Serra Companies Network Perception and Evisort Acquired

The team at Serra is very excited to announce two portfolio company acquisitions. The first is Serra Capital III SBIC company Network Perception. Originating from the University of Illinois tech ecosystem, Network Perception empowers critical infrastructure industries to manage their cyber security in a proactive manner, ensuring compliance with regulatory standards and best practices while protecting not only the security of the company, but the greater public at large. Network Perception was acquired by Dragos, the global market leader and first unicorn in Operational Technology (OT) cybersecurity. Rob Schultz, Managing Partner, commented, "We are excited for CEO Robin Berthier and the entire Network Perception team. Serra Ventures supported them even before the company was formed, as they were incubated within the University of Illinois. Recognizing the business's commercial potential, we led their initial seed funding round, and further invested in the Series A. This combination with Dragos offers the most distinctive solution in the industry at a time when risks to our nation's critical infrastructure have never been greater." See full press release here.

The second announcement appeared in the press on September 17 where it was announced that Serra Capital III and Serra Capital III SBIC company Evisort had entered a definitive agreement to be acquired by Workday, a NASDAQ traded company. Evisort deploys computer vision and AI algorithms to read, analyze and recommend the proper contract management. The company is being acquired by Workday, a leading provider of solutions to help organizations manage their people and money. The transaction is expected to close no later than October 31. Dennis Beard, Managing Partner, said "From day one, we were impressed with CEO Jerry Ting and his team of co-founders. They offer a unique solution to a real pain point in contract management, and they have successfully attracted an impressive list of Fortune 500 customers. This is an outstanding result for our Funds and we couldn't be more proud to have been part of the investment team dating back to the Seed Financing round in 2019." See full press release, here.

Serra CEO Tim Hoerr Investor Spotlight on BrighterFuture

Brighter Future spoke with Tim Hoerr, who is founder, CEO, and Managing Partner of Serra Ventures, LLC. The article goes into depth on Serra’s current focus in ag and food tech investment, and the plans for Serra’s latest Ag & Food Tech Fund.

To view the complete article, follow here.

Serra Ventures on Why Investors Will Continue to be Drawn to the Rewards of Agri-Tech

There's a powerful combination of forces driving major disruption in the oldest industry on the planet -- agriculture. See what industry-leading Ag Tech Navigator, has to say about Serra Ventures' approach to navigating the current climate to effectively deploy capital in this sector: Serra Ventures on why investors will continue to be drawn to the rewards of agri-tech.

For the second year in a row, Serra companies Serionix, Evisort and Paystand make the 2024 Inc 5000 Fastest Growing Companies List

Each year, Inc. Magazine releases a list of the fastest growing companies in America, and the team at Serra was very pleased to have three companies represented on this years list for the second year in a row! Inc. says this about the list this year: “They thrived in spite of the pandemic, inflation, and supply chain woes. Here's what you can learn from their success.”

Colorfil (the product made by Serionix), the company that makes color-shifting air filters, came in at an impressive #346.

Evisort, the AI contracts company, came in at #548.

Paystand, the B2B platform payments company, has been featured on this list for the past 5 years in a row! They came in at #1,359.

Serra companies Bonsai, Swarm Engineering, and Provision each honored with an AgTech Breakthrough Award

The AgTech Breakthrough Awards are held each year to recognize the best agricultural and food technology companies, products and services around the globe. This year, Serra is pleased to announce that three Serra Ag Tech Fund companies were awarded each in different categories.

Bonsai Robotics, a precision robotics company, was awarded the Precision Agriculture Solution of the Year in the In-Field Systems category.

Provision Analytics, the company that has created a platform for food safety and quality data, was awarded the AgTech Data Analytics Solution of the Year in the Analytics category.

Lastly, Swarm Engineering, the company that is helping optimize the food chain, was awarded the AI-based AgTech Solution of the Year in the Internet of Things and AI category.

Congratulations to the winners!

Dr. Jo Varshney of Verisim Life Named to List of Most Influential Women in Bay Area Business from the San Francisco Business Times

Congratulations to Dr. Jo Varshney, CEO of VeriSim Life, as she was awarded as one of the “Most Prominent and Powerful Female Bay Area Business Leaders in 2024.” This prestigious list, which is put together by the San Francisco Business Times, had more than 400 nominees. Dr. Varshney has shown successful leadership at VeriSIM Life and innovation in the biopharma industry, and is very deserving of this designation.

