About
We invest in growth-stage companies operating in expanding markets, with $500,000 to $10,000,000 in revenue. In addition to a clear path to profitability and exit, we are most interested in investing in excellent, values-driven management teams motivated by visions that go beyond outsized financial returns.
While our primary focus is in the U.S., Sovereign’s Capital also invests in Southeast Asia, where 2 billion consumers will join the middle class over the next decade. We were the first U.S. fund with investment professionals on the ground in Indonesia investing in consumer-focused startups, which gives us significant advantages in procuring deal flow and conducting diligence in this rapidly expanding market. We provide unique access for Southeast Asian companies targeting U.S. channels to market, and can provide market insights and relationships for our portfolio companies across the U.S. and in Indonesia.1
1“Capturing the World’s Emerging Middle Class,” and “Winning the $30 trillion decathlon: Going for gold in emerging markets.” McKinsey Quarterly
We invest primarily in industries where our partners and team have relevant experience and expertise: B2C technology, tech-enabled consumer goods and services, B2B technology, healthcare IT, and medical devices.
- Invest $250,000 – $2,000,000 in teams of excellent operators capable and motivated to win in industries of high growth potential
- Actively partner with companies as they scale, using our industry experience to provide management guidance and assist in strategic planning
- Leverage our regional experience, operator backgrounds, and advisor network to assist with executive team staffing, growth opportunities, and negotiations
- Support portfolio companies by taking board and observer seats, and through regular reviews of performance metrics
- Identify potential strategic and financial buyers before making an investment and throughout our holding period to maintain a focus on exit strategy
active portfolio companies
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410 MEDICAL
Visit Site410 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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BANDWIDTH
Visit SiteBandwidth 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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CLOUDFACTORY
Visit SiteCloudFactory 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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FIVESTARS
Visit SiteFivestars 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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GRAB
Visit SiteGrab 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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MAN CRATES
Visit SiteMan 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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XENDIT
Visit SiteXendit 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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Hypernet
Visit SiteHypernet is a protocol for high performance computing across a distributed network of devices.
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LOKET
Visit SiteLoket is the leading event management, ticketing and data analytics company in Indonesia. In 2017, the company was acquired by GoJek.
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TADA
Visit SiteTADA360 is a one-stop-shop for a practical, but impressive gifting experience. they are also focused on innovative fintech solutions.
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LIQUIDIA TECHNOLOGIES
Visit SiteLiquidia is a biopharmaceutical company transforming the development of new therapies by precisely engineering drug particles.
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CONCERT GENETICS
Visit SiteConcert 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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TRUSTIFY
Visit SiteTrustify is an online platform that combines private investigators with data intelligence to support trust and safety for individuals and enterprises.
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DRESSABELLE
Visit SiteDressabelle is an e-commerce site focused on fast fashion catered to professional women. The company was rolled up into a regional e-commerce group iFashion in 2017.
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SHOTTRACKER
Visit SiteShotTracker aims to improve the performance of competitive basketball players of all ages through our individual and team products.
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BRIDESTORY
Visit SiteBridestory 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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FIRST
Visit SiteFirst 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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KAMMOK
Visit SiteKammok 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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THRIVE FARMERS COFFEE
Visit SiteThrive 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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CANOPY
Visit SiteCanopy 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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CARESYNC
Visit SiteCaresync is the leader in chronic care management offering care coordination services, medical records retrieval and easy-to-use technology for health.
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CLADWELL
Visit SiteCladwell 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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EMPLOYUS
Visit SiteEmployUs 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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REVBOSS
Visit SiteRevBoss 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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ANUTRA MEDICAL
Visit SiteAnutra is a medical device company focussed on dentistry. Their device enables quicker onset of numbness, and simplified utilization of various pharmaceutical agents
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BERRY KITCHEN
Visit SiteBerrykitchen is a vertically integrated food delivery service in Jakarta. Focused on subscription services for bulk ordering, they deliver to both individuals and groups around the city.
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REBELWORKS
Visit SiteRebelworks 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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SOAPBOX
Visit SiteSoapBox 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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PRINTEROUS
Visit SitePrinterous 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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MAXWELL
Visit SiteMaxwell 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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THREADLOOM
Visit SiteThreadloom makes it easy to search and index forums, and uses A.I. to automate expert newsletters for readers.
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SPRINGBUK
Visit SiteSpringbuk is the leading employer-facing health analytics software that helps forecast cost and improve population health with confidence.
Team
Our investment team is made up of operators with industry and regional expertise.
