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Venture Capital
forerunnerventures.com

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Investments

228

Portfolio Exits

35

Funds

10

Partners & Customers

1

Service Providers

1

About Forerunner Ventures

Forerunner Ventures is an early-stage VC firm dedicated to partnering with entrepreneurs who are meeting the challenges and opportunities of the evolving digital commerce landscape. The Forerunner team brings deep domain focus, understanding of consumer behaviors, and product and brand building expertise to successfully identify and help scale early-stage consumer companies.Forerunner Ventures invests in technology-enabled consumer companies, with a focus on the digital commerce landscape, broadly speaking. The firm looks to partner with ambitious management teams that are leveraging technology and social media to define and dominate the next generation of retailers. Forerunner also invests in companies that are building enabling tools and technologies that will disrupt, advance, and transform the digital commerce experience.

Forerunner Ventures Headquarter Location

1161 Mission Street Suite 320

San Francisco, California, 94103,

United States

415-500-6618

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Expert Collections containing Forerunner Ventures

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Find Forerunner Ventures in 8 Expert Collections, including Direct-To-Consumer Brands (Non-Food).

D

Direct-To-Consumer Brands (Non-Food)

37 items

Startups selling their own branded products directly to consumers via online/mobile channels, rather than relying on department stores or big online marketplaces.

S

Store management tech (In-store retail tech)

55 items

Startups aiming work with retailers to improve brick-and-mortar retail operations.

V

Vitamin & Supplement Startups

237 items

B

Beauty & Personal Care

58 items

Startups in the beauty & personal care space, including cosmetics brands, shaving startups, on-demand beauty services, salon management platforms, and more.

F

Food & Beverage

123 items

F

Fitness Tech

227 items

We define fitness tech as companies leveraging software and technology to augment approaches to developing or maintaining physical fitness. Companies in this category develop tools and services including workout apps, wearables, and connected fitness equipment.

Research containing Forerunner Ventures

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned Forerunner Ventures in 3 CB Insights research briefs, most recently on Dec 8, 2020.