VeriSim Life is the leading AI-enabled, R&D decisions de-risker for drug development.

To view the complete press release, follow here.

iFab Awarded $51M EDA Tech Hubs Grant with Assistance From Serra

The Illinois Fermentation and Agriculture Biomanufacturing (iFAB) Tech Hub has been awarded approximately $51 million from the Tech Hubs Program through the Department of Commerce’s Economic Development Administration. The iFAB consortium, led by the University of Illinois Urbana-Champaign, will receive a Phase 2 Implementation grant to position Central Illinois as a global leader in biomanufacturing and precision fermentation, supporting national security, economic growth, and job generation.

“Securing this grant is a testament to the hard work and collaboration of our partners and the strategic importance of leveraging biology as a manufacturing technology of the future — we are thrilled to lead this charge in making Central Illinois the heart of biomanufacturing in the U.S. and beyond,” said Beth Conerty, iFAB regional innovation officer and associate director of business development at the Integrated Bioprocessing Research Laboratory, part of the College of Agricultural, Consumer and Environmental Sciences at U. of I.

Team members from Serra Ventures were a part of this initiative by assisting in writing and requesting of the grant proposal. We are very excited about what this grant means for the iFab Tech Hub, and the surrounding community.

To view the full press announcement, follow here.

Gov. Evers, WEDC Announce $100 Million Investment in Wisconsin Startups and Entrepreneurs; Serra Among Private Funds Awarded

Gov. Tony Evers, together with Wisconsin Economic Development Corporation (WEDC) Secretary and CEO Missy Hughes, announced a major step forward in supporting Wisconsin entrepreneurs with the launch of the Wisconsin Investment Fund, a public-private venture capital initiative that will initially invest $100 million in startup businesses throughout the state. At an event at Forward BIOLABS in Madison, a nonprofit that has helped launch scores of successful startups, Gov. Evers and Secretary Hughes were joined by officials from five venture capital management firms who will be administering the first round of fund investments. A sixth capital management firm will be announced shortly.

“The Wisconsin Investment Fund will be the biggest public-private investment in Wisconsin startups and entrepreneurs in our state’s history, and as the businesses that receive these investments start to grow, the value of the fund will grow with them, creating new opportunities to help even more businesses expand,” said Gov. Evers. “Over time, we expect the value of this fund to grow exponentially—with a ten-to-one private-public investment ratio. This fund is a win for businesses who will have the support to take their ideas to new heights, and it’s a win for Wisconsin to maintain our position as a competitive leader in business innovation.”

Serra Ventures is very excited to be one of the private funds being included in this initiative. “We are grateful to partner with the Wisconsin Economic Development Corporation to deploy capital to Wisconsin-based startups,” said Tim Hoerr, CEO and managing partner, Serra Ventures. “The state has a long and storied history in ag and food, so it is the perfect fit for Serra Ventures’ new fund. Our team at Serra looks forward to finding and funding the very best Wisconsin companies in the ag and food sector.”

To view the full press release, follow here.

Mast Reforestation Featured in the NY Times

Mast Reforestation, a Serra Capital Ag Tech Fund portfolio company, is the company that is restoring resilient forests after wildfires. They make reforestation scalable to mitigate the worst effects of climate change.

Mast has had a tremendous few months of press, with the most recent feature coming from the New York Times. Follow here to see the complete article.

Paystand Making Big Moves

Paystand, a Serra II and II Follow-On-Fund portfolio company, recently acquired TeamPay, a spend management software company. See below for an excerpt from an article published last week by the Fintech Industry Examiner to understand what this means for Paystand going forward.

The business-to-business (B2B) payments sector is poised for a significant transformation. On April 25, 2024, Paystand, a leader in blockchain-based B2B payment solutions, announced its strategic acquisition of Teampay, a well-regarded innovator in spend management software. This move marks a pivotal moment in the evolution of financial transactions between businesses, promising to redefine the efficiency and security with which these transactions are conducted.

Paystand: A Vanguard in Blockchain B2B Payments

Founded in 2013 in Scotts Valley, California, Paystand has emerged as a frontrunner in the digital transformation of B2B payments. The company has carved out a niche for itself by leveraging blockchain technology to provide secure, fast, and cost-effective payment solutions. Paystand’s mission has been to streamline the accounts receivable (AR) processes, reduce Days Sales Outstanding (DSO), and eliminate the hefty transaction fees typically associated with traditional payment methods like checks and wire transfers. This commitment to innovation has not only garnered Paystand a substantial business network but also positioned it as a disruptor poised to challenge the status quo of corporate finance.

