Note from Kevin
We’ve entered Q2 with optimism despite the broader volatility and cooling that we and our peers are definitely starting to see in the market, particularly for later stage companies.
Uncertain times undeniably bring new opportunities for important new ideas to take hold, and our team is pushing forward on many new ideas across several vectors where we’ve established focused efforts and capital: general tech (consumer/enterprise), healthcare, web3, social impact, robotics, and material sciences. Many of these are areas where we’ve built dedicated teams in the last year, and have brought on incredible leaders to drive them forward (see below for our two most recent Partner additions in social impact and robotics)
Fundamentally most of our companies are doing well, which speaks not only to the strength of our entrepreneurs and teams but also to the ongoing commitment from the amazing community of co-investors who partner with us to support our companies. That said, we and our ecosystem know that this year will be a more challenging one for fundraises across the board. We’ll be dedicating a lot of focus to supporting our current companies as they raise new rounds, in partnership with existing and new co-investors.
Our internal engineering practice also continues to grow. We have 38 engineers on our Montreal team, all of whom work directly with our incubations, and expect 60 by the end of the year. We have also hired the leadership team for our new engineering hub in Colombia where we’ll be building a team over the next 12 months. Given engineering power is perhaps the most obvious accelerant for early stage technology companies, we plan to continue ambitiously growing our engineering footprint in both North and South America in the quarters to come.
Our New York team is in the city and in the office - we are loving seeing each other, our companies, and our peer investors person and experiencing the city back in full swing. We hope to see as many of you as possible in the coming months.
Kevin
Welcoming two new partners to our team
Tanya Beja - Partner, AlleyCorp Social Impact
Tanya leads our new social impact fund, driving new investments and investments across both nonprofits and social impact-focused businesses. Tanya brings extensive experience at the intersection of venture capital, venture philanthropy, and social entrepreneurship. She comes to AlleyCorp from the leadership team of Blue Marble Microinsurance, which creates socially impactful, commercially viable insurance protection for the underserved. She also held leadership roles at the Robin Hood Foundation (NYC’s largest poverty-fighting organization) and IGNIA partners (a leading venture firm focused on supporting and investing in tech-enabled solutions designed for the emerging middle class in Latin America). Tanya holds a master’s degree in public policy from the Harvard Kennedy School of Government, and a B.A. summa cum laude from Tufts University.
Abe Murray - Partner, AlleyCorp Robotics
Abe leads AlleyCorp’s robotics and automation investments and incubations in partnership with Kevin Ryan and Eliot Horowitz. Prior to the AlleyCorp Robotics Fund, Abe was a product and engineering leader in various roles at Alphabet, where he worked on Android, built the Verily Life Science product teams, and built the Google Research product management team. Before this he founded a Web 2.0 startup and worked on unmanned aerial vehicles in the defense industry. Abe holds an MBA from Harvard Business School, a master’s degree in electrical engineering from Worcester Polytechnic Institute, and a bachelor’s degree in computer engineering from the University of Rhode Island. Prior to all of this, he dropped out of high school to run fishing boats and factories in the family aquaculture business.
Incubations
New Incubations
AlleySearch
We are very excited to be launching an in-house search firm that will partner first our incubations (and eventually our larger portfolio) in finding and attracting incredible leaders at greater scale. We are actively building out the search team and would welcome any interest from this community.
Attend
Attend is a bespoke financial wellness platform designed to meet the unique needs of clinicians. Clinicians take on tremendous amounts of educational debt, face delayed wealth creation, and are forced to purchase obtuse, confusing insurance products unique to their trade. Our healthcare heroes deserve better, and we are building the company that will enable this mission. We are currently building the leadership team and welcome any interest!
Recent Raises
Diana Health, an AlleyCorp incubation that is redesigning maternity and women’s health in partnership with leading health systems, raised $11M in Series A financing and announced a collaboration with TriStar StoneCrest Medical Center, part of HCA Healthcare, and one of the largest hospital systems in the U.S. The round was co-led by LRVHealth and .406 Ventures, with participation from first investor AlleyCorp.
