Correlation Ventures, the venture capital industry’s predictive analytics pioneer, announces first quarter investments in four new companies: Aldea Pharmaceuticals, MOGL, numberFire, and a company currently in stealth mode. These new additions bring Correlation Ventures' portfolio to 17. The firm plans to make approximately 75 investments from its $165 million inaugural, oversubscribed fund, which was announced in January. The new investments reinforce the firm’s commitment to a diversified portfolio, including new investments this quarter in the IT, consumer-business, and life science sectors.
Correlation Ventures leverages its predictive analytics to offer entrepreneurs and lead investors co-investment decisions within two weeks. This unique and streamlined decision process puts the firm on track to meet its goal of adding approximately 15 portfolio companies in 2012.
“Correlation’s process was incredibly easy and fast – they made an investment decision in 11 days – with little time required of me,” says Jon Carder, founder and CEO of MOGL. “Particularly while MOGL is in such a rapid growth mode, being able to spend more time managing my business, rather than on fundraising, was very helpful.”
MOGL, which offers a customer-loyalty program for consumers and restaurants, and numberFire, a predictive-analytics platform for sports, join Correlation Ventures’ other consumer-business technology portfolio companies, such as Fundly, Getaround, PowerInbox and Twitvid. Aldea Pharmaceuticals, which is developing enzyme activators that remove toxic aldehydes, expands the firm’s existing life sciences portfolio, including MimOSA Medical and RQx Pharmaceuticals. The firm’s IT portfolio includes such companies as Bunchball, Framehawk, GraphDive, SalesPortal and Virsto Software. Correlation is also actively seeking investments in other sectors, such as clean tech and financial services.
“Correlation Ventures fills an important market need of helping the most promising companies complete their funding rounds quickly with a no-hassle co-investment,” says Trevor Kienzle, 14-year VC veteran and co-founder and Managing Director of Correlation Ventures. “Most rewarding to me has been the quality of the entrepreneurs we’ve been able to back with our unique offering.”
ABOUT CORRELATION VENTURES
Correlation Ventures, a $165 million venture capital fund, leverages world-class analytics to offer entrepreneurs and other venture capitalists a dramatically better option when they are seeking additional co-investment capital to complete a financing round. The firm makes investment decisions in two weeks or less and offers reliability and transparency about reserves and its intentions to follow in future financings. Correlation Ventures invests across all industry segments, U.S. geographies and investment stages – from seed through late stage. Current portfolio companies include Aldea Pharmaceuticals, Bunchball, edo interactive, Framehawk, Getaround, MOGL, Virsto Software and Twitvid. Correlation Ventures has offices in San Diego and Palo Alto, CA. For more information, visit http://www.correlationvc.com