Bottom Line Up Front (BLUF)
This December newsletter highlights some exciting news for Cortado as we round out 2020. To begin, we interview one of our limited partners, Chip Fudge, Chairman of Claims Management Resources. Next up is our big announcement about surpassing our $15 million extended goal and becoming among the largest early-stage technology funds in state history. We also want to share some exciting news for our portfolio companies MITO Materials and Sway, as well as Mark Cuban joining our investment in Socialwyze. Cortado partner David Woods was featured in a podcast episode, and Mike Moradi writes about “Oklahoma’s $60 Billion Miracle”. To wrap up this month’s newsletter, we share some articles about funding, raising capital in COVID, VC investments in Q3 and the book that we’re currently reading.
What Lies Ahead
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LP Highlight: Q&A with Chip Fudge
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Cortado Surpasses $15M, Among Largest Ever Early-Stage Tech Funds in State
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Recognition and Growth for Cortado Portfolio Companies
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Cortado Partners With Mark Cuban Companies on Investment in Socialwyze
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Cortado Partner David Woods Discusses Entrepreneurial Spirit on Podcast Episodes
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Mike Moradi’s View: Oklahoma’s $60 Billion Miracle
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Stages of Funding, Raising Capital in COVID, and VC Investments in Q3 2020
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What We’re Reading Now: Angel
LP Highlight: Q&A with Chip Fudge
Our team is grateful to have wonderful people investing in Cortado as limited partners, and we want to share their knowledge and expertise with you. First up is Chip Fudge, Chairman of Claims Management Resources, Inc., with his vision for Oklahoma and advice for entrepreneurs.
Q: What inspired your entrepreneurial spirit and what continues to motivate you to invest in Oklahoma?
A: Entrepreneur spirit came early; at 10 years old, I cut yards and had a paper route. Learning to manage customers, negotiating the pricing of my services, collecting from customers while working 7 days per week, taught me a lot about business. I invest in Oklahoma because this State has been very good to our family and we have a responsibility to help the next generations to thrive here.
Q: What do you think is the biggest thing holding Oklahoma’s economy back?
A: The combination of two things: a growing wealth gap and the modernization of our education system.
Q: What is your vision for Oklahoma in the next 10 years? How do you think we can get there?
A: My hope is that we continue the trajectory that has inspired many folks to “Want to return here.” Low costs of living coupled with increasing quality of life and low barriers to entry in many occupations is the key. I have always thought that we have missed the mark in branding Oklahoma. We own the “Indian Cultural Heritage Brand” as well as the Entrepreneurial Gene pool of a state founded by a land run and creativity. We get there by marketing these around the world.
Q: What is your advice to others wanting to be entrepreneurs, but don’t know where to start?
A: Look for a gap between companies, people or processes that you can fill. Live fiscally conservative so that you have funds to take advantage of a potential opportunity when you see it. You will learn more from losing than you ever do from winning, and finally, live each day with “a Sense of Urgency.”
Cortado Surpasses $15M, Among Largest Ever Early-Stage Tech Funds in State
Our team is excited to announce the firm successfully surpassed its $10 million goal last month by raising more than $15 million for the early stage venture capital fund well before the end of year deadline. Cortado initially set out to raise $10 million by the end of the year when the fundraising launched in May, but reached that milestone in just a few months. Two months later, the firm has now passed the $15 million extended goal, becoming among Oklahoma’s largest ever early-stage technology funds.
“We are three entrepreneurs building and investing in the next generation of entrepreneurs to create the opportunity for investor returns and thousands of jobs. We are built by founders for founders. As we are in the homestretch of fundraising, we continue to seek out entrepreneurs driving innovation for Oklahoma’s future, and investors to back our vision,” said Partner David Woods.
