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sproutgroup.com

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Investments

292

Portfolio Exits

82

About Sprout Group

Sprout Group is one of the oldest and largest institutional venture capital firms focused on emerging companies. Since its founding in 1969, Sprout Group has financed more than 350 companies and has raised nearly $3.0 billion in committed capital from leading institutional investors and individuals. In November 2000, Sprout Group closed Sprout IX, a fund totaling $1.1 billion.While Sprout IX's new investment phase has been completed and the fund's activities are confined to follow-on investments in existing portfolio companies, the firm is still interested in new investment opportunities for our associated funds:New Leaf Venture Partners is actively seeking opportunities in the healthcare technology sector; its focus is primarily on a later stage biopharmaceutical products, early stage medical devices, and laboratory infrastructure technologies.

Sprout Group Headquarter Location

11 Madison Avenue 13th Floor

New York, New York, 10010,

United States

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Latest Sprout Group News

The Sprout Group (t/a Sproutl) secures £6.5 million Seed investment led by Index Ventures

Jul 26, 2021

13 minutes read FORMER FARFETCH TEAM LAUNCHES SPROUTL, THE DESTINATION FOR NEW GENERATION OF GARDENERS, AND RAISES $9M LED BY INDEX VENTURES LONDON – 26 July 2021 – Sproutl , a UK gardening tech start-up that aims to open up gardening to a whole new generation of gardeners and get everyone to plant something, has today launched a curated online marketplace that celebrates the best brands and businesses in the gardening industry. The company has also announced $9 million of seed funding led by Index Ventures with participation from Ada Ventures. As of today, consumers from across the UK can access some of the best gardening products and plants from the country’s leading independent garden centres, nurseries and shops in an online curated marketplace, with more to be added over the coming months. In addition, the platform offers inspiration and straightforward advice, making gardening accessible to everyone. Sproutl is not just an online gardening marketplace. It’s a platform that provides inspiration and advice to a new generation of growers, demystifying gardening, making it accessible and fun to fresh new audiences who may never have grown anything before, bringing plants and products seamlessly from phone to door. Gardening in the UK is experiencing a renaissance. According to the Horticultural Trade Association, the number of gardeners rose by three million last year, with nearly half of these aged under forty-five. During the lockdown, searches for plants rivalled those for dresses. And Google searches related to gardening have doubled from May 2020 to May 2021. GlobalData estimates that the green-fingered boom shows no sign of abating this year, with spending estimated to rise by seven per cent. From plants, pots and planters to outdoor living and gardening essentials, the site celebrates the best that gardening has to offer for the UK consumer. The platform is designed to make shopping hassle-free for consumers and take the pain out of online selling for horticultural suppliers and integrate with their systems. Sproutl not only manages logistics, packaging sourcing, and delivery but also online marketing and customer services. Allowing local garden centres, shops and nurseries to develop their online presence and reach new national audiences, generating incremental sales. Horticultural launch partners include Rosebourne, Polhill and Millbrook garden centres. As well as specialist nurseries such as Middleton and indoor plant specialist Bellr. Peat-free pioneers, Fertile Fibre and living wall specialist, Horticus have also come on board. Sproutl is already in discussions with many more partners who will join the marketplace in the coming months. The seed and need for Sproutl were sown back in 2016 when former VP Trading and Strategy, Marketing at Farfetch, Anni Noel-Johnson, wanted to plant her small London garden. Working full time, she looked for an online option but found that they typically catered for an informed, mature audience and had huge variations in availability and delivery lead times. After leaving Farfetch, over a coffee with former colleague Andy Done (who had previously been Director of Data Engineering at Farfetch, and headed up data analytics at King, makers of the hit game Candy Crush), Sproutl was launched. Hollie Newton, who swapped from being an award-winning creative director to become a bestselling gardening author, was brought on board to be the chief creative officer. Anni Noel-Johnson, CEO, & Andy Done, CTO, commented: “We built Sproutl to invite a new audience to take up gardening and give them the world-class eCommerce experience that digital natives expect. Our mission is to demystify growing plants and remove the barriers to getting started.” They continued, “We want to celebrate the UK’s brilliant horticultural