Stories of Technology, Innovation, & Entrepreneurship in the Southeast

SYN Ventures:

A little more than three years ago, SYN Ventures, a West Palm Beach, FL firm that says it is “funding the cyber revolution,” led the Series A round for RegScale, the leader in Continuous Controls Monitoring. RegScale was started by Co-Founders Travis Howerton of Oak Ridge and Anil Karmel.

Then, three years later, SYN Ventures participated in the oversubscribed more than $30 million Series B round, this time led by Washington Harbour Partners. Now, according to the Venture Capital Journal, SYN Ventures has raised more than two-thirds of its third fund, with a goal of $300 million.

“In less than seven weeks of raising, I am pleased to share that we have already reached our $200 million fund target and expect a final close at the $300 million hard cap later this quarter,” said Jay Leek, Founder and Managing Partner. “We also want to thank everyone for their continued support and confidence.

CapitalSpring:

CapitalSpring, the Nashville-based investment firm focused on franchised and other multi-location businesses, has announced a close resulting in more than $505 million of commitments for its seventh flagship investment fund, just two months after launch.

The fund, which targets $1 billion in total commitments, has attracted strong early support from existing limited partners, including state and municipal pension plans, endowments, foundations, and family offices. The firm previously held a final close on its predecessor flagship fund in March 2022 with $950 million in commitments.

“We are grateful for the continued confidence and support from our existing investors. All commitments to date are from existing limited partners with almost all investors upsizing their commitment level relative to prior funds,” said Richard Fitzgerald, Co-Founder and Managing Partner.

Bezos Earth Fund:

The Bezos Earth Fund has joined forces with the Council of Fashion Designers of America (CFDA) on a three-year partnership that will fund independent designer grants, student scholarships, and storytelling efforts aimed at promoting innovation in sustainable materials, circular design, and low-impact production.

Known as “The Next Thread Initiative,” the grants will range from $50,000 to $500,000 for designers leading in sustainable practices, while student scholarships of between $25,000 and $75,000 will support those pursuing sustainability-focused design education.

“This partnership provides designers and students with tangible support to build a more sustainable future for fashion,” said Steven Kolb, President and Chief Executive Officer of the CFDA.

Separately, the Bezos Earth Fund also announced $30 million in new investments to harness artificial intelligence for the planet, supporting innovations that range from decoding the songs of endangered birds to automating plant species identification.

Fifteen global teams were selected as Phase II awardees of the AI for Climate and Nature Grand Challenge. Each receives up to $2 million to scale real-world AI solutions to tackle biodiversity loss, climate change, or food insecurity.

UKG Ventures:

UKG, a leading global artificial intelligence platform unifying human resources, pay, and workforce management, has announced the launch of UKG Ventures, a strategic investment arm focused on the next generation of worktech disruptors for the enterprise. 

Investments in early- to growth-stage companies will enable UKG to provide customers with early access to emerging solutions to help them adapt to ever-changing business, labor, and people needs. Access to innovation creates productive, efficient, and flexible experiences for all employees, from the front office to the frontline. 

UKG Ventures will focus on both early-stage startups and growth-stage companies, and complements the success of UKG Labs, the popular program that connects pre-seed and seed stage startups with UKG experts and UKG customers to cultivate, test, and refine breakthrough concepts that transform work. To date, 19 startups — including Financial Wellness Labs — have participated in UKG Labs. 

Sequoia Capital:

Multiple media outlets have reported that Sequoia Capital’s Managing Partner Roelof Botha will step down after a little over three years in the role. He will be succeeded by Alfred Lin and Pat Grady, Sequoia veterans with more than two decades of combined leadership experience. Lin has led early-stage bets on companies such as Airbnb and DoorDash, while Grady has guided growth investments in OpenAI and ServiceNow.

Forbes reports that the firm’s decision to retreat from China and India amid growing U.S. regulatory pressure was seen as necessary but costly. Then came a leadership dispute with former Sequoia Partner Michael Moritz over a board seat at Klarna, exposing cracks in what was once regarded as venture capital’s most disciplined partnership. It was this summer’s controversy, however, that truly destabilized Sequoia’s image.

According to the Forbes article, the proverbial “straw that broke the camel’s back” began when Partner Shaun Maguire posted inflammatory comments on social media about New York mayoral candidate Zohran Mamdani. Sequoia’s refusal to take disciplinary action triggered an exodus of goodwill. Chief Operating Officer Sumaiya Balbale, a practicing Muslim, resigned in protest, and major investors questioned whether Sequoia’s internal culture still reflected their values.

Botha, who joined the investment firm in 2003, spearheaded Sequoia’s investments in Meta Platforms’, Instagram, biotech firm 23andMe, and software firm MongoDB.

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