Recognition and Growth for Cortado Portfolio Companies
Cortado loves to see our portfolio companies be recognized. A big congratulations to Haley Marie Keith and Kevin Keith from MITO Material Solutions on being named a featured honoree in the Forbes 30 Under 30: Manufacturing & Industry List. This list recognizes young innovators on the verge of making it big. In addition, MITO was recognized as one of the Top 15 Startups of the Year at the 8th Annual Startup of the Year Summit. Congratulations Haley, Kevin and the MITO team!
Big news for Sway as they just had their millionth use of their system! The Sway System combines objective balance and cognitive measures to support healthcare professionals in performing accurate and informed evaluations with nothing more than the mobile device they already own. It’s exciting to see this growth!
Cortado Partners With Mark Cuban Companies on Investment in Socialwyze
Socialwyze, Inc. closed its first round of outside investment with $600,000 in contributions from Mark Cuban Companies, Cortado Ventures, Jason Gaudette, and others. Aiming to provide universal transitional work, Socialwyze launched a mobile app that multiplies the value of government and charitable dollars through industrial-scale public benefit projects tackling poverty, hunger, and climate change.
“When people experience income disruption, financial and human costs can spiral out of control quickly,” said Mark Cuban. “I’m thrilled to be an investor in Socialwyze, where we will be able to direct government and philanthropic dollars immediately to people who most need it, while providing them with meaningful work experience and connections to employment.”
Read More about this investment
Cortado Partner David Woods Discusses Entrepreneurial Spirit on Podcast Episode
Ever wonder what led to the creation of Cortado Ventures? On a podcast episode of “How That Happened”, Cortado Partner David Woods reflects on how his entrepreneurial spirit led him to found his own company, why you should look at expanding your network as farming as opposed to hunting, and why, if all else fails, you can always count on being your authentic self. Listen to this podcast episode featuring David
Mike Moradi’s View: Oklahoma’s $60 Billion Miracle
In his The Oklahoman opinion piece, Cortado partner Mike Moradi shares how the winds of change are blowing in Oklahoma. He shares how enduring change can be achieved by re-imaging our state’s priorities and incentives, and thinking big. Mike also shares in this piece how Cortado Ventures is a piece of helping Oklahoma grow as a community. Read the Full Op-Ed in The Oklahoman
Stages of Funding, Raising Capital in COVID, and VC Investments in Q3 2020
Funding is often among the most important elements of building a successful startup, which is why a lack of access to capital can be a primary reason that startups fail in today’s market. But there is advice for those interested in learning about the different stages of funding. Especially in the midst of COVID, the economy has been hard hit, leaving millions of workers out of a job and driving companies out of business. But many great companies are launched during recessions. Venture capitalists and entrepreneurs have advice for those trying to raise capital during COVID-19.
COVID has stalled many areas of the global economy. But in the third quarter, venture capital investments in U.S.-based companies are back up 22 percent year-over-year, a seven-quarter high of $36.5 billion. Read More Here
What We Are Reading Now
Ever wish you could turn $100,000 into $100,000,000? Jason Calacanis, one of Silicon Valley’s most successful angel investors, shares in his book Angel his rules for investing in startups. In this book, Jason discusses every unfair advantage he developed to deploy capital more intelligently than the competition. Billion-dollar unicorns are rare, with only 12-24 created annually — but Jason hit three in his first 50 investments, including juggernauts Uber and Thumbtack in his first five.
Calacanis takes you inside the minds of these successful moneymen, helping you understand how they prioritize and make the decisions that have resulted in phenomenal profits. He guides you step by step through the process, revealing how leading investors evaluate new ventures, calculating the risks and rewards, and explains how the best startups leverage relationships with angel investors for the best results.
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For investors seeking more information about investing in Cortado Ventures, please contact investors@cortado.ventures.
Thank you for reading our December newsletter. We’ll send monthly updates about our progress, entrepreneurship, startups, the local economy, and tech in Oklahoma and beyond. Stay in touch with us through social media, or pitch us your idea.
We are accepting more investors in our fund. For accredited investors wanting to learn more, contact investors@cortado.ventures.