This Year @ Interplay (2024)

Will Richardson
December 20, 2024

2024 was our twelfth year building Interplay. Taking a moment to reflect, I (sincerely) couldn't be more proud of what the team has built.

Long ago we decided that we wanted to build the highest quality firm we could, not necessarily the biggest. Our venture fund manages a constrained asset base by design, but is delivering highly differentiated venture returns. Our incubator doesn't work with the most companies, but it has one of the highest portfolio success rates. We reaffirm this focus on quality almost daily through a multitude of decisions small and large. And, it's been paying off.

Here are some highlights of our progress from the past year:

  1. We pushed further into entrenching the firm as an institution. We developed more systems, processes, reporting, data capture and all of the other highly un-sexy dimensions of an organization that is built to stand the test of time. To remain agile as we installed more systems, we ripped out old processes as fast as we added new ones. All of these efforts have really paid off, enabling us to attract top talent and deliver differentiated experiences to capital partners, founders and other members of the innovation ecosystem.
  2. We fine tuned our selection criteria for the incubator and added an investment component to the program (each company now receives $50K). The net result of both efforts is that the caliber of the average company going through the program continues to improve.
  3. We further systematized our foundry process, removing more pitfalls from the company creation process. These additional steps have slowed the formation process down a bit but has increased our success rate. Quality over quantity.
  4. Our platform services companies (Bowery Legal, Chelsea Capital, Firon Marketing, Spoke, Thunder, and Venwise) have been doing the hard work to deliver exceptional service and it's paying off. The teams are scaling and their offerings are expanding.
  5. Ascend Interplay, our multi-family office, has scaled its headcount, member families and most importantly its service offering. The program continues to level-up day-by-day and was recognized as one of the top 5% financial advisory firms in the country. The team is relentless in their pursuit of excellence and it shows.

The results are steadily coming in. We sold Jackpocket (an incubator company) to DraftKings for $750M earlier this year and had lots of other really strong performances across the portfolio. Validation is finally abundant; we now have meaty success stories in all of our divisions, affirming that hard work over time delivers results.

But we don't relish in the past, we're excited about the future. 2025 holds the promise of more progress. We'll expand our team, move into a first-class office space and close our next venture fund. There is so much more for us to do - so much opportunity for us to improve. I sincerely believe that the team is up to the task.

If you're receiving this you've probably played a part in this story and for that we are thoroughly grateful. It truly does take a village and we are deeply thankful for the support.

With gratitude,
Mark Peter Davis

2024 Deal Flow Summary

  • ‍28 New Portfolio Companies/Funds
  • ‍5 New Team Members‍
  • 4 Exits‍
  • $1B~ Total Exit Value

Venture Capital

  • ‍Crafty is a workplace services platform that simplifies office management by delivering snacks, beverages, and supplies, while providing analytics and technology to enhance workplace experiences.
  • ‍Fertilidad Integral is the first comprehensive and affordable fertility platform in LatAm, offering fertility treatments such as IVF, egg and embryo freezing, and an egg and sperm bank in addition to telehealth, wellness, and financing services.
  • ‍Fuel Me is a leading technology-enabled fuel and energy supplier, offering on-demand delivery of fuel, lubricants, and DEF nationwide.
  • ‍Max Retail is a zero-inventory technology platform that enables independent retailers and brands to efficiently sell excess inventory.
  • ‍Wurthy is a fintech platform that helps businesses offer flexible, interest-earning payment options while eliminating credit card fees.

Incubator

The big focus for the Incubator in 2024 was restructuring the program to implement our Interim Cofounder Model, which now includes a $50K investment in addition to a six month program. Learn more about those updates on our website and check out the portfolio here.

Nonetheless, while making those updates we welcomed three new amazing portcos to the Incubator portfolio this year!

  • ‍Inkzup is a cutting-edge business toolset designed to empower tattoo artists and shops, facilitating the building and growth of their brand and business.
  • ‍SkipQ is a global, multilingual marketplace specializing in travel retail. On a single platform, you can browse and pre-purchase your airport transfer, meet and greet assistance, airport lounges, and E-sim in English, Spanish, Russian, or Arabic language.
  • ‍Swayze is a platform that connects Instagram users with businesses that offer discounts and deals for posting and tagging their products or services on customers’ personal accounts.

Foundry

  • ‍BizDefender is building world-class technology to help protect startups from the growing epidemic of fraud targeting small and medium-sized businesses.
  • ‍Magic Ops helps CEOs set up and manage their companies' offices, taking care of everything from lease negotiation to design, construction, maintenance, and even snack delivery –  saving founders time, money, and countless migraines.

Ascend

In 2024, Ascend Interplay invested primarily in the lower middle market private equity space, encompassing fund investments and our inaugural direct buyout investment. The team also broadened the portfolio with incremental exposure to venture capital, private credit, and opportunistic real estate through a combination of fund commitments, direct investments, and secondaries. Select investments during the year include TrueLink Capital, RenWave Special Situations, Everside Capital, Formentera Partners, Tidal Vision, Databricks, and Crusoe.*

18 New Ascend Investments

Team

Events

2024 INTERPLAY INVITATIONAL

  • ‍‍A heartfelt thank you to everyone who made this year's 2024 Interplay Invitational such a huge success! It was amazing to get together with some of our incredible Interplay ecosystem members and fellow startup/venture community peers in one place. Located at Five Iron Golf in NYC this past November, we enjoyed the masterful work of NYC staple Katz's Delicatessen, a friendly "Closest to the Pin" golf competition, and even a surprise pop-up magic performance. It was an electric atmosphere! Events like these are an important reminder of how much stronger we are together - investors, founders, and friends all convening to connect, share ideas, and simply enjoy one another’s company. Here's to building relationships that go far beyond business.

2024 LEADERS RETREAT

  • ‍Our Leaders Retreat is a cherished tradition at Interplay, designed to bring our leadership team together for meaningful connection and growth. This annual retreat provides an opportunity to step away from the hustle of city life and focus on both personal and professional development. Through a mix of bonding activities, insightful discussions, and career-focused workshops, our team strengthen their relationships and refine their vision for the future. It’s a time to recharge, reflect, and align on the goals that drive our collective success.

Content

At the close of each year, we love recording the predictions episode to share what our partners anticipate for the coming 12 months. One of the best parts of this tradition is reflecting on last year’s forecasts to see how they played out. Join us as we review our 2024 predictions and dive into the key topics driving our conversations about 2025.

P.S. To stay in the know and/or get in touch, feel free to click any of the links in the footer:

  • Engage: This is a one-stop-shop for all of the ecosystem’s offerings. Apply to Interplay Ventures and Interplay Incubator and/or learn more about and get in touch with our service companies‍
  • Join: If you’re interested in joining the team, feel free to apply! This will also put you on the general Interplay radar by adding you to a database we track and keep in mind for opportunities with our portfolio companies.‍
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