Canal Partners served as a strategic partner and series A investor in the startup, supporting its rapid growth
Canal Partners, a prominent venture capital firm based in Scottsdale, Ariz., announced the successful exit from portfolio company Attribytes following the software company’s acquisition by Syndigo, a leading SaaS product information and syndication company. Canal Partners invested in the startup in 2018 as part of a Series A round that helped Attribytes scale its marketing, sales, and product development efforts.
Beyond the initial round of funding, Canal Partners served as a true partner to Attribytes to help them achieve sustainable growth at scale. In addition to serving an active role on the board, the team provided vital strategic guidance to the startup, such as expanding the executive team, financing debt, and ultimately positioning the business to scale. They also mentored Attribytes founder Mike Kovarik to leverage his decade-long career in industry and other successful business experiences to continue leading Attribytes as CEO.
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“Attribytes was our first foray into data analytics, but it was solving a pervasive problem facing the foodservice industry –– something I experienced firsthand having launched several restaurant concepts,” said Todd Belfer, managing partner at Canal Partners. “We really believed in what Mike was building –– from the technology to the strong culture he had developed. Over the past two years, it’s been amazing to watch the company rapidly expand its market share and turn heads in the process. Being able to work alongside Mike and the team as a true strategic partner has truly been rewarding.”
Attribytes, a SaaS company that connects foodservice and retail companies within a cloud-based platform to grow sales by collaboratively cleaning, enhancing, and sharing data, was founded in Chandler, Ariz. in 2015. The company now joins the Syndigo family, adding a host of new capabilities to the company’s clients by connecting buyers and suppliers to increase sales.
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“When we set out to raise our initial round, it was important to find a partner who aligned with our vision, values and culture, and who had experience in scaling SaaS-based companies,” said Mike Kovarik, CEO and chief collaboration scientist at Attribytes. “Canal Partners stood out above the rest because of their track record, how available they made themselves, and their commitment to really help us succeed –– not just cut a check. They’ve become an integral part of our growth.”
This marks the seventh successful exit for Canal Partners since its inception in 2008. Others include WebPT, CallRail, NETtime Solutions, and ClickDimensions to name a few. Canal Partners’ successful run of investments is unprecedented, as their 12-year average internal rate of return (IRR) has made them one of the highest-performing venture capital firms in the region and places them among the top-tier of venture capital firms in the nation. The successful exit from Attribytes adds to that performance history.
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