2020 Triangle Tweener List (OLD)

Thanks to our Sponsors!

What is a Triangle Tweener?

  • They must be headquartered in the Triangle.
  • They need to be a technology company — software, hardware, tech-enabled services, digitally native brands, e-commerce, etc. No agencies, or consultancies. No life science (drugs, CRO, medical devices) companies (I wouldn’t know how to help you understand those).
  • Have a minimum of $1,000,000/yr in sales OR 10 people.
  • Once a company is over $80m/yr in revenue or 500 employees they ‘graduate’ off the list.

About the Author

How Can I Help?

2020 Update: The Big Picture

  • Exits are down 71% y/y — On the surface this maybe concerning, but you have to look at it with the investment datapoint in the next bullet. I view it as positive that exits are down, our Tweeners are raising more capital and scaling up to bigger sizes vs. exiting early. That’s a good thing because it means we’ll have more possible graduates.
  • Investments are up 172% — Investments in 2018 were $160m compared to $436m in 2019. Sure you have some whoppers in there, but even number of investment-wise, 2019 was a huge investment years for Tweeners. This is up and down the fundraising cycle. We saw great late stage investments, but also tons of large Series A and seed deals with Pryon’s $20m for a Series A deal busting that bracket.
  • Tweeners up 23% — Because there were so many exits in the 2018 cohort, the net tweener count stayed at 143. In 2019, we ended up with a 23% increase in Tweeners. The math was 143 to start. We lost 11 (5 M+A, 6 off list) and gained 44 for a net of 33 additions.
  • Bottom line — This middle segment of the startup pipeline I call Tweeners that I’ve focused on has never been healthier from top to bottom. We have tons of capital flowing into the category, we have lots of great new startups coming in the top of the funnel. I think we’re setting up for an amazing 2020’s decade for Triangle Tweeners and our overall Triangle entrepreneurial ecosystem! Buckle up!

2020 Update: Acquisitions

  • Prometheus group was acquired by Genstar Capital for over $1B (5/30/19)
  • Samanage was acquired for $350m by SolarWinds (4/12/19)
  • Medfusion acquired by NextGen Healthcare — $43m (11/13/19)
  • CARS acquired by Primeritus Financial Services (amount not revealed) (4/3/19)
  • First acquired by RE/MAX (amount not revealed) (12/21/19)

2020- Update: Wind-downs, too small, etc.

  • Active Location appears to have ceased operations
  • EmployUS has fallen below the Tweener requirements (headcount)
  • MapMyCustomers- re-domiciled to NYC.
  • MATI Energy — Unfortunately as we were preparing this year’s Tweener List, we learned that MATI has chosen to wind down operations.
  • Organic Transit has reportedly also wound down operations
  • Stealz — Stealz folded but lives on in Epifany

2020 Update: Tweener Financings of Note

  • $100m — Pendo 10/17/19 — Series E — Sapphire Ventures
  • $75m — Spreedly — 11/13/19 — Spectrum Equity
  • $65m — CloudFactory — 11/20/19 — FTV Capital
  • $53m — ArchiveSocial — 5/8/19 — PE — Level Equity
  • $32m — PrecisionHawk — 12/11/19 — Series E — Millennium Technology Value Partners
  • $20m — Pryon — 6/11/19 — Series A — Rise of the Rest
  • $18m — SignalPath — 10/22/19 — Series B — *Undisclosed
  • $10m — Spiffy — 6/26/19 — Tribeca Venture Partners
  • **$7.75m — Disruptive Enterprises — Series A — One Better Ventures
  • $6m — Phononic — 4/2/19 — *Undisclosed
  • $6m — Levitate (aka Real Magic) 6/1/19 — *Undisclosed
  • $5m — Eton Solutions — 6/7/19 — *Undisclosed
  • $4.7m Allstacks — 12/4/19 — Hyperplane Venture Capital
  • **$4.7m- FISCAL Technologies — 12/17/19 — Octopus Investments (EU based)
  • **$4.7m — Higharc — 5/9/19 — Pillar VC
  • $3.6m — MATI — 6/13/19 — *Undisclosed
  • $3.5m — KEEN — 4/9/19 — Spring Mountain Capital
  • **$3.4m — Terra Dotta — 5/16/19 — LNC Partners
  • ** $2m — InsightFinder — 12/21/19 (got in just under the wire!) — IDEA Fund Partners (IFP) led
  • **$1.5m — Klearly — 10/17/19 — IDEA Fund Partners (IFP)
  • $1.2m — Memberhub — 9/20/19 — *Undisclosed
  • $1.1m — Silbo — 10/29/19 — Dantes Investment, IDEA Fund Partners (IFP)
  • $1.1m — Improved Nature — 1/13/19 — *Undisclosed
  • **$2m — SWIR (debt and investment) — 12/19/19 — *Undisclosed
  • $1m — Element451–10/10/19 — Cofounders Capital
  • $1m Feedtrail — 5/30/19 — Dioko Ventures
  • **$1m Zynbit — 1/2/19 — River SaaS Capital
  • **800k — Liine — *Undisclosed

2020 Update: New to the Tweener list:

  • AllStacks
  • Aqueti
  • CData Software
  • Coworks
  • CureMint
  • D-wise
  • Disruptive Enterprises
  • Epifany
  • Eventops
  • FISCAL Technologies
  • Green Energy Corp
  • Growers Holdings
  • Hi Fidelity Genetics
  • Higharc
  • IdeaBlock
  • InHerSight
  • InsightFinder
  • Investiquant
  • Kaleido
  • Klearly
  • Liine
  • Limited Run Games
  • Logistiview
  • Looma Project
  • Pattern Health
  • Plasma Games
  • Primal Space Systems
  • Pro-ficiency
  • PROVEIT
  • REIN
  • Revibe Technologies
  • Sitation
  • Stitchgolf
  • SWIR Vision Systems
  • Tanjo, Inc.
  • Terra Dotta
  • The Climate Service
  • Trade Pending
  • Trill AI
  • Tyrata
  • USAT Corp
  • Weaveup
  • Well Dot
  • Zynbit

Finally: The 2020 Triangle Tweener List

Triangle Tweener Update Log

  • Updated StrongKey entry as per their request
  • Updated Ideablock LI
  • Tweaked CData pitch as per co

--

--

--

CEO of Spiffy (www.getspiffy.com) and Co-Founder/Executive Chairman of ChannelAdvisor

Love podcasts or audiobooks? Learn on the go with our new app.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Scot Wingo

Scot Wingo

CEO of Spiffy (www.getspiffy.com) and Co-Founder/Executive Chairman of ChannelAdvisor

More from Medium

IWD 2022: Celebrating women in energy

Ripped from the headlines…

What are the benefits of Canadian immigration?

CS373 Spring 2022: Matthew Dombrowski— Week 5