Santa Barbara Venture Capital Partnersa venture capital firm based in Santa Barbara, Calif., has closed its first $11 million fund.
Fund I primarily focuses on investing in technology and technology-focused companies providing capital and support to help with customer acquisition and marketing.
The fund aims to invest in software vendors after a clear product-market fit has been established/validated. The average check size is around $1 million in companies that have $3 million to $100 million in revenue (preferably recurring), typically growing 75-300%+ per year, and have metrics customer loyalty and satisfaction. SBVP makes primary and secondary equity investments in companies generally at the seed to Series D stage.
SBVP-funded companies work with the company’s investors and advisors who are seasoned marketing veterans with decades of experience in over 20 different B2B and B2C marketing channels and strategies, including online advertising /offline, content marketing, TV and radio advertising, public relations, conversion rate. optimization, branding, email, affiliate, strategic alliances, B2B lead generation, B2B sales enablement, PPC research and SEO, etc., plus overall marketing strategy. SBVP’s list of investors/advisors includes former chief marketing officer of CBS, Papa John’s, (SaaS conglomerate) J2 Global, executives and heads of demand generation and marketing at companies such as Pinterest, Citrix, Procore, AppFolio, RingCentral, Apeel Sciences, Lynda.com, the former Head of Strategic Alliances/Partnerships at Google, SailPoint and Dynatrace, plus dozens of other customer acquisition and marketing experts.
To date, SBVP has completed nine investments, including Bark Technologies, Voltaiq, Specright, Classy, Nice Healthcare, Hydrosat, Jackpocket, Rad AI and Curri. The company has already left leading SaaS nonprofit Classy, which was acquired this year by GoFundMe.
The company was founded and is led by Dan Engel, who led customer acquisition and/or marketing at Google, GoToMeeting, Picasa and FastSpring. He co-founded fintech software company FastSpring and, as CEO, led it to become the 13th fastest growing company in North America from 2006 to 2010, with an eventual acquisition by Accel-KKR for more of $100 million. Engel has over 20 years of experience building software companies and over 11 years of experience investing in private software companies.