Austin-based LoveSeat recently raised $7 million led by Bessemer Venture Partners (Philly angle)

Tom Paine

Actually, the concept that would become LoveSeat was hatched in
Philly back around 2013 by Wharton grad and TicketLeap founder Chris Stanchak and his wife Jennifer Stanchak, who was one of the earliest employees of Venmo, which was founded in Philly. The couple moved to Southern Califomia and formally launched LoveSeat, which was in the business of finding, restoring and reselling vintage furniture.

Although the vintage business could be fun and profitable, it was limited by the difficulty in obtaining inventory and was hard to scale. But the Stanchacks in the process found a more attractive business to pivot to: purchasing almost new furniture and other household fixtures that were returned to stores within a company’s return policy. Stores or online retailers have little use for the returned product. It often ended up in landfills.

A key to making the concept work
was use of live auctions to sell product. This model dictates that live auctions be locally based (which also eliminates shipping costs), though that may slow the pace of expansion.


After the pivot, LoveSeat showed margins and unit growth potential strong enough to get the attention of top of the line VCs, such as Bessemer. That firm is known for its Bessemer Cloud Index, which tracks the performance of publicly traded cloud computimg ventures. Love Seat was more of a hybrid, combining physical and virtual elements; the company has built a SasS app to help manage the business.

The investment round included participation from angels who had backed the venture previously, including DuckDuckGo founder Gabriel Weinberg.

LoveSeat will use the funds to round out its senior management team and expand its physical locaions with an initial concentration on Texas.

But Chris Stanchack told me in a phone interview that he wanted to give a shoutout to people in Philly, which fits into LoveSeat’s longer term expansion plans.


	

CHICAGO, March 15, 2022 /PRNewswire/ — The Association for Corporate Growth (ACG) is excited to announce that it has acquired GF Data, the leading provider of middle-market transaction multiples and other deal data. The acquisition will provide additional benefits to ACG members as well as grow GF Data contributors and subscribers going forward.

“This is a company that fits squarely in ACG’s wheelhouse,” said Tom Bohn, ACG’s President and CEO. “GF Data’s unique, proprietary research methodology provides objective, transaction-based clarity for mid-market dealmakers – a key component of ACG’s membership. This acquisition is truly an example of ACG living its mission of driving middle-market growth through M&A.”

Founded in 2006, GF Data provides aggregated data and analysis to subscribers through electronically delivered reports and access to its valuation database. Data can be filtered by NAICS code, total enterprise value, revenue, EBITDA and more. Acquisition details are provided anonymously by more than 250 private equity firms through a secure online interface. To date, GF Data has tracked more than 4,000 transactions valued between $10 million and $250 million.

GF Data recently expanded its coverage to deals valued at as much as $500 millionand will be adding this data to its M&A,LeverageKey Deal Terms and Industry Drilldown reports. These quarterly reports provide users with more than valuation multiples. A variety of detailed exhibits parse the data by deal structure and lender type, and provide granular insight into financing and deal terms for PE platforms, add-ons and SBIC-backed acquisitions.

“In ACG we found the ideal partner to continue to build GF Data as ACG’s membership is really the lifeblood of GF Data – the data providers and subscribers to the product,” said Andrew T. Greenberg, GF Data’s CEO and Co-Founder. “With ACG’s reach and audience we believe they’ll be able to continue to grow GF Data and further develop our proprietary research model.”

More than 5,000 deal professionals — including investment banks, private equity groups, lenders and debt providers, accounting and valuation firms, law firms, family offices and institutional investors — use GF Data’s benchmarks for their own deals and when advising clients.

“Our model ensures that customers receive trustworthy, accurate information taken from real transactions — not estimates or extrapolations,” said B. Graeme Frazier, Partner and Co-Manager of GF Data.

Going forward, GF Data will become an integral part of ACG’s content strategy and membership experience, providing a standardized baseline of deal terms. ACG is excited about continuing to work with Andy and Graeme to integrate that platform into the ACG universe.