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Henry Kaestner
General Partner
Henry Kaestner
General Partner
Henry Kaestner is a Co-Founder and previous CEO, and then Chairman of Bandwidth.com, a company that together with his business partner, David Morken, he has grown from $0 to $250 million in revenue. The values of Bandwidth.com have always been: Faith, Family, Work and Fitness (in that order). Bandwidth.com 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.com 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 DurhamCares, sits on the Board of Visitors at the University of North Carolina at Chapel Hill, and the Board of Directors of Praxis, an accelerator committed to helping Faith driven entrepreneurs. He also serves on the Board of Directors of Bandwidth, Republic Wireless, CloudFactory, ThriveFarmers, First, and RevBoss. Additionally, Henry serves as an elder in the Presbyterian Church of America and lives in Los Gatos, CA with his wife Kimberley and their three sons.
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Luke Roush
General Partner
Luke Roush
General 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. Luke is primarily focused on the fund’s healthcare and consumer product investments. 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, a medical device company that developed and commercialized a minimally invasive surgical system in the US, Europe, and Asia. Prior to joining TransEnterix (NYSE:TRXC), he served as Chief Operating Officer at Liquidia Technologies, a nanotechnology company focused on biopharmaceutical applications. Luke previously served as global marketing manager for the neurovascular stroke business at Boston Scientific’s (NYSE:BSX). He also co-founded 410 Medical, a device company focused on pediatric emergency care, in 2012. Luke 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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David Tjokrorahardjo
General Partner
David Tjokrorahardjo
General Partner
David Tjokrorahardjo is a communicator of ideas and a multi-national entrepreneur. Born and raised in Medan, Indonesia, David started his first enterprise, a Chinese Learning Center, in 1998 and later sold that business in 2005. He then went on to build a retail jewelry company in New York, which was sold in 2007. David lived in the United States for more than 10 years, where he pursued an undergraduate degree in Business and Technology from Stevens Institute of Technology in New York City. In 2010, David moved back to Indonesia where he co-founded DTI Group, a business that focuses on real estate development, energy, and consumer products. David maintains his role as a non-operational director of DTI. David also sits on the Board of Directors for the Indonesian Entrepreneurs Association (I.D.E.A.), and Indonesia Beautiful. He actively ministers as a public speaker and teacher in Jakarta Praise Community Church. David and his wife, Julia, reside in Lippo Karawaci with their three young children.
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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 son, Caleb.
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Jake Thomsen
Principal
Jake Thomsen
Principal
Jake has 12 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 Principal at Sovereigns Capital. He lives in Washington, D.C., with his wife Lauren, where he is a board member 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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John Drexler
Senior Associate
John Drexler
Senior Associate
After joining Sovereign’s Capital in 2014 as a healthcare analyst, John has taken on a number of other roles at the fund focused on due diligence, financial modeling, and fund operations. Before joining Sovereign’s Capital, he studied economics at Covenant College, served as a Management Associate at Siloam Hospitals (IDX:SILO), and as Marketing Manager on Summit Healthcare’s founding team in Jakarta.
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Katharina Inkiriwang
Senior Associate
Katharina Inkiriwang
Senior Associate
Katharina Inkiriwang joined Sovereign’s Capital in early 2016 focusing on due diligence and portfolio management of the Indonesian companies. She also supports the team on pipeline, operations and collaborations with other investment funds. Previously, she worked as an Associate at Syailendra Asia, a local private equity fund. Katharina holds a Bachelor of Arts from the University of Applied Sciences in Wiener Neustadt, Austria and is a Co-founder of a local staple fashion startup focusing on the Indonesian market.
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Adora Jones
Associate
Adora Jones
Associate
Adora Elisapeta Jones has worked in Indonesia for over six 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. Most recently, she was a Research Associate at the University of Oxford where she completed postgraduate studies. She also spent time as a Policy Aide for a senior Congressman in Washington DC, and holds a Master degree from UCLA.
