Tech-focused investor Delta-v Capital is on the hunt for innovation — a search that brought it to Durham, where it recently led Teamworks’ $50 million raise. That could be just the beginning, as Dan Williams, a Texas-based partner at the firm, said it has a “good amount of dry powder left” to funnel into startups.
“We actually really like geographies like North Carolina,” he said. “We tend to focus on cities outside of the Bay Area that we find have really strong entrepreneurs building really interesting companies.”
The Dallas-based firm, now investing with its fourth fund, has $1.5 billion in capital under management and is not afraid to put its money to work, he said. It typically invests between $3 million and $30 million in technology companies in areas such as software-as-a-service and cybersecurity.
Williams, a Cisco veteran, started as a code writer. During his last two years at Cisco, he worked in corporate development, specifically mergers and acquisitions.
“I saw how investing in technology companies can drive innovation, but I wanted to do it outside of the umbrella of a corporation,” he said. He got his master's degree from The Wharton School and entered the venture capital world, leading Delta-v investments such as Socrata, CloudBees and Arctic Wolf.
Why Teamworks
Delta-v first invested in Teamworks in 2020, leading its Series C round. Williams said the firm first connected with Teamworks CEO Zach Maurides through Dhruv Patel of Signature Bank. Patel, active in the entrepreneurship scene since his time at the Council for Entrepreneurial Development, said Maurides was a guy the firm should know.
But it was a combination of Teamworks’ SaaS model (a sweet spot for Delta-v) and Maurides’ history that sealed its interest.
Delta-v has found past success in vertical SaaS businesses, such as Socrata, a data and analytics firm targeting governments. Socrata resulted in a successful exit for Delta-v when it was acquired by Tyler Technologies — a deal that was in the back of partners’ minds when looking at Teamworks, Williams said.
“What we find with these vertical SaaS businesses, because they build software specifically tailored for their end customers, that software tends to have a stronger product market fit and retention with customers in those verticals,” he said.
Maurides’ history as a former Duke University offensive lineman also factored in, as Williams said entrepreneurs with first-hand experience in their verticals tend to have the best outcomes.
“They understand the needs of their customers,” he said.
Teamworks offers an athlete engagement platform specifically for sports teams — something that Maurides had a personal connection to, Williams said. So Delta-v decided to “lean in and get involved." The software allows coaches and trainers to manage athletes' schedules with tools, such as reminders about training or workout sessions.
“We’re excited to be doubling down and expanding that partnership,” Williams said.
This marks the second North Carolina firm in Delta-v’s portfolio after Passport, a parking-management software firm based in Charlotte.
This latest funding round also had participation from Seaport Capital, General Catalyst, Teamworthy Ventures, Blossom Street Ventures and Afia Capital. There was support from more than 30 current and retired athletes, including David Robinson, the National Basketball Association legend who played for the San Antonio Spurs, and former Heisman Trophy quarterback Marcus Mariota, now with the Atlanta Falcons of the National Football League.
The round brings Teamworks' total funding haul to more than $100 million, the firm said.
