Armory Square Ventures - 2022 Holiday Newsletter
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Dear friends,

It's time to look back on 2022 as we come upon the holiday season and some well-deserved rest and relaxation. It's been an eventful year here at Armory Square Ventures, and we wanted to take this opportunity to share exciting recent developments for our firm and portfolio. We hope you're enjoying the culmination of a successful year wherever you are, and that you're looking forward to 2023 in happiness and health.  
Fund III Announcement 
We are thrilled to announce that five new advisors have joined our firm in advance of the closing of ASV Fund III, which we began fundraising for in May of this year. We briefed our community at the Annual Limited Partner Meeting in September, and so far, we have seen very strong demand from old and new investors. Fund III will be larger than Funds I and II combined. 

While the funding environment for both early and later-stage companies continues to be challenging, we are encouraged by new companies in the pipeline that demonstrate strong fundamentals. We also remain optimistic about our team's network and experience in identifying solid investment opportunities in secondary cities and encourage you to stay in touch with us. We will share more on fund developments and ASV III after the new year. 

Meet our New Advisors (listed in alphabetical order):

Deena Chalabi will be Brand Advisor at ASV. For the past three years, Deena has guided the development of ASV's online and brand presence. Her career spans strategic communications, business development, curating and public engagement, across the US and around the world. She is currently Director of Growth and Partnerships at The OpEd Project, a global thought leadership initiative for elevating underrepresented voices. 

Elizabeth MacBride, Platform Advisor, has three decades of experience as a journalist, author, and founder and has deep expertise covering small business in towns across America. Most recently, she co-authored The New Builders, a book on entrepreneurship with venture capitalist Seth Levine of Foundry Group. As part of her role at ASV, Elizabeth will highlight founders who operate outside major cities and focus on building ASV's profile in new secondary markets. 

Vikas Mehta, Venture Advisor, is COO at ACV Auctions and has two decades of experience building marketplaces globally, initially at eBay and later at ACV. As part of the new fund, Vikas will help us evaluate new B2B marketplace companies and work with portfolio companies to scale products, technology solutions, and operations.

Pete Petrella, Venture Advisor, is Managing Director at Talentrise. Pete and his colleagues have identified and recruited C-level  executives across our portfolio in the past. As part of the new fund, Pete will counsel us on talent and recruiting needs and will co-manage our network to connect us with new advisors, customers, board members, and other senior operating talent in our target geographies. 

Prabhdeep "Prabh" Singh, Venture Advisor, is Chief Growth Officer at Clover Health. He started his career at Morgan Stanley before working for the Partnership Fund, a $170M VC fund based in NYC. Prabh later joined the executive teams of GLG, WeWork, and Uber and led the Uber Eats Enterprise business, managing some of the world's largest restaurant partners. 

"Deep Dives in Secondary Cities" Entrepreneurship Series

As part of our new sponsored series for Times of Entrepreneurship, business journalist Elizabeth MacBride is traveling and interviewing people in spots often overlooked by traditional media outlets. "Deep Dives in Secondary Cities" looks at innovation in secondary markets, a topic central to Armory Square's investment philosophy. Currently, the series is focused on Pittsburgh, which has been investing in biomanufacturing for several years now.  Elizabeth spoke to startups, incubators, and foundations about some of the exciting projects underway in the Steel City. 

For more in the series, follow us on Twitter @armorysv or follow Times of Entrepreneurship at @TimesOfE. 

Launch of Armory Square Literature Prize

In July, we launched the Armory Square Prize for South Asian Literature in Translation to inspire new directions for translators into English from one of the most diverse, historically complex and culturally vibrant regions of the world. At ASV, our mission is to foster novel creative opportunity. Over the past few years, we have realized that cultivating vibrant ecosystems is as vital to the world of literary translation as it is to the world of business, and we are excited to seed this initiative. 

The groundbreaking new prize is accepting entries through the end of 2022. The competition is open to translators of literature written by a South Asian author in a language other than English. The winner, selected by a jury of award-winning specialists in literary translation, will receive publication of their work by Open Letter Books. Open Letter is based at the University of Rochester and is one of a handful of publishing houses dedicated to works in translation. For more see our Twitter handle and follow Jury Chair Jason Grunebaum @jasongrunebaum. 

The Prize shortlist will be announced in March 2023. We are currently also seeking an intern to assist with the process; interested parties should contact and 
UCM Digital Health is having an important growth year. The company was profiled by Albany's local ABC news station, Spectrum News One, Healthcare IT news, MedCity News, Rockland County Times, and Hudson Valley 360 for its innovative technology, which provides telehealth emergency medicine services. Multiple local municipalities in New York State have added UCM's services in partnership with their local EMS providers and are reporting reduced emergency room strain and improved patient outcomes as a result. In late October, UCM was recognized by Rensselaer County Regional Chamber of Commerce for providing outstanding humanitarian assistance to patients in need.  

Heretto, a cloud-based content operations platform, has closed on a Series A $17M growth round. Heretto's end-to-end solution allows organizations to create, manage, and deploy help content for self-service at scale. Companies like Allstate, Omnicell, and Reltio are using Heretto to streamline their content operations and create exceptional self-service customer experiences. ASV first invested in Heretto in August 2019, and we could not be prouder of the company's management team for its resilience operating through the pandemic. 
Armory Square is a sponsor of this year's Annual Awards Celebration  at Upstate Capital Association of New York. The event takes place on December 7, 2022 at The Strong Museum in Rochester, New York. 

Words Without Borders, a premier digital magazine for global literature in translation interviewed Jason Grunebaum, Jury Chair for the new prize, and Pia Sawhney, Armory Square's Partner and Cofounder.

Locate Finger Lakes, a publication covering developments in the Finger Lakes region of Upstate New York profiled Somak Chattopadhyay, Armory Square's Managing Partner, and Pia Sawhney, Partner and Cofounder of the firm. 

On her reporting trip to Pittsburgh for the "Deep Dives" series, Elizabeth MacBride also profiled Jim Gibbs, Co-founder of Meter Feeder for Forbes and mentioned Armory Square.    

Last June, Forbes featured the firm.
Read: "The Billion Dollar Opportunity Armory Square Ventures Found in Upstate NY" 
Armory Square Ventures (ASV) is a returns-oriented, mission-focused technology venture capital firm based in the Finger Lakes region of New York State. We created the company to seed greater opportunities and jobs for those living in our region and across the Midwest. Over the past decade, ASV has catalyzed the creation of over 2,500 jobs in Upstate New York. We like to say we are an optimism engine for secondary cities and a community catalyst for regions outside Silicon Valley. As a firm, we are also enriched and nourished by individuals from a range of backgrounds, who are all passionate about uplifting and inspiring growth across America's smaller cities. 
  • Stage: Seed & Series A 
  • Location: Management based in New York State and/or other emerging cities across the US
  • Check Size: $500K - $2M in the first round with plenty of reserves for follow-on capital
  • Business Profile & Model: Software, mobile, or technology-enabled services (emphasis on B2B) with repeatable, recurring, or transaction-based revenue models
  • Market: Addressable markets of at least $1B+
  • Team: Full-time technical/product leader and sales/marketing leader
  • Traction & Unit Economics: Prototype of product deployed with a small sample size of customers (even if piloting); capital efficient
Have an opportunity to discuss or just want to talk startups?
Anthony Santaro -
Neenah Jain -
Steve Hovagimyan -

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