Dace’s Portfolio Grows to Five Investments Focused on Digital Media, Consumer Marketing and Mobile Services
Waltham, Mass.—October 29, 2007—Dace Ventures, an early-stage venture capital firm investing the Next Wave of internet-related innovations, today announced the initial closing of its first fund totaling over $70 million. Comprised of leading institutional and individual limited partners, the fund is focused on investing in digital media, consumer marketing and mobile services. Founded by former CMGI President and COO, Dave Andonian, the fund has led four prior investments including: auctionPAL (consumer marketing); CityVoter (consumer marketing); Panraven (digital media); and, LocaModa (mobile services). Dace is also today announcing its newest investment in Vitrue, Inc., becoming the fifth portfolio company of the fund.
“Now is a great time to be launching Dace Ventures, and to be investing in the Next Wave of internet innovations,” states Andonian. “Passionate entrepreneurs are harnessing the power of Web 2.0 technologies and services to build capital-efficient businesses, which is exciting to Dace. We’re applying our broad network to discover the best and adding value through our operating experience to help build new market leaders.”
The cyclical nature of technology revolutions consistently gives rise to the “Next Wave” of technological innovation. Dace believes there is a next wave of digital media, consumer marketing and mobile services that have passed the early adopter phase and are ready for the mass market, providing strong investment opportunities for the fund. Dace’s focus on early-stage company-building seeks to fulfill the widening capital-gap which is challenging entrepreneurs, as larger-sized funds naturally have shifted to larger-sized and later-stage investments. Dace is seeking investment opportunities with visionary early-stage entrepreneurs and plans on growing a portfolio of between 12-15 investments from its first fund.
Dace is leading a new $10M investment for Vitrue, including VC co-investor General Catalyst and strategic media partners Comcast and Turner Broadcasting. Vitrue empowers global brands, ad agencies and media publishers to build stronger relationships with their customers by harnessing the potential of video-centric social media.
“Vitrue is a perfect example of a top-notch team with a capital-efficient business model that has positioned themselves at the forefront of one of the most powerful transformations for brand marketers emerging in the Next Wave,” continued Andonian. “Vitrue strongly aligns with Dace’s fund focus on both consumer marketing and investing at a key-inflection point of a company’s growth.”
“Dace was the ideal investor to lead this round, and Dave Andonian brings significant digital media and operating experience to strengthen our Board,” said Vitrue CEO Reggie Bradford. “Dave’s extensive company building and consumer marketing experience will provide us tremendous insight to help us capitalize on our market opportunity. I’m looking forward to working closely with Dave and the Dace team to grow Vitrue.”
In addition to Andonian, other Dace investment team members include Partner Jon Chait based in Waltham, Mass. and Venture Partner Doug Chertok based in New York, NY. Together the team brings decades of experience with entrepreneurial innovation, early-stage investing and operational leadership to contribute to the growth of Dace’s portfolio companies.
Further information on Dace’s experienced team, early-stage focus and innovative portfolio companies can be found on its newly-launched Web site, www.daceventures.com.
About Vitrue, Inc.
Vitrue, the video-centric social media company, empowers global marketers, agencies and media companies to effectively and safely connect with customers. Business leaders choose Vitrue to establish deeper, authentic relationships with their audiences by creating online video communities and engaging consumer-created campaigns. Its platform and services enable companies to review consumer-generated content with a proprietary “content filtering protection” capability, ensuring brand integrity. Global companies and brands such as P&G’s Pringles, VH1 and TBS have turned to Vitrue to actively engage with consumers while ensuring the integrity of their brands. Privately-held, Vitrue is headquartered in Atlanta and has offices in New York and San Francisco. For more information, please visit www.vitrue.com.
About Dace Ventures
Based in Waltham, Mass. Dace Ventures is an early-stage venture capital firm with over $70 million in funds under management. Dace is actively investing in entrepreneurs building the Next Wave of internet-related innovations in digital media, consumer marketing and mobile services. First and foremost, the fund invests in entrepreneurs who are building great teams. Dace looks for companies with compelling innovation, first mover advantage in high-potential markets and an opportunity for the partnership to provide value at key inflection points of growth. Current investments include auctionPAL, CityVoter, Panraven, LocaModa and Vitrue. For more information, go to www.daceventures.com.
Dace Ventures is a trademark of Dace Management LLC. All other brand and product names appearing on this announcement may be trademarks or registered trademarks of their respective holders.