WASHINGTON--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions.
The corrected release reads:
FORTIFY PORTFOLIO COMPANY SOCIAL TABLES ACQUIRED BY CVENT
Fortify Ventures announced the acquisition of one of its portfolio companies, Social Tables, by Cvent, Inc. yesterday. Specific details of the all-cash deal are not being disclosed.
Social Tables’ innovative hospitality software has been adopted by more than 5,000 hotels and event venues since the company was started in 2011.
“From the moment we met Dan Berger, Social Tables’ founder, we knew that his commitment and prototype were worthy of an early-stage investment. The more time we spent with Dan, we saw that he was the type of Founder that would be fully committed to building a great company,” said Jonathon Perrelli, Managing Director at Fortify. “Dan had the persistence and resilience to transform the event space and bring a new and meaningful technology solution to the hospitality industry, and he has done it in grand fashion. The acquisition by Cvent—one of the biggest players in the space—is a testament to Dan’s vision and his ability to build a team and execute on his vision.”
“Jonathon Perrelli was the first person to believe in me and fund my vision for Social Tables,” shared Dan Berger, CEO and founder of Social Tables. “Had it not been for the early and ongoing support of Fortify Ventures, we would not have reached this point and this level of success!”
Perrelli added, “We’re very excited for Dan and his team at Social Tables, and are happy to be creating these kinds of remarkable returns for the Limited Partners in the Fortify Fund.”
“The Fortify model is to invest very early, provide follow-on investment capital and most importantly, be fully committed to supporting portfolio companies in all ways beyond just dollars,” said Simon Rakoff, a Partner in Fortify Ventures. “With Social Tables, we put that model to the test. Fortify partners have supported the Social Tables management team throughout the growth process, continuously providing guidance and support wherever we can. For more than seven years it’s been a fantastic partnership between investors and founders and we couldn’t be more excited for Dan and his team.”
About Fortify Ventures
Fortify Ventures is a founder-friendly technology investment fund providing portfolio companies with the community and the capital that they need to grow and succeed. Founded and managed by serial entrepreneurs and experienced angel investors, its partners and mentors work actively to support portfolio companies with challenges that are common in the early stages.
Fortify Ventures also facilitates follow-on funding to accelerate capital requirements to support emerging growth. Fortify Ventures was founded in 2011 and is based in Washington, D.C. For more info, e-mail bringit@fortify.vc