Cortina, an AlleyCorp incubation that provides software solutions for retailers to expand their business into new categories, raised $6M in Seed funding. The round was led by Point72 Ventures with participation from AlleyCorp, Primary VC, Blue Watch, and Lorimer.
Investments
Tul, a Colombian e-commerce platform that sells construction materials to small-sized retailers, raised $181 million in new funding as it prepares to expand to Brazil and Mexico. The round was led by 8VC, with participation from AlleyCorp, Avenir Growth Capital, Coatue, Tiger Global and SoftBank Latin America Fund.
Yuvo Health, a leading technology-enabled administrative and managed-care solution for community health centers, closed a $7.3 million seed round. The round was led by AlleyCorp, with participation from institutional investors including AV8 Ventures, New York Ventures, and Brooklyn Bridge Ventures, as well as angel investors including Dr. Melynda Barnes, Ro's Chief Medical Officer.
Vicarius, a New York-based startup that has developed an autonomous vulnerability remediation platform, has raised $24 million in Series A funding to protect organizations from the next major supply-chain attack. The round was led by AlleygisCyber, joined by AlleyCorp, JVP, and execs from Okta, Security Scorecard, and Exabeam.
Delta One, a Solana DeFi protocol that offers users an automated, low-risk way to earn yield, raised $9.1M in a seed round led by Alameda Research and DeFi developer collective Ship Capital, with participation from AlleyCorp as well as Solana co-founder Raj Gokal and other investors.
Memora Health, the leading technology platform for virtual care delivery and complex care management, raised a $40M financing. Transformation Capital led the financing with participation from AlleyCorp, Andreessen Horowitz, Frist Cressey Ventures, Edward Elmhurst Health, and others.
Anvyl, the leading platform for supplier relationship management from order to delivery, raised over $15M in new funding. The investment was led by B Capital, with continued participation from previous investors AlleyCorp, Company Ventures, First Round Capital, and RedPoint Ventures, and was joined by new investors Flexport, Buckley Ventures, and Jeff Raider, Founder of Warby Parker and Harry’s.
Mundi raised $16M in series A funding to grow its modern financial platform for cross-border trade. AlleyCorp joined the USV-led round along with other investors. Mundi also raised $100M in debt financing earlier this year.
SoBanHang, a Ho Chi Minh city based company that enables small businesses to create online stores, raised an additional $2.5M in funding, bringing its total funding to $4M. Backers include AlleyCorp, FEBE Ventures, Class 5, Trihill Capital, and AlleyCorp, among others.
Community
We celebrated 15 years of MongoDB by bringing together 100+ current and former team members for an evening of reconnection with each other, Kevin and Eliot Horowitz.
AlleyCorp’s VP of Platform Susannah Shipton co-hosted the 2022 VC Platform Global Summit in NYC, which welcomed 500+ attendees from across the world in a sold-out, 3 day event. The VC Platform Global Community is comprised of 1500+ leaders in Platform.
MD++ is a community of 1700+ medical students interested in technology, business, and life sciences, founded by AlleyCorp investor Sherman Leung. MD++ empowers the next generation of physician-innovators who will improve healthcare delivery through the intersection of technology, business, health policy, and life sciences. AlleyCorp hosted the incoming executive board for a brunch and offsite in April.
News
Crian’s covered AlleyCorp’s expansion into new focus areas including Robotics, Web3, and Social Impact
Zola CEO Shan Lyn Ma was featured on top tech podcast How I Built This with Guy Raz
The 2022 NYC Healthcare Innovation report, published by NYC Health Business Leaders, features AlleyCorp’s Brenton Fargnoli and Jane Suh in discussion with other industry leadership. The report further cements NYC as the unequivocal digital health capital.
Reside Health, an AlleyCorp incubation which provides primary care and evidence-based wellness services to buildings occupants as an amenity, is opening its third clinic at 4 World Trade Center
AlleyCorp incubation Humming Homes and investments Valon and Smallhold were featured on Built In NYC’s Top Startups to Watch list
Clarium Health, a supply chain automation platform, emerged from stealth with numerous hospital partnerships