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Venture Capital
converge.vc

Investments

203

Portfolio Exits

37

Funds

5

Partners & Customers

3

About Converge

Converge is a venture capital firm co-founded and led by Nilanjana Bhowmik and Maia Heymann.

Headquarters Location

101 Main Street

Cambridge, Massachusetts, 2142,

United States

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Latest Converge News

Converge places bet on pay TV business

Feb 25, 2024

2 minute read Converge ICT Solutions Inc. will invest as much as P150 million to launch its pay TV business this year. In an interview, Converge CEO Dennis Anthony H. Uy said the group is now “testing” its direct-to-home TV service and is planning a “full rollout” in 2024. “We have more than 7,000 islands in the Philippines and there are a lot of unserved areas. So, this is the reason we have hybrid combinations. Regardless of where you are, we should serve you.” Uy noted that Converge aims to keep the service accessible to a broad audience, with the base price starting at P99 or P100. Currently, Converge is testing the service in Pampanga, particularly focusing on areas not covered by fiber optics. Investments in the pay TV service, he said, is about P100 million to P150 million. In another development, Converge announced another round of free speed boosts for its postpaid broadband internet plans. The company’s flagship FiberX 1500 plan now has 300 Mbps, an upgrade from 200 Mbps. Converge previously upgraded the plan in June 2022 from 50 Mbps to 100 Mbps, and again in November 2022 from 100 Mbps to 200 Mbps. Other plans with speed increases include FiberX Plan 2000, FiberX Plan 2500 and FiberX Plan 3500, which now have speeds of 500 Mbps, 700 Mbps, and 1 Gbps respectively. Converge has about 2 million subscribers across the Philippines. The free upgrade came after Converge had a “clean sweep” at the recent Speedtest Awards by Ookla. Based on Ookla’s Speedtest Global Index, the average fixed broadband speed in the Philippines as of January is 93.31 Mbps for download and 93.05 Mbps for upload. As of the second half of 2023, Converge reached top download speeds of 457.56 Mbps and top upload speed of 448.15 Mbps. Converge also secured awards in multiple categories during Ookla’s Speedtest Awards, including Best Internet Gaming Experience, Best Internet Video Experience, and Top-Rated Internet Experience in the Philippines.

Converge Investments

203 Investments

Converge has made 203 investments. Their latest investment was in FORA as part of their Pre-Seed on January 31, 2024.

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Converge Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

1/31/2024

Pre-Seed

FORA

$3.8M

Yes

14Peaks Capital, Acadian Ventures, GTMFund, Undisclosed Angel Investors, Undisclosed Investors, and Zelkova Ventures

2

12/19/2023

Seed VC

Excarta

$2.5M

Yes

Ubiquity Ventures, Undisclosed Angel Investors, and Village Global

4

9/12/2023

Seed VC

Lumber

$5.5M

Yes

2

1/11/2023

Seed VC - III

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$99M

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10

10/19/2022

Seed VC

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$99M

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10

Date

1/31/2024

12/19/2023

9/12/2023

1/11/2023

10/19/2022

Round

Pre-Seed

Seed VC

Seed VC

Seed VC - III

Seed VC

Company

FORA

Excarta

Lumber

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Amount

$3.8M

$2.5M

$5.5M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

14Peaks Capital, Acadian Ventures, GTMFund, Undisclosed Angel Investors, Undisclosed Investors, and Zelkova Ventures

Ubiquity Ventures, Undisclosed Angel Investors, and Village Global

Sources

2

4

2

10

10

Converge Portfolio Exits

37 Portfolio Exits

Converge has 37 portfolio exits. Their latest portfolio exit was WeSpire on May 31, 2023.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

5/31/2023

Acquired

$99M

1

2/16/2022

Acquired

$99M

1

12/15/2021

Acquired

$99M

2

10/14/2021

Acquired

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$99M

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10

5/20/2021

Acquired

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$99M

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10

Date

5/31/2023

2/16/2022

12/15/2021

10/14/2021

5/20/2021

Exit

Acquired

Acquired

Acquired

Acquired

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

1

1

2

10

10

Converge Fund History

5 Fund Histories

Converge has 5 funds, including Converge Fund I.

Closing Date

Fund

Fund Type

Status

Amount

Sources

12/28/2018

Converge Fund I

Early-Stage Venture Capital

Open

$14.5M

4

10/15/2013

CommonAngels Ventures Fund IV

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$99M

10

4/14/2013

CommonAngels Fund III LP

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$99M

10

9/30/2005

CommonAngels Co-Investment Fund II

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$99M

10

9/28/2000

CommonAngels Co-Investment Fund I

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$99M

10

Closing Date

12/28/2018

10/15/2013

4/14/2013

9/30/2005

9/28/2000

Fund

Converge Fund I

CommonAngels Ventures Fund IV

CommonAngels Fund III LP

CommonAngels Co-Investment Fund II

CommonAngels Co-Investment Fund I

Fund Type

Early-Stage Venture Capital

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Status

Open

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Amount

$14.5M

$99M

$99M

$99M

$99M

Sources

4

10

10

10

10

Converge Partners & Customers

3 Partners and customers

Converge has 3 strategic partners and customers. Converge recently partnered with CyberCube on October 10, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

10/31/2022

Licensor

United States

New Cyber MGA Converge Partners With CyberCube to Bolster Proprietary Underwriting Ecosystem

`` Our partnership with CyberCube aligns perfectly with Converge 's mission of being first to deliver complete , confident cyber protection , '' said Anthony Dagostino , Converge CEO & Founder .

1

6/2/2022

Partner

United States

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10

5/26/2022

Partner

United States

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10

Date

10/31/2022

6/2/2022

5/26/2022

Type

Licensor

Partner

Partner

Business Partner

Country

United States

United States

United States

News Snippet

New Cyber MGA Converge Partners With CyberCube to Bolster Proprietary Underwriting Ecosystem

`` Our partnership with CyberCube aligns perfectly with Converge 's mission of being first to deliver complete , confident cyber protection , '' said Anthony Dagostino , Converge CEO & Founder .

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Sources

1

10

10

Converge Team

8 Team Members

Converge has 8 team members, including , .

Name

Work History

Title

Status

Nilanjana Bhowmik

Founder

Current

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Name

Nilanjana Bhowmik

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Work History

Title

Founder

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Status

Current

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