Teampay: Simplifying Corporate Expenditures

On the other hand, Teampay, established in 2016 in New York City, has specialized in automating and controlling corporate spending. The company’s platform integrates seamlessly into businesses’ financial workflows, providing tools such as virtual cards, automated expense approvals, and real-time budget tracking. These features address a critical need for companies to maintain stringent controls over their expenditures while empowering employees to manage funds responsibly and efficiently. Teampay’s solutions have resonated well within the industry, earning the company acclaim for its user-friendly interface and robust functionality.

To view the entire article, follow here.

Paystand continues to impress, with more big news in the month of April with the company being named the winner of Fintech Breakthrough Award for DeFi Innovation.

Crispr QC’s Ross Bundy Unveils New Secrets to Startup Funding

There is no better time to be a startup, yet fundraising takes a good deal of grit and resilience. It also requires a solid understanding of market trends, investor sentiments, and evolving strategies. As entrepreneurs strive to secure funding for their ventures, they encounter a multitude of challenges and opportunities shaped by economic shifts, investor preferences, and industry dynamics that mean you need to “know your stuff” and be willing to go to battle. 

CRISPR QCs founder Ross Bundy knows. With almost a decade of entrepreneurial experience in the biotechnology sector along with co-founding and scaling two successful companies, Cardea Bio Inc. and CRISPR QC (both of which are transforming the fields of diagnostics, therapeutics, and bioinformatics), Ross understands the nuances of securing investments in today’s competitive landscape.

Read further to hear what Serra II Company Crispr QC’s CEO Ross Bundy, has to say about this topic.

Serra's Newest Investment Volur Secures $2.8 Million and Appoints New CEO

The Serra-Grondex Ag & Food Tech Fund is very pleased to announce that it made its very first investment in Norway-based Volur. The investment is part of the company’s $2.8M funding round.

Volur uses data and AI to enable meat processors to maximize carcass value and margins by making optimal sorting and cutting decisions. Volur represents another Serraportfolio company that is making the beef supply chain smart and more efficient.

The company was introduced to Serra through our newest Ag Venture advisor, Lamar Stieger. Volur is based in Norway, but has customers in the United Status including JBS. The Volur system is implemented in one of their largest plants in Hyrum, Utah.

Volur has also made a big change by appointing a new CEO - Anna Turvoll, succeeding Robert Ekrem. “Robert has been a visionary and an exemplary leader, guiding Völur from its inception to its current standing as a global company in meat industry optimization. His continued contribution as a board member will undoubtedly still influence the company,” said Lamar Steiger, a board member at Völur. “Today, we are thrilled to welcome Anna Turvoll to the company, as she has an impressive background, strategic insight, and dynamic leadership experience. We are confident that Anna will propel Völur into its next chapter of growth and success.”

To learn more about Volur, follow here.

Hazel Technologies Named A Most Innovative Company in the Ag Space 2024

Hazel Technologies, a Serra Capital III portfolio company, was honored in March by Fast Company by being named to their 2024 “Most Innovative Companies in Agriculture” list. Hazel Technologies is developing new solutions to reduce waste in order to improve the efficiency of the fresh produce supply chain. The Hazel® Product Line is a suite of packaging inserts that extend the shelf life of ethylene sensitive produce.

Fast Company comments, “What makes the 2024 list of most innovative agriculture companies so impressive is that their products and services barely overlap, yet many could complement or even enhance the others.”

To view the full article, follow here.

Mast Reforestation Named to Time's Top Greentech Companies in America

Mast Reforestation, a Serra Capital Ag Tech Fund company, is being honored in the month of March by being named to Time Magazine’s “Top Greenwich Companies 2024” list. Mast Reforestation is restoring resilient forests after wildfires. They make reforestation scalable to mitigate the worst effects of climate change.

The green technology sector has represented a “beacon of hope” for investors and workers alike, and is one of the fastest growing sectors in the United States. According to TIME the 250 of America’s top sustainability-­focused companies are ranked based on their positive environmental impact, financial strength, and innovation, to see who is rising to the top of the field. To determine these, Statista analyzed data points such as value of the company's intellectual property portfolio, revenue and funding, and environmental data specific to each industry, such as carbon capture, offsets, and renewable energy generated.

