Maveron

Maveron is an American venture capital fund that invests in consumer-only and early-stage companies, based in Seattle, Washington. The firm was founded by former Starbucks chief executive Howard Schultz and investment banker Dan Levitan in 1998. Founded in Seattle, the firm opened a regional office in San Francisco, California in 2009.[1][2]

Maveron
Limited liability (LLC)
IndustryVenture capital
Founded1998 (1998)
FounderDan Levitan
Howard Schultz
HeadquartersSeattle, Washington, U.S.
Key people
Dan Levitan (head partner)
Products
  • Seed capital
Services
AUMUS$1.3 billion (2014)
DivisionsMaveron Equity Partners V
Maveron V Entrepreneurs’ Fund
Websitewww.maveron.com

Maveron invests in consumer-only businesses centered on technology-enabled products and services in commerce, education, and health and wellness. As of July 2014, the firm had a total of $1.3 billion in assets under management (AUM).[3]

History

The firm was co-founded in Seattle by Dan Levitan, former investment banker at Schroder Wertheim & Co., and Howard Schultz, former CEO, president, and chairman of Starbucks.[4] During his time at Schroder Wertheim & Co., Levitan helped take Starbucks public in 1992, which is where his relationship with Schultz was formed.[5] By 1993, Levitan and Schultz began investing together in several consumer businesses. In 1997, Levitan decided to leave New York and head west to Seattle to start Maveron with Schultz.[6] The firm opened its doors in January 1998. Maveron's name is a combination of "maverick" and "vision".[7] During the early 2000s, the fund and Schultz in particular, was criticized for their investments in for-profit universities, namely Capella University.[8] Maveron's early investment in zulily's November 2013 public offering of 22% of shares (for $4.5 million) was worth over a billion dollars by December.[9] In 2014, the fund was featured on Forbes' top venture capital firms in the U.S., ranked #54 out of 100.[3] In 2019, the fund raised an additional $180 million to finance investments.[10] The firm often turns down surplus capital in order to ensure consistent investment delta (margin by which fund outperforms the stock market).[11]

Portfolio

Maveron has invested in a number of prominent companies.[12] Its early investments include eBay,[13] Drugstore.com, [14] and Potbelly Sandwich Works.[15] Exits include Capella Education, CircleUp, Cranium, Darby Smart, Earnest, General Assembly, Julep, Koru, Lucy Activewear, Madison Reed, NextFoods, PayNearMe, Pinkberry, SeatMe, Shutterfly, Trupanion, and zulily.[10]

Active Maveron companies include Allbirds, Booster Fuels, Common, Co-Star, CourseHero, DollsKill, Eargo, Everlane, Flywire, Gallant, Guild Travel, Illumix, Imperfect Foods, Ink Box, Kids on 45th, Lovevery, Masse, Modern Fertility, Necessaire, Pluto VR, Pro.com, Spyce, Tempest, Thirty Madison, and Two Chairs.[10][16]

See also

References
  1. https://www.maveron.com/maveron-turns-20/
  2. https://www.pehub.com/2009/11/maveron-opens-san-francisco-office/
  3. Cook, John (2014-03-26). "Maveron's Dan Levitan has the Midas touch: Seattle VC named to list of top 100 investors". GeekWire. Retrieved 2020-04-19.
  4. Arnold, Glen (2008). Corporate financial management. Pearson Education. p. 496. ISBN 978-0-273-71041-7.
  5. "Acquired | Starbucks IPO with Dan Levitan". www.acquired.fm. April 3, 2017. Retrieved April 10, 2020.
  6. Miguel, Renay San. "Maveron's Levitan: Fortune favors the bold entrepreneur". USA TODAY. Retrieved 2020-04-19.
  7. https://www.maveron.com/about/
  8. Cadelago, Christopher. "Schultz's toxic investments: For-profit college, tax shelter for the rich". POLITICO. Retrieved 2020-04-19.
  9. Cook, John (December 23, 2013). "Maveron joins the billion-dollar club, one of 10 VC firms to generate big returns in 2013". GeekWire. Retrieved April 10, 2020.
  10. Clark, Kate (May 29, 2019). "Allbirds, Everlane investor Maveron turned away more than $70M for its latest fund". TechCrunch. Retrieved April 10, 2020.
  11. Vardhana, Anarghya (May 31, 2019). "Why Maveron Turned Down More Than $70 Million to Stay Small". www.bloomberg.com. Retrieved April 10, 2020.
  12. https://news.crunchbase.com/news/maveron-raises-over-156m-for-pair-of-new-consumer-only-venture-funds/
  13. Gardner, David; Tom Gardner (2002). The Motley Fool's What to Do with Your Money Now: Ten Steps to Staying Up in a Down Market. Simon & Schuster. p. 33. ISBN 978-0-7432-3378-1.
  14. Moe, Michael (2007). Finding the Next Starbucks: How to Identify and Invest in the Hot Stocks of Tomorrow. Portfolio. p. 144. ISBN 978-1-59184-189-0.
  15. Rubinfeld, Arthur; Collins Hemingway (2005). Built for growth: expanding your business around the corner or across the globe. Wharton School Publishing. p. 161. ISBN 978-0-13-146574-9.
  16. Crowly, Jason (May 28, 2019). "Maveron Raises $180M For A Trio Of New 'Consumer Only' Venture Funds". Crunchbase News. Retrieved April 10, 2020.
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