Private Capital for Values Driven Companies

About

We provide capital and strategic partnership to values-driven, market-leading companies with potential for outsized returns for all stakeholders.

We invest in two market segments: profitable, lower middle market companies (with $10 million to $100 million in revenue, and $2.5 million to $10 million in owner earnings) and promising, early-stage technology companies (with $500,000 to $5 million in annual recurring revenue).

We are distinct in our capacity to match values-motivated entrepreneurs with values-aligned investors, our ability to hold investments long-term, our willingness to customize solutions to owner needs, and our ability to drive value through disciplined strategic, operational, and financial partnership.

Markets

We invest in two market segments

Lower Middle Market

Sovereign’s Capital provides a range of capital solutions to lower middle market companies with revenues between $10 million and $100 million, and owner earnings of $2.5 million to $10 million.

We make minority investments for growth, acquisitions, and partial shareholder liquidity. We also make majority investments for ownership transitions and leadership successions. Some of our industry interests include services (industrial, commercial, consumer), education (skilled trades, specialized training), healthcare (analytics, home care services), and software (specialty, B2B, mission critical).

Early Stage Venture

Sovereign’s Capital provides a range of capital solutions to growing venture stage companies operating in expanding markets in the U.S. and Southeast Asia, with $500,000 to $5 million in annual recurring revenue.

We have a broad range of industry expertise with a bias for industries where our partners and advisors have relevant experience. These include B2B software, healthcare IT, B2C software, tech-enabled goods and services, and medical devices. We typically invest $250,000 to $2 million per company, and we work closely with our portfolio companies to provide targeted strategic and operational partnership.

Criteria

We evaluate all investment opportunities with the following criteria in mind

Team First

We partner with people first. We work hard to understand the vision that each business leader has for creating extraordinary value for all stakeholders well into the future.

Defensible Advantages

We partner with companies that have economic moats. They have an edge based on operational excellence, technological barriers, long-term customer relationships, dominant market share, or other sustainable competitive advantages.

Growth Focus

We partner with leaders seeking expanded impact. We are growth-minded and invest in companies with highly scalable business models.

Thriving Culture

We partner with leaders who view culture as a competitive advantage. Our leaders take pride in and have evidence of cultures that delight all stakeholders – employees, families, customers, vendors, and others.

Proven Performance

We partner with businesses that have sustained results. These companies have proven track records of financial success, with the strategic and operational focus to maintain results for the long term.

portfolio companies

Markets

410 MEDICAL

410 Medical developed a simple, intuitive solution that allows a single healthcare provider to rapidly deliver fluid to critically ill patients, improving care and saving lives.

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Anutra Medical

Anutra Medical is a medical company focused on dentistry with a device enabling quicker onset of numbness and simplified use of pharmaceuticals.

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BANDWIDTH

Bandwidth is a VOIP-as-a-service platform that hosts voice calls for many large tech companies. Bandwidth spun off Republic Wireless and underwent an IPO in November 2017.

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BASESIX

Basesix is a technology integrator offering networking products to make buildings, campuses, and environments safer, smarter, and simpler.

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BRIDESTORY

Bridestory is fast becoming the most trusted and inspiring online wedding vendor directory in SE Asia. Their marketplace helps users find, select and compare wedding vendors in their area.

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CANOPY

Canopy is solving the problem of inefficient home services delivery and consumption. Combining a high-tech, centralized approach with old-fashioned service, Canopy is the easiest way to maintain your home.

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CLADWELL

Cladwell enables users to create and maintain capsule wardrobes to reduce clutter and embody their personal style, helping them create and share outfits with ethically sourced, quality clothes.

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CLOUDFACTORY

CloudFactory is a BpaaS (business process as a service) company with a revolutionary technology platform and distributed workforce that enables a more flexible, scalable and cost-effective alternative to traditional bpo.

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CONCERT GENETICS

Concert Genetics is a healthcare technology company dedicated to making genetic testing more transparent and efficient for stakeholders across the healthcare system.

