SILICON VALLEY GROWTH SYNDICATE ANNOUNCES INVESTMENT IN SPRIG
San Francisco, CA: The Silicon Valley Growth Syndicate (SVG), a seed investment fund formed in 2013, announces an investment in Sprig, the creator of hand-crafted lunches and dinners, sourced from the best ingredients, delivered directly to consumers’ doors. SVG’s limited partnership fund is building a portfolio of early stage, tech-enabled investments.
By downloading the Sprig app, customers are offered a daily-rotating menu featuring healthy ingredients. The menu even features vegetarian and gluten-free options. Meals cost just $9 for lunch or $10 for dinner, and are crafted in San Francisco by executive chef Nate Keller, Google’s former executive chef. The $2 delivery fee covers tax and tip.
Founder Gagen Biyani got the idea for Sprig when he was responsible for growing sales at Lyft. Lyft is an “uber successful” transportation network company whose mobile-phone application facilitates peer-to-peer ridesharing by enabling passengers who need a ride to request one from drivers who have a car. “One of my friends called and said, ‘Have you ever thought of applying the Lyft model to food?’” Biyani recalls. The conversation stuck with him and in April 2013 he left Lyft to execute this idea.
“Gagen is the kind of proven entrepreneur and internet marketer we like to back at Silicon Valley Growth,” said Russell Lewis, SVG Co-Founder and owner of Rhino Linings, a company with a presence in over 80 countries.
As Co-Founder and President of Udemy, Mr. Biyani led marketing, fundraising, public relations, and operations at Udemy. Udemy.com is a platform / marketplace for online learning. Under his leadership Udemy grew from 0 to 5,000 courses and 0 to 500,000 users.
Mr. Biyani also co-founded the Growth Hackers Conference, which brings together 500 top Internet marketers for a one-day event in Silicon Valley.
“Of our 17 investments to date, Sprig is our first investment to raise a series A round,” said Will Bunker, Silicon Valley Growth Syndicate Co-Founder. “We initially invested in a $2 million dollar seed round in December 2013 with a $8 million dollar cap. They have since raised an additional $12 million dollars at a much higher valuation.”
SVG is an investor partnership founded in 2013 by Lee McNutt, Russell Lewis and Will Bunker. Representing investors in Europe and the United States, SVG excels at providing early-stage capital to startups that have already obtained revenue. “46 percent of Angel Investing goes to companies that are simply ideas without revenue,” said Mr. McNutt. “We believe the best time to invest is after they have sales, but before they attract the attention of the V.C’s.”
For additional information about this topic, please telephone Lee W. McNutt at (214) 537-9311 or email Will Bunker at email@example.com