Dreamit Ventures, an early-stage venture fund and accelerator, announced today an expanded partnership with investor and developer, Jeff Vinik, including a $12 million investment and Vinik joining as a Partner and member of Dreamit’s Board of Directors.
Dreamit works with top global health and urban technology startups, providing access to extensive customer, industry, and investor networks during 14-week acceleration programs. Dreamit incorporates the intelligence, data, and new relationships gained during acceleration into its follow-on investment process to build a high-potential, diversified portfolio.
Dreamit started its health vertical in 2013 and honed a vertical-centric model over four years while investing in nearly 90 digital health and medical device companies. In 2016, Vinik partnered with Dreamit to launch its UrbanTech program -- an accelerator for pre-Series A startups with solutions impacting the built environment. With Vinik’s partnership, Dreamit UrbanTech was in the unique position to leverage one of the largest urban redevelopment projects in the United States, Water Street Tampa.
Formed by Vinik and Cascade Investment LLC, Strategic Property Partners (SPP)’s Water Street is a $3 billion project encompassing 9 million square feet and more than 50 acres of mixed-use development serving as a greenfield opportunity to integrate technology and innovation. “Over the last year, my partnership with Dreamit has helped us identify emerging technologies and bridge the funding and resource gap between Tampa Bay and larger startup ecosystems like New York and San Francisco. I’ve been highly impressed by Dreamit’s team, the caliber of Dreamit startups, and the large percentage of companies that continue growing with follow-on funding after the program,” said Vinik. Approximately 50% of Dreamit startups close a capital raise within six months of acceleration.
Vinik’s vision and investment in Tampa Bay and Dreamit build upon broader economic trends in the United States. Dreamit accelerates and invests in startups operating in large markets that have historically lagged in innovation and make up nearly one-third of US GDP. “Startups in Dreamit HealthTech are transforming care delivery and lowering costs for a sector that accounts for 18% of GDP, while Dreamit UrbanTech startups are creating efficiencies in real estate, one of the largest asset classes. Together, healthcare and real estate present large opportunities for innovative startups that can deliver substantial impact while generating attractive returns,” said Vinik.
“Jeff is a visionary business leader who drives results. He built a track record of legendary returns in his investment career and produced a new model of how urban areas can work in the 21st century,” said Steve Barsh, Managing Partner at Dreamit. “We back startups operating in large and important verticals that are ripe for innovation with more verticals to come. Vinik’s investment and participation is an exciting evolution for Dreamit and the startup community, and we look forward to working with Jeff as we continue to build and expand Dreamit."
About Dreamit Ventures
Dreamit Ventures is an early stage venture fund that accelerates startups that are transforming the built environment and healthcare. Founded in 2008, Dreamit identifies, builds, and invests in health and urban technology startups with market-ready products and founding teams with a desire to scale rapidly. During rigorous 14-week programs, founders receive intensive one-on-one coaching, pitch to dozens of potential customers and partners on multi-city Customer Immersions, meet with leading venture funds during highly curated bi-coastal Investor Roadshows, and gain access to a vast network of experienced alumni and other resources. Dreamit has accelerated nearly 300 startups including SeatGeek, HouseParty, LevelUp, Adaptly, Wellth, Biomeme, Tissue Analytics, Redox, Eko Devices, Raxar, and Elevate. Dreamit portfolio companies have raised ~$800 million in follow-on funding, achieving a combined value of nearly $2 billion.
About Jeff Vinik
Jeff Vinik is the current owner of the Tampa Bay Lightning. Vinik managed the Fidelity Magellan Fund from 1992 to 1996. After leaving Fidelity, he started hedge fund Vinik Asset Management with partners including Michael Gordon (now President of Fenway Sports Group). In 2010, he purchased a distressed Tampa Bay Lightning franchise and subsequently brought a world-class franchise to life in Tampa Bay. Vinik has invested more than $70 million in private funding into the publicly-owned Amalie Arena to create a guest-first facility recognized as one of the finest in the NHL. Additionally, under the umbrellas of the Vinik Family Foundation and the Lightning Foundation, Jeff and his wife Penny, have invested more than $25 million in Tampa Bay area charities through a variety of programs and donations, the most notable being the Lightning Community Heroes program.