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EMPLOYUS

EmployUs is a crowdsourced employment referral platform in which users refer prime candidates for job postings around the country, and companies pay out fees for successful hires.

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FIRST

First is a predictive intelligence engine for targeting movers 6-12 months before they list their home. Initially focused on real estate, First’s product empowers realtors to better understand and profitably grow their pipeline of listings.

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FIVESTARS

Fivestars is an online customer service loyalty network for small and medium businesses in north america. it integrates with merchant pos systems to enable customers to earn and spend points at local businesses.

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FRINGE

The world’s first platform for personalized Fringe benefits, saving companies time and money by providing 80+ life-impacting benefits without the hassle.

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GoCheck

GoCheck helps detect amblyopia risk factors in patients too young for a visual acuity test.

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GRAB

Grab is the top ride-hailing app in SE Asia. The app connects taxis, independent drivers, motorcycles, and couriers with users across the region.

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HACKTIV8

Hacktiv8 provides immersive, rapid education for developers with always updated curriculum to build skill in the latest software and professionalism for the technology industry.

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Hypernet

Hypernet is a protocol for high performance computing across a distributed network of devices.

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IFASHION

iFashion is an online fashion and lifestyle retailer company. The company offers a platform which helps online fashion retailers with various business and market knowledge services including marketing, logistics, warehousing, sales fulfillment and financial services.

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IMMERSED VR

Immersed VR connects distributed teams through a shared VR workplace and collaboration tools to maximize productivity.

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KAMMOCK

Kammok is an innovative outdoor brand for the socially conscious adventurer. Their high-quality hammocks and other products are available in REI and on their website.

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LIQUIDIA TECHNOLOGIES

Liquidia is a biopharmaceutical company transforming the development of new therapies by precisely engineering drug particles.

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LOKET

Loket is the leading event management, ticketing and data analytics company in Indonesia. In 2017, the company was acquired by GoJek.

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MAN CRATES

Man Crates is a gift company focused on gifts for men with inventive gifts for birthdays, first time dads, sports fans, grill masters, and more.

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MAXWELL

Maxwell enables real estate loan officers through a comprehensive tech platform that boosts productivity, and makes it much easier to close deals.

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NEUROTRONIK

NeuroTronik is a development-stage medical technology company pioneering a unique therapy approach for the hemodynamic management of patients who present to the hospital due to worsened symptoms of heart failure.
Nimbly Technologies

Nimbly is a mobile solution that transforms manual operational processes into real-time actionable information. By digitizing manual checklists and converting data into insights, Nimbly enables organizations to manage their operations anytime, anywhere.

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PRINTEROUS

Printerous is an online platform producing the finest quality printed goods. They offer a suite of products for personal, business, and artistic printing needs.

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REBELWORKS

Rebelworks is a software development lab that offers premium outsourced programming work for companies. As a major hub of technical talent in Jakarta, Rebelworks also incubates its own projects.

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RECORD CONNECT

Record Connect efficiently delivers client records management services in an ever-changing healthcare environment.

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REVBOSS

RevBoss is a SaaS (software as a service) product that quickly identifies a large base of qualified sales leads, and helps companies manage relationships with these prospective customers.

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SHOTTRACKER

ShotTracker aims to improve the performance of competitive basketball players of all ages through our individual and team products.

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SOAPBOX

SoapBox is a consumer products company that makes natural soaps and shampoos. For every product sold, a bar of soap or a month of clean water is given to a person in need.

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SOUTHEAST LINEMAN TRAINING CENTER

STLC is the premier training school for apprentice lineworker training; consistently producing an elite group of highly trained and certified graduates.

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SPRINGBUK

Springbuk is the leading employer-facing health analytics software that helps forecast cost and improve population health with confidence.

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SUMMIT HEALTHCARE

Summit Healthcare is a training and simulation company focused on continuing medical education, life support simulation, and effective human resource consulting for healthcare professionals in SE Asia.
TADA

TADA360 is a one-stop-shop for a practical, but impressive gifting experience. they are also focused on innovative fintech solutions.

