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Venture Capital
spventures.co.uk

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Investments

45

Portfolio Exits

11

Funds

6

About Sussex Place Ventures

Sussex Place Ventures invests at an early stage in software companies, in businesses developing technology with strong patent-protectable intellectual property and in digital businesses. The firm looks for early stage software, SaaS businesses, IP-rich technology companies and digital businesses with evidence of user traction.

Sussex Place Ventures Headquarter Location

18-20 Huntsworth Mews

London, England, NW1 6DD,

United Kingdom

+44 (020) 7000 0022

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Latest Sussex Place Ventures News

Cutover Closes Final Wave of $35m Series B Financing With Partnership Fund for New York City and Outrun Ventures Completing the Investment Round

Mar 26, 2021

Cutover Closes Final Wave of $35m Series B Financing With Partnership Fund for New York City and Outrun Ventures Completing the Investment Round Partnership Fund for New York City, Outrun Ventures, Cris Conde, Gokul Rajaram, and Andy Brown join Cutover’s Series B financing as the company responds to growing demand for enterprise-wide orchestration LONDON, March 25, 2021-- Cutover, the first enterprise-wide work orchestration and observability platform that enables seamless human and machine collaboration, today announced the final close of its $35 million Series B financing round, led by Eldridge and joined by investors Index Ventures, Sussex Place Ventures and Contour Ventures following on. The close brings together investment from Partnership Fund for New York City and Outrun Ventures, together with investors Cris Conde, Gokul Rajaram and Andy Brown. Having broken the news of its Series B initial funding earlier in March, the close of Cutover’s investment round will allow the organization to ramp up product, engineering and customer service capabilities as the company’s clients continue to rely on Cutover to automate and orchestrate critical, timebound work across the enterprise, delivering complex releases, operational resilience and attaining constant availability of applications. The investment allows Cutover to double its capacity in engineering and product, building an evolving platform best suited to the rapid pace of change in today’s industry. Focus areas include incident response and operational risk, providing increasing open API connectivity to allow customers to easily incorporate Cutover into wider workflows and enhancing its integrations. “The pressure on business leaders to deliver more change at a faster pace, and with more resiliency, is not new. Now, Cutover customers have a vehicle to accelerate the potential of human and machine collaboration to respond to that pressure, enabling them to plan and orchestrate complex work across the enterprise in an observable way.” says Ky Nichol, Cutover CEO. “As we see digital transformation and the drive to move work from analogue to digital rising up the C-Level agenda, we are excited to support our customers in rising to these challenges and distinguish them from the competition. Cutover is proud to provide the world’s first platform capable of end-to-end, observable work orchestration and this Series B financing will allow us to drive our capabilities to the next level, all the while allowing customers to generate efficiency, visibility and control with confidence. We’re looking forward to expanding into new verticals, enhancing our product capabilities, increasing our customer service capabilities and providing the vehicle for the future of work.” “Since graduating from our FinTech Innovation Lab in 2018, Cutover has successfully expanded its customer and funding base, a clear sign of how it helps organizations implement critical digital transformation and tech strategies,” said Maria Gotsch, President and CEO of the Partnership Fund for New York City. “We’re excited Cutover has chosen to expand its footprint in New York City, becoming the latest in a series of fintech companies to set roots and grow here. The fintech community continues to flourish in New York and will play a key role as the city recovers from COVID-19.” The close of this financing round is an important milestone in accelerating the company’s commitment to customers and ability to provide the springboard for managing complex work confidently and at pace. The organization’s growth trajectory and innovation potential would not have been possible without the support from Cutover’s expert investors: Michele Trogni, Eldridge, Carlos Gonzales Cadenas, Index Ventures, Barnaby Terry, Sussex Place Ventures, Matt Gorin, Contour Ventures, Chris Adelsbach, Outrun Ventures, Cris Conde, Gokul Rajaram, and Andy Brown. About Cutover Cutover is the leader in Work Orchestration and Observability, enabling teams to plan, orchestrate, and analyze complex work faster, smarter, and with greater visibility. The Cutover platform, developed with decades of experience in managing operational resilience, technology delivery and release, transformation, and business change initiatives, enables organizations to move quickly with confidence. Trusted by leading global firms and institutions including Accenture, Barclays, and Deloitte, we are on a mission to enable greater business outcomes by orchestrating humans and machine automation in a new model of working. About the Partnership Fund for New York City The Partnership Fund for New York City is the $175 million investment arm of the Partnership for New York City, New York’s leading business organization. The Fund’s mission is to engage the City’s business leaders to identify and support promising entrepreneurs—in both the for-profit and nonprofit sectors—to create jobs, spur new business and expand opportunities for New Yorkers to participate in the City’s economy. As an “evergreen” fund, realized gains are continuously reinvested. The Partnership Fund Board is led by Co-Chairmen, Tarek Sherif and Sanjay Swani. Maria Gotsch, President and CEO, leads the team. Contact:

