Today Marrone Bio Innovations (Symbol: MBII) of Davis had their initial public offering on the NASDAQ stock exchange. It was priced at $12/share and ended the day at $13.75.
SacAngel members first invested in the company in 2006 as part of MBI’s first round of funding (Series A). It is estimated from the company S-1/A filing with the SEC that those investors had a return in the range of 6.4x based on the closing price today (i.e., for every dollar invested, their return today, if they sold their stock, would be $6.4). Similarly, those that invested in subsequent Series B (2008) and Series C (2010-11) financing rounds got returns of 3.9x and 3.6x, respectively.
The group invested in EcoTensil earlier this year along numerous other angel groups in a syndicated deal for $850K. There are a number of press releases on the web like this one, and below is a press release we received from the company.
ECOTENSIL CLOSES OVER-SUBSCRIBED SERIES A ROUND, ACHIEVES OTHER SIGNIFICANT BUSINESS MILESTONES
EcoTensil, Inc., maker of the most eco-friendly paperboard utensils available, announced that it has over-subscribed and closed its Series A round of financing, having raised in excess of $850,000. The successful capital raise complements some other important business milestones, such as the shipment of the company’s first SpoonLidz on-package product, and the move into a new, larger office.
Aperia have kept a pretty low profile since their funding while the product was developed and market development was initiated. Recently, more information about the company has emerged as the company CEO, Josh Carter, was invited to speak at the Wall Street Journal ECO:nomics conference in Santa Barbara (take a look at the program; it has some pretty impressive speakers).
Today we saw this press release about our Portfolio company, Glue Networks, new product, Cisco Virtual Office-as-a-Service (CVOaaS). They are showcasing the product at Geek Day in Washington,US.
The new release automatically builds, maintains, monitors, and manages next-gen networks anywhere in the world, and delivers voice, video and real-time data applications for remote offices and employees with plug-and-play simplicity, error-free set up, military-grade security, and full network lifecycle management for a low monthly fee.
We invested Welldog about a year ago and they are now growing rapidly. See this recent press release about a A$4MM (about the same in US$) order for their services in Australia. Welldog provide data service to the coal mining and coalbed methane discovery industry.
We also invested in Cloud Cruiser almost two years ago and they continue to gain significant recognition in the Cloud computing space — they provide cloud cost intelligence solutions. They were recently selected “As One of 20 Coolest Cloud Software Vendors”. They join the likes of industry heavyweights Google, Oracle, Microsoft, Salesforce, Intuit, and SAP in that top 20 list. See the press release.
International mix of angel and strategic investors provide debt and equity capital
Below is the press release from Welldog mentioning our recent investment. There is also a short note in the Sacramento Bee.
Laramie, Wyoming (8 June 2011) – WellDog announced today that it has closed on $5,000,000 in new debt and equity financing to support its continued expansion. The round was led by Simon Ashton and his strategic investment company, ProX Pty Ltd, and included participation by members of Sacramento Angels, Houston Angels, and some of the successful entrepreneurs behind Pure Energy, as well as expanded investment from the Brisbane Angels.
WellDog is a privately held company focused on using innovative technologies to improve exploration and production of oil, gas and alternative energy resources. They are headquartered in Laramie, Wyoming, with a subsidiary in Brisbane, Australia.
Emerging Asian economies need energy and Asian energy exporters are struggling to meet demand. Coal based resources, including gas, are contributing but they need new technologies to meet demand responsibly and quickly, exactly the niche WellDog has found with its exploration services.
We were investors in portfolio company, Patientsafe Solutions, in 2004. They were just ranked #18 in the Wall Street Journal’s second annual Next Big Thing list of the 50 U.S. venture capital backed companies with the greatest promise to succeed. These are start-ups with potential for technological breakthroughs in health care, mobile communications and business software. To be eligible for consideration, companies must have received an venture capital / equity round of financing in the past three years and be valued at less than $1 billion, as the aim is to identify lesser-known contenders.