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Venture Capital
pritzkergroup.com/venture-capital

Investments

244

Portfolio Exits

71

About Pritzker Group Venture Capital

Pritzker Group Venture Capital, formerly New World Ventures, works side-by-side with entrepreneurs to build market-leading information technology companies. The firm's multi-stage approach provides flexibility and enables them an active role in a company's growth throughout its lifecycle.

Headquarters Location

111 South Wacker Drive Suire 4000

Chicago, Illinois, 60606,

United States

312-447-6000

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Research containing Pritzker Group Venture Capital

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CB Insights Intelligence Analysts have mentioned Pritzker Group Venture Capital in 3 CB Insights research briefs, most recently on Oct 17, 2022.

Latest Pritzker Group Venture Capital News

Real estate tech unicorn SMS Assist sold

Jan 12, 2023

SMS investors—including Gov. J.B. Pritzker's former venture-capital fund, Pritzker Group Venture Capital, and Goldman Sachs—reinvested an undisclosed amount in the combined company, which raised another $500 million in debt and equity in connection with the acquisition. The company said clients also invested in the deal. SMS Assist is one of just 14 Chicago-based "unicorns," or venture-backed companies, valued at $1 billion or more. It has nearly 1,000 employees, including 700 in Chicago, who are expected to stay with the combined company. "We have upside to grow substantially together," said Mike Rothman, who led SMS Assist from 2003 to 2017. SMS Assist has a large commercial business, and Lessen focuses on residential. The deal gives recurring-maintenance capability to Lessen, which built an online platform to help residential property owners line up service providers for rehabs and turnarounds of rentals. "It's a large deal, and large deals aren't getting done right now," Rothman said. These are tough times for unicorns, which were being minted at a blistering pace before the slump in tech stocks that began a year ago. Private companies don't reset their valuations until there's a transaction, so most unicorns retain their status for now. But the herd likely will be culled as private-company valuations, which are tied to those of public companies, have fallen hard. The Nasdaq is down 28% in the past year, and the IPO market has dried up. Private-equity deals, another common route for venture investors to cash out, have been slowed by rising interest rates, which put pressure on valuations . Nationwide, exit activity by venture-backed companies in the fourth quarter of 2022 was the lowest by dollar value in a decade, according to PitchBook. "It's a tough deal environment because of the debt markets. But good assets are being sold for strong multiples, despite the market," said Michael Gray, a partner at Neal Gerber & Eisenberg. "This is a home-grown home run." SMS grew into one of Chicago's largest privately held companies , nearly doubling revenue between 2016 and 2021 to $590 million. It grew more than 30% last year under Marc Shiffman, a company veteran who became CEO in 2019 . Lessen's revenue was not disclosed. SMS was profitable early on and didn't take outside capital until 2008, eventually raising $263 million. Pritzker Group Venture Capital invested in 2011, followed by Insight Partners in 2015 and  Goldman Sachs in 2016 . The company got its start in 1999 serving commercial customers, such as JPMorgan Chase and Family Dollar, lining up vendors to handle everything from cleaning floors to plowing snow. The company built web- and mobile-based technology that it used to manage 20,000 service providers nationwide. Eventually, it moved into the residential market. One of its first customers, Colony American Homes, was led by Jay McKee, who founded Lessen three years ago. It has raised $205 million. When it last raised funding in late 2021, the company had 450 employees and 2,000 service providers on its platform. RECOMMENDED FOR YOU

Pritzker Group Venture Capital Investments

244 Investments

Pritzker Group Venture Capital has made 244 investments. Their latest investment was in REACH as part of their Series A on March 3, 2022.

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Pritzker Group Venture Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

3/24/2022

Series A

REACH

$7M

Yes

6

11/10/2021

Series A

Augmentir

$7.5M

No

5

11/2/2021

Series D

DroneBase

$20M

No

1

7/13/2021

Series B

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$99M

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10

4/27/2021

Series B

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$99M

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10

Date

3/24/2022

11/10/2021

11/2/2021

7/13/2021

4/27/2021

Round

Series A

Series A

Series D

Series B

Series B

Company

REACH

Augmentir

DroneBase

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Amount

$7M

$7.5M

$20M

$99M

$99M

New?

Yes

No

No

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Co-Investors

Sources

6

5

1

10

10

Pritzker Group Venture Capital Portfolio Exits

71 Portfolio Exits

Pritzker Group Venture Capital has 71 portfolio exits. Their latest portfolio exit was SMS Assist on January 12, 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

1/12/2023

Acquired

$99M

13

5/10/2022

Acquired

$99M

4

5/2/2022

Acquired

$99M

1

3/2/2022

Acquired

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$99M

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10

9/24/2021

IPO

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$99M

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10

Date

1/12/2023

5/10/2022

5/2/2022

3/2/2022

9/24/2021

Exit

Acquired

Acquired

Acquired

Acquired

IPO

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

13

4

1

10

10

Pritzker Group Venture Capital Acquisitions

3 Acquisitions

Pritzker Group Venture Capital acquired 3 companies. Their latest acquisition was PLZ Aeroscience on July 31, 2015.

Date

Investment Stage

Companies

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

Total Funding

Note

Sources

7/31/2015

$99M

Acq - Fin

1

7/14/2015

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$99M

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10

6/2/2015

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$99M

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10

Date

7/31/2015

7/14/2015

6/2/2015

Investment Stage

Companies

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Valuation

$99M

$99M

$99M

Total Funding

Note

Acq - Fin

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Sources

1

10

10

Pritzker Group Venture Capital Team

3 Team Members

Pritzker Group Venture Capital has 3 team members, including current Senior Vice President, Steven Collens.

Name

Work History

Title

Status

Steven Collens

The Pritzker Group, Abbott, Goldman Sachs, and United States Senate

Senior Vice President

Current

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Name

Steven Collens

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Work History

The Pritzker Group, Abbott, Goldman Sachs, and United States Senate

Title

Senior Vice President

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Status

Current

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