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  • Mar 10, 2023

    Top Seed Companies to Watch

    Dreamscape, Quipli, Descope, Wally, Thatch

    It has been a few weeks since publishing this ranking, as I have switched from a weekly to a monthly cadence. I love creating these and want to ensure that I am only highlighting the highest quality and most interesting five companies that recently announced a Seed round. 

    For those who are new to my Seeds to Track update, here’s a little background. At Headline, we use a proprietary technology called Searchlight to scan millions of websites and identify high-growth companies to meet and potentially invest in. Each month, I keep close tabs on Seed company investments from across the ecosystem and cross-reference them with the data we have in Searchlight. In this series, I’ll bring you the highest-growth Seed companies based on data from Searchlight. 

    After scanning through the most recent 900 Seed announcements from February, here is this month’s list of the top five “Seeds to Track” below. 

    Dreamscape

    A screenshot of Dreamscape's homepage

    Dreamscape's homepage

    Chart showing Headline's Searchlight Growth Index for Dreamscape

    Headline's Searchlight Growth Index for Dreamscape

    Product:

    Ed-tech game publisher of literacy reading games for grades 3 to 8

    Lead Investor:

    BDC Ventures

    Total Funding:

    $3M+

    Comparables:

    Boddle Learning

    Our Thoughts:

    We all understand how important education is, and I am incredibly bullish that ed-tech games can make learning as engaging for kids as Fortnite. With 5M+ users and their web-traffic exploding, it looks like Dreamscape is well on their way to doing this.

    Quipli

    A screenshot of Quipli's homepage

    Quipli's homepage

    Chart showing Headline's Searchlight Growth Index for Quipli

    Headline's Searchlight Growth Index for Quipli

    Product:

    SaaS solution for industrial asset owners to manage their equipment rentals, repairs, and maintenance 

    Lead Investor:

    Boundless Ventures

    Total Funding:

    $4M

    Comparables:

    Rentle.io, EZRentOut, Booqable

    Our Thoughts:

    There is so much industrial asset value that is still leveraged via pen and paper. Quipli could create a wedge here to manage these assets in a more streamlined manner and, once at scale, aggregate the inventory to build out a rental marketplace for this industrial equipment, creating an even larger market opportunity with network effects.

    Descope

    A screenshot of Descope's homepage

    Descope's homepage

    Searchlight Growth Index:

    No external sources showing growth

    Product:

    Developer-friendly passwordless authentication and user management solution

    Lead Investor:

    Lightspeed Venture Partners, GGV Capital

    Total Funding:

    $53M

    Comparables:

    Auth0, Okta

    Our Thoughts:

    Started by the founding team of the enterprise security platform Demisto, which was acquired by Palo Alto Networks for $560M in 2019. The market opportunity is massive, with plenty of large incumbents, but the team has the experience and capital to make it happen.

    Wally

    A screenshot of Wally's homepage

    Wally's homepage

    Chart of Headline's Searchlight Growth Index for Wally

    Headline's Searchlight Growth Index for Wally

    Product:

    NYC-based, all-you-can-eat dental cleaning plan starting at $199 per year

    Lead Investor:

    Bling Capital

    Total Funding:

    $17M

    Comparables:

    Smile Direct Club

    Our Thoughts:

    If you are a young, affluent New Yorker who cares about your smile, this is a no-brainer offer to subscribe to. I wonder how the unit economics work out here. I imagine Wally is able to drive customer acquisition and strong repeat behavior for dental offices, which allows them to charge better prices, especially if Wally customers just book vacant slots in the practitioner's calendar. 

    Thatch

    A screenshot of Thatch's homepage

    Thatch's homepage

    Searchlight Growth Index:

    No external sources showing growth

    Product:

    Fintech solution that sits on top of an employee's existing healthcare solution and provides a debit card for healthcare expenses, a digital interface for their health saving account, and a text-based interface to upload/validate healthcare receipts

    Lead Investor:

    Google Ventures, Andressen Horowitz

    Total Funding:

    $6M

    Comparables:

    Trinet, Rippling

    Our Thoughts:

    Thatch looks to provide quite a magical end-user experience that should be eaten up by any tech-forward HR team. I wonder about the platform dependencies for Thatch and if there is a way for them to build a symbiotic relationship with the benefits providers instead of competing with them.

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