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THREADLOOM

Threadloom makes it easy to search and index forums, and uses A.I. to automate expert newsletters for readers.

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THRIVE FARMERS

Thrive is a coffee distribution company that connects the farmer directly with the final consumer through a new model of supply chain management and customer engagement.

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XENDIT

Xendit is a payment platform that solves several key problems in Indonesian personal banking. Their platform has application in a peer-to-peer context, and as a backend for e-commerce businesses.

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Yummy Corp

Yummy Corp provides delicious, fresh, and creative food solutions for everyday corporate and group needs. It gives a new spin on food facility management and our signature MICE catering, delivering you a noteworthy experience while helping corporates manage costs.

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Team

Our investment team is made up of operators with industry and regional expertise.

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Luke Roush

Co-Founder and Managing Partner

Luke Roush

Co-Founder and Managing Partner

Luke Roush co-founded Sovereign’s Capital in 2012, and is a Managing Partner for the firm. While living in Kuala Lumpur and Jakarta from 2013-2016, he opened the fund’s operations in Southeast Asia. Prior to Sovereign’s Capital, Luke had twelve years of experience in global commercialization and business development at venture-backed and Fortune 500 companies. He was Vice President for Sales, Marketing, and Business Development at TransEnterix (NYSE:TRXC), a medical device company that developed and commercialized a minimally invasive surgical system in the US, Europe, and Asia. Previously, he served as Chief Operating Officer at Liquidia Technologies (NSDQ:LQDA), a nanotechnology company focused on biopharmaceutical applications. Earlier in his career, Luke held sales and marketing roles of increasing responsibility at Boston Scientific and Newell Brands. He also co-founded 410 Medical, a medical device company focused on pediatric emergency care. Luke currently serves on the board of directors for Bandwidth (NSDQ:BAND). He graduated summa cum laude from Duke University, and later earned his MBA from The Fuqua School of Business. Luke resides in San Jose, California with his wife, Brooke, and their three children.
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Henry Kaestner

Co-Founder and Partner

Henry Kaestner

Co-Founder and Partner

Henry Kaestner is a co-founder and managing principal of Sovereigns Capital, an investment fund that invests in faith driven entrepreneurs in the United States and Southeast Asia. Previously, Henry was the Co-Founder and previous CEO, and then Chairman of Bandwidth.com (NASDAQ:BAND), along with Republic Wireless he grew with his best friend and business partner, David Morken. The values of Bandwidth have always been: Faith, Family, Work and Fitness (in that order). Bandwidth was the 4th fastest growing privately held company in the country from 2003 through 2007, a position it achieved without acquisition or institutional funding. Prior to co-founding Bandwidth, Mr. Kaestner founded Chapel Hill Brokers (a predecessor to ICAP Energy), an institutional energy derivatives broker that became the top ranked electricity broker in the country. Mr. Kaestner has also been involved in a number of ministry and philanthropic activities. He co-founded Faith Driven Entrepreneur, Faith Driven Investor, and DurhamCares. Additionally, Henry serves as an elder in the Presbyterian Church of America, serves on various ministry and business boards along with the board of Valley Christian Schools in San Jose. Henry lives in Los Gatos, CA with his wife Kimberley and their three sons.
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Kevin Sutantyo

Partner

Kevin Sutantyo

Partner

Mr. Sutantyo is a natural problem solver, well balanced in analytical skills as well as relationship and consensus building. Raised in Jakarta till his late teen years, he then lived in the US for 15 years, developing an understanding of life in both countries. Kevin received a Bachelors of Science in Mechanical Engineering from UC San Diego in 2002 and immediately worked in a related field with the Northrop Grumman Corporation. He then ran a small biotech manufacturing and distribution enterprise in Phoenix, AZ and Milwaukee, WI for 5 years till he returned to Indonesia in 2010. Kevin has been active in Angel investments in both Indonesia and Silicon Valley since 2009, giving him experience in early stage companies and the different nuances of investing in the different regions. He is engaged in multiple mentoring programs, school development projects and other non-profit related activities. Kevin is actively involved in various ministries in International English Service church in Jakarta, most recently finishing a term as a deacon. Kevin and his wife, Nathalia, live in Jakarta with their children, Caleb and Thalia.
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Jake Thomsen

