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
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.
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.
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.
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.
Grab is the top ride-hailing app in SE Asia. The app connects taxis, independent drivers, motorcycles, and couriers with users across the region.
Hacktiv8 provides immersive, rapid education for developers with always updated curriculum to build skill in the latest software and professionalism for the technology industry.
IMMERSED VRImmersed VR connects distributed teams through a shared VR workplace and collaboration tools to maximize productivity.
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.
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.
Hypernet is a protocol for high performance computing across a distributed network of devices.
Loket is the leading event management, ticketing and data analytics company in Indonesia. In 2017, the company was acquired by GoJek.
TADA360 is a one-stop-shop for a practical, but impressive gifting experience. they are also focused on innovative fintech solutions.
Liquidia is a biopharmaceutical company transforming the development of new therapies by precisely engineering drug particles.
Concert Genetics is a healthcare technology company dedicated to making genetic testing more transparent and efficient for stakeholders across the healthcare system.
Trustify is an online platform that combines private investigators with data intelligence to support trust and safety for individuals and enterprises.
Dressabelle 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.
ShotTracker aims to improve the performance of competitive basketball players of all ages through our individual and team products.
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.
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.
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.
THRIVE FARMERS COFFEE
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.
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.
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.
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.
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.
Anutra is a medical device company focussed on dentistry. Their device enables quicker onset of numbness, and simplified utilization of various pharmaceutical agents
Berrykitchen 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.
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.
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.
Printerous is an online platform producing the finest quality printed goods. They offer a suite of products for personal, business, and artistic printing needs.
Maxwell enables real estate loan officers through a comprehensive tech platform that boosts productivity, and makes it much easier to close deals.
Threadloom makes it easy to search and index forums, and uses A.I. to automate expert newsletters for readers.
Springbuk is the leading employer-facing health analytics software that helps forecast cost and improve population health with confidence.
Our investment team is made up of operators with industry and regional expertise.
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.
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.
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.
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.
Jake has 15 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.
Throughout the course of his career, William has spent over six years in Private Equity and Investment Banking, along with over five years pursuing entrepreneurial endeavors. He has investment experience in 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 businesses in the lower middle market, 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. William spends the majority of his time pulling for the Alabama Crimson Tide, coaching 7th grade basketball and trying to figure out where he lost his golf swing.
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.
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.
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.
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.
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.
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.
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.
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.
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.
At Sovereign's Capital
Position: Private Equity Associate / Senior Associate (depending on experience)Industry: Private Equity, Venture Capital
Start date: January 2019
Contact: Please submit resume and cover letter to firstname.lastname@example.org
Sovereign’s Capital is a fast-growing private equity and venture capital firm that makes investments in stable and growing industries, early-stage technology, and search funds. We invest in faith-driven small businesses for excellent financial returns. Sovereign’s Capital has invested in over 40 companies and currently manages ~$100 million through three funds.
There are three main components to a Private Equity Associate / Senior Associate’s role at Sovereign’s Capital:
- Evaluate and pursue new investments (~40%): Identify investment targets; perform on- site due diligence and analysis; analyze data room materials; write investment reports; perform market research; assist in valuation and modeling.
- Support Fund operations (~40%): Manage communications with investors; prepare semiannual fund newsletter; assist with the annual audit; oversee website maintenance; project manage deal flow projects; lead administration of spiritual integration reviews; co-lead annual meeting logistics; update and maintain our portfolio database.
- Monitor portfolio companies (~20%): Compile and analyze financials from portfolio companies; provide on-site assistance to businesses when needed; participate in management calls; evaluate exit opportunities; conduct ongoing reporting.
As a lean, entrepreneurial company, flexibility and willingness to pitch in wherever needed is critical.
- Shared commitment to the mission
- Minimum 2+ years of investment banking, management consulting, venture capital or M&A transaction experience
- Expert in financial modeling and corporate finance
- High competency working with Microsoft Office and Google Docs
- Self-starter who enjoys an entrepreneurial atmosphere and seeks feedback
- Ability to learn quickly and to work both independently and as part of a team
- Acts with the integrity at all times
- High internal motivation and attention to detail
- Excellent interpersonal and communication skills
- Willingness / ability to travel frequently
- Customer Success Lead: First (Durham, NC)
- Data Platform Engineer: First (Durham, NC)
- Sales Representatives: First (Durham, NC)
- VP of Sales: Springbuk (Indianapolis, IN)
- Senior Software Engineer: Springbuk (Indianapolis. IN)
- Content Marketing Specialist: Springbuk (Indianapolis. IN)
- Client Success Manager: Springbuk (Indianapolis. IN)
- Sales Development Representative: Maxwell (Denver, CO)
- VP of Product: CloudFactory (Durham, NC)
- Sales Manager: CloudFactory (London)
- Director of Sales and Marketing: CloudFactory (Durham, NC)
- Software Engineer: RevBoss (Durham, NC)
- VP of Engineering: RevBoss (Durham, NC)
- Business Development: RevBoss (Durham, NC)
- CRO, Sr. VP of Sales: Trustify (Crystal City, VA)
- Senior Platform Engineer: Trustify (Crystal City, VA)
- VP Business Development (Various Sectors): Trustify (Crystal City, VA)
- Senior Producer, Digital Content: Trustify (Crystal City, VA)
- Director of Merchandising: Man Crates (Bay Area, CA)
- Director of Growth Marketing: Man Crates (Bay Area, CA)
- Senior Front End Engineer: Man Crates (Bay Area, CA)
- Enterprise Account Executive: EmployUs (Durham, NC)
- Technology Operations Lead: ShotTracker (Kansas City, KS)
- Various Jobs: Hacktiv8 (Jakarta, Indonesia)
- Various Jobs: Grab Group (Singapore, Jakarta, SE Asia)
- Various Developers: RebelWorks (Jakarta, Indonesia)
- Various Engineers / Designers: Xendit (Jakarta, Indonesia)
- Various Jobs: TADA Network (Jakarta, Indonesia)
- Various Jobs: BrideStory
San Francisco Bay Area
(for inbound questions, please reach out to email@example.com)
Back Office and Operations:
Attn: Jim Fogleman
310 S. West Street, Suite 100
Raleigh, NC 27603
Indonesia Office :
Level 11, One Pacific Place SCBD Area
Jalan Jend. Sudirman kav. 52-53