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Rusty Rueff
Venture Coach
Rusty Rueff
Venture Coach
Rusty is an active advisor and Board Director for venture-backed start-ups and philanthropic causes. In September 2014, Rusty was appointed by President Obama to The President’s Advisory Committee for the Arts for The Kennedy Center. Rusty is also the former Chairman of The GRAMMY Foundation in Los Angeles. Politically, he successfully complete a 16 month leadership role as Coordinating National Co-Chair for Technology for Obama (T4O) for the reelection of President Obama. Corporately, most recently he was the Chief Executive Officer at SNOCAP, Inc. until the acquisition of the company by imeem, Inc. in April 2008. Before joining SNOCAP in 2005, he was Executive Vice President of Human Resources at Electronic Arts (EA) from 1998 until 2005. He was also with the PepsiCo companies for more than ten years, with the Pratt & Whitney division of United Technologies for two years, and in commercial radio as an on-air personality for six years. Rusty holds an M.S. in counseling and a B.A. in radio and television from Purdue University. In 2003 he was named a distinguished Purdue alumnus, and he and his wife, Patti, are the named benefactors of Purdue’s Patti and Rusty Rueff School of Visual and Performing Arts. He is a corporate director of Glassdoor and runcoach . He serves as a Trustee of the American Conservatory Theater in San Francisco, where he was also Board President. He is the co-founder and Executive Committee Member of T4A.org , on the Founding Circle of The Centrist Project and a founding Board Member of The GRAMMY Music Education Coalition. He is also the co-author of the book Talent Force: A New Manifesto for the Human Side of Business. Rusty and his wife, Patti, reside in Burlingame, CA and Charlestown, R.I.
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Tim Oakley
Venture Coach
Tim Oakley
Venture Coach
Tim has over 25 years as an executive in both public and private companies in the high technology areas of saas/enterprise software, internet, digital media & mobile communications. He has conducted nearly $1 billion in financial transactions Including three transactions in Raleigh/Durham which were Appia Inc (2015), iContact (2012) and Opensite (2000).
Tim has provided operational and financial leadership to fast growth start-ups with little revenue and employees to companies with billions in revenue, global operations and over 15,000 employees. He has grown two companies from the start-up phase to over $50M during the market downturns in the early 2000 and 2008, both of which sold for hundreds of millions of dollars.
Before iContact, he was the CFO of CipherTrust (Now McAfee), a leader in messaging security. & held various financial executive positions with OpenSite Technologies (Oracle), Broadband Technologies, MCI (Now Verizon), and Coopers & Lybrand (Now PWC) where he earned his CPA.
Tim serves as a board member at Cherwell Software, consults with start-ups and provides executive coaching at Exponential Impact Accelerator, the Carolina Clinic Executive Wellness Center at UNC Hospital and in private practice. He is a Certified Coach through Duke University’s Center for Integrative Medicine.
Tim earned an MBA from Emory University, has an undergraduate degree in accounting from East Carolina University (Magna Cum Laude) and is a CPA. In addition to his coaching certification from Duke, he has a Master of Arts in Counseling (Magna Cum Laude) and has provided over 1,000 hours of clinical therapy services to a diverse set of clients.Tim spent much of his career in Atlanta & Wash.DC but is a native of Durham, NC where he now lives with his wife and two sons.
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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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Scott Barstow
Venture Partner
Scott Barstow
Venture Partner
Scott is a principal at Bandwidth Labs, the technology petrie dish for Bandwidth.com. He is also CEO and founder of Rocket Hangar, a self-funded startup focused on social and geospatial applications in several verticals. As CTO of Bandwidth.com from 2005 to 2008, he designed and built much of the infrastructure that helped the company grow at a meteoric rate and landing in the top 100 of the Inc. 500 Fastest Growing Companies for three consecutive years. Scott also co-developed the first real-time Internet service pricing engine in the marketplace, powering relationships with Dell, IBM and HP as a senior technologist at Bandwidth.com from 2002-2004. In between stints at Bandwidth.com, Scott served as CTO for Data Business Systems. Prior to Bandwidth.com, Scott was a part of several software and technology companies focused on retail and point of sale automation. Scott most recently served as Director of Development at Symantec Corporation for Symantec Workflow Solution, a workflow and business process automation product. Scott graduated from Oral Roberts University with a B.S. in Accounting and lives in Raleigh, NC with his wife and children.
Advisors
We have 50+ advisors who contribute their functional, industry, and regional expertise in the discovery, diligence, and ongoing management of portfolio companies. The gallery below is a non-exhaustive sample of our advisors.
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SUPARNO ADIJANTO Managing Director, Bumi Raya Group Of Companies
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TEDDY BATANGHARI CEO of summit medical, former CEO of pik hospital
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DAVE BLANCHARD President, Praxis Labs
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BRENT BURGESS President, Granville Advisors
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TOM DARDEN CEO, Cherokee Investments
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BOB DOLL Chief Equity Strategist, Senior Portfolio Manager, Nuveen Asset Management
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APRIL CHAPMAN Co-Chairman, World Vision Innovation Fund
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KENNETH EWELL Senior Analyst, Quvat Management
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JIM FOGLEMAN CFO, Cherokee Investment Services, Inc.