To view the full list, follow here.

Vytelle Expands Presence in Nebraska Region with the Opening of its 17th Global Laboratory

Vytelle, a Serra Capital Ag Tech Fund company and also the fastest-growing in vitro fertilization (IVF) company, proudly announced in early March that it was opening its 8th US-based and 17th global laboratory, strategically located in Nebraska.

"Our expansion into the Nebraska region underscores our dedication to supporting the needs of our current and future customers by bringing our Vytelle ADVANCE™ solutions closer to home," said Kerryann Kocher, CEO of Vytelle. "We are excited to increase collaboration with producers in this cattle genetics hub, leveraging our expertise to optimize herd performance and drive sustainable agricultural practices."

To view the full story, follow here.

Conservation Labs: $7.5 Million In Series A Funding Raised

Conservation Labs, a Serra Capital III SBIC company, and the company that developed a groundbreaking platform that decodes audio data into actionable insights in the built environment to reduce carbon emissions and energy and water usage – announced that it had raised a $7.5-million Series A funding round. Serra also participated in the round.

“Conservation Labs’ innovative approach to water conservation provides an operational edge to its clients, and the real estate market opportunity for H2know is massive. With our investment, Conservation Labs will be fast-tracking its product development and go-to-market strategies for both of its core products,” said Mark Kovscek, CEO of Conservation Labs. “We’re excited to collaborate with Mark and the entire leadership team as they continue developing new commercial applications for their breakthrough technology.”

Colorfil’s NASA-Approved, Award-Winning Air Filters Expand to Retailers Nationwide

Colorfil (Serionix) had an exciting month in February as they announced two major partnerships. Colorful Air Filters are expanding nationwide with its products being sold through Chewy.com and Lowes.com.

Colorfil, the Nasa-approved air filter for pet odors, removes small particles from the air to eliminate pet odors and promote a healthy indoor environment. Colorfil’s air filter technology was originally designed by an aerospace company called Serionix in order to protect astronauts and spacecraft.

Colorfil received multiple industry awards after launching in the pet space, such as the first prize in the Dog Category at the SuperZoo New Product Showcase in 2023 and the Pet Innovation Award for “Stain & Odor Remover Product of the Year” for three years in a row.

Jim Langer, CEO of Serionix says “We’re so happy to be making our technology available to more pet homes.”

To view the full article, follow here.

HerdDogg and Breedr Unveil New Partnership

In exciting news in the month of January, two Serra portfolio companies - HerdDogg and Breedr, have announced a new partnership, which they unveiled at the NCBA Cattlecon event. HerdDogg, the leader in data-driven livestock management, and Breedr, the leader in precision livestock management, have integrated their solutions to help producers at every stage of the beef supply chain optimize operations and make more money from the animals they sell.

"We're excited to deliver our commercial solution to satisfy pent-up demand in the market for more effective data-driven livestock management," said Andrew Uden, HerdDogg CEO. "Our integration with Breedr will further enable HerdDogg to meet the needs of cow-calf, feedlot, and dairy and beef-on-dairy operations."

"The HerdDogg partnership offers us an exciting opportunity to add real-time health data in the supply chains we work with, reduce mortality, and improve the quality of beef being produced," said Ian Wheal, CEO and Founder of Breedr. "Future supply chains are already requiring tracking to this level, and we have the ability to support beef and beef-on-dairy supply chains."

To view the complete article, follow here.

Serra Ventures and Grondex International Partner Up for Next Ag & Food Tech Fund

Champaign, IL, January 9, 2024-- Serra Ventures, LLC, a Champaign-based venture capital firm with offices in San Diego, Chicago and Park City, announced in the first week of 2024 that it has partnered with Grondex International, B.V., a Netherlands-based farmland management firm, to create the Serra-Grondex Ag & Food Tech Fund II, LP.

The directors of Grondex, Joost Pennings and Peter Prins, bring a wealth of agriculture and finance experience to the relationship. They manage thousands of acres of farmland and farm operations for institutional investors in Europe. The three managing partners of Serra, Tim Hoerr, Dennis Beard and Rob Schultz, each boast more than a decade of venture experience in food and ag technology, having invested in over 50 ag tech start-ups since 2011. The partnership brings together two strong teams with over 150 years of collective experience that will work in tandem on all aspects of the Serra-Grondex Ag & Food Tech Fund II, including deal sourcing, financing transactions, and post-investment coaching of portfolio companies.

