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New Enterprise Investments

 

New Enterprise Highlights

MuleSoft Ushers in the New API Economy – Raised $50M in March 2014

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RelateIQ Acquired by Salesforce for $390 million

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Evernote Rolls out New Chat and Presentation Features for Work

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Totango Transforms Salesforce Into Customer Success Platform

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Our New Enterprise Investing Approach

Over their lifetimes, our partners have made investments in Evernote, RelateIQ, MuleSoft, NuoDB, CrowdFlower, Jaspersoft, Viewics and more, which speaks to a radically changing view of what enterprise tech means today. Not only is technology fundamentally changing how business applications are built and delivered, but also how businesses market, sell, manufacture and service their customers.  These changes are so dramatic that in some cases they even redefine what it means to be an employee (e.g. Uber drivers, crowd workers).

Canvas Partner Gary Little has been investing in enterprise software and services for many years. It is his view that the new enterprise of today no longer has a data center, relying instead on SaaS applications built on scale-out cloud-computing resources such as AWS. With an increasingly rich and deep set of applications and capabilities instantly available to users by opening a browser or clicking in an app store, vendors can side step IT and sell directly to end-user customers utilizing disruptive lead-gen methods (e.g. freemium) with self-service solutions. This shift from costly relationship selling to low friction high velocity business models is predicated upon developing great products, typically offered as a cloud service, that are intuitive, easy to deploy and use, and don’t require costly proof of concepts, systems engineers and professional services.

Doubling revenues by doubling the number of sales reps is a long and costly slog, and relying solely on internal engineering resources to advance a product roadmap is an invitation for competitors to leap frog your efforts.  Rather, new enterprises invest heavily in APIs to extend their reach via content, distribution, manufacturing, fulfillment and service partnerships.  They nimbly accelerate and advance their product roadmaps by leveraging APIs to integrate best-of-breed functionality via cloud-product and crowd-solution partners.  Said differently, competitive advantage will increasingly be won by those organized as “software-defined corporations” that are best able to programmatically leverage the burgeoning API economy.

Five Key Technology Trends Shaping the New Enterprise:

  • Mobilizing the workforce – Evernote
  • Connecting the new enterprise and exploiting the API economy – MuleSoft
  • Delivering Web-scale data platforms and analytics –  NuoDB, Socrata, CrowdFlower, Jaspersoft and Viewics
  • Bringing disruptive business solutions to a browser near you (SaaS) – RelateIQ (Sales), PeopleMatter (HR) & Totango (Customer Success)
  • Leveraging modern business models, including freemium, open source, subscription and crowd

In each of these areas we see every day non-trivial opportunities to fundamentally improve the ways in which modern business is transacted. For the first time ever, the Fortune 500 can be as innovative as anyone, and vice versa. The new enterprise is in that way a continuum, and we believe the biggest enterprise tech investment opportunity ever.

New Enterprise News

Foundations Use Fluxx to Manage More than $12B in Grants, and Counting

March 8, 2017 | Press Release/by Ching Wu

New $300M Canvas Fund – Complete Press Coverage

See all the news coverage of Canvas's new $300M fund using Folloze, an account-based marketing sales platform.
September 29, 2016 | Press Clips Captured in Folloze/by Ching Wu

Folloze Welcomed to Canvas Portfolio – New Series A

Canvas Partner Gary Little led the Series A investment in Folloze and joins the board. Learn more about this innovative "account-based marketing" (ABM) sales platform.
September 29, 2016 | Vator News/by Ching Wu

MuleSoft Continues Strong Momentum, Reports Record Q3 Performance

SAN FRANCISCO, CA--(Marketwired - Oct 9, 2014) - MuleSoft, the company that makes it easy to connect applications, data and devices, today announced record results for its fiscal 2014 Q3 quarter, more than doubling new subscription bookings from the year-ago quarter. Cloud, mobility and the Internet of Things are fueling a massive integration opportunity, driving customer demand for MuleSoft's Anypoint Platform™ to connect disparate systems and technologies with a unified platform.
October 9, 2014 | Market Wired/by Ching Wu

Houzz Tops $2 Billion Valuation, Opens Million-Item Marketplace

After months of being coy about its fund-raising progress, Houzz is confirming that it raised $165 million in venture capital earlier this year. The infusion gives the online home-remodeling and design site a valuation of more than $2 billion — and helps bankroll Houzz for a big push into online commerce.
October 1, 2014 | Forbes/by Ching Wu

Independent Purchasing Co-Op for SUBWAY® Selects PeopleMatter Technology for 29,000+ Restaurants in the U.S. and Canada

May 27, 2014 | Press Release/by Ching Wu

Better Together: Tibco Snaps up Jaspersoft for $185M

April 28, 2014 | VentureBeat/by Ching Wu

Socrata Raises $18M For Platform To Open Government Data

Socrata has raised $18 million to further the extension of its opendata platform now used at all levels of government to present information for the general public. The Series B round of financing was led by OpenView Venture  Partners, with participation from existing investors Morgenthaler Ventures and Frazier Technology Partners.
June 26, 2013 | TechCrunch/by admin

Readying For An IPO, Enterprise SaaS Integration Platform Mulesoft Raises $37M From NEA, Salesforce And Others

MuleSoft, an integration platform for connecting SaaS and enterprise applications in the cloud and on-premise, has raised $37 million led by NEA, with Salesforce.com and returning investors Hummer Winblad Venture Partners,  Morgenthaler Ventures, Lightspeed Venture Partners, SAP Ventures and Bay Partners all participating. This brings the company’s total funding to $81 million.
April 3, 2013 | TechCrunch/by admin

NuoDB, Morgenthaler Ventures Talk Disruption in Databases

The database startup that is closest to my office, if not my heart, has a compelling story. Roughly speaking, it’s one of these “if it really works, it is a game changer” types of companies. Which is fairly common in the tech world—but not as common as, say, “even if it works, who cares?”
March 5, 2013 | Xconomy/by admin