Milky Way Ventures, also known as Milky Way Investments, is a US-based venture capital firm founded in 2008. Over the past decade, Milky Way has established itself as one of the most active early-stage investors in the country, backing over 150 companies across enterprise SaaS, fintech, consumer tech, healthcare IT, etc. Some of its prominent investments include lending platform Upstart, scheduling software Calendly, mental health startup Lyra Health, and many more. With a portfolio comprising of companies now valued at over $50 billion, Milky Way has cemented its position among the top VC firms in the US. In this article, we will take a closer look at some of the notable investments made by Milky Way over the years.
Early investment in lending startup Upstart
One of the most successful bets made by Milky Way is its seed funding for Upstart, a lending platform that utilizes AI and machine learning to provide more affordable credit while lowering default risks. Milky Way was one of the earliest backers of Upstart, participating in the company’s seed and Series A rounds in 2012 and 2014 respectively. Today, Upstart is a publicly traded company with a market cap of over $1.5 billion. The fintech startup has partnered with several banks to provide AI-enabled personal loans and automotive loans, analyzing over 1,600 variables per application for more accurate underwriting.
Backing scheduling software Calendly since seed stage
Milky Way was also an early investor in Calendly, a popular scheduling and appointment booking software founded in 2013. The VC firm participated in Calendly’s $550k seed round in 2013, followed by a $2.5 million Series A round in 2015. With capabilities to automate scheduling workflows and eliminate email back-and-forth, Calendly gained rapid traction among sales teams, recruiters, freelancers etc. The company has now raised over $350 million in total funding at a valuation of $3 billion. Calendly represents one of the biggest exits for Milky Way to date.
Investment in mental health benefits platform Lyra Health
In 2019, Milky Way led a $45 million Series B round for Lyra Health, a startup offering personalized mental health benefits for employees. Lyra partners with employers to provide mental health coverage through its digital platform, offering remote sessions with therapists and coaches. Since Milky Way’s investment, Lyra Health has gone on to raise $100+ million more at valuations exceeding $1 billion. The company’s clients include Amgen, eBay, Genentech, Morgan Stanley and many more.
From early stage investments in companies like Upstart, Calendly and Lyra Health, Milky Way has shown the ability to identify some of the most promising startups early on. The VC firm continues to be active across fintech, SaaS, healthcare and other sectors.