Latest Forerunner Ventures News

Where Fashion-Tech Investors Are Putting Their Money

Jun 16, 2022

Capital is flowing into technologies that make fashion commerce more nimble, more sustainable and more engaging to shoppers — and, of course, the metaverse. Fashion-tech investors are making metaverse-related moves. (Getty Images) By Key insights In 2021, the value of the top 50 investments in technology related to fashion grew 66 percent compared to 2019, reaching $16.2 billion, according to McKinsey analysis of Crunchbase data. Having received more than half of that investment, e-commerce is believed to have room for yet more growth and innovation. Among consumer-facing fashion tech, social commerce saw a jump in funding in 2021, driven largely by a $500 million raise by China’s Xiaohongshu. Metaverse-related investment in fashion and retail is just getting started. This article first appeared in The State of Fashion: Technology, an in-depth report co-published by BoF and McKinsey & Company. Across the varied funding taking place in fashion tech, investors are emphasising technologies that make commerce more nimble, more sustainable and more engaging to shoppers, whether they’re buying their goods new or used, in stores or online. Many are also making non-fungible token (NFT) and metaverse -related moves, but they’re starting slowly in these areas and doing their research to determine what opportunities lie beyond NFTs as collectibles. In 2021, the value of the top 50 investments in technology related to fashion grew 66 percent compared to 2019, reaching $16.2 billion, according to McKinsey analysis of data from Crunchbase, a business-information platform. The investments considered in this analysis went towards either fashion retailers or businesses selling products and services to fashion firms, rather than fashion brands. E-commerce, having benefitted from the pandemic-driven surge in online shopping, received roughly 55 percent of the investment. The remainder largely comprised payment technologies, including “buy now pay later” firms, social commerce and resale, followed by supply chain and logistics companies and those working in NFTs or technologies like virtual reality. Investors say e-commerce has room for further growth and innovation. For instance, new marketplace models that are “inventory light” and help individual creators and sellers have been one area of focus for Forerunner Ventures, a San Francisco-based fund. “On the back end — the commerce-enablement side, where we spend a lot of our time investing — there’s been a tonne of innovation on the enabling tools and technologies powering anybody to be a seller, whether you are an incumbent brand or a creator or somebody just getting going,” said Nicole Johnson, a partner at Forerunner. As an example, Johnson cited Canal, a distributed commerce platform that aims to let individuals and companies of any size sell products on the same channels where customers first encounter them, such as YouTube or Substack. Forerunner has been one of the lead backers of the Bay Area start-up, which went live in 2021. Frederic Court, founder of London’s Felix Capital, highlighted marketplaces as an area of interest as well, such as those that have their own strong point of view and emphasise a curated shopping experience. “In a world where there is so much choice, curation itself is a very important theme,” he said. Consumer-facing fashion tech has drawn most of the investment in recent years, and that’s still the case. Social commerce, for example, saw a jump in funding in 2021, driven largely by a $500-million raise by China’s Xiaohongshu. At Swedish fast-fashion giant H&M, executives are looking to e-commerce innovations that allow it to blur the line between online and in-store experiences and offer customers the same level of personalisation across channels. Alan Ting, the company’s head of M&A, described one potential idea where customers could log their purchases in a “digitised wardrobe,” and then when visiting a store, the H&M app would guide them to products they might like based on past purchases. The company is also continuing its investments in analytics and AI to leverage its massive trove of customer data, he noted. In 2021, the value of the top 50 investments in technology related to fashion grew 66 percent compared to 2019. Supply chains and logistics continue to draw investor interest. In late 2020, Singapore-based Lyra Ventures participated in a funding round for Material Exchange, a centralised materials database company. Reina Nakamura, a general partner at Lyra, said the database can help individual creators as well as brands competing against the likes of fast fashion juggernaut Shein to be nimbler in production. Because of its digitised supply chain, Shein has visibility into the availability of materials that can be whipped into orders, making it more agile than brands relying on the traditional model of attending trade shows, exchanging physical samples and producing fabrics to order, according to Nakamura. “This has always become the bottleneck for any agile upstream supply chain to be built, and I think Shein has really changed the game here,” she said. Similarly, in 2021, Forerunner co-led a funding round for Swyft, which connects shipping carriers with vendors to let them offer same-day delivery and compete against Amazon’s logistics machine, Johnson said. Resale is offering investors both a sustainability play and a growing market of shoppers, particularly younger ones. In recent consumer surveys from BoF Insights, 65 percent of respondents aged 18 to 24 said they have purchased secondhand fashion before. Web3 and the metaverse are inescapable topics, and whilecapital is pouring into metaverse-related companies, investment on the fashion and retail side is just getting started. H&M has said it will double its investments in 2022, focusing on areas such as tech and supply chain, renewable energy and sustainable materials. H&M’s most significant investments in fashion tech, for instance, have focused on Sellpy, the secondhand site it acquired in 2019, Ting said. In 2021 it launched Sellpy in 20 additional countries, bringing its total number of markets to 24, and told Reuters it has invested more than €20 million ($24.4 million) in the business. Beyond H&M, resale companies including Vestiaire Collective, Grailed and Tradesy held funding rounds in 2021. Etsy acquired the Gen-Z-focused secondhand marketplace Depop, and more brands now offer resale of their own goods. Pierre Denis, former chief executive of Jimmy Choo and now a fashion-tech investor based in London, pointed to the resale economy as one of several key investment targets, alongside data analytics and social commerce. He joined a $2.7-million funding round for Reflaunt, a “resale-as-a-service” technology company that supplies the backend infrastructure allowing brands and retailers to plug into a network of secondhand marketplaces and launch their own resale businesses. Meanwhile, Lyra’s Nakamura pointed to resale logistics companies, such as Lizee, a French start-up founded in 2019 focusing on logistics solutions for rental and resale brands — something she said traditional warehouse-management systems aren’t designed to do. Lizee raised €1.3 million ($1.55 million) in a seed round in 2021. While many of these investments aim to solve current industry pain points, investors are also keeping an eye on the future. Web3 and the metaverse are inescapable topics, and while capital is pouring into metaverse-related companies, investment on the fashion and retail side is just getting started. Johnson, for instance, said Forerunner is “walking before we run and thinking about where the consumer utility is and the biggest opportunities for mass consumer adoption in those spaces.” But money is beginning to flow. Denis and Nakamura separately have backed Threedium, whose technology lets brands and retailers create 3D and augmented reality assets for use in e-commerce and a range of gaming environments. Nakamura described the company as a “backbone of everything 3D.” H&M launched its first virtual fashion collection at the start of 2022. The company is working to understand what competencies it needs to develop — or acquire — in the space, according to Ting. “For sure, we’re going to need to offer our products in a digital fashion,” he said. FURTHER READING

Forerunner Ventures Investments

228 Investments

Forerunner Ventures has made 228 investments. Their latest investment was in Wonder as part of their Series A on June 6, 2022.

