Entrepreneurial leaders from Indeed, Lending Club, SkinMedica and Workday,
Inc. receive EY's 2013 Venture Capital Award of Excellence
Square 1 Bank joins EY in honoring the 2013 winners
NEW YORK, Oct. 21, 2013
NEW YORK, Oct. 21, 2013 /PRNewswire/ --Six entrepreneurial leaders from
Indeed, Lending Club, SkinMedica and Workday, Inc. will receive EY's 2013
Venture Capital Award of Excellence which will be presented, as part of the EY
Strategic Growth Forum and National Entrepreneur Of The Year™ Program in Palm
Springs, California, on Wednesday, November 13, 2013.
(Logo: http://photos.prnewswire.com/prnh/20130701/NY40565LOGO-b )
"Clearly, venture capitalists play an outsized role in the American economy.
They not only mentor entrepreneurs that are creating the jobs of tomorrow, but
they also provide access to valuable networks and offer the wisdom they have
gained by investing in numerous enterprises," said Bryan Pearce, EY Americas
Director, Entrepreneur Of The Year™ and a member of the Venture Capital
Advisory Group of Ernst & Young LLP. "The Venture Capital Award of Excellence
was created to recognize four companies that have truly benefitted from these
Now in its eighth year, the Venture Capital Award of Excellence winners are
selected from those EY Entrepreneur Of The Year™ regional winners whose
companies have been backed by venture capital funding. The recipients were
selected on the basis of VC funding, equity and revenue growth, EBITDA
(earnings before interest, taxes, depreciation and amortization) margins, and
the stories of their founding. The winners were selected out of 50 nominees
by an independent panel of judges, comprised of four leading venture
capitalists from across the country including: Jeff Fagnan – Atlas Venture;
Steve Goldberg – Venrock; Richard Heitzmann – First Mark Capital; and Adele
Oliva – Quaker Partners.
"Square 1 Bank is proud to continue our partnership with Ernst & Young for
this year's Venture Capital Award of Excellence," said Doug Bowers, President
and Chief Executive Officer, Square 1 Bank. "Since the Bank's inception, our
mission has been to serve the venture capital community and help entrepreneurs
succeed. Our support of this award furthers this cause, and we are pleased to
be a part of an event that recognizes interesting companies backed by
visionary investors. We look forward to congratulating winners and their
investors in Palm Springs."
Highlights from the 2013 Venture Capital Award of Excellence winners' stories
Indeed, Rony Kahan, Co-founder and Paul Forster, Co-founder:
During the first year that co-founders Rony Kahan and Paul Forster started
Indeed, they were almost entirely bootstrapped. In 2005, venture capital
played a significant role in helping them reach profitability, with a single
round of funding from Union Square Ventures, NYT and Allen & Co. Kahan and
Forster previously had co-founded jobsinthemoney.com, a job search site for
financial professionals, and sold it to Financial News in 2003. They took the
experience they gained and applied the pay-per-click model to the hiring
space. Indeed now has sites in 53 countries and is available in 26 languages.
In October 2012, Indeed was acquired by Japan-based Recruit Co. Ltd. in one of
the five largest acquisitions of venture-backed companies that year.
Lending Club, Renaud Laplanche, Founder, CEO:
After contemplating why he should pay 18% interest on his credit card balance
to a bank that pays him 1.5% on his deposits, Renaud Laplanche decided to
create Lending Club. Removing banks from the equation, the company's online
platform is designed to connect investors with borrowers and cut out a large
portion of costs involved. Now, Lending Club is one of the largest issuers of
personal loans in the United States, and it's attracting money from venture
capital investors in one of the hottest VC markets. Lending Club has more than
doubled its business each year since its' founding.
SkinMedica, Mary Fisher, CEO:
Built on significant funds from leading health care venture capital firms,
SkinMedica started as a specialty pharma company with skin care products. For
years, the company struggled to make a profit while operating two distinct
divisions: non-prescription skin care and prescription dermatology, which was
stagnant. When Mary Fisher joined as CEO in 2008, she had a vision to
transform the organization by growing the aesthetic skin care division while
divesting the prescription business. But in a bold move, Fisher sold off
SkinMedica's prescription business, enabling the company to repay debt and pay
shareholders a significant dividend, returning roughly one-third of invested
capital. Within a year, she successfully turned the company around and it now
sees consistent annual double digit sales growth with an improved bottom line
and overall financial strength.
Workday, Inc, Aneel Bhusri, Chairman, Co-founder, Co-CEO and David Duffield
Dave Duffield and Aneel Bhusri met as co-workers at another internet-based
benefits company and together in 2005 created Workday, which has quickly grown
to become a leader in enterprise cloud applications for human resources,
finance and analytics. Considering the risk in organizing Workday among
competitors that are big players in the technology industry, Bhusri and
Duffield recruited the best thinkers and engineers in the business technology
space. They also initially funded Workday with Duffield's personal investment
and backing from Greylock Partners, the venture capital firm where Bhusri had
served as a partner. The company has demonstrated robust investor interest in
vendors of cloud-based applications, with shares soaring on the first day of
trading upward of 70% and a customer base that now exceeds 300 customers.
About EY's Strategic Growth Markets Network
EY's worldwide Strategic Growth Markets Network is dedicated to serving the
changing needs of rapid-growth companies. For more than 30 years, we've
helped many of the world's most dynamic and ambitious companies grow into
market leaders. Whether working with international mid-cap companies or early
stage venture-backed businesses, our professionals draw upon their extensive
experience, insight and global resources to help your business achieve its
potential. It's how EY makes a difference.
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to
serving the financial needs of the venture capital community and entrepreneurs
in all stages of growth and expansion. Square 1's expertise, focus and strong
capital base provide flexible resources and unmatched support to meet our
clients' needs. The bank offers tailored products and solutions aided by the
latest in technological innovations. Square 1 has offices coast to coast in
Austin, Boston, Denver, Durham, Los Angeles, New York, San Diego, Seattle,
Silicon Valley and Washington, DC. For more information,
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This news release has been issued by Ernst & Young LLP, a member of the global
EY organization that provides services to clients in the US.
Contact: Jennifer Compton, Ernst & Young LLP, 615-969-4737,
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