Partner

Jake Thomsen

Partner

Jake has 16 years of experience in operations and advisory roles spanning from start-ups to public companies. As AVP of Bank of Hawaii, Jake oversaw sales, operations, customer engagement, and marketing for a regional team, with a focus on providing advice and growth capital to local entrepreneurs. He spent four years as an independent consultant, delivering strategy and operations advisory services to start-ups and small companies in the U.S. and Africa. Clients included a distributed solar energy company in Tanzania, a technology commercialization firm in North Carolina, and an innovative credit union with offices across the U.S. As Lead Associate in the Strategic Innovation Group of consulting firm Booz Allen Hamilton, Jake launched and managed a SaaS cybersecurity risk product for large IT organizations, and led business development for energy offerings in Jakarta, Indonesia. He also helped to stand up the Internet of Things (IoT) division, which develops and delivers IoT products and services to Fortune 100 clients. Jake serves as a Partner at Sovereigns Capital. He lives in Washington, D.C., with his wife Lauren and twin children Blaise and Vivian. He serves on the boards of Little Lights Urban Ministries and Trinity Fellows Academy. Jake graduated magna cum laude in Economics from Pomona College, and later earned an MBA from The Fuqua School of Business and an MPP in international development from the Sanford School of Public Policy.
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Michael Tremain

Partner

Michael Tremain

Partner

Michael Tremain is a Partner at Sovereign’s Capital where he concentrates on investment sourcing and portfolio management with a focus on lower middle market opportunities. His career includes stints with TrinRock Capital, Andersen Consulting, the Walt Disney Company, Hard Rock Cafe International and he has led a number of privately held companies in the technology, wholesale distribution, oil & gas, healthcare, residential construction and commercial services sectors.

Michael earned his BS in economics from the University of North Carolina at Chapel Hill and his MS in International Political Economy from the London School of Economics. He and his wife, Kristin, and four children live in Lookout Mountain, Georgia and attend Rock Creek Fellowship. Michael is a member of C-12 Group and the CEO Forum and also serves on the board of directors of the New Canaan Society.
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David Tjokrorahardjo

Partner

David Tjokrorahardjo

Partner

David Tjokrorahardjo is a business leadership coach, a communicator of ideas, a multi-national entrepreneur, and an investor. Born and raised in Medan, North Sumatra, David is the third child of Soetekdjo Tjokrorahardjo and Lanny Riady. At early age, David had established few business operations. His early works were Bengkel Cakra and Global Mandarin Centerindo that was sold in 2005. He then pursued his bachelor degree at Stevens Institute of Technology at Hoboken, New Jersey majoring in Business & Technology. It’s there that he met his wife and together started Heartbead New York, a fashion jewelry retailer that was sold in 2007.

Currently David is the Managing Partner of Sekata Indonesia Perkasa (SIP), a business leadership coaching company focusing on organizations that want to put focus on customers satisfaction, employees growth and scaleable & sustainable leadership. David has a vision of “Sekata Indonesia Perkasa”. He believes that to become a world-class leader, the leader must discover and develop its strengths to become excellent, live an integrated lifestyle and contributes wherever the leader lives.

David is also the Managing Principal of Sovereign’s Capital, a US based private equity that invest globally in three main sectors of the economy: technology, health care, and consumer products & services. The company has invested in couple dozen companies with portfolios like Loket (now part of Gojek), Bridestory (now part of Tokopedia), Berry Kitchen (now part of Yummy), Printerous, Nimbly, Tada Network, Rebel Works, Hactiv8, Kode.id, Summit Medical, Xendit, Cloud Factory, Bandwith (Nasdaq), Mancrates, Thrive, and Grab.

