Profile

TCV is a leading investment firm focused on investing in global, category-defining technology companies. Leveraging its deep industry expertise and strategic resources, TCV’s mission is to provide long-term capital and support to high-quality management teams across their growth journeys.

Since its founding in 1995, TCV has invested over $18 billion in more than 350 technology companies worldwide and has supported over 150 IPOs and strategic acquisitions, making it one of the most active technology investors. Select investments include Airbnb, AxiomSL, Built, CCC Intelligent Solutions, Celonis, Clio, Cradlepoint, ETQ, ExactTarget, Expedia, Facebook, Fandango, Genesys Software, GoDaddy, GoFundMe, HomeAway, Miro, Netflix, Nubank, OneSourceVirtual, Prodege, Qonto, Relex, Revolut, SilverPeak, Splunk, Sportradar, Spotify, Toast, Twilio, and Zillow.

www.tcv.com

Awards

2023 Top Growth Equity Firms

2023 Top 40 Under 40 Growth Investors, Michael Kalfayan

2023 Top Software Investors, John Doran

2022 Top 25 Growth Equity Firms

2022 Top 40 Under 40 Growth Investors, Amol Helekar, Matt Robinson

2022 Top Women Leaders in Growth Investing, Clarey Zhu

2021 Top 25 Software Investors, Tim McAdam

2020 Top 25 Growth Equity Firms

2020 Top Women in Growth Equity and Private Equity, Susan Clark

2019 Top 40 Under 40 Growth Investors, Kapil Venkatachalam

2019 Top 25 Software Investors, Kapil Venkatachalam

2018 Top 40 Under 40 Growth Investors, Kapil Venkatachalam

2015 Top 25 Growth Equity Firms

2013 Top 15 Growth Equity Investors

Key People

Jay Hoag, Founding General Partner

Jay has been a venture capitalist and technology investor for over 40 years. He and Rick Kimball co-founded TCV in 1995. Since that time, TCV has raised over $20 billion in capital and emerged as a leading provider of growth capital to technology companies. Jay is chair of TCV’s Investment Committee and is also a member of TCV’s Executive Committee, which oversees general management of the firm and its funds. Jay is on the Investment Advisory Committee at the University of Michigan, the Board of Trustees of Northwestern University, and the Board of Trust at Vanderbilt University.

Woody Marshall, General Partner

Woody joined TCV in 2008 and has been working in the venture capital industry since 1995. During that time, his investment focus has spanned the consumer, fintech and enterprise software sectors. Woody is also on the Board of Trustees of Hamilton College.

Tim McAdam, General Partner

Tim joined TCV in 2010 and focuses on investments in the enterprise software, security, and tech-enabled services markets.

John Doran, General Partner

John joined TCV’s investment team in 2012 and helped to open the firm’s London office. He focuses on investments in the consumer, fintech and enterprise software sectors. In addition to his investment activities, John is also a member of TCV’s Executive Committee, which oversees the general management of the firm and its funds.

Ric Fenton, General Partner

As Chief of TCV’s Investment Operations, Ric brings his transactional expertise to bear across all of TCV’s market sectors, advising and guiding deal teams throughout the investment process—from deal sourcing, to transaction structuring and execution, to portfolio value creation and ultimately to exit. In this role, Ric oversees TCV’s Legal, Capital Markets, Portfolio Talent and Data Intelligence functions. Ric also serves as the firm’s Chief Legal Officer and is responsible for transaction execution, fund formation, partnership matters, compliance and other legal and administrative functions.

Funds Raised

Founded in 1995, TCV was established with a clear vision: to capture opportunities in the technology market through a specialized and consistent focus on investing in high-growth companies. Since inception, TCV has executed on these core principles through varied market conditions and economic cycles, having backed many businesses that have developed into dominant industry players.

