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Investor Spotlight: Durable Capital Partners

Investor Spotlight: Durable Capital Partners
June 8, 2021

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Today we’re looking at Durable Capital Partners, the Chevy Chase, Maryland VC firm whose investments are no laughing matter. Most recently, they led the staggering $1BN Round D of the German software company, Celonis.
 

 FT Montage/Bloomberg

Henry Ellenbogen, Durable's founder, had an enviable track record in tech investment picking during 18 years at T. Rowe Price Group. There, Henry ran the wildly successful New Ventures Fund, which made investments in pre-IPO companies Twitter, GrubHub & Workday. He left the fund when it had reached $25.82BN in assets.

For Durable, Ellenbogen raised $6BN to start and got to work quickly, making an inaugural investment in Seattle-based Convoy. The company simplifies shipping and distribution and saw a sharp spike in revenues in 2019, the same year as the investment. Durable Capital’s 12-person investment team is made up of 6 other former T. Rowe colleagues, including CFA Anouk Dey (former T. Rowe investment analyst & VP). The fund primarily focuses on small and mid-cap companies in both public and private markets.

Here’s a look at Durable's recent private company investments:

  • Celonis counts Uber, Dell, Siemens & Loreal among its customers for its Executive Management System (EMS) software. The Munchen, Germany company raised a $1BN Round D led by Durable and included T. Rowe, Franklin Templeton, Arena Holdings, and Splunk Ventures in the round, valuing Celonis at $11BN.

  • Material Bank is a marketplace for searching and sampling architectural, design, and construction materials. Material's $100MM Round C was co-led by General Catalyst Partners.

  • HoneyBook is a San Francisco-based financial management platform for small businesses and freelancers, in an era when more people are quitting their jobs and going solo. Durable Capital led the company's $155MM Round D in May.

  • Capsule is a digital pharmacy valued at $1BN. The company experienced hyper-growth in 2020, in part due to the pandemic’s tele-healthcare boom, and raised a $300MM equity round in April. Durable Capital participated alongside T Rowe., Ballie Gifford, and Whale Rock Capital.

  • Brex is offering enterprise all-in-one financial software for customers like Airbnb, ClassPass and Y Combinator. Its Round D in April of $425MM brought the company's valuation up to $7.4BN, $4.4BN over the previous year's valuation.

  • Scale’s mission is to accelerate the development of AI by providing data-centric solutions to machine learning. Durable joined the $325MM round led by Dragoneer, Greenoaks, and Tiger Global Management. 

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Since last week, PrivCo has added:

476 Companies | 190 Funding Activities | 61 M&A Deals

Funding & Deal Highlights:
 

Energy Vault raises from Saudi Aramco Energy Ventures

Renewable Electricity & Fuels • Equity • Lugano, Switzerland

Genoox raises $8MM from Triventures

Healthcare Software & Internet Services • Round B • Palo Alto, CA

Norbert Health raises $5MM from Serena Capital & HCVC 

Healthcare Equipment • Seed • Brooklyn, NY

Intrinsic raises $113MM from Define Ventures 

Health Care Services • Round A • New York, NY

ClubFeast raises $10.3MM from General Catalyst Partners 

Delivery Software & Internet Services • Seed • Sterling, VA

Arcline Investment acquires Resolution Medical 

Healthcare Equipment • Acquisition • Fridley, MN

VCV Capital Partners acquires A Bathing Ape

Apparel, Footwear & Accessories • Acquisition • Tokyo, Japan

MacQueen Group acquires Allegiant Emergency Services 

Security & Alarm Services • Acquisition • Hartford, SD

Pangiam acquires Trueface

Facial Recognition Software & Internet Services • Acquisition • Venice, CA

Quatrro acquires Egger Accounting & Business Solutions 

Professional Services • Acquisition • Village of Lakewood, IL

SixAxis acquires Upside Innovations 

Building Products • Acquisition • Cincinnati, O

Warburg Pincus acquires Global Healthcare Exchange

Health Care Software & Internet Services • Acquisition • Louisville, CO

 
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