David actively serves at Jakarta Praise Community Church as a leader and teacher. He has been happily tied with his wife, Julia Tan since 2000 and has been blessed with three children: Rachel, Daniel and Joseph.
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William Norvell

Principal

William Norvell

Principal

Throughout the course of his career, William has spent over nine years in Private Equity and Investment Banking, along with over five years pursuing entrepreneurial endeavors. He has investment experience in services businesses, education, technology, real estate, power, sports and healthcare. He co-founded an adventure race company and two technology companies. He loves finding unique investment opportunities, working with people and helping them become the best version of themselves. For Sovereign’s Capital, William focuses primarily on investing in traditional main street businesses with $2 million – $10 million in earnings, which also includes all of Sovereign’s search fund investments. He founded the Faith and Work ministry at Reality SF and loves engaging in any conversation about how to make work more meaningful in the world. He received an MBA from the Stanford Graduate School of Business and a BS in Finance, Summa Cum Laude, from the University of Alabama, where he was named a USA Today Academic All-American. William is married to a wonderful woman named Deb that continually challenges and refines him. They welcomed their first son Liam in 2018 and have a daughter on the way in 2020. William spends much of his time pulling for the Alabama Crimson Tide, coaching 7th grade basketball and trying to figure out where he lost his golf swing.
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Adora Jones

Senior Associate

Adora Jones

Senior Associate

Adora Elisapeta Jones is currently a Senior Associate with the firm, supporting both Indonesia and US operations. She has worked in Indonesia for over seven years as an operator and shareholder in an Indonesian business conglomerate in the aquaculture and hospitality sectors, then as a lecturer and program manager of the Executive MBA at Binus University. In the US, she spent time as a Policy Aide for a senior Congressman in Washington DC and holds a Master degree from UCLA. Before joining Sovereign’s Capital, she worked in the UK as a Research Associate at the University of Oxford where she completed postgraduate studies.
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Hal Cooley

Associate

Hal Cooley

Associate

Hal is an associate at Sovereign’s Capital responsible for due diligence and portfolio management of U.S. companies. Prior to joining Sovereign’s Capital, he spent 4 years with SunTrust Bank in Atlanta, GA. Hal held various roles during his tenure at SunTrust including executing strategic Sales Enablement efforts, Commercial Banking Strategy, and most recently as a Sr. Analyst covering technology, healthcare, and business services companies in Georgia. In 2010, he co-founded an annual high school golf retreat sponsored by PGA professional Webb Simpson focused on sharing life values in a competitive forum. Hal received his B.S. in Business Management with a concentration in Finance from North Carolina State University.
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Jim Fogleman

Chief Financial Officer

Jim Fogleman

Chief Financial Officer

Jim Fogleman serves as the Chief Financial Officer of Sovereign’s Capital. He is also the CFO of West Street Investment Services. For both firms, he oversees investment-level financial reporting and assists with compliance matters on behalf of the private equity funds. Prior, he held CFO positions with privately held companies involved in start-ups, turnarounds, and real estate development. These companies included Blue Rhino Corporation, a propane cylinder exchange marketer/distributor; Platinum Service Corp., a developer of Boston Market restaurant properties located primarily in the Carolinas and Georgia; and National Packaging Solutions Group, a southeastern US manufacturer and distributor of industrial packaging. Mr. Fogleman began his career in public accounting with Price Waterhouse and later with Pryor, Sills and Fogleman and the Daniel Professional Group. He earned a BS from the University of North Carolina at Chapel Hill and is a licensed CPA in North Carolina. Mr. Fogleman and his wife Mary Edna have three sons.
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Rusty Rueff