TCV was co-founded by Jay Hoag and Rick Kimball, two veterans of the technology industry whose shared growth equity philosophy and deep-seated industry knowledge provided a complementary framework for the Firm’s inception. Establishing headquarters in Silicon Valley, California, TCV’s initial years saw the Firm partner with what TCV believes were some of the most exciting businesses resulting from the technology innovation transforming the region. The Firm quickly built upon this platform and widened its reach, reputation, and accomplishments throughout the domestic and global technology markets, while developing a deep bench of industry specialists. 

Given the large target universe of expansion-stage opportunities, the attractiveness of the segment, and TCV’s strategic and historic ability to access these investment opportunities through sourcing and network advantages, the Firm decided to launch TCV Velocity Fund I (the “Velocity Fund”) in 2021, a $462M fund focused on earlier-stage growth equity investment opportunities. As such, TCV expects the Velocity Fund will continue to generate meaningful cross-platform synergies with the Growth Fund.

Key Investments

Netflix: Invested February 1999
Sector: Internet, Online Video

Netflix is one of the world’s leading entertainment services with 247 million paid memberships in over 190 countries enjoying TV series, films and games across a wide variety of genres and languages.

Prodege: Invested April 2014
Sector: Internet, eCommerce

Prodege leverages its global audience of reward program members to power its business solutions. These innovative offerings enable leading brands and agencies to gather insights and market to their target audiences.

ETQ: Invested August 2017
Sector: Software, Vertical Market Software

ETQ is the leading Quality, EHS, Operational Risk and Compliance management software provider for identifying, mitigating and preventing high-risk events through integration, automation and collaboration. At the core of ETQ’s framework is a compliance management platform that enables organizations to implement best-in-class compliance processes configured to meet their existing processes, create new compliance processes and automate and control their compliance ecosystem. 

Relex: Invested January 2019
Sector: Software, Supply Chain & Logistics

Relex helps retailers and consumer brands unify their planning, from demand and merchandise to supply chain and operations, for maximum customer satisfaction at the lowest operating cost.

Spotify: Invested December 2013
Sector: Internet, Online Music

Spotify is the world’s most popular audio streaming subscription service with 574 million users, including 226 million subscribers in more than 180 markets.

Alarm.com: Invested July 2012
Sector: Software, Security

Alarm.com’s security, video, access control, intelligent automation, energy management, and wellness solutions are available through a network of professional service providers in North America and around the globe.

Electronic Arts: Invested February 2011
Sector: Internet, Gaming

Electronic Arts Inc. (EA) is a global leader in digital interactive entertainment. EA develops and delivers games, content and online services for Internet-connected consoles, mobile devices and personal computers. EA is recognized for a portfolio of critically acclaimed, high-quality blockbuster brands such as The Sims™, Madden NFL, EA SPORTS™ FIFA, Battlefield™, Dragon Age™, and Plants vs. Zombies™.

Clio: Invested August 2019
Sector: Software, Legal

Clio empowers lawyers to be both client-centered and firm-focused through a suite of cloud-based solutions, including legal practice management, client intake, and legal CRM software.

Revolut: Invested February 2020
Sector: Tech-Enabled Services, Finance

As an innovative, new financial superapp, Revolut gives people the power to spend, invest and transfer money seamlessly and without the high fees charged by traditional banks.

CCC Intelligent Solutions: Invested June 2017
Sector: Software, Autos

CCC Intelligent Solutions is a leading SaaS platform for the multi-trillion-dollar P&C insurance economy powering operations for insurers, repairers, automakers, part suppliers, lenders, and more.

Capital Responsibility

DEI Commitment

Our people are the most valuable part of our business. The collective sum of the individual differences, backgrounds, life experiences, knowledge, inventiveness, innovation, self-expression, capabilities, and talents of our employees is what distinguishes our firm’s culture and achievements. We are committed to building a diverse and inclusive culture that fosters, supports, and celebrates the unique perspectives of our employees. As part of our efforts to ensure a culture of equity and inclusivity, we have a robust DEI strategy, programming, and policy.

ESG Factors

At TCV, material ESG factors are important both in our ability to identify high-quality companies and in our general role as members of the global technology community. For certain investments, we have updated our process of monitoring ESG factors and have expanded our KPI monitoring to include GHG estimates.