Bowery Capital discusses participation in the Series A of Elevate CDB after leading the Series Seed round of financing in January 2021. Elevate provides a modern platform for companies, employees, and benefit administrators to manage consumer-directed benefit accounts.
We talk to CMOs a lot. In the past three years we have had many ask for help in thinking about marketing IT solutions for two major areas of growth in their business: mobile and video. With spend in the mobile category well into the billions and in a few years likely into the tens of billions it is no surprise that smart digital natives are investing in IT to support their own growth. We’ve invested in a few companies in the past around this theme, most notably Vungle and Action X. When we launched Bowery Capital we talked a lot about investing in the future of IT both at the CMO and CTO/CIO level and this trend of mobile and video growth remains a key theme for us on the CMO side.
With that lens we had the pleasure of meeting Guy Horrocks in May and immediately hit it off. We were excited about his passion for building great tools for marketers, his existing expertise selling into CMOs and agencies, and his overall hustle and desire to build a huge company in the space. As the world of mobile evolves and more and more brands get smart about the platform layer we think Guy is well positioned to take control and help.
So today we are announcing our investment in Carnival Labs together with a host of amazing investors. You can read more about the financing here and we are excited to back Guy, Cody and the entire Carnival Labs team as they build out an amazing service.
Bowery Capital recently led a $4M Seed round of funding into Fruitscout, the first software-only product for produce growers to monitor crops throughout the lifecycle, from bud to harvest. We are particularly excited about this investment as this is our first agtech deal, after watching the space and refining our thesis over several years.