"We are very excited about this powerful partnership with Grondex. Joost Pennings is a world-renowned agricultural economist at Wageningen University and Former Faculty Excellence Professor at University of Illinois. His colleague Peter Prins is an experienced risk manager, data analytics expert and practitioner of cutting-edge farming techniques. We see tremendous value combining our ag tech venture expertise with this experienced team from the Netherlands, one of the world's leading ag and food ecosystems,” said Tim Hoerr, CEO of Serra Ventures. “As Europe’s leading regenerative farming asset manager, Grondex offers unmatched insight and reach into the Ag and Food space from a global perspective. We look forward to solving the world’s biggest problems in Ag and Food together.”

"We are thrilled to join forces with Serra Ventures,” says Peter Prins, co-director at Grondex International. “Our shared commitment to foster regenerative solutions in the Ag and Food Tech sector is more than a business venture; it's a step towards a healthy and sustainable future. We look forward to build upon Serra Ventures’ impressive track record and to extend Serra’s network to Europe. Together, we aim to support founders that transform the Ag and Food industry, fostering startup growth that benefits both the economy and the planet."

About Serra Ventures, LLC

Serra Ventures is a venture capital firm investing in early-stage technology companies throughout the U.S. and in selected international regions. Its most recent focus has been on the Ag Tech and Food Tech sectors. The profile of an ideal startup for consideration by Serra is a Series Seed Plus, A or B company that has successfully achieved product-market fit with a novel product offering and is demonstrating strong revenue growth.

Serra Ventures has offices in San Diego, Chicago, Park City, and Champaign, Illinois. The managing partners are former successful entrepreneurs who seek to serve their portfolio companies with real-world insight, hard work, and a valuable network. In addition to capital, Serra works alongside its entrepreneurs in all areas of growth from strategic planning and partnerships, through business development and capital formation. As portfolio companies scale, Serra co-invests with leading venture firms. For more information, visit www.serraventures.com.

About Grondex International, B.V.

Grondex is Europe’s leading regenerative farming asset manager based in the Netherlands. The firm purchases land and uses regenerative farming and rewilding practices to improve nature, reduce emissions and capture carbon. By doing so Grondex generates strong environmental and financial returns.

The Grondex directors support startup founders with a great network in the agricultural and food industries that includes key relationships with major food processors and retailers. Their unique knowledge of the supply chain – from farm to fork – brings a distinct competitive advantage to their constituents. For more information, visit www.grondex.com.

Serra Ventures Adds New Venture Partner Bruce Sommer

Serra Ventures is excited to announce the addition of Bruce Sommer as a Venture Partner. Specifically, Bruce will be intimately involved in the firm’s newest venture offering, Serra Capital Ag Tech Fund II, from fundraising to deal sourcing to serving portfolio companies.

The Serra Ventures team has been deeply involved in the Ag Tech category for over a decade, making its first investment in the space in 2010. The steady increase in quantity and quality of Ag Tech deals in the evaluation pipeline, along with some notable exits of its portfolio companies in the space, convinced the team in 2021 to create a standalone fund the singular focus of which is agriculture and agri-food technology. As the firm now launches its second flagship vehicle in the Ag Tech space, adding Mr. Sommer and other professionals will strengthen and deepen the team.

"Bruce is perhaps the most critical player in the venture ecosystem in Springfield, Illinois. He has created, developed and nurtured a robust angel network in Springfield and did the same in Boston. His extensive experience in venture will make him a valuable contributor to Serra. We are truly grateful that he has opted to join our team."

After starting three of his own companies, Bruce Sommer has led direct investments in over 40 businesses since 2004. He is also the managing partner of NextGen Ventures, a closely-held private equity and venture capital fund focused on a nascent technologies across a variety of industries. Bruce was a founding member of the Angel Capital Association and currently helps lead eCoast Angels, one of the oldest business angel groups in the U.S. He is also a member of other angel groups, including Central Illinois Angels.

Bruce has worked with hundreds of startup entrepreneurs and has been teaching entrepreneurship and venture capital at various U.S. and international universities for over 20 years. His work on the economic impact of early-stage venturing has been published across professional journals and popular media alike. Bruce is a member of the National Commission on Innovation and Competitiveness Frontiers and has been a co-founder of three non-profits with missional focus on building economically strong communities by empowering and resourcing startup-entrepreneurs who develop sustainable businesses that have a positive impact on society.