CHICAGO--(BUSINESS WIRE)--Moderne Ventures, a Chicago-based venture capital firm focused on early stage investments in technology companies innovating in the real estate, finance, insurance and home services markets, today announced that it successfully closed its early stage venture investment fund (the “Fund”) with $33 million in total commitments.
Launched in 2015 by Constance Freedman, Moderne identifies and invests in cutting-edge technology companies who have a shared purpose of modernizing highly-regulated, multi-trillion dollar industries. These markets represent 20% of the U.S. Gross Domestic Product (GDP) and spend billions of dollars annually on marketing, technology and business services.
Moderne’s unique approach offers its portfolio companies more than just financing and expertise. The firm provides its early stage investments with proprietary access and exposure to the Moderne Network — more than 400 executives and corporate leaders who provide industry expertise, strategic guidance and business opportunities. Moderne’s target investment size ranges from $200,000 to $3 million, primarily in seed to Series B stage companies. Current portfolio companies include TaskEasy, UrbanBound and Better Mortgage.
“Moderne was founded on the principle that capital and expertise are no longer the only ingredients that drive success for early stage companies,” said Ms. Freedman, Moderne Ventures’ Founder & Managing Partner. “In order to be truly transformative, we have created the Moderne Network that fosters a symbiotic relationship between entrepreneurs and more established businesses seeking to redefine how they operate by embracing new technologies.”
Moderne also introduced the next iteration of its Accelerator program: Moderne Passport Program (“Passport”), a seven-month industry immersion program designed for technology companies of all stages and sizes. Passport leverages the Moderne Network and connects growth companies with customers and industry leaders.
Ms. Freedman added, “Our immersion program attracts the cream of the crop companies on the bleeding edge of SaaS, data analytics, artificial intelligence and machine learning, and IoT. These are businesses that can create tremendous value by addressing the needs of global companies in the real estate, finance, insurance and home services markets to evolve and streamline their outdated processes.”
Since inception, Passport has had over 40 companies participate, and on average, companies increase their customer base by approximately 90% and have gone on to raise nearly $200 million in outside financing. Moderne is currently accepting Passport applications for its 2017 spring program, which will launch at Realogy Holdings Corporation’s headquarters in May.
About Constance Freedman
Constance Freedman is the Founder and Managing Partner of Moderne Ventures, the Moderne Passport and Accelerator programs. Prior to launching Moderne Ventures, Constance was the head of Strategic Investments at the National Association of Realtors, where she launched and managed its investment arm, Second Century Ventures (SCV) in 2009 and founded its accelerator program, REach in 2013. Ms. Freedman led all of SCV’s investments, including DocuSign, Updater and August. Previously, she was an investor with Cue Ball, spent seven years on an operating capacity at technology start-ups Molecular and Account4.com, and was a real estate agent for three years prior to her career in technology and investing.
Ms. Freedman has invested in more than 40 technology companies and helped bring them to market. In 2014, Constance was recognized by Crain’s Business in its prestigious 40 under 40 award and was also named on Crain’s Chicago Top Tech 50. In both 2014 and 2015, Ms. Freedman was recognized on Swanepoel’s Power 200 Most Powerful Individuals in Residential Real Estate and in 2015, named in Inman’s Top 101 in Real Estate. She served on the Advisory Board for the National Venture Capital Association’s Corporate Venturing Group from 2010–2013 and is on the board of overseers for the non-profit, From the Top. She is also an active mentor for startups at TechStars and other accelerator groups.
Ms. Freedman earned a BS from Boston University and an MBA from Harvard Business School.
About Moderne Ventures
Moderne Ventures is a Chicago-based venture capital firm focused on early stage investments in the real estate, finance, insurance and home services industries. The Firm also runs an industry immersion and customer acceleration program that works with innovative technology companies of all stages and sizes to connect them with customers and industry leaders to build and implement a competitive advantage through innovation. Through its proprietary Network of more than 400 corporations and senior executives, Moderne provides its portfolio companies guidance, potential for capital and a chance to form business relationships with the most prominent companies in its industries. For more information please visit, https://www.moderneventures.com/.