“With the acquisition of this subscription product, ACG members will see greater clarity into purchase price multiples, and more importantly, greater clarity into other key market terms through GF Data’s proprietary research,” said Bob Dunn, Managing Director of GF Data.

About ACG
We Drive Middle-Market Growth

Founded in 1954, ACG is the premier M&A dealmaking community with a mission of driving middle-market growth. ACG’s 

NJTW NEWS: DAVID SORIN AND OTHER MCCARTER TECH PARTNERS HEAD TO BROWN RUDNICK; APPRENTICE GETS $100 MILLION SERIES C 

David Sorin
David Sorin of Brown Rudnick | file photo

Home »  Around New Jersey »  Emerging technologies »  entrepreneurship »  Innovation »  News»  NJ Tech People » NJTW News: David Sorin And Other McCarter Tech Partners Head To Brown Rudnick; Apprentice Gets $100 Million Series C

 January 25, 2022  Esther Surden0Around New JerseyEmerging technologiesentrepreneurshipInnovationNewsNJ Tech People

[This article was taken from NJTW News, an NJTechWeekly.com newsletter. Sign up for it here.]

Sorin And Colleagues Leave McCarter & English

  • Boston-based law firm Brown Rudnick, which has a significant presence in New York, is the new home to the venture capital and technology practice of David Sorin and several other partners from Newark-based McCarter & English.
  • Sorin was the chair of the Venture Capital Group and Emerging Growth Companies practice at McCarter.
  • Known for his championship of the New Jersey tech and entrepreneurship ecosystem, Sorin has served as attorney and advisor to many local startups, and he helped found the New Jersey Technology Council, now TechUnited:NJ.
  • Sorin, Scott Smedresman, Jared Sorin, Joseph Ferino, and Matthew Uretsky, along with their associates Ken Franklin, Morgan Jones and Thomas Rezach also joined  Brown Rudnick, where they focus on emerging growth tech and tech-enabled companies..
  • Sorin told us that  Brown Rudnick hopes to open a small office in Princeton in the near future.

Pharma AR/AI Startup Apprentice Gets $100 Million

How the Apprentice team has grown! A partial team photo. | Courtesy Apprentice
  • Jersey City-based Apprentice, founded in 2014, recently raised $100 million in a Series C round, led by new investor Alkeon Capital Management.
  • Apprentice found great success during the pandemic as the pharmaceutical industry transformed processes to produce mRNA vaccines.
  • This was the first large-scale application of cutting-edge cell therapies that require a profoundly different production process, the company said.
  • The company’s intelligent cloud platform integrates augmented reality, voice recognition, and artificial intelligence into wearable, mobile, and desktop devices to offer a virtual collaboration application and a robust manufacturing and lab-execution system, the company said.
  • Congratulations to Angelo Stracquatanio III, cofounder and CEO, and cofounders Gary Pignata and Alexandra Buttke.

This article originally appeared in NJTechWeekly. Esther Surden, Editor & Publisher, and is reposted here with her permission.

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Blue Bell-based Tx3 Services acquired

Tom Paine

Tx3 has 35 employees according to LinkedIn. Founded in 2011, its been a partnership with Jason Tepfenhard as general partner. Tricensus management indicates its been working with Tx3 for quite some time. One thing that’s clear is that Tricentus is close to SAP, though the prime investors appeared to have been Wipro and Insight Ventures.

Tricensus, a well-funded cloud-based software testing business that raised $172 million a few years back, has made a string of acquisitions lately. Its most recent, announced yesterday, is Blue Bell-based Tx3 Services, described as ”Devops for Life Sciences. “

Tx3 works with clients to hekp them keep their systems and data in compliance.

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with Tx3 for sone time.

Tx3 Says it works with custoners to

keep thwir dara & ststemd in regukariry compliance.

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