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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

Folloze Welcomed to Canvas Portfolio – New Series A

New $300M Canvas Fund – Complete Press Coverage

MuleSoft Continues Strong Momentum, Reports Record Q3 Performance

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

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

Better Together: Tibco Snaps up Jaspersoft for $185M

Socrata Raises $18M For Platform To Open Government Data

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

NuoDB, Morgenthaler Ventures Talk Disruption in Databases