About Innovation Works
Innovation Works is a venture capital firm founded in 1999. It is primarily based out of Pittsburgh, United States. As of Nov 2023, Innovation Works has invested in 201 companies. It primarily invests in Seed round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and Consumer. Most recently it led the $500K Seed round of AdSkate along with Quaker Capital Investments. This round also saw participation from Carnegie Mellon University and other investors.
Overall, Innovation Works portfolio has seen 2 unicorns, 5 IPOs and 41 acquisitions including key companies like Yelp, Megvii and The Zebra. A lot of funds co-invest with Innovation Works, with names like Pittsburgh Life Sciences Greenhouse sharing a substantial percentage of its portfolio.
Innovation Works has team of 34 people including 14 partners.
Key Metrics
Team Members
, &
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A &
Portfolio IPOs
Portfolio Acquisitions
Portfolio Unicorns
Portfolio Soonicorns
Innovation Works' Year-on-Year Investment Trends
Innovation Works has invested in 201 companies over the last 25 years, with an average of 4 new investments annually in the last 10 years. Its most recent first time investment was in Subtl Beauty and most recent follow-on round was in Gridwise.
Year | No. of Investments | ||
|---|---|---|---|
1stÌý¸é´Ç³Ü²Ô»å | Follow-on | Total | |
2025 (YTD) | 0 | 0 | 0 |
2024 | 0 | 0 | 0 |
2023 | 5 | 0 | 5 |
2022 | 5 | 0 | 5 |
2021 | 4 | 0 | 4 |
2020 | 2 | 1 | 3 |
2019 | 2 | 1 | 3 |
2018 | 4 | 0 | 4 |
2017 | 6 | 3 | 9 |
2016 | 2 | 2 | 4 |
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Innovation Works' Investments by Stage
Innovation Works has made 93 investments in Seed stage with an average round size of $723K, 25 investments in Series A stage with an average round size of $5.79M and 5 investments in Series B stage with an average round size of $11.7M.Note: We have considered here, only first round of investments
Stage of entry | No. of Investments |
|---|---|
Seed | 93 |
Series A | 25 |
Series B | 5 |
Unattributed | 5 |
Angel | 4 |
Others | 1 |
Innovation Works' Investments by Sector
Innovation Works has a diverse portfolio, with companies operating in the Enterprise Applications, Consumer, High Tech, Life Sciences and Retail. Notably, it has invested in 165 Tech companies, 128 Enterprise (B2B) companies, 60 Consumer (B2C) companies and at least 53 companies focusing on Software.
Note: We have considered here, only first round of investments
Sector | No. of Investments |
|---|---|
Enterprise Applications | 47 |
Consumer | 35 |
High Tech | 28 |
Life Sciences | 18 |
Retail | 17 |
Others | 151 |
Innovation Works' Investments by Geography
Innovation Works has made most investments in United States (116), followed by China where it has made 14 investments.
Note: We have considered here, only first round of investments
Country | No. of Investments |
|---|---|
United States | 116 |
China | 14 |
Canada | 1 |
Germany | 1 |
Innovation Works' recent investments
Here are the most recent investments by Innovation Works:
Date | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Nov 14, 2023 | United States | Series A | $5.5M | CULT Capital [+1] | |
Aug 11, 2023 | United States | Seed | $4.25M | [+4] | |
Jun 09, 2023 | United States | Seed | $1.4M | - | |
Apr 18, 2023 | United States | Series A | $17.8M | [+4] | |
Feb 14, 2023 | United States | Seed | $1.5M | BTN Ventures [+4] |
Get the detailed list of all investments by Innovation Works. Download now!Unicorns in Innovation Works' Portfolio
Here is a list of unicorns in Innovation Works' portfolio:
ÃØÃÜÑо¿Ëù Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
67 | Online insurance comparison platform for individuals | 2012 | Austin | Series D | ubogcxn | ||
68 | AI-based platform offering facial recognition solutions | 2011 | Beijing | Series D | vdinrol |
IPOs and Publicly Listed companies in Innovation Works' Portfolio
Here are Innovation Works' portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Oct 08, 2021 | Jul 15, 2009 | Series A | $1.21M | |
Mar 26, 2021 | Jan 2011 | Seed | Undisclosed | |
Dec 30, 2019 | Dec 2013 | Series A | $10M | |
Mar 02, 2012 | - | - | - | |
- | - | - | - |
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Acquired companies in Innovation Works' Portfolio
Here are Innovation Works' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Nov 26, 2024 | - | - | - | |
Jul 12, 2022 | Nov 14, 2018 | Seed | $3.9M | |
May 05, 2022 | - | - | - | |
Mar 28, 2022 | Aug 18, 2014 | Series A | $2.25M | |
Oct 20, 2021 | Jun 11, 2014 | Seed | Undisclosed |
Team profile of Innovation Works
Innovation Works has a team of 34 membersÌýincluding 14 Partners, 2 Venture Partners and 14 PrincipalsÌýlocated in United States. Innovation Works' team does not sit on the board of any company as of now.Here is a list of top team members in Innovation Works:
Name | Designation | Location | Board Memberships | Contact details |
|---|---|---|---|---|
Partner | Pittsburgh | - | ||
Partner | Pittsburgh | - | ||
Partner | Pittsburgh | - | ||
Partner | Brooklyn | - | ||
Partner | United States | - | ||
Partner | United States | - | ||
Partner | Pittsburgh | - | ||
Partner | Pittsburgh | - | ||
Partner | - | - | ||
Partner | Pittsburgh | - | ||
Partner | Pittsburgh | - |
Get the full list of Innovation Works' team & partners for free. Download now!Co-investors of Innovation Works
Over the past 25 years, 344 investors have co-invested in Innovation Works's portfolio companies.
- Invested before Innovation Works:ÌýAlphaLab, Pittsburgh Life Sciences Greenhouse and 48 others have invested in rounds before Innovation Works. There are 12 companies where AlphaLab has invested before Innovation Works and 3 companies where Pittsburgh Life Sciences Greenhouse has invested before Innovation Works.
- Top Co-investors of Innovation Works:Ìý116 investors entered a company along with Innovation Works. These include investors like Pittsburgh Life Sciences Greenhouse (7 companies).
- Invested after Innovation Works:ÌýA total of 178 investors have invested in Innovation Works's portfolio after their investments. Top Investors include Birchmere Ventures (5 companies), HHS (4 companies) and Sinovation Ventures (4 companies).
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Recent News related to Innovation Works
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The Business Journals•Dec 16, 2023•Subtl Beauty, CULT Capital, Innovation Works, Grouse Ridge Capital and 1 other
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Cui Niuhui•Nov 24, 2022•Tiger ESOP, Xiaomi, Innovation Works, Zhongguancun Science City and 3 others
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