About Covera Ventures
Covera Ventures is a venture capital firm focused on investing in early-stage technology companies with a primary focus on infrastructure, wireless and mobility, software, and technology-enabled service companies. Its team of experienced investment professionals is committed to working with entrepreneurs to build great companies that address unmet needs in the marketplace. In addition to providing capital, Covera leverages its broad industry knowledge, relationships and investment experience to complement the strengths of the entrepreneur. Covera Ventures' typical investments range between $1 million to $5 million, with additional capital available to support future expansion. The principals of Covera Ventures have a significant history and track record in building entrepreneurial companies.In August 14, 2009, the Hunt Ventures team of investment professionals spun out from Hunt Consolidated to form Covera Ventures. They continue to manage Hunt Ventures Fund I, a $100 million early-stage, technology venture capital fund.
Covera Ventures Headquarter Location
6836 Bee Caves Road Suite 275
Austin, Texas, 78746,
Latest Covera Ventures News
Aug 20, 2013
Welsh Carson to Buy Alert Logic August 20, 2013 Follow @luisarbeltran Welsh, Carson, Anderson & Stowe has agreed to buy a majority of Alert Logic, along with company management. Financial terms weren’t announced. Selling shareholders include Updata Partners, Covera Ventures, Mercury Fund, OCA Ventures, Access Venture Partners, and Industry Ventures. Houston-based Alert Logic provides a portfolio of Security-as-a-Service solutions for customers of hosting and cloud service providers. Stifel, Nicolaus & Co. provided financial advice to Welsh, Carson. PRESS RELEASE HOUSTON, TX – August 20, 2013 – Alert Logic ( www.alertlogic.com ), the recognized leader in Security-as-a-Service solutions for the cloud, and Welsh, Carson, Anderson & Stowe (“Welsh Carson”), a leading private equity firm, have entered into a transaction in which Welsh Carson and Alert Logic’s executive management will own a majority shareholder interest in Alert Logic. Selling shareholders include Updata Partners, Covera Ventures, Mercury Fund, OCA Ventures, Access Venture Partners, and Industry Ventures. Alert Logic’s existing management team, led by chairman, president and CEO, Gray Hall, will continue to operate the business. “Our partnership with Welsh Carson allows Alert Logic to continue increasing the scale of our business to meet the high demand for IT security in the cloud and in virtualized enterprise data centers,” said Hall. “Our strategic focus remains intact and this transaction brings improved access to capital and other resources, positioning us to expand our geographic footprint, strengthen our team and further accelerate growth in our market-leading cloud security offerings.” In connection with this transaction, Welsh Carson is also investing additional primary capital in the business. These new funds will be used to accelerate growth through both geographic and product line expansion. Geographic expansion is intended to include international markets over the next few years. Alert Logic specializes in providing a portfolio of Security-as-a-Service solutions for customers of hosting and cloud service providers. More than half of the largest managed hosting and cloud service providers use Alert Logic to secure their customer environments, making Alert Logic the market leader for securing infrastructure in hosted and cloud environments. “Alert Logic is uniquely positioned to capture the rapidly growing market demand for securing IT infrastructure in the cloud. We do not believe that any other company has Alert Logic’s ability to deploy such a broad portfolio of security solutions in any cloud environment, a multi-tenant SaaS delivery platform that has been proven to scale to big data proportions, or a large established channel of leading cloud and hosting service provider partners,” said Michael Donovan, a Welsh Carson General Partner. “These unique assets combined with a strong management team make Alert Logic an ideal platform for capturing market share in one of the fastest-growing segments of the global IT industry.” Alert Logic announced last month that it recorded $10.1 million in GAAP revenue for the fiscal quarter ending June 30, 2013, representing a 43 percent increase over the same period in 2012. The Company is currently operating at an annual revenue run-rate of more than $43 million from more than 2,200 customers. Achieving this scale while maintaining this rapid growth rate validates Alert Logic’s ability to address the unique security requirements of customers of cloud service providers. Alert Logic’s Security-as-a-Service solutions provide customers four distinct advantages: market-leading security tools, a fully-managed SaaS delivery model, integrated 24×7 Security Operations Center (SOC) services to monitor and provide expert guidance, and the ability to deploy wherever a customer has IT infrastructure, including the cloud. The transaction is expected to close by the end of August. Morgan Stanley & Co. LLC served as exclusive financial advisor to Alert Logic on this transaction and Stifel, Nicolaus & Company, Inc. served as the exclusive advisor to Welsh Carson.
Covera Ventures Team
4 Team Members
Covera Ventures has 4 team members, including current Managing Director, Steve Coffey.