search Optimization is gaining significant interest from CMOs of multi-location, national brands and franchises as a way to show up locally, at the precise moment a customer has a need. MomentFeed makes it possible for national brands to execute hyperlocal marketing campaigns at scale – driving local awareness, in-store traffic, and more calls for appointments and orders.

Founded in 2010, MomentFeed is headquartered in Santa Monica, California. An Inc 5000 Fastest Growing Privately Held Company, it was also named a Comparably Best Company.

For more information visit http://www.momentfeed.com | Twitter | LinkedIn | Facebook

ABOUT LEVEL EQUITY

Based in New York, NY, Level Equity is a private investment firm focused on rapidly growing software and technology-driven businesses. Level provides long term capital across all transaction types in support of continued growth. The firm has raised $1.7 billion in committed capital. For more information, visit http://www.levelequity.com.

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Source: https://www.prweb.com/releases/momentfeed_raises_10_million_to_accelerate_proximity_search_optimization_innovation_for_multi_location_brands/prweb17290206.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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Source: https://peprofessional.com/2020/08/tonka-bay-closes-fund-iv/?utm_source=rss&utm_medium=rss&utm_campaign=tonka-bay-closes-fund-iv

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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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Source: https://peprofessional.com/2020/08/carrick-buys-flatiron-wework/?utm_source=rss&utm_medium=rss&utm_campaign=carrick-buys-flatiron-wework

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