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Deep Lake Capital was founded by Mark Lavelle, Gary Marino, and Michael Cyrus, all veterans of the original Buy Now Pay Later (BNPL) company, Bill Me Later. Established as a Special Purpose Acquisition Company (SPAC), Deep Lake Capital Acquisition Corp. raised $180 million in its IPO on January 13, 2021, targeting the FinTech and Commerce sectors. The firm is incorporated in the Cayman Islands and trades on Nasdaq under the ticker DLCAU.
Deep Lake Capital focuses on identifying, partnering with, and accelerating leading companies in the FinTech and Commerce Enabling sectors. The founders leverage their extensive experience in founding, managing, and scaling disruptive companies to effectively support innovative startups. The firm aims to capitalize on the $5 trillion global Commerce and Financial Services market, particularly those companies undergoing digital transformation.
Currently, Deep Lake Capital has a portfolio of 17 companies, showcasing its commitment to investing in disruptive technologies that enhance consumer experiences. The firm’s strategic support model is designed to help entrepreneurs navigate challenges and scale their businesses effectively.
Deep Lake Capital primarily invests in the FinTech and Commerce Enabling sectors, focusing on companies that develop disruptive technologies. The firm targets startups at various stages, including Seed, Series A, Series B, and Growth Equity. Check sizes typically range from $75 million to $150 million, aligning with their acquisition strategy for companies with enterprise values in that range.
The firm seeks to partner with entrepreneurs who are innovating within the financial services and commerce markets. Deep Lake Capital emphasizes the importance of enhancing consumer experiences and challenging existing market players. Their investment strategy is designed to support companies that are positioned for significant growth and transformation in the digital landscape.
Deep Lake Capital's portfolio includes a diverse range of companies that exemplify its focus on FinTech and Commerce Enabling sectors. Notable portfolio companies include:
Mark Lavelle: Co-founder and Partner at Deep Lake Capital, Mark has a rich background in the technology sector, having served as the CEO of Magento Commerce and as a veteran of Bill Me Later.
Gary Marino: Co-founder and Partner, Gary is also a co-founder of Bill Me Later and has extensive experience in the payments industry, having held various leadership roles at PayPal.
Michael Cyrus: Co-founder and Partner, Michael has a strong background in finance and technology, previously co-founding 7 Continents Global and contributing to the success of Bill Me Later.
Founders should reach out through a warm introduction whenever possible. When preparing a pitch deck, it is essential to include detailed information about the business model, market analysis, and competitive landscape. Response times can vary, but founders should expect to hear back within a few weeks.
On January 13, 2021, Deep Lake Capital Acquisition Corp. successfully priced its upsized IPO at $180 million, trading on Nasdaq under the ticker DLCAU. This marked a significant milestone for the firm as it began targeting acquisitions in the FinTech and Commerce sectors.
Recent portfolio activity includes notable exits such as Heyday, which was acquired by BRANDED, and Upside Financing, which was acquired by Ampla. These exits highlight the firm's ability to identify and support companies that achieve significant market traction.
What are Deep Lake Capital's investment criteria?
Deep Lake Capital focuses on investing in FinTech and Commerce Enabling companies. They look for startups that are developing disruptive technologies that can challenge existing market players and improve consumer experiences.
How can I pitch Deep Lake Capital?
Founders interested in pitching should prepare a detailed presentation that outlines their business model, market opportunity, and how their technology disrupts existing solutions. A warm introduction is preferred, but cold outreach is also accepted.
What makes Deep Lake Capital different from traditional VCs?
Deep Lake Capital operates as a SPAC, which allows them to acquire companies directly rather than making equity investments. This structure enables them to target companies with enterprise values between $75 million and $150 million.
What is the geographic focus of Deep Lake Capital?
Deep Lake Capital has a global investment approach, targeting companies in the FinTech and Commerce sectors regardless of their geographic location.
What is the typical check size for investments?
Deep Lake Capital typically invests between $75 million and $150 million in their target companies, aligning with their acquisition strategy.
What kind of support do portfolio companies receive?
Deep Lake Capital provides strategic support to its portfolio companies, leveraging the founders' extensive industry experience to help entrepreneurs navigate challenges and scale their businesses effectively.
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