Teamshares, a New York-based company dedicated to employee ownership of small businesses, raised a cumulative $245M in previously unannounced equity from venture capital firms, including a recent $124M Series D financing.
The Series D round was led by Frank Rotman at QED Investors, with participation from existing investors Inspired Capital, Khosla Ventures, Slow Ventures, Spark Capital, and Union Square Ventures.
The company intends to use the funds to further scale its model nationally and accelerate product development.
Led by CEO Michael Sutherland Brown, Teamshares is an employee ownership platform for small business, driven by proprietary software, education, and financial products. The company buys traditional small businesses from retiring owners to make them 80% employee-owned within 20 years, and provides the companies with new leadership, financial education, equity management software, and financial products. The companies will be permanently owned by employee shareholders and Teamshares, and never need to be sold again.
Teamshares has brought employee ownership to 84 small businesses, creating 2,100 new employee owners in 29 states and 42 industries. Founded in 2019, the company has 140 employees across the U.S. and Canada.
FinSMEs
20/08/2023