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crosscutventures.com

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Investments

118

Portfolio Exits

19

Funds

8

Service Providers

1

About CrossCut Ventures

CrossCut Ventures, launched in 2008, is a seed-stage venture capital firm founded by Brian Garrett and Rick Smith. CrossCut looks to invest between $250,000 and $750,000 in the equity of start-up companies that have the potential to achieve $50 - $100 million in revenue in the next five years. Their area of greatest interest is in digital media, and the infrastructure and analytics associated with new media. Crosscut Ventures typically co-invests with other seed-stage funds or angel investors for a total initial raise of $1- 2 million.

CrossCut Ventures Headquarter Location

373 Rose Avenue

Venice, California, 90291,

United States

650-843-5000

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Research containing CrossCut Ventures

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CB Insights Intelligence Analysts have mentioned CrossCut Ventures in 1 CB Insights research brief, most recently on Oct 2, 2019.

Latest CrossCut Ventures News

Mobile app consolidator Loyal closes Series A funding round led by Crosscut Ventures

Jun 29, 2022

The investment enables Loyal to drive growth through an accelerated app acquisition program June 29, 2022 08:00 ET Cardiff-by-the-Sea, California, UNITED STATES CARDIFF-BY-THE-SEA, Calif., June 29, 2022 (GLOBE NEWSWIRE) -- Loyal (the “Company”), the premier global platform of non-gaming mobile apps, announced today that it has completed a Series A investment round led by Crosscut Ventures with participation from Tribeca Venture Partners and BlueRun Ventures . Additionally, Loyal has completed a debt financing agreement with Victory Park Capital , a global alternative investment firm specializing in private credit. Combined, these funds will be used to expand the Company’s growing app portfolio, broaden and accelerate platform development, and increase app marketing efforts. Loyal acquires stable, profitable mobile apps and scales their businesses, spearheading the growth of high-quality publishers across the massive mobile app global ecosystem. This funding round advances Loyal’s efforts to consolidate a highly fragmented mobile app marketplace, enabling smaller app developers and publishers to thrive in the highly competitive mobile landscape. The mobile app market is projected to be a $600+ billion market by 2025, according to the Statista Digital Market Outlook report, with app monetization methods ranging from subscriptions and in-app purchases to advertising. Loyal’s goal is to shape and grow the mobile app industry by leveraging strength in numbers, creating a global app community and providing the resources needed for small developers to succeed. “As a long-time mobile entrepreneur, I know what a privilege it is to partner with investors who see the potential of consolidating the mobile app market and accelerating growth for small developers,” said Tom Kenney, CEO and Co-founder of Loyal. “Crosscut and Victory Park share our vision, and with this investment package, we will continue to acquire hundreds of apps, build new functionality into our platform, and create both practical and entertainment value for mobile app users around the world." Rick Smith, Co-founder and Managing Director at Crosscut Ventures Management, said, “We see the mobile marketplace growing and evolving quickly, creating more opportunities for app publishers in both gaming and non-gaming categories. Tom has assembled a team of mobile experts who are ready to capitalize on those opportunities. They understand the mobile advertising and revenue possibilities and know how to help developers monetize their apps in an expanding market.” "Victory Park Capital is excited to be the sole debt financing partner for Loyal to further strengthen its balance sheet and offer operational flexibility as it grows. Tom and his team impressed us with their innovative strategy and we believe they are uniquely positioned to drive value for all stakeholders," said Jason Brown, Partner at Victory Park Capital. Loyal’s mission to consolidate, scale, and grow the mobile app industry comes at a time when competition and privacy changes are creating more challenges for small app developers and publishers. According to Data.ai ’s State of Mobile 2022 report, publishers released two million new apps and games in 2021 alone with Google Play accounting for 77% of all apps and games released. Against the resource dominance of mobile industry giants, small developers are often pressured to either get bigger fast or sell, whether they want to or not. Many developers also struggle to keep up with the nonstop mobile technology evolution. Innovation abounds with advances in 5G, AI, XR, and other technologies, creating hurdles for small developers to manage the deliberate, regular, and disciplined updates necessary to realize profitable growth. Loyal aims to address and resolve these inequities, looking to provide more resources, education, and support for entrepreneurs and developers as the Company continues to grow. "We’re excited to be working with so many great app publishers and developers to maximize user acquisition and engagement while building an AI-powered growth platform that automates our proprietary 250+ point checkpoint playbook to drive revenue – at scale," said Ray Green, Loyal’s Chief Operating Officer and Co-founder. About Loyal Loyal is creating a premier platform for a scaled consolidator of mobile apps. As a global mobile application growth platform for publishers, Loyal is spearheading the consolidation and growth of quality consumer-based app publishers, focused on apps that make people’s lives both easier and more enjoyable. If you’re interested in selling your mobile app or publisher business, please say hi at hello@loyal.app. To learn more, visit www.loyal.app  and follow us on LinkedIn. Media Contact

