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Venture Capital
rhoventures.com

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Investments

408

Portfolio Exits

92

Funds

1

About Rho Ventures

Rho Ventures is a venture capital firm that leads or co-leads transactions and builds significant ownership positions in its companies with cumulative investments up to $50 million. Rho Ventures' stage focus is seed-stage through growth equity deals.

Rho Ventures Headquarter Location

Carnegie Hall Tower 152 West 57th Street, 23rd Floor

New York, New York, 10019,

United States

212-751-6677

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Latest Rho Ventures News

An ad agency vet who built a market research startup just closed a $34 million Series C round as he looks to take on Nielsen and Qualtrics

Sep 21, 2020

Ad agency vet Matt Britton has just closed a $34 million Series C round for his enterprise consumer intelligence startup Suzy, bringing its total raised to $46 million. Rho Ventures, Bertelsmann Digital Media Investments, Triangle Peak Partners, and Foundry Group participated in the Series C round in March ($18 million) and September ($16 million). Foundry Group, Tribeca Venture Partners and Kevin Durant's 35 Ventures previously participated in series A and B rounds. Britton, the former CEO of the Publicis-owned ad agency MRY, launched the platform in 2018 , pitching it as Siri or Alexa for marketers. Crowdtap, its panel of 1 million US consumers, Crowdtap, lets marketers conduct surveys and research on subjects like product development and ad effectiveness testing. Suzy counts Microsoft, Johnson & Johnson, Nestle, KraftHeinz, Chipotle, and Crayola among its enterprise clients. It has an annual revenue run rate of $20 million, with an 80% increase in clients in the past year, to 250, according to Britton. Supplement startup SmartyPants Vitamins has used to make decisions on product packaging and test the messaging in ads for SmartyPants Baby Multi & DHA supplements, said its SVP of brand Clay Nichols, while Microsoft has used Suzy since 2018 to do consumer research for thought leadership articles, blogs, and white papers, said Geoff Colon, head of Microsoft Advertising's brand studio. The platform has helped Microsoft cut its consumer research costs and move faster, which has become more important in the pandemic, he said. "You cannot do traditional research in a couple of weeks, Suzy has really sped up that feedback loop," said Colon. "With COVID-19, there's an even bigger emphasis on real-time knowledge." Suzy plans to use the new funding to add products, hire, and boost sales and marketing Britton wants to use the latest round hire to help double its headcount, now just over 100; boost sales and marketing; and roll out more products as the pandemic has opened up more possibilities. It's started testing out a feature called Suzy Live, for example, which allows companies to narrow down survey respondents into smaller focus groups for more granular research. "We're basically trying to cover every part of the market research journey, and something like focus groups at a time like now when companies can't conduct them in session has opened up a huge opportunity for us," he said. Looking ahead, Suzy wants to work with platforms like Facebook and Google to overlay its own panel data from Crowdtap with their data so clients can further segment their audiences. It also wants to grow Crowdtap's panel and incentivize existing users to stay. Britton believes these steps will help Suzy compete with enterprise software giants like Qualtrics and SurveyMonkey, as well as the likes of Ipsos and Nielsen. He sees other potential integrations. A company like Netflix, for instance, could use Suzy to track viewership, as Nielsen has done to measure linear TV, he said. "What we're trying to do is to create standards and tools that make it easy for people to ask their consumers questions during every stage of that product development lifestyle," he said. "Given the business model and panel we've built, here's no reason that we can't go into ad measurement and viewership measurement." Newsletter

Rho Ventures Investments

408 Investments

Rho Ventures has made 408 investments. Their latest investment was in Greenfly as part of their Series B - III on March 3, 2021.

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Rho Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

3/5/2021

Series B - III

Greenfly

$0.05M

No

1

12/29/2020

Series B - II

Greenfly

$6.38M

No

1

9/25/2020

Series C - II

Suzy

$34M

Yes

2

8/4/2020

Series D

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$99M

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10

6/29/2020

Series A - II

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$99M

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10

Date

3/5/2021

12/29/2020

9/25/2020

8/4/2020

6/29/2020

Round

Series B - III

Series B - II

Series C - II

Series D

Series A - II

Company

Greenfly

Greenfly

Suzy

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Amount

$0.05M

$6.38M

$34M

$99M

$99M

New?

No

No

Yes

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Co-Investors

Sources

1

1

2

10

10

Rho Ventures Portfolio Exits

92 Portfolio Exits

Rho Ventures has 92 portfolio exits. Their latest portfolio exit was Tapjoy on October 14, 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

10/14/2021

Acquired

$99M

2

3/23/2021

Acquired

8

2/26/2021

Reverse Merger

$99M

4

2/3/2021

IPO

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$99M

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10

11/20/2020

Management Buyout

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10

Date

10/14/2021

3/23/2021

2/26/2021

2/3/2021

11/20/2020

Exit

Acquired

Acquired

Reverse Merger

IPO

Management Buyout

Companies

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Valuation

$99M

$99M

$99M

Acquirer

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Sources

2

8

4

10

10

Rho Ventures Acquisitions

2 Acquisitions

Rho Ventures acquired 2 companies. Their latest acquisition was Vertrue on August 17, 2007.

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

8/17/2007

Other Venture Capital

$99M

Acq - Fin

6/14/2007

Other Venture Capital

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$99M

$99M

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0

Date

8/17/2007

6/14/2007

Investment Stage

Other Venture Capital

Other Venture Capital

Companies

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Valuation

$99M

$99M

Total Funding

$99M

Note

Acq - Fin

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Sources

0

Rho Ventures Fund History

1 Fund History

Rho Ventures has 1 fund, including Rho Investment Partners 2019.

Closing Date

Fund

Fund Type

Status

Amount

Sources

8/12/2019

Rho Investment Partners 2019

$30.3M

1

Closing Date

8/12/2019

Fund

Rho Investment Partners 2019

Fund Type

Status

Amount

$30.3M

Sources

1

Rho Ventures Team

7 Team Members

Rho Ventures has 7 team members, including current Chief Financial Officer, Peter Kalkanis.

Name

Work History

Title

Status

Peter Kalkanis

Chief Financial Officer

Current

George A Bitar

BlackRock, Merrill Lynch Global Private Equity, and Merrill

Managing Partner

Current

Mark Leschly

Managing Partner

Current

Mark Leschly

Managing Partner, Owner

Current

Mark Leschly

Managing Partner

Current

Name

Peter Kalkanis

George A Bitar

Mark Leschly

Mark Leschly

Mark Leschly

Work History

BlackRock, Merrill Lynch Global Private Equity, and Merrill

Title

Chief Financial Officer

Managing Partner

Managing Partner

Managing Partner, Owner

Managing Partner

Status

Current

Current

Current

Current

Current

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