Maveron

Maveron is an American venture capital firm that invests in consumer-only and early-stage companies, with offices in Seattle, Washington and San Francisco, California. The firm was co-founded by Dan Levitan and former Starbucks chief executive Howard Schultz in 1998.

Maveron
TypeLimited liability (LLC)
IndustryVenture capital
Founded1998 (1998)
FounderDan Levitan
Howard Schultz
Key people
Dan Levitan
Jason Stoffer
Anarghya Vardhana
David Wu
AUMUS $1.3 billion (2020)
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 2020, the firm had a total of $1.3 billion in assets under management (AUM).[1]

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.[2] During his time at Schroder Wertheim & Co., Levitan helped take Starbucks public in 1992, which is where his relationship with Schultz was formed.[3] 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.[4] The firm opened its doors in January 1998. Maveron's name is a combination of "maverick" and "vision".[5] During the early 2000s, the fund and Schultz in particular, was criticized for investments in for-profit universities, namely Capella University.[6] Maveron opened its San Francisco office in 2009.[7] Maveron's early investment in zulily led to November 2013 public offering of 22% of shares (for $4.5 million) worth over a billion dollars by December.[8] In 2014, the fund was featured on Forbes' top venture capital firms in the U.S., ranked #54 out of 100.[1] In 2019, the fund raised an additional $180 million to finance investments.[9] The firm often turns down surplus capital in order to ensure consistent investment delta (margin by which fund outperforms the stock market).[10]

Portfolio

Maveron's early investments include eBay,[11] Drugstore.com,[12] and Potbelly Sandwich Works.[13]

Active Maveron companies include Allbirds, AllStripes, Bookclub, Booster Fuels, CapHill Brands, Common, Co-Star, Daring, DollsKill, Dolly, Eargo (NASDAQ: EAR), Engageli, Everlane, Flywire (NASDAQ: FLYW), Gallant, Illumix, Imperfect Foods, Inkbox, Landing, Lovevery, Modern Fertility, Nécessaire, Otis, Pacaso, Parade, Peach, Pluto VR, Pro.com, Spyce, Tempest, The Guild, The Wrap, Thirty Madison, Two Chairs, and Wave.[9]

Exits include August Lock, Capella Education, CircleUp, CourseHero, Cranium, Darby Smart, Decide, Earnest, General Assembly, Good, Groupon, Julep, Koru, Lucy Activewear, Madison Reed, Newsle, NextFoods, PayNearMe, Periscope, Pinkberry, Quellos Group, SeatMe, Shutterfly, Trupanion, and zulily.[9]

See also

References
  1. 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.
  2. Arnold, Glen (2008). Corporate financial management. Pearson Education. p. 496. ISBN 978-0-273-71041-7.
  3. "Acquired | Starbucks IPO with Dan Levitan". www.acquired.fm. April 3, 2017. Retrieved April 10, 2020.
  4. Miguel, Renay San. "Maveron's Levitan: Fortune favors the bold entrepreneur". USA TODAY. Retrieved 2020-04-19.
  5. "Venture Capital for Seed and Early-Stage Consumer Companies".
  6. Cadelago, Christopher (6 February 2019). "Schultz's toxic investments: For-profit college, tax shelter for the rich". POLITICO. Retrieved 2020-04-19.
  7. "Venture firm Maveron opens San Francisco office". 18 November 2009.
  8. 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.
  9. Clark, Kate (May 29, 2019). "Allbirds, Everlane investor Maveron turned away more than $70M for its latest fund". TechCrunch. Retrieved April 10, 2020.
  10. Vardhana, Anarghya (May 31, 2019). "Why Maveron Turned Down More Than $70 Million to Stay Small". www.bloomberg.com. Retrieved April 10, 2020.
  11. 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.
  12. 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.
  13. 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.
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