GSV Capital Provides Update on Portfolio Company Developments
WOODSIDE, Calif., Oct. 3, 2013 (GLOBE NEWSWIRE) -- GSV Capital Corp. "GSV"
(Nasdaq:GSVC) today provided an update on news and developments from selected
companies within its investment portfolio of 45 primarily venture-backed
businesses. GSV Capital investment data provided is reported as of June 30,
Michael Moe, GSV's founder and Chief Executive Officer, stated, "There are a
number of exciting catalysts behind the companies in our portfolio, and we are
proud to be invested in what we believe are among the most dynamic VC-backed
growth businesses in the world. The companies in our portfolio are driving
powerful technological, commercial and social forces in today's growth
At present, there are two companies within GSV's portfolio that have announced
plans to go public:
*Twitter, Inc., fair value of GSV Capital investment of $37.6 million,
15.1% of net assets
*Chegg, Inc., fair value of GSV investment of $14.0 million, 5.6% of net
In addition, Control4 Corporation (Nasdaq:CTRL), fair value of GSV Capital
investment of $7.5 million, 3.0% of net assets, and Violin Memory, Inc.
(NYSE:VMEM), fair value of GSV Capital investment of $14.4 million, 5.8% of
net assets, completed IPOs and began trading on August 2 and September 27,
Selected Portfolio Company Developments by Growth Investment Theme
GSV Capital's net assets totaled $248.6 million or $12.87 per share at June
30, 2013. The percentages of net assets by growth investment theme shown below
reflect portfolio holdings; the balance of 1.8% of net asset value represents
primarily cash holdings.
Education Technology, 33.0% of net assets as of June 30, 2013
*2U, Inc.: 2U, an online education provider, announced it has partnered
with University of California, Berkeley to launch the nation's first fully
online masters program for data scientists. Graduates of the program will
receive a Masters degree in Information and Data Sciences from UC
Berkeley. Other investors in 2U include Redpoint Ventures, Highland
Capital Partners, and Bessemer Venture Partners.
*Coursera, Inc.: Coursera, pioneer and leader of the emerging MOOCs
(massive open online courses) trend, announced that Lila Ibrahim, formerly
of Kleiner Perkins Caufield & Byers, will assume the role of president.
Coursera recently reached 25,000 signups and $1 million in revenue for its
newly launched Signature Track.The company reached over three million
monthly active users in its first year and now offers more than 400
courses through 84 of the world's leading universities.Other investors in
Coursera include Kleiner Perkins Caufield & Byers, New Enterprise
Associates (NEA), the World Bank, and Yuri Milner.
*Learnist Inc., (f/k/a Grockit, Inc.):Internet-based social learning
platform Learnist reached the one million user milestone.Often recognized
as the "Pinterest for education," Learnist was launched in May 2012 to
encourage people to learn from and teach each other about a wide range of
academic and casual learning topics.Additionally, Grockit recently sold
its test prep technology to Kaplan, which will provide it additional
capital to fuel the Learnist business.Learnist is backed by Benchmark
Capital, Discovery Communications, Mark Pincus, and Reid Hoffman, among
Cloud and Big Data, 25.0% of net assets as of June 30, 2013
*Dropbox, Inc.: Cloud-based storage provider Dropbox has expanded to over
200 million users, up from 100 million in November 2012.The milestone was
announced by CEO Drew Houston at the TechCrunch Disrupt 2013 conference in
San Francisco.Dropbox investors include Sequoia Capital, Benchmark
Capital, Greylock Partners, Institutional Venture Partners (IVP), and
*SugarCRM, Inc.: CRM software platform company SugarCRM raised $40 million
in a private equity round from Goldman Sachs.Capital raised to date by
SugarCRM totals approximately $83 million from NEA, Draper Fisher
Jurvetson, and others.
Social/Mobile, 22.2% of net assets as of June 30, 2013
*Ozy Media, Inc.: Led by former MSNBC Anchor Carlos Watson, next generation
media brand OZY has officially launched with financial backing from
Laurene Powell Jobs, David Drummond, Dan Rosensweig and Ron Conway, in
addition to GSV Capital.Ozy Media aspires to become the voice of the
"change generation," a subset of 20-, 30- and 40-somethings that are
driving the unexpected and the unconventional to great heights.
*Twitter, Inc.: Twitter agreed to acquire mobile-focused advertising
exchange MoPub Inc. in a stock transaction valued at approximately $350
million.Twitter's largest investors include Kleiner Perkins Caufield &
Byers, JP Morgan, DST Global, Morgan Stanley, and IVP.
Green Technology, 11.1% of net assets as of June 30, 2013
*Bloom Energy Corporation: SoftBank is forming a joint venture with fuel
cell technology provider Bloom Energy to bring the company's Energy
Servers to Japan, its first overseas market.Bloom also announced a new
leasing program with Bank of America Merrill Lynch for business customers
to finance its clean energy projects.The company's investors include
Kleiner Perkins Caufield & Byers, DAG Ventures, and NEA.
Internet Commerce, 6.9% of net assets as of June 30, 2013
*Gilt Groupe, Inc.: Luxury flash sales destination Gilt announced the
appointment of Tracey Weber as its new Chief Operating Officer.Ms. Weber
is the former managing director of Citibank's North America Internet and
mobile and global product.Gilt Groupe also recently debuted a
user-specific personalization feature that presents the best daily options
for shoppers based on factors such as purchase history, geographic
location, and browsing behavior. Gilt Groupe investors include SoftBank,
Goldman Sachs, and NEA.
Recent Convertible Notes Offering
In addition to selected portfolio developments, GSV Capital also commented on
its completion of a $69 million 5.25%Convertible Senior Notes offering on
September 17, 2013, including the full exercise of the over-allotment option.
Regarding the offering, Mr. Moe said, "We were thrilled to have the
opportunity to diversify our capital structure and add more institutions to
our investor base. We believe that the terms we were able to secure, as well
as the underwriter's exercise of their over-allotment option, represent
further market affirmation of GSV Capital's value proposition and potential.
And, of course, we are delighted to have the additional resources to be able
to continue executing on our strategy of investing in high-growth,
venture-backed, private companies."
About GSV Capital Corp.
GSV Capital Corp. (Nasdaq:GSVC) is a publicly traded investment fund that
seeks to invest in high-growth, venture-backed private companies. Led by
industry veteran Michael Moe, the fund's objective is to create a portfolio of
high-growth, emerging private companies via a repeatable and disciplined
investment process.GSV Capital provides investors with access to such
companies through its publicly traded common stock. The company is
headquartered in Woodside, CA.
The GSV Capital Corp. logo is available at
Statements included herein may constitute "forward-looking statements," which
relate to future events or our future performance or financial
condition.These statements are not guarantees of future performance,
condition or results and involve a number of risks and uncertainties.Actual
results may differ materially from those in the forward-looking statements as
a result of a number of factors, including those described from time to time
in our filings with the Securities and Exchange Commission. GSV Capital Corp.
undertakes no duty to update any forward-looking statements made herein.
CONTACT: Financial Profiles, Inc.
Tricia Ross, 916-939-7285
Kristen McNally, 206-623-2233
GSV Capital Corp. Logo
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