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Venture Capital
mantisvc.com

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Investments

55

Portfolio Exits

1

Funds

1

About MANTIS Venture Capital

MANTIS Venture Capital is a venture capital firm created by The Chainsmokers.

MANTIS Venture Capital Headquarters Location

Los Angeles, California,

United States

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Latest MANTIS Venture Capital News

WeLoveNoCode Uses the New USD 3M of Investment to Keep Building Its Smart Marketplace for Nocoders

Jul 27, 2022

WeLoveNoCode Uses the New USD 3M of Investment to Keep Building Its Smart Marketplace for Nocoders WeLoveNoCode Uses the New USD 3M of Investment to Keep Building Its Smart Marketplace for Nocoders Their latest Seed round was led my MANTIS and amounted to USD 3M This investment will allow the marketplace to remain ever-ready for the booming growth of the low-code/no-code niche WeLoveNoCode , a marketplace for no-code developers, concluded a USD 3M Seed round this Spring. MANTIS Venture Capital was the lead investor, and other participants included CapitalX , Gaingels , K5 Global , Liquid2 , and Abe Burns as an angel investor. The startup was founded in 2020 by Nik Shevchenko , a serial entrepreneur who had relocated from Russia to Silicon Valley quite a while ago. He became a serial entrepreneur and launched several startups before finding himself enrolled in 500Startups and discovered about no-code from a mentor. The Opportunity Nik Shevchenko, Founder at WeLoveNoCode Seeing how no-code solutions allow tech startups to save lots of time and money on development, Mr Shevchenko quickly decided not only to jump into the rapidly growing no-code development market but to become the market leader. ‘This is a natural process of technology development. Once upon a time, cars were made by hand in factories and highly qualified assemblers were required. The automation of factories has led to the fact that the amount of manual labor has decreased tenfold, and 95% of labor is automated. This is the path of programming. Gartner estimates that in just a few years, 65% of applications will be built using no-code and low-code platforms,’ Mr Shevchenko states. Specialists Still Needed Low-code/no-code tools usually claim that they are so simple that any manager can build an app with them. While it may be true, the said manager will soon find out that even if Bubble is much simpler than Python or Java, one still needs a little skill and, more importantly, time to build something. This leads the startup to looking for a specialist for the job. Same as for any job, a marketplace is the first most obvious place to go. WeLoveNoCode is a marketplace where one can find such specialists. It operates on a subscription basis. A 7-day trial costs only USD 9, the client gets allocated several nocoders to choose from and starts the project. The progress can be tracked daily on the platform’s dashboard. Why Pay the Marketplace? However, the startup that seeks a low-code/no-code solution is motivated to save money. So why would they go to a subscription-based marketplace and get charged? As a nocoder himself, Mr Shevchenko understands the importance of matchmaking. That’s why WeLoveNoCode carefully selects the candidates before onboarding them. Jeffrey Evans, Co-Founder and Partner at MANTIS Venture Capital ‘The developer onboarding process is evolving every week. At the moment we have several stages, including analysis and confirmation of work experience, skills testing, interviews with development leads and, finally, scoring. Next, we have the inclusion of newcomers in small projects, the evaluation of NPS from clients, and after that, new developers can be involved in large projects,’ Mr Shevchenko explains. Aside from that, the platform itself offers customer support. Given Mr Shevchenko’s Russian origin, it is difficult to avoid the Ukrainian topic. In response to such questions, WeLoveNoCode promised to donate 10% of its margin income for one year to help Ukrainians in need. Additionally, they have created their own platform connecting volunteers and people in need. Not to mention the reminders on WeLoveNoCode’s website and social media encouraging clients to hire Ukrainian nocoders. Ready for the Explosive Growth The new investment enables WeLoveNoCode to hire more talent and onboard more nocoders, as well as to develop the platform and increase the marketing effort. In other words, keep up with the rapid growth of the entire low-code/no-code niche. Lorenzo Thione, Managing Director at Gaingels MANTIS Venture Capital’s co-founder and partner Jeffrey Evans believes that WeLoveNoCode is building something vital in the programming space. ‘No-code and low-code development is the next generation of programming, reducing development cost by up to 90% and accelerating development speeds up to 5 times faster than the current code-driven offerings. This market is in its nascent stage which is exciting because we have only just begun to understand the potential of this technology,’ he concludes. ‘We are very pleased to support WeLoveNoCode, they have a wonderful opportunity to scale in an exciting market,’ Gaingels’ managing director Lorenzo Thione agrees. There is a pronounced demand for more developers, and a simultaneous demand to reduce the time and cost of development. The rapid development of low-code/no-code tools is the most apparent solution, and the importance of a specialized marketplace that matches nocoders with jobs consciously and responsibly cannot be overestimated.

MANTIS Venture Capital Investments

55 Investments

MANTIS Venture Capital has made 55 investments. Their latest investment was in Mojo as part of their Series A - II on September 9, 2022.

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MANTIS Venture Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

9/20/2022

Series A - II

Mojo

Yes

3

9/20/2022

Seed VC

Integral

$8.5M

Yes

1

9/20/2022

Seed VC

Tres

$7.6M

Yes

1

8/30/2022

Seed VC - III

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$99M

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10

8/4/2022

Series A

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$99M

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10

Date

9/20/2022

9/20/2022

9/20/2022

8/30/2022

8/4/2022

Round

Series A - II

Seed VC

Seed VC

Seed VC - III

Series A

Company

Mojo

Integral

Tres

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Amount

$8.5M

$7.6M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Sources

3

1

1

10

10

MANTIS Venture Capital Portfolio Exits

1 Portfolio Exit

MANTIS Venture Capital has 1 portfolio exit. Their latest portfolio exit was Projector on November 09, 2021.

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

11/9/2021

Acquired

$99M

2

Date

11/9/2021

Exit

Acquired

Companies

Valuation

$99M

Acquirer

Sources

2

MANTIS Venture Capital Fund History

1 Fund History

MANTIS Venture Capital has 1 fund, including Mantis Capital Fund I.

Closing Date

Fund

Fund Type

Status

Amount

Sources

9/15/2020

Mantis Capital Fund I

$35M

2

Closing Date

9/15/2020

Fund

Mantis Capital Fund I

Fund Type

Status

Amount

$35M

Sources

2

MANTIS Venture Capital Team

1 Team Member

MANTIS Venture Capital has 1 team member, including former Managing Director, Tatiana Koffman.

Name

Work History

Title

Status

Tatiana Koffman

Machine Shop Ventures, TD Securities, and CIBC World Markets

Managing Director

Former

Name

Tatiana Koffman

Work History

Machine Shop Ventures, TD Securities, and CIBC World Markets

Title

Managing Director

Status

Former

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