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Venture Capital
progressventures.com

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Investments

21

Portfolio Exits

3

Funds

4

About Progress Ventures

Progress Ventures focuses exclusively on the burgeoning markets in media and marketing technology. We partner with experienced entrepreneurs and commit capital to promising start-ups seeking to become active and integral pieces of the digital advertising and content ecosystem.

Progress Ventures Headquarter Location

50 Milk Street 16th Floor

Boston, Massachusetts, 02109,

United States

978-394-5574

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Latest Progress Ventures News

Sovrn Holdings raises $36M in Series C funding

Jul 26, 2022

BOULDER — Sovrn Holdings Inc., a Boulder-based publishing-technology company, has raised $36 million in a new round of equity financing. Investors in the Series C round included Foundry, Archer Venture Capital, Lexington Partners, Progress Ventures and Structural Capital, among others. “This financing represents a milestone achievement for Sovrn, given the contraction in financial markets and current conservative approach to investing,” Walter Knapp, Sovrn CEO, said in a prepared statement. “It speaks volumes to the value we continue to deliver to customers, our positive track record of acquiring and integrating complementary product companies onto the Sovrn platform, and our consistent, profitable revenue growth.” Sovrn has recorded year-over-year revenue growth for seven consecutive quarters and 13 out of the last 14 quarters, the company said. The company previously raised $26 million in December 2018, providing funds to acquire three additional companies. Sovrn acquired VigLink in December 2018, followed by the acquisition of Proper Media and Monetizer101, both in July 2021. The new funding allows Sovrn to pursue additional acquisitions, the company said. Sovrn’s publisher-technology platform offers a set of data and monetization tools that optimize for greater revenue generation, audience insights and streamlined workflows. Its customer base includes companies in the United States and United Kingdom, including Ziff Davis, Vox Media, Daily Beast, Tribune Media, Blavity, Encyclopedia Britannica and Salon. “Sovrn’s simple yet powerful product platform is unmatched in the industry,” Seth Levine, managing director at Foundry, said in a prepared statement. “We’ve been impressed by the company’s continued innovation, rapid scaling, and high levels of customer satisfaction. We see tremendous opportunity for Sovrn to further penetrate the market and are excited to continue partnering with Walter and his team.”

Progress Ventures Investments

21 Investments

Progress Ventures has made 21 investments. Their latest investment was in Sovrn as part of their Series C on July 7, 2022.

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Progress Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

7/26/2022

Series C

Sovrn

$36M

Yes

4

6/13/2022

Series A - II

Veritonic

$7.5M

Yes

7

6/30/2021

Series A - II

Tenovos

$8M

No

11

4/27/2021

Series A

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$99M

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10

3/30/2021

Series A

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$99M

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10

Date

7/26/2022

6/13/2022

6/30/2021

4/27/2021

3/30/2021

Round

Series C

Series A - II

Series A - II

Series A

Series A

Company

Sovrn

Veritonic

Tenovos

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Amount

$36M

$7.5M

$8M

$99M

$99M

New?

Yes

Yes

No

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Co-Investors

Sources

4

7

11

10

10

Progress Ventures Portfolio Exits

3 Portfolio Exits

Progress Ventures has 3 portfolio exits. Their latest portfolio exit was TruOptik on October 01, 2020.

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

10/1/2020

Acquired

$99M

1

2/7/2020

Acquired

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$99M

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10

8/31/2017

Acq - Fin

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$99M

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10

Date

10/1/2020

2/7/2020

8/31/2017

Exit

Acquired

Acquired

Acq - Fin

Companies

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Valuation

$99M

$99M

$99M

Acquirer

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Sources

1

10

10

Progress Ventures Fund History

4 Fund Histories

Progress Ventures has 4 funds, including Progress Ventures Fund 4.

Closing Date

Fund

Fund Type

Status

Amount

Sources

3/4/2021

Progress Ventures Fund 4

$28M

2

10/20/2015

Progress Ventures Fund III

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$99M

10

12/31/2013

Progress Ventures Fund II

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10

TWG Media Fund

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10

Closing Date

3/4/2021

10/20/2015

12/31/2013

Fund

Progress Ventures Fund 4

Progress Ventures Fund III

Progress Ventures Fund II

TWG Media Fund

Fund Type

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Status

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Amount

$28M

$99M

Sources

2

10

10

10

Progress Ventures Team

6 Team Members

Progress Ventures has 6 team members, including current Chief Financial Officer, charlie Bridge.

Name

Work History

Title

Status

charlie Bridge

Chief Financial Officer

Current

Rick Gallagher

Chief Financial Officer

Current

Sam Thompson

Founding Partner

Current

Christopher Legg

Tandem Expansion Fund, Argo Global Capital, Merrill, and Lehman Brothers

Managing Partner

Current

Nick MacShane

General Partner

Current

Name

charlie Bridge

Rick Gallagher

Sam Thompson

Christopher Legg

Nick MacShane

Work History

Tandem Expansion Fund, Argo Global Capital, Merrill, and Lehman Brothers

Title

Chief Financial Officer

Chief Financial Officer

Founding Partner

Managing Partner

General Partner

Status

Current

Current

Current

Current

Current

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