Venture Coach

Rusty Rueff

Venture Coach

Rusty invests in, advises and governs startups. He was appointed by President Obama to The President’s Advisory Committee for the Arts for The Kennedy Center and was Coordinating National Co-Chair for Technology for Obama. He is a corporate Director of alioth talent (co-founder), The Union Social Clubs and runcoach. He was on the founding boards of Glassdoor (acquired 2018) and HireVue (acquired 2019). Rusty was CEO of SNOCAP, Inc. through the sale of the company in 2008. Prior, he was an EVP at Electronic Arts (EA) responsible for global HR, Talent Management, Corporate Services/Facilities, Corporate Communications/Government Affairs, reporting to EA’s Chairman and CEO. Prior to EA, Rusty worked 10 years for the PepsiCo companies, concluding as a Vice President, International HR. Before that, he worked at Pratt & Whitney/United Technologies. In addition, he spent six years in commercial radio as an on-air personality. He holds an Honorary Doctorate from Hanover College, an M.S. in Counseling, and a B.A. in Radio & TV from Purdue University. In 2003, he was named a Distinguished Purdue Alumni. He and his wife are the named benefactors of Purdue’s Patti and Rusty Rueff School of Design, Art and Performance. He serves on the Purdue President’s Champions Council and the College of Liberal Arts Dean’s Advisory Committee. He also serves on the University of Rhode Island Foundation Board. He is a Trustee (and former President) of the Board of San Francisco’s American Conservatory Theater (A.C.T.), former Chair of The Grammy Foundation in LA, and now a founding Board Member of The GRAMMY Music Education Coalition. In 2013, he co-founded Tech4America (T4A.org) and sits on their Executive Committee. He is a member of the Academy of Television Arts & Sciences (ATAS) and The Recording Academy (NARAS). He co-authored Talent Force: A New Manifesto for the Human Side of Business (Prentice-Hall, 2006). Rusty regularly writes for his blog Purposed worKING and is a co-host of The Faith Driven Entrepreneur podcast. Rusty, his wife Patti, and Theo (French Bulldog), reside in Burlingame, CA. and Charlestown, RI.
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Russell Bjorkman

Venture Partner

Russell Bjorkman

Venture Partner

Russell Bjorkman joined Sovereign’s Capital as a Venture Partner in 2015, after serving as an advisor to Sovereign’s first fund for several years. Russell’s work experience spans across Europe, Asia, Africa and the US. As an investor and advisor, Russell has invested in businesses across Africa, Asia, South America and the US. As an attorney, Russell worked for Skadden Arps and Freshfields in London and Hong Kong for ten years, guiding significant IPOs and high-yield offerings, including that of Telkom South Africa, KazmunaiGas in Kazakhstan, FIFA in Europe, and Chinese real estate companies. His transactional experience spans 14 different countries. In Hong Kong, Russell led Skadden Arp’s pro bono work on behalf of the Hong Kong Refugee Advice Centre, which represented individuals facing persecution in their applications for asylum which were submitted to the U.N. High Commissioner for Refugees. Russell has a JD/MBA from the Wharton School / University of Pennsylvania Law School, and a Bachelor’s in Accounting and Psychology from the University of Southern California, where he played football and was a Rhodes Scholar semi-finalist. Russell and his wife were married in 2013 and live in Los Angeles, California.
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Toby Kurth

Chaplain

Toby Kurth

Chaplain

Toby serves as Sovereign’s Capital’s chaplain. He is also the Lead Pastor at Christ Church in San Francisco.

Toby’s family has been in California for four generations and he was raised mostly in San Diego and Monterey. He and his wife Rebekah were married in San Diego in 1999 and have three active and fun boys aged 15, 10, and 7. Toby earned his BS from UC Davis and after spending a number of years in the marketplace, he went back to school to pursue a masters at Westminster Seminary in California and a PhD at Stony Brook University in New York. While living in Brooklyn, God redirected Toby and Rebekah towards full-time ministry, and they came home to California in 2009 to plant a church in San Francisco.

As Lead Pastor at Christ Church, his primary responsibilities include preaching, counseling, leadership development, and providing directional leadership for our church.

Advisors

Our advisors contribute their functional, industry, and regional expertise in the discovery, diligence, and ongoing management of portfolio companies.