Hello from BCV! While the markets remain bumpy, we’re coming off a busy few months and wanted to update you on the latest happenings.

First, we’re thrilled for the Billtrust team regarding their recently announced $1.7 billion acquisition by EQT Private Equity, which is expected to close early next year. BCV partner Matt Harris first invested in the company and joined the board of directors nearly a decade ago. It’s incredible to see how the press release from that investment specifically noted the extensive review process Billtrust used to select BCV as their partner and the role BCV’s domain expertise in payments played in that selection. Congratulations to CEO Flint Lane and the entire Billtrust team!
Ten years later, BCV is still focused on building deep domain expertise in the sectors we invest in. Whether through research (check out our latest Embedded Finance report), day-to-day observations (Sarah Hinkfuss’s Twitter is a must-follow), or events like our fireside chat with 80+ cybersecurity founders in Israel, we constantly seek opportunities to improve our perspective and engage with a wide spectrum of founders. If we haven’t seen or spoken to you in a while, we look forward to catching up! You can follow us on Twitter and Linkedin or drop us a note directly.

Have a wonderful rest of 2022, and enjoy the update!

New Hires

• We had several new investors join us this quarter including Alysaa Co, Campbell Howe, Abby Meyers, Kristie Han, and Dilly Sanborn-Marsh who also joins as a BCV Fellow.

• We also brought on integral Platform and Operating team members including Jessica Lawson (Marketing), Liz Cherson (Events),Polina Jacka (Product), Avneesh Mehta (Data), Alex Idzal (Customer Development), and Isabel Kaufman (Finance).

• For more information about our latest hires and team, read our new hire update.

Portfolio Updates

EARLY STAGE

• Marriage Pact raised $5 million to help college students find romantic compatibility. 

• TruckSmarter emerged from stealth and announced a $25 million Series B to help truckers, dispatchers, and carriers search and book loads. 

• Properly closed a $44 million Series B to scale its real estate brokerage across the Canadian market. 

• Nightfall AI announced its $40 million Series B as it expands its market and customer share. 

GROWTH 

• Billtrust announced its intention to be acquired by EQT for $1.7 billion. 

• Tecton raised a $100 million Series C to accelerate product development and go-to-market initiatives.

BCV in the News

• In partnership with Bain & Company, Matt Harris and the BCV fintech team published the Embedded Finance Report: What It Takes to Prosper in the New Value Chain.

• Sarah Hinkfuss spoke with Fintech Futures at FinovateFall 2022 to discuss where the smart money is being invested in fintech.

Events

• In September, we hosted our Annual Investor Meeting in Boston in person after several years of Zoom meetings. Our limited partner community continues to grow and strengthen. Enrique Salem gave opening remarks, followed by several panels diving into each of BCV’s four investment domains with founders from ShipBob, soona, HYCU, and Catch. Additionally, Noah Breslow and Leslie Crowe spoke about the vision for our Platform team, including how BCV is providing resources and guidance across mentorship, talent, marketing support, and customer development. 

• In October, we had our Annual Fintech Demo Day at Lincoln Jazz Center in New York City, which we hosted alongside fintech VCs Nyca Partners and QED Investors. It was a huge success. The event featured 29 presenting companies, including 10 from our portfolio, over 500 attendees, and 250 one-on-one meetings.  

• We were also at Money20/20 earlier this week with Matt Harris speaking with Scarlett Sieber and Sophie Guibaud about their new book Embedded Finance: When Payments Become an Experience. Merritt Hummer also moderated a conversation on the future of open finance with Salman Syed, COO of Fidel API, Kurtis Lin, CEO of Pinwheel, and Stephany Kirkpatrick, Founder & CEO of Orum. 

• And lastly, Enrique Salem and Rak Garg went to Israel for a fireside chat with early-stage venture firm Cyberstarts and founders in the cybersecurity space. They also spent time with BCV portfolio company Redis and its CEO, Ofer Bengal.