Highland Capital Partners Announces the Addition of Jeremiah Daly
/PRNewswire/ -- Highland Capital Partners, a leading venture capital firm with a more than twenty year history of helping great people build great companies, today announced that Jeremiah Daly has joined the firm as a Principal. Based in Highland's Cambridge office, Daly will focus on identifying and leading later-stage investments in the information technology and digital media sectors.Daly joins Highland from Accel Partners where he was based in their London office and led the firm's investment in Ostrovok (Russian online travel company). While at Accel, he was also a board observer at Showroomprive (French online private sales site), Supercell (Finnish online gaming company) and SimpliVity (data storage vendor), and was actively involved with Atlassian (Australian software development and collaboration tools vendor). Earlier in his career, Daly was with Summit Partners, Gold Hill Capital and Silicon Valley Bank.
"Jeremiah brings exceptional experience leading venture growth investments in market leading companies from around the world," said Dan Nova, General Partner with Highland. "He'll be a great addition to our team and we're thrilled to have him on board."
Fast Cash: Accel invests $ 30 million in Capital Access Network
Shelling out cash to small businesses that need it fast– or just don’t qualify for bank loans– has become a $600 million annual business for New York-based Capital Access Network. Now, Accel Partners is betting $30 million that the combination of risk-averse banks and cash-starved businesses will help CAN grow even bigger.
CAN offers small and medium businesses cash advances and loans based on its proprietary scoring system, where factors like how fast a business is growing count a lot more than collateral or the business owner’s credit score.
“The banks never were very good lending money to this segment,” said Kevin Efrusy, the partner at Accel who arranged the deal and who is taking a seat on CAN’s board. “Especially after 2008, it’s completely dried up.” A typical CAN transaction is in the $30,000-$1.5 million range.
The funds will help CAN aggressively target online-based businesses as well as expand its business overseas through working with partner organizations, said chief executive Glenn Goldman. It expects to provide businesses with $600 million in capital this year, compared to $450 million last year. The company’s write-off rate– or the percentage of outstanding capital that doesn’t get paid back– is about 5 percent, Goldman said.
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