Sussex Place Ventures Investments

45 Investments

Sussex Place Ventures has made 45 investments. Their latest investment was in Cutover as part of their Series B on March 3, 2021.

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Sussex Place Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

3/3/2021

Series B

Cutover

$35M

No

6

11/30/2020

Series D

Endomag

$20.06M

No

Draper Esprit, and Undisclosed Investors

3

11/12/2019

Series A

Cutover

$17M

Yes

Contour Venture Partners, Index Ventures, Outrun Ventures, and Partnership Fund for New York City

10

11/7/2019

Series A

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$99M

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10

11/15/2016

Seed VC - II

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$99M

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10

Date

3/3/2021

11/30/2020

11/12/2019

11/7/2019

11/15/2016

Round

Series B

Series D

Series A

Series A

Seed VC - II

Company

Cutover

Endomag

Cutover

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Amount

$35M

$20.06M

$17M

$99M

$99M

New?

No

No

Yes

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Co-Investors

Draper Esprit, and Undisclosed Investors

Contour Venture Partners, Index Ventures, Outrun Ventures, and Partnership Fund for New York City

Sources

6

3

10

10

10

Sussex Place Ventures Portfolio Exits

11 Portfolio Exits

Sussex Place Ventures has 11 portfolio exits. Their latest portfolio exit was Kimble Applications on March 16, 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

3/16/2021

Acq - Fin

Accel-KKR

3

9/22/2020

Acquired

OutMatch

1

5/28/2020

Acquired

Connexity

7

00/00/0000

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10

00/00/0000

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10

Date

3/16/2021

9/22/2020

5/28/2020

00/00/0000

00/00/0000

Exit

Acq - Fin

Acquired

Acquired

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Companies

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Valuation

Acquirer

Accel-KKR

OutMatch

Connexity

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Sources

3

1

7

10

10

Sussex Place Ventures Fund History

6 Fund Histories

Sussex Place Ventures has 6 funds, including Regents Park Partners II ECF.

Closing Date

Fund

Fund Type

Status

Amount

Sources

4/9/2014

Regents Park Partners II ECF

Early-Stage Venture Capital

$50.37M

1

11/30/2000

Sussex Place Partners II

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$99M

10

3/31/2000

Combined London Colleges UCSF

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$99M

10

5/31/1999

Sussex Place Partners I

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$99M

10

Combined London Colleges University Challenge Fund

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$99M

10

Closing Date

4/9/2014

11/30/2000

3/31/2000

5/31/1999

Fund

Regents Park Partners II ECF

Sussex Place Partners II

Combined London Colleges UCSF

Sussex Place Partners I

Combined London Colleges University Challenge Fund

Fund Type

Early-Stage Venture Capital

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Status

Amount

$50.37M

$99M

$99M

$99M

$99M

Sources

1

10

10

10

10

Sussex Place Ventures Team

5 Team Members

Sussex Place Ventures has 5 team members, including current Managing Partner, Terry Barnaby.

Name

Work History

Title

Status

Terry Barnaby

Managing Partner

Current

Richard Gourlay

Managing Partner

Current

Barnaby Terry

Jacana, and 3i

Managing Partner

Current

Keith Willey

Chief Operating Officer

Former

John Bates

Managing Director

Former

Name

Terry Barnaby

Richard Gourlay

Barnaby Terry

Keith Willey

John Bates

Work History

Jacana, and 3i

Title

Managing Partner

Managing Partner

Managing Partner

Chief Operating Officer

Managing Director

Status

Current

Current

Current

Former

Former

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