Maveron invests in consumer-only businesses centered on technology-enabled products and services in commerce, education, and health and wellness. As of 2020, the firm had a total of $1.3 billion in assets under management (AUM).[1]
History
The firm was co-founded in Seattle by Dan Levitan, former investment banker at Schroder Wertheim & Co., and Howard Schultz, former CEO, president, and chairman of Starbucks.[2] During his time at Schroder Wertheim & Co., Levitan helped take Starbucks public in 1992, which is where his relationship with Schultz was formed.[3] By 1993, Levitan and Schultz began investing together in several consumer businesses. In 1997, Levitan decided to leave New York and head west to Seattle to start Maveron with Schultz.[4] The firm opened its doors in January 1998. Maveron's name is a combination of "maverick" and "vision".[5] During the early 2000s, the fund and Schultz in particular, was criticized for investments in for-profit universities, namely Capella University.[6] Maveron opened its San Francisco office in 2009.[7] Maveron's early investment in zulily led to November 2013 public offering of 22% of shares (for $4.5 million) worth over a billion dollars by December.[8] In 2014, the fund was featured on Forbes' top venture capital firms in the U.S., ranked #54 out of 100.[1] In 2019, the fund raised an additional $180 million to finance investments.[9] The firm often turns down surplus capital in order to ensure consistent investment delta (margin by which fund outperforms the stock market).[10]