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RAM GIDOOMAL CBE Businessman, Chairman Of The Lausanne Movement
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JD GREEAR Lead Pastor, Summit Church
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STEVE HASE VP Development, The C12 Group
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JONATHAN HATCH Co-Founder and Managing Director, Madison Pacific Group
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DARYL HEALD Partner, GGMI
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RONALD ISHAK Partner, RMKB Ventures
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GRANT JACKSON General Partner, Council Capital Management
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ELIZABETH JORDAN Associate Director of Development, Georgetown University
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EDWIN KEH Former SVP/COO, Global Procurement At Walmart, Lecturer, Wharton Business School
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GARHENG KONG Managing Partner, Healthquest Capital
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JOSH KWAN Partner, Co-Founder Praxis Labs
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JEFF LABARGE Founder, Executive, And Software Developer
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MOSES LEE Group President, Keypath Education
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JON LIAO Director, Data Analytics, 500 Startups
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ANDRE MANN A Multilingual International Business Operator With Expertise In Banking And Consumer Products.
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ZACK MANSFIELD Managing Director, Square 1 Bank
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MARISSA MAREN Commissioner, Busana Apparel Group
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JEREMY MARIO Principal Of Private Equity Investments, Mario Family Partners
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DAVID MCKINNON Chairman, Service Brands International
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JENNIFER MELLON Founder and President, Trustify
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CRAIG MERRIGAN CEO, Spotlight Solar
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CHARLES MERRITT Entrepreneur In Residence, University Of North Carolina At Chapel Hill
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DAVID MORKEN Co-founder & Ceo, Bandwidth.com
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JOEL MOXLEY Founder, Moxley Holdings and Rho.ai
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MICHAEL MULCAHY President, Founder at Kings Path Partners LLC
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HALEY ROBISON CEO, Kammok
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CHRIS RUDOLPH Director, Public Investments, Unc Management Company
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STEPHEN RUNDLE Professor, Biola University
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TOMMY TJIPTADJAJA Partner at Poiema Creative Group
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DOUG VAUGHN Senior Managing Director, Triangle Capital Corporation
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JT VAUGHN VP and General Manager, Industrial Heat
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MARK WESSON CEO of BMSS Wesson Wealth Solutions
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DAVE WILLS President, National Christian Foundation
Jobs
Are you or someone you know a perfect fit for a Sovereign’s Capital company? Please let us know by filling out the form at this link. If it looks like a good match, we’d be happy to connect you with one of our companies. Our portfolio companies are seeking to fill the following positions. Please reach out to them directly.
United States
- Customer Success Lead: First (Durham, NC)
- Customer Service: Patient Enrollment Coordinator: Caresync (Tampa, FL)
- Data Platform Engineer: First (Durham, NC)
- Lead Product Designer: Maxwell (Denver, CO)
- Sales Representatives: First (Durham, NC)
- Senior Product Manager: Maxwell (Denver, CO)
- CTO: CloudFactory (Durham, NC)
- Account Executive: Maxwell (Denver, CO)
- VP of Product: CloudFactory (Durham, NC)
- Software Engineer: RevBoss (Durham, NC)
- Sales Manager: CloudFactory (London)
- VP of Engineering: RevBoss (Durham, NC)
- Director of Sales and Marketing: CloudFactory (Durham, NC)
- Business Development: RevBoss (Durham, NC)
- Senior Platform Engineer: Trustify (Arlington, VA)
- Director of Merchandising: Man Crates (Bay Area, CA)
- Financial Analyst: Caresync (Tampa, FL)
- Director of Growth Marketing: Man Crates (Bay Area, CA)
- Supervisor: Contact Center: Caresync (Tampa, FL)
- Senior Front End Engineer: Man Crates (Bay Area, CA)
- Enterprise Account Executive: EmployUs (Durham, NC)
Asia
- VP of Sales: TADA (Jakarta Indonesia)
- Various Jobs: GrabTaxi (Singapore, Jakarta, other)
- Sales Executive: Berry Kitchen (Jakarta, Indonesia)
- Various Developers: RebelWorks (Jakarta, Indonesia)
- UI/UX Developer: Berry Kitchen (Jakarta, Indonesia)
- HR Specialist: RebelWorks (Jakarta, Indonesia)
- Business Sales Manager: Bridestory (Jakarta, Indonesia)
- Various Engineers / Designers: Xendit (Jakarta, Indonesia)
Contact
Headquarters
San Francisco Bay Area
(for inbound questions, please reach out to info@sovereignscapital.com)
Back Office and Operations:
Attn: Jim Fogleman
111 East Hargett Street, Suite 300
Raleigh, NC 27601
Indonesia Office :
Level 11, One Pacific Place SCBD Area
Jalan Jend. Sudirman kav. 52-53
Jakarta 12190