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Forerunner Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

6/14/2022

Series A

Wonder

$350M

Yes

2

5/24/2022

Unattributed VC

Fora

$13.17M

Yes

1

5/17/2022

Series A

Arrived

$25M

Yes

3

4/12/2022

Series B

Subscribe to see more

$99M

Subscribe to see more

10

4/12/2022

Series A

Subscribe to see more

$99M

Subscribe to see more

10

Date

6/14/2022

5/24/2022

5/17/2022

4/12/2022

4/12/2022

Round

Series A

Unattributed VC

Series A

Series B

Series A

Company

Wonder

Fora

Arrived

Subscribe to see more

Subscribe to see more

Amount

$350M

$13.17M

$25M

$99M

$99M

New?

Yes

Yes

Yes

Subscribe to see more

Subscribe to see more

Co-Investors

Sources

2

1

3

10

10

Forerunner Ventures Portfolio Exits

35 Portfolio Exits

Forerunner Ventures has 35 portfolio exits. Their latest portfolio exit was The Yes on June 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

6/2/2022

Acquired

$99M

9

6/1/2022

Acquired

$99M

2

2/17/2022

Acquired

$99M

2

12/15/2021

Acquired

Subscribe to see more

$99M

Subscribe to see more

10

11/24/2021

Acquired

Subscribe to see more

$99M

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10

Date

6/2/2022

6/1/2022

2/17/2022

12/15/2021

11/24/2021

Exit

Acquired

Acquired

Acquired

Acquired

Acquired

Companies

Subscribe to see more

Subscribe to see more

Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

Subscribe to see more

Subscribe to see more

Sources

9

2

2

10

10

Forerunner Ventures Fund History

10 Fund Histories

Forerunner Ventures has 10 funds, including Forerunner Ventures VI.

Closing Date

Fund

Fund Type

Status

Amount

Sources

3/3/2022

Forerunner Ventures VI

$1,000M

1

7/20/2020

Forerunner Partners V

$500M

2

6/18/2019

Forerunner Builders II

$62M

1

10/10/2018

Forerunner Friends IV

$99M

10

10/9/2018

Forerunner Partners IV

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$99M

10

Closing Date

3/3/2022

7/20/2020

6/18/2019

10/10/2018

10/9/2018

Fund

Forerunner Ventures VI

Forerunner Partners V

Forerunner Builders II

Forerunner Friends IV

Forerunner Partners IV

Fund Type

Subscribe to see more

Status

Subscribe to see more

Amount

$1,000M

$500M

$62M

$99M

$99M

Sources

1

2

1

10

10

Forerunner Ventures Partners & Customers

1 Partners and customers

Forerunner Ventures has 1 strategic partners and customers. Forerunner Ventures recently partnered with SurveyMonkey on February 2, 2021.

Date

Type

Business Partner

Country

News Snippet

Sources

2/16/2021

Vendor

United States

Forerunner Ventures selects SurveyMonkey Market Research Solutions to empower their investments and research

16 , 2021 -- SurveyMonkey , a leader in agile software solutions for customer experience , market research , and survey feedback , today announced that Forerunner Ventures , a top early stage venture capital firm , has selected SurveyMonkey to power its investment and research program .

2

Date

2/16/2021

Type

Vendor

Business Partner

Country

United States

News Snippet

Forerunner Ventures selects SurveyMonkey Market Research Solutions to empower their investments and research

16 , 2021 -- SurveyMonkey , a leader in agile software solutions for customer experience , market research , and survey feedback , today announced that Forerunner Ventures , a top early stage venture capital firm , has selected SurveyMonkey to power its investment and research program .

Sources

2

Forerunner Ventures Service Providers

1 Service Provider

Forerunner 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

Forerunner Ventures Team

3 Team Members

Forerunner Ventures has 3 team members, including current Founder, Managing Partner, Kirsten A. Green.

Name

Work History

Title

Status

Kirsten A. Green

Founder, Managing Partner

Current

Eurie Kim

Bain & Company, and Castanea Partners

Managing Partner

Current

Brian O' Malley

Managing Partner

Current

Name

Kirsten A. Green

Eurie Kim

Brian O' Malley

Work History

Bain & Company, and Castanea Partners

Title

Founder, Managing Partner

Managing Partner

Managing Partner

Status

Current

Current

Current

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