Dallas-based RevTech announced the initial close of a $10-million follow-on fund that it said will allow the retail seed fund and venture accelerator to support portfolio companies as they scale.
Investments range from preseed to series A funding.
Managing Director David Matthews said this follow-on fund is RevTech’s “largest fund to date, enabling us to make more investments that will accelerate the growth of our innovators and entrepreneurs.”
Matthews said the fund will be beneficial to retail innovation in Dallas.
“RevTech attracts seasoned innovators from across the country and brings their technology to Dallas, home to one of the top retail markets in the country and an overlooked venture market,” Matthews said. “This fund will be critical to allowing us to invest in the success of our program’s graduates and strengthen the retail tech industry in the area.”
According to RevTech, this fund is larger than the total of all RevTech funds prior to this year — just as it was with its first follow-on fund in 2017.
Most of the funds will be allocated into follow-on investments in RevTech accelerator graduates that are demonstrating market traction, validation, and success, the release said.
Among RevTech’s portfolio companies are Neighborhood Goods, Bottlefly, Vessel, CherryPick.ai, Arcade, and Birdzi Inc.
“This fund will be critical to allowing us to invest in the success of our program’s graduates and strengthen the retail tech industry in the area.”
RevTech also said that Mike Barnes has joined the accelerator’s board and investment committee.
The accelerator said that Barnes — a co-founder of Fossil, former CEO of Signet, and former chairman, CEO and president of Francesca’s Holdings — was instrumental in raising the new follow-on fund.
“We’re excited to leverage Mike’s experience on behalf of RevTech and its portfolio,” Matthews said. “Not only was he a co-founder of one of the world’s major retail brands, he led three very different national retailers during the past 25 years. Mike has a deep understanding of the industry and the types of innovation that will make the most positive impact.”
RevTech’s accelerator program provides seed funding, access to over 100 experienced mentors with backgrounds in restaurant, retail, venture capital, and entrepreneurship, as well as office space at the Dallas Entrepreneur Center.
REVTECH SEEKS COACHABLE ENTREPRENEURS
“We really look to invest in entrepreneurs that are coachable — not the ‘I know everything and don’t need any help, just write me a check, thank you,’ type,” Matthews said earlier this year during a Dallas Innovates roundtable discussion on collaboration. “We look for entrepreneurs that are coachable. On the other side of that, we look for mentors who use more of the gestalt method. They share experiences and not advice.”
The RevTech program culminates with the opportunity to pitch at its Fall Tech Trends event.
RevTech’s three-day graduate program offers recent accelerator or incubator graduates the opportunity to participate in a host of networking events, learning opportunities, and the ability to make several strategic connections through the RevTech network.
Participants in the graduate program also get a spot at its spring and/or fall Tech Trends event.