CrossCut Ventures Investments

118 Investments

CrossCut Ventures has made 118 investments. Their latest investment was in Paloma Health as part of their Unattributed VC - II on July 7, 2022.

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CrossCut Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

7/6/2022

Unattributed VC - II

Paloma Health

$2.66M

No

1

6/29/2022

Series A

Loyal

Yes

1

6/21/2022

Series A

Keyway

$25M

No

3

4/27/2022

Series A - III

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$99M

Subscribe to see more

10

2/22/2022

Series B

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$99M

Subscribe to see more

10

Date

7/6/2022

6/29/2022

6/21/2022

4/27/2022

2/22/2022

Round

Unattributed VC - II

Series A

Series A

Series A - III

Series B

Company

Paloma Health

Loyal

Keyway

Subscribe to see more

Subscribe to see more

Amount

$2.66M

$25M

$99M

$99M

New?

No

Yes

No

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

1

1

3

10

10

CrossCut Ventures Portfolio Exits

19 Portfolio Exits

CrossCut Ventures has 19 portfolio exits. Their latest portfolio exit was Comparably on May 02, 2022.

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

5/2/2022

Acquired

$99M

1

11/11/2021

IPO

$99M

Public

5

7/27/2021

Acquired

$99M

6

3/11/2021

Acquired

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$99M

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10

1/25/2021

Acquired

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$99M

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10

Date

5/2/2022

11/11/2021

7/27/2021

3/11/2021

1/25/2021

Exit

Acquired

IPO

Acquired

Acquired

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

Public

Subscribe to see more

Subscribe to see more

Sources

1

5

6

10

10

CrossCut Ventures Fund History

8 Fund Histories

CrossCut Ventures has 8 funds, including CrossCut 4.

Closing Date

Fund

Fund Type

Status

Amount

Sources

12/31/2017

CrossCut 4

Early-Stage Venture Capital

Closed

1

12/6/2017

CorssCut Ventures 4

$99M

10

6/23/2015

CrossCut Ventures 3

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$99M

10

3/15/2012

CrossCut Ventures 2

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$99M

10

5/13/2009

CrossCut Ventures 1 Affiliates Fund

$99M

10

Closing Date

12/31/2017

12/6/2017

6/23/2015

3/15/2012

5/13/2009

Fund

CrossCut 4

CorssCut Ventures 4

CrossCut Ventures 3

CrossCut Ventures 2

CrossCut Ventures 1 Affiliates Fund

Fund Type

Early-Stage Venture Capital

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Status

Closed

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Amount

$99M

$99M

$99M

$99M

Sources

1

10

10

10

10

CrossCut Ventures Service Providers

1 Service Provider

CrossCut Ventures has 1 service provider relationship

Service Provider

Associated Rounds

Provider Type

Service Type

Counsel

General Counsel

Service Provider

Associated Rounds

Provider Type

Counsel

Service Type

General Counsel

Partnership data by VentureSource

CrossCut Ventures Team

4 Team Members

CrossCut Ventures has 4 team members, including current Founder, Managing Director, Brian Garrett.

Name

Work History

Title

Status

Brian Garrett

StyleSaint, Quepasa Corp, and Palomar Ventures

Founder, Managing Director

Current

Rick Smith

Founder, Managing Director

Current

Brett Brewer

Managing Director

Current

Clinton Foy

Managing Director

Current

Name

Brian Garrett

Rick Smith

Brett Brewer

Clinton Foy

Work History

StyleSaint, Quepasa Corp, and Palomar Ventures

Title

Founder, Managing Director

Founder, Managing Director

Managing Director

Managing Director

Status

Current

Current

Current

Current

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