WeWork has acquired our portfolio company Teem.
Teem is a Salt Lake City-based software company that provides innovative meeting room scheduling and workplace analytics. Since we first met the company in 2015, Teem has installed their software in tens of thousands of office locations, and touched millions of users in some of the most innovative companies in the world – including Airbnb, LinkedIn, Snap, Palantir, Slack and Evite. Teem had raised just under $20M in two rounds from Origin Ventures, Greycroft, Zetta Ventures, Nokia Growth Partners, and GE Ventures.
Origin Ventures first met Teem in early 2015, shortly after Teem had raised their seed round. We met with co-founder and CEO Shaun Ritchie and his executive team members on a regular basis over the next six months, and participated in their $6.6M Series A in June 2015. We also invested in the company’s $12.8M Series B financing in June 2016.
Teem was Origin Ventures’ first investment in a thesis we’ve titled “Workplace and Workforce of the Future.” That investment thesis is centered around technology and behavioral changes that we adopt in everyday life outside of work – that then shapes norms and expectations in the workplace.
WeWork is certainly a company that would also fit that investment thesis. The NY-based company has raised over $9B to roll out their innovative co-working space on a global basis.
Origin Ventures has enjoyed a close working relationship with Teem over the last 3 years. We have spent many hours on site between board meetings with different functional teams; addressed the entire organization in an all-hands meeting; and Teem executives have regularly attended our sales, marketing, and CEO summits.
Best wishes – and THANK YOU – to Shaun and the entire Teem as they begin this next phase of their journey.