A point of view on the market
We believe the next wave of transformational tech companies, led by seasoned talent and available at attractive valuations, is being formed right now. Several of today’s best companies emerged after the dot-com collapse and the global financial crisis. Heightened investor scrutiny and lower transaction volume is driving early-stage tech companies to relentlessly focus on capital efficiency and technology differentiation. This cohort of businesses represents a great opportunity for venture capital firms that continue to deploy capital, and has the potential to lead to asymmetric returns.
In the first half of 2024, we were focused on
Investing strategically.
We continue to double down on investing in mission-critical enterprise technology companies with highly differentiated tech and multi-layered monetization strategies. It is a subsegment of the market that we call Software++.
In the first half of 2024, we deployed $20 million and made three new investments, while our portfolio closed more than $148 million in follow-on financing. To date, Fund III has deployed $82.7 million across 17 companies.
Building
great companies.
Our portfolio continues to achieve important milestones. Below we share some of their stories, including TeleMed2U’s sale to Kayne Anderson, Worlds’ launch of a new platform that promises to operationalize real-world AI for the largest industrial enterprises globally, and App Orchid’s role at The Gartner Data & Analytics Summit.
Over the past five years, TeleMed2U’s revenue has grown by nearly ten-fold. We recently profiled the company’s journey from a business that struggled with execution to one that become an attractive acquisition target.
Known as WorldsNQ, the innovative platform promises to redefine how companies use AI to measure and improve physical operations.
In March, App Orchid showcased its cutting-edge generative AI technologies designed to revolutionize the data and analytics space at the 2024 Gartner® Data & Analytics Summit.
Serving the ecosystem.
SXSW
Moneta Managing Partner Aasim Hasan moderated two panels at South by Southwest. “How Allocators Find the Next Great VC” (pictured here) featured panelists Beezer Clarkson (Sapphire Partners), Mark Shoberg (Capital Creek Partners), and Rosa McCormick (Wild Basin Investments). The second panel was entitled “Raising Venture Capital During a Market Downturn” and featured Moneta portfolio company founders Katherine Allen (Flo Recruit), Dave Copps (Worlds), and Raymond Weisberg (Edge).
GSEC
For the third consecutive year, Moneta was the presenting sponsor for the Greater Sacramento Economic Council’s Annual Celebration. Pictured from left to right are Moneta Venture Partner Ashu Bhalla, Moneta LP Dave Lucchetti, and Moneta Managing Partner Lokesh Sikaria. We are honored to be a part of such a bright and thriving ecosystem in the Greater Sacramento Area.
A Night Above Austin
Ahead of South by Southwest, Moneta hosted a cocktail reception high above the Austin skyline for founders, investors, and other members of the Moneta family. Pictured here are Bryan Chambers, President and Co-Founder of Capital Factory, and Moneta Associate Brooke Borseth.
TVA
In April, Moneta attended the Texas Venture Gala, an event that recognizes and celebrates leadership in the Texas venture ecosystem. Speakers included members of the Texas State Legislature, Texas Chamber of Commerce, and the Office of the Texas Governor. The keynote speaker was NASA’s longest-tenure Administrator, Daniel S. Goldin.
Moneta news
We are proud to announce the following new members of the Moneta team.
Jeff Olyniec
Jeff has been working closely with the Moneta team for several years while serving as the Chairman of Moneta portfolio company Reviver.
Ashu Bhalla
Ashu has a long working history with Moneta’s partners, and most recently was the Chief Revenue Officer at Sibros, one of Moneta’s portfolio companies.
Saachi Sikaria
Saachi joins us from Ernst & Young, where she was an audit associate.
She graduated summa cum laude from Santa Clara University’s (SCU) Leavey School of Business and is a licensed CPA.
Promotions
Eli Wolfson
Senior Associate Congratulations to Eli Wolfson on his promotion to Senior Associate. Since joining Moneta in 2020, Eli has been responsible for sourcing companies for investment, conducting due diligence on new opportunities, and providing strategic support to Moneta’s portfolio companies.
Fellows and interns
In H1 we were also pleased to welcome:
Carolyn Taylor to the team as a Venture Fellow, as well as Ronan Brothers, Tashvi Munka, and Ayaan Kundi as interns.