With over $1.5 billion under management, we had been actively engaged in the business of venture capital since 1988, investing in over 200 companies. Our network of portfolio companies, investment resources, professional contacts and service providers made us one of the most connected firms in the market.
TL invested in companies led by outstanding management teams capable of building category-defining businesses in the software, information technology and business services sectors. We assisted early-stage companies with business and product strategy, recruiting, technology partnerships, business and channel development and financing.
At TL we were committed to working in partnership with our companies as they grow into successful organizations. The results achieved by our portfolio companies showcased the success of our approach.
TL partners played a role in helping to launch other firms in the asset management arena, including EnerTech Capital, Hamilton Lane, Internet Capital Group (Actua), Fidelcor Capital, Peak 6 and Penn Mezzanine.
TL generated a cumulative net IRR to limited partners of 21% over the seven funds and is no longer investing institutionally.
acquired by the Standards and Poor's division of The McGraw-Hill Companies, Inc.
additional selected EXITS
Mark joined TL in 1994. Mark’s venture capital experience began in 1981, when he helped launch a biomass venture backed by General Electric’s venture capital group using technology developed at the University of Pennsylvania. He followed that start-up by joining Ecogen, a Princeton-based microbial pesticide venture funded by Domain and Vista Ventures that later went public.
In 1986, Mark joined Fidelity Bank to start-up and lead a corporate finance activity. While at Fidelity, Mark helped invest bank capital as a limited partner in numerous private equity funds. He also helped create an S.B.I.C., Fidelcor Capital, to invest in early-stage and technology companies.
Mark’s investment interests are varied and run the gamut from software to business services to communications and energy. He has served on 50 public and private company boards.
Recognizing that the energy and utility industries were ripe for early-stage investing capable of generating venture-type returns, in 1996 Mark established EnerTech Capital, a private equity activity targeting those markets. Likewise, Mark led a group of TL colleagues as founding investors in Peak6, a highly successful options trading firm in Chicago. More recently, Mark led the launch of a mezzanine lending activity known as Penn Mezzanine. Penn Mezzanine targeted credit-worthy borrowers with revenue under $100 million in the Pennsylvania and mid-Atlantic region.
He graduated with a BS degree from Boston College and an MBA degree from the Harvard Graduate School of Business Administration.
Bob is one of the co-founders of TL Ventures. Prior to that, his 22-year career at Fidelity Bank in Philadelphia, a leading regional commercial financial institution, saw an ever-increasing level of responsibilities. He oversaw significant growth and market expansion during his tenure as well as entry into new service markets such as investment banking, where he recruited Mark DeNino, his future partner at TL. While at the bank, Bob provided funding for the Delaware Valley Venture Group, predecessor of the Greater Philadelphia Venture Group. He left the bank in 1989 to become a venture-capitalist, at which time he was Vice Chairman responsible for most of the bank's commercial lending and non-banking subsidiaries.
Bob served on the board of the National Venture Capital Association (NVCA) from 2000 to 2004. He served as a director and chairman of the board of Safeguard Scientifics, Inc. (NYSE: SFE) helping to guide the company thru the challenging transition from the excess of the late 1990s. Bob also served on the board of directors of Internet Capital Group, Inc. ((now Actua Corporation (NASDAQ: ACTA)) from 1996 until 2010 and was Chairman from inception until 2001.
Bob was formerly chairman of the board of The Reinvestment Fund, a $400 million not-for-profit community investment institution in the mid-Atlantic region, which focuses on rehabilitating neighborhoods, real estate, charter school lending, and renewable energy. He also served as chairman of Ben Franklin Technology Partners of Southeastern Pennsylvania, a seed-stage financing source, funded by the Commonwealth of Pennsylvania.
Bob has periodically been recognized for his contributions. He received the Blair Thompson award for lifetime achievement in venture capital by the Greater Philadelphia Venture Capital Group in 1999. He was also recognized as a distinguished alumnus by Temple University School of Law in 2004. He was the 2008 Early Stage East Honorary Co-Chair and was awarded the Network for Teaching Entrepreneurship (NIFTI) Visionary Award in 2010. Bob is a graduate of Amherst College and Temple University School of Law.
Bob joined TL in 2001. Bob's direct venture capital experience began in 1995, when he joined Safeguard Scientifics, Inc. (NYSE: SFE), a publicly traded private equity company. As a Vice President at Safeguard, Bob was responsible for numerous financial functions related to portfolio companies including financial and operational due diligence, operational restructuring, temporary portfolio management roles, financing and fund raising, initial public offerings, and sales and divestitures, among others. While at Safeguard, Bob worked on numerous co-investments with TL, primarily interfacing with Bob Keith and Mark DeNino. Prior to joining Safeguard, Bob was a Senior Manager with Price Waterhouse LLP, working with its audit and assurance group from 1982 to 1993, and also spent two years in financial and operational roles with Masland Corporation (NASDAQ: MSLD), a $500 million manufacturer, including integral roles in the Company's initial public offering and merger and acquisition activity.
Additionally, Bob became the first Business Fellow at Villanova University in 2001, teaching several courses in advanced accounting, cost accounting and entrepreneurial accounting and finance along with public accounting firm liaison and other responsibilities. Based upon the position Bob created, Villanova School of Business has since expanded this program to create a Business Fellow position for each department.
Bob's primary responsibilities at TL include performing diligence on potential investments and working with existing portfolio companies to improve operational and financial performance, financial management and accounting assistance, financing and fundraising, and merger and acquisition activities.
Bob has a BS in Accountancy from the University of North Carolina at Chapel Hill and is a certified public accountant.
Janet joined TL in 2001. Prior to that, Janet was the Controller at Katalyst, LLC, a consulting firm that provided both business advisory and merchant banking services and also managed a $38 million venture fund.
Prior to joining Katalyst, Janet was a Senior Manager with KPMG LLP, working with its audit and assurance group in the information, communications and entertainment practice. Janet holds a BS in Accounting from Philadelphia University and is a certified public accountant. She is a member of the American Institute of Certified Public Accountants ("AICPA"), the Pennsylvania Institute of Certified Public Accountants (“PICPA”) and the Philadelphia Chapter of the Private Equity CFO Association.
Bob joined TL as a venture partner in 1998. In 2003, he became CEO of Traffic.com, Inc. where he was instrumental in taking it public in 2006 and negotiating its sale to NAVTEQ Corporation in 2007. Bob currently serves as CEO of Finite Carbon Corporation and is a director of two other TL portfolio companies.
Before joining TL, he was CEO of e4L, Inc. (NYSE: E4L), then the world's largest infomercial company. During his career, Bob also served as the President and CEO of Total Care Systems, a life care facilities provider; Great Western, a land development subsidiary of Hunt International Resources; and Globe Ticket, a specialty printing company, in addition to working in various H. Ross Perot enterprises, including Electronic Data Systems Corporation.
Bob’s primary responsibilities at TL include providing much needed operational assistance to over-stretched portfolio company management teams in executing strategic plans. Bob holds a BS degree in engineering from the US Naval Academy and served for five years as a commissioned officer in the nuclear submarine service.