Former Fincapital general partner who led Pipe investment launches new venture

Image credit: Bryce Durbin / TechCrunch

Peter Ackerson has stepped down from his role as general partner of Finn Capital, a fintech-focused venture firm, to start a new company. Odere Capital.

According to him LinkedIn profile, Ackerson, who joined Fin Capital in August 2019, left the company in January of this year. His profile shows that in February 2023 he became a general partner of Audere Capital, though it appears he’s only updated his online presence to reflect this week’s new position. Audere is listed under the “Financial Services” category on LinkedIn and has little public information other than its tagline, “Embracing American innovation through early-stage technology investments.”

Sources familiar with Fin Capital’s internal affairs said there was tension between Ackerson and managing partner and founder Logan Allin over portfolio company Pipe, an alternative financing startup. The exact circumstances of his departure are unknown.

For a while the pipe was very banging. $2 billion valuation On the premise that it helps SaaS companies generate non-dilutive cash using a model that provides initial capital for recurring income.

But last November, Pipe announced that its three co-founders going down The search for a new “veteran” CEO has begun, moving away from their executive roles.

Shortly after that announcement, multiple sources, who wished to remain anonymous — including investors who said they passed on investing in the startup in its early stages — told TechCrunch they said the pipe was Approximately $80 million in loans to one or more crypto mining companies. According to these individuals, the costume or costumes have since gone out of business and are believed to have written off the $80 million in full. Pipe denied this claim, and Luke Voiles was named the new CEO in February. Fin Capital (then called Fin VC) led Pipe’s $60 million funding round in June 2020.

When asked if the previous circumstances of an alleged management reshuffle at Pipe had anything to do with Ackerson’s resignation, Allin said: He told TechCrunch in an email:

Peter has been integral to Fincapital’s early growth and we are very grateful for his contributions. continue to be a person. Regarding Pipes, our team is working closely with our fantastic CEO, Luke Voyles, and fully supports the team as they focus on the next phase of the company’s growth.

Ackerson declined to comment on the record.

According to LinkedIn, Maggie Sprenger He joined his new company, Audere Capital, in April. According to her LinkedIn profile, she and her Ackerson are both Kaufman-Her Fellows.

Founded in 2018, Fin Capital invests in the B2B fintech sector with a focus on enterprise SaaS in the US and Europe. He has over $1 billion in assets under management, according to Crunchbase. Fin is an investor in SoFi and has backed Figure, Hummingbird, Elevate and more.

Ackerson served on the boards of companies such as Maxwell, Teampay, Pipe, SamCart and Ternary during his time at Fin Capital, which is believed to be his first VC role. He previously served as his CFO at SymphonyAI and has served on the boards of many other companies.

Prior to joining SymphonyAI, he worked at McKinsey & Co. in fast-growing technology practices. Working with Wells Fargo, a global technology equity research group, including his IPOs for Facebook, ServiceNow, Marin Software and Groupon. With Merrill Lynch, a technology investment banking group.

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