industry and the network of family-owned and independent businesses, bringing their plants and products together in one place, generating incremental sales to new nationwide audiences.” Hollie Newton, CCO, added: “You don’t need a ten-acre plot in the countryside to start gardening. To be honest, you don’t even need a garden. A terrace, a balcony, a small sunny windowsill – the modern garden is a brilliant place and one that thousands of people rediscovered in lockdown. Who cares if you’ve never picked up a trowel before? This is gardening made easy. The best plants and products, sitting alongside advice, inspiration, easy-to-shop edits, and high profile limited edition collections. It’s gardening for a new generation.” The launch of the platform and its expansion are supported by a $9m seed investment which will allow Sproutl to move a step closer to its ambition of changing the online gardening landscape in the UK. The funding is led by Index Ventures (backers of Dropbox, Etsy, Farfetch, Patreon and Deliveroo). This is complemented by investment from Ada Ventures (backers of Bubble and Huboo) and C-Suite angel investors from leading global tech companies, including Farfetch, Airbnb, Made.com, and Slack. The funds will be used to expand its strong, industry-leading team of  veterans of the gardening industry and senior talent from leading consumer brands including Soho House Group, ASOS, Selfridges, King and Habitat. Danny Rimer, Partner at Index Ventures, commented: “The notion of who is a gardener, and what it means to be a grower, has been transformed in the past few years, with a whole new generation of young people breaking the long-held stereotypes. More than anyone we’ve met, Anni and Andy have understood this cultural change and built Sproutl, a gardening destination that’s like no other.”  Check Warner, Partner at Ada Ventures commented “At Ada, we are looking to invest in dynamic founders with bold ideas. The Sproutl team is reinventing and reshaping the online gardening landscape in the UK, making gardening more accessible and inclusive. The depth of experience of the team and their passion for celebrating independent garden retailers made us really excited to partner with them on this ambitious mission.” – ENDS – Mark Forsyth  m: 07712467517 e: [email protected] Sproutl.com Notes to editors: Sproutl is a dedicated gardening platform that includes a curated online marketplace celebrating the best brands and businesses in the gardening industry. Its ambition is to demystify gardening, making it accessible and fun, inspiring a fresh new audience who may never have planted anything before, bringing the best in gardening seamlessly from phone to door. Supplier quotes: “We are excited to get our products out to a new nationwide audience. Sproutl makes the online customer journey, fulfilment and logistics so much easier, but it also allows new customers to shop on their preferred device in an informative and enjoyable way.”  Carol Paris, Rosebourne CEO “I would like to say thank you to Anni and the Sproutl team who have provided us with a new revenue stream by integrating with our software systems and enabling us to offer our specialist ranges online and reach a greater volume of customers nationwide through the use of their marketing, delivery and logistics expertise.”  Mark Novell, Director Polhill “Sproutl has taken the pain out of selling online for us. Their systems integrate with ours and their team manages online marketing, delivery and logistics.” Ben Woodhouse, Millbrook Garden Centres Background statistics: Gardening in the UK is experiencing a renaissance. According to the Horticultural Trade Association, the number of gardeners rose by three million last year, with nearly half of these aged under forty-five. During the lockdown, searches for plants rivalled those for dresses. And Google searches related to gardening have doubled from May 2020 to May 2021. June 2021, the Office of National Statistics recorded a 7.7% rise in sales at “other” non-food stores as the public looked to spruce up their gardens for summer. “Undeniably, the most significant shift in where shoppers are spending has been the step-change in online sales,” Last year, online sales experienced five years’ growth in the space of just one in the UK alone. As a result, online sales accounted for 28% of total retail spending in 2020, up from 19% in the previous year. (Retail Economics). The UK’s ornamental horticulture and landscaping industry made an estimated £24.2billion contribution to national GDP in 2017. Around 568,700 jobs across the country are supported by ornamental horticulture and landscaping, equivalent to 1 in every 62 jobs (HTA) More than a third (35%) of shoppers say they will spend a high proportion of retail spending online, even after the impact of the coronavirus subsides (Retail Economics 2021). “Marketplace sales (2020) account for 62% of all global online retail sales” Digital Commerce 360

Sprout Group Investments

292 Investments

Sprout Group has made 292 investments. Their latest investment was in Absentia as part of their Seed VC - II on April 4, 2017.

