Alexandria, Va.-based QED Investors, a boutique investment firm that boasts of 28 unicorns in its portfolio, has led a $4 million pre-seed round for Airship, a Portland, Ore.-based startup developing software and financial products for HVAC businesses and contractors. Other participants included Silence, Lorimer Ventures, New York’s Four Acres Capital and Twine Ventures.
“The need for a streamlined buying process for HVAC businesses has never been greater,” said Adams Conrad, the New York-based principal of QED Investors. “Due to a slow-changing industry, few options allow homeowners to make better decisions for their homes, wallet and climate. Airship is bringing world-class software and fintech products to the home services space, helping alleviate the pressure businesses are experiencing from a changing climate, increasing regulation, more complex equipment and industry consolidation.”
Focused on Fintech, Data Startups
Founded in 2007 by the trio of former Capital One executives — Nigel Morris, Frank Rotman and Caribou Honig — QED focuses predominantly on fintech and data startups. It has raised $1.4 billion from five funds.
The venture firm has around $3.6 billion in assets under management, after making portfolio investments of $662 million. Its portfolio today consists of over 200 companies in 17 countries, 28 of whom are unicorns, valued at over $1 billion each. QED’s notable 24 exits include SoFi, Credit Karma and Klarna. Its recent investments include Noodle, Finkargo, XP Health, FlapKap and Aghanim.
Morris, who serves as managing partner, previously served on the boards of Capital One, The Economist, Klarna, Braintree, TransUnion and London Business School. Prior to QED, he co-founded Capital One Financial Services in 1994. Today, Morris chairs ClearScore and Mission Lane, and serves on the boards of Remitly, Quinto Andar, Bitso, Amount and Current.
