Auldbrass Partners (“AP”) is pleased to announce the successful exit of its investment in Straighterline (“SL”). SL is an educational software company that offers affordable online general education courses through partnerships with accredited colleges and universities.
Our investment in SL was a part of an LP tender and fund restructuring that AP SOF II led in January 2020. The exit represents a realized MOIC of 2.61x in less than four months.
Additionally, we completed a follow-on investment in meQuilibrium (“MeQ”), a clinically validated “stress management” platform that delivers prescriptive solutions to large enterprises directly and through HCM resellers. AP participated in the Series C extension round to support MeQ’s continued growth initiatives given the attractive valuation.
AP also participated in an additional investment in Roblox through an Altos Ventures’ SPV formed primarily to buy secondary common shares from employees as well as participate in a small extension financing round. As a result of nationwide quarantines and social distancing, Roblox has experienced significantly higher than average traffic on its platform with new highs recorded on weekdays. Usually, the company records weekly highs on the weekends when children are home from school. January and February bookings were also ahead of plan and the company is expected to significantly outperform its financial plan for the year.
Finally, we continue to make strong progress on the rest of the SOF II portfolio. Our pipeline is starting to rebuild with a number of attractive opportunities but we are proceeding cautiously.
We look forward to speaking with you for a live update in the near future.
Very Best Regards,
250 Park Avenue, Suite 911
New York, NY 10177