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Sprout Group Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

4/17/2017

Seed VC - II

Absentia

$1.24M

Yes

Exfinity Venture Partners, Krishnamoorthy Ananthasivam, and Venture Catalysts

3

8/15/2012

Series C

Relypsa

$80M

No

2

1/12/2011

Series G

CyOptics

$50M

No

Birchmere Ventures, Eurofund, Innovacom, Jerusalem Venture Partners, TowerBrook Capital Partners, and Ventech

1

9/20/2010

Series B

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$99M

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10

8/17/2009

Series G

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$99M

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10

Date

4/17/2017

8/15/2012

1/12/2011

9/20/2010

8/17/2009

Round

Seed VC - II

Series C

Series G

Series B

Series G

Company

Absentia

Relypsa

CyOptics

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Amount

$1.24M

$80M

$50M

$99M

$99M

New?

Yes

No

No

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Co-Investors

Exfinity Venture Partners, Krishnamoorthy Ananthasivam, and Venture Catalysts

Birchmere Ventures, Eurofund, Innovacom, Jerusalem Venture Partners, TowerBrook Capital Partners, and Ventech

Sources

3

2

1

10

10

Sprout Group Portfolio Exits

82 Portfolio Exits

Sprout Group has 82 portfolio exits. Their latest portfolio exit was Labcyte on January 30, 2019.

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

1/30/2019

Acquired

1

8/10/2017

Acq - Fin

3

1/5/2016

Acquired

1

00/00/0000

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$991

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10

00/00/0000

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$991

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10

Date

1/30/2019

8/10/2017

1/5/2016

00/00/0000

00/00/0000

Exit

Acquired

Acq - Fin

Acquired

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Companies

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Valuation

$991

$991

Acquirer

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Sources

1

3

1

10

10

Sprout Group Acquisitions

5 Acquisitions

Sprout Group acquired 5 companies. Their latest acquisition was Aspen Education Group on November 06, 2006.

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

11/6/2006

Unattributed VC

$991

$15M

Acquired

8/15/2001

Unattributed VC

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$991

$99M

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10

3/7/2000

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$991

$99M

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10

8/10/1998

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$99M

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10

5/18/1998

Series C - III

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$99M

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10

Date

11/6/2006

8/15/2001

3/7/2000

8/10/1998

5/18/1998

Investment Stage

Unattributed VC

Unattributed VC

Series C - III

Companies

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Valuation

$991

$991

$991

Total Funding

$15M

$99M

$99M

$99M

$99M

Note

Acquired

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Sources

10

10

10

10

Sprout Group Team

7 Team Members

Sprout Group has 7 team members, including current Managing Partner, Robert Finzi.

Name

Work History

Title

Status

Robert Finzi

Managing Partner

Current

Janet Hickey

Managing Partner

Current

Jeani Delagardelle

New Leaf Venture Partners, and Boston Scientific

General Partner

Former

Stephen Diamond

General Partner

Former

Kathy LaPorte

New Leaf Venture Partners, Nodality, and HealthTech Capital

General Partner

Former

Name

Robert Finzi

Janet Hickey

Jeani Delagardelle

Stephen Diamond

Kathy LaPorte

Work History

New Leaf Venture Partners, and Boston Scientific

New Leaf Venture Partners, Nodality, and HealthTech Capital

Title

Managing Partner

Managing Partner

General Partner

General Partner

General Partner

Status

Current

Current

Former

Former

Former

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