Bend Venture Conference winner RFPIO announced a $25M investment from K1 Investment Management today. The announcement was the largest round yet for the young startup, and represented a nice return for BVC investors.
This exit offered an extraordinary return in a very short period of time, marking the third exit for a Bend Venture Fund. The two previous exits were Elemental Software and Jama Software from the 2007 and 2008 BVC, LLC portfolios, respectively.
Jason Moyer, the current BVC fund manager, says that it’s unusual to have a meaningful exit opportunity this early in an investment. Brian Vierra, EDCO’s venture catalyst says that the BVC LLC returns are among the best in the angel investing market.
“If an investor had participated in every LLC since the first fund in 2006, they would have received a ‘cash on cash’ return of approximately 4x. They would also still have a portfolio of 12 companies, many of which have undergone financings at significant increases in valuation,” Vierra says.
Over the past few years, the BVC, LLC funds have been typically $150,000-$350,000 in size. They are just the beginning of the investment effort that is undertaken by the conference each year. Other Angel and Venture funds invest in parallel to the LLCs, deploying amounts in excess of $4,000,000 in past years.
Congratulations to RFPIO and to the BVC investors.
You can reach Kelly by email at [email protected].