3 Portfolio Investments and 1 Exit Underline ABS Capital’s 2022 Scorecard

Don Hebb and Tim Weglicki

ABS Capital, a venture firm that famously claims a “blue-collar” work ethic, presented its 2022 scoreboard in a graphic, listing three portfolio investments and one exit.

Founded in 1990 by former Alex.Brown CEO Don Hebb and Tim Weglicki with $20 million in committed capital from Alex. Brown, the Baltimore firm has over the years raised $2 billion and made over 100 portfolio investments, mostly in software and tech-enabled B2B businesses.

In 2022, its three portfolio investments were: software maker HSP Group, marketing management platform Cordial and smart mobility firm Beep. Here is a snapshot of the three, along with ABS Capital’s view of its prospects:

HSP Group: The Tampa, Fla., firm makes specialized software to help companies expand “in every country, throughout the world,” helping them navigate regulatory mazes, as well as manage a global HR system. ABS Capital led a $14 million Series B round for HSP in November, after which partner Cal Wheaton joined HSP Group’s board, while partner Jennifer Krusius was designated an observer.

The ABS view: “The leadership team at HSP brings deep and tenured experience with outsourced global expansion services, providing them a keen understanding of the opportunities and challenges in the industry, and how to be best positioned to serve rapidly changing customer needs.” — ABS Capital partner Cal Wheaton

Cordial: The San Diego, Calif., firm has built a cross-channel marketing and data platform to manage brands. ABS Capital co-led with NewSpring a $50 million Series C round in July.

The ABS view: “We are impressed with the innovation and intention Cordial and its leaders are executing within a market keen for a transformation. A combination of a great product and an even better company culture drives Cordial’s growth, and its track record shows its potential to outpace legacy providers.” — ABS Capital partner Bion Ludwig

Beep: In the emerging smart mobility industry, the Lake Nona, Fla.-firm has carved a niche in autonomous shuttle category. ABS Capital led a $25 million Series-A1 round for Beep in March.

The ABS view: “Beep has only existed for three years and is already a leader in the autonomous shuttle category…ABS Capital was drawn to Beep’s recent partnerships and growth initiatives.” – ABS Capital partner Jennifer Krusius

In 2022, ABS Capital exited Audacious Inquiry, a connected-care platform acquired by Canada’s PointClickCare for an estimated $250 million in March. ABS Capital invested in the Baltimore-based firm in 2018.

ABS Capital also made two key HR moves last year — promoting venture partner Jennifer Krusius to partner, and hiring Roshan Potzuru, previously of William Blair, as an associate. Krusius, an alumna of Harvard Business School and Cornell University, joined ABS Capital in 2020 after a stint as venture partner at Columbia Capital. She previously worked at Uber, Credit Suisse and the World Bank group’s International Finance Corporation, where she began her career in venture investing by working for IFC Asset Management Company.

At ABS Capital, Krusius has overseen the firm’s portfolio investments in Beep, HSP Group, ClearObject, an Internet of Things firm, and Vivacity Networks, a communications infrastructure startup. The first two are based in Florida, ClearObject is headquartered in Indiana, and Vivacity is located in Alexandria, Va.