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Press release content from Globe Newswire. The AP news staff was not involved in its creation.

New Southern California Growth Stage Venture Firm Ankona Capital Raises $66M for its First Fund

June 22, 2021 GMT

NEWPORT BEACH, Calif., June 22, 2021 (GLOBE NEWSWIRE) -- Ankona Capital (“Ankona”), a new southern California-based growth-stage venture firm, officially closed its first fund at over $66 million. The fund was oversubscribed by $16 million from its $50 million target. Over half the fund was raised from experienced technology company founders and executives.

Founded by a team of experienced investors and software entrepreneurs with extensive industry knowledge, Ankona Capital invests in emerging growth stage B2B software companies. While national in focus, Ankona has deep roots in southern California, where Ankona hopes to be a major catalyst in the continued development of the local tech ecosystem.

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A recent study published by the Boston Consulting Group found that southern California had all the ingredients necessary to become a major technology hub, including human capital, university systems, infrastructure, and a culture conducive to innovation. However, the study found that southern California lacks the regional capital to support later stage software businesses.

“When I built my software company, we couldn’t find local, top-tier capital partners, and we had to go outside of the area to raise capital,” said Jared Smith, Partner at Ankona and founder of Avetta, which sold to a private equity firm in 2018. “One of our goals in founding Ankona was to create an option for local growth companies to work with local partners who could provide not just the capital, but experience-driven operating support and a strong national network to help them scale.”

In addition, Ankona Capital has an Operating Partner program to help identify and diligence target companies and mentor entrepreneurs and CEOs. Each of Ankona’s operating partners founded companies that ultimately saw exits in excess of $250 million, including Telogis, OGSystems, and Dealer Socket.

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“At Ankona, our philosophy is that a growth-stage investment goes beyond simply providing capital,” said Newth Morris, Partner at Ankona and founder of Telogis, which sold to Verizon in 2016. “We have created a place where entrepreneurs can learn from founders who have done it before, and a home for successful entrepreneurs to keep in touch with the market, invest their capital, and mentor young companies.”

Ankona’s current portfolio companies include VideoAmp, a cross-screen video audience measurement company (Los Angeles, CA); SOCi a platform for localized marketing (San Diego, CA); GoSite, a platform that makes it easier for customers to find, book, and pay for services online (San Diego, CA); Cordial, a cross-channel messaging and data platform for customer-obsessed brands (San Diego, CA); and Canopy, a leading practice management and tax resolution software solution for accounting firms (Lehi, UT).

“Ankona has provided much more than just capital,” said Ross McCray, Founder and CEO of VideoAmp. “They took the time to really learn my business and build conviction. They have been there through thick and thin and have been a real partner in building the business.” McCray is also an investor in Ankona.

“There is a bright future for tech investment in southern California, and Ankona Capital will be leading the effort to make this a place where entrepreneurs can start their business, raise capital, and sustain success,” said Josh Harmsen, Partner at Ankona.

About Ankona Capital

Ankona Capital is a southern California-based growth venture firm that invests $5 to $15 million into early growth-stage B2B software companies which typically have $5-$15 million in recurring revenues. Ankona’s team of experienced investors and operating partners have over 50 years of combined software and investment experience. Ankona is focused on creating a winning, inclusive, and rewarding culture that caters to founders, provides resources and support to entrepreneurs, and fosters opportunities for tech companies and investment outside of Silicon Valley.

Definition of Ankona (Greek) – something bent like an elbow, such as a sharp turn in a river or the sudden acceleration of a company’s growth towards scale at a critical inflection point.

“Ankona Capital invests in companies at the elbow.”

Contact: Jeff Corless (714) 676-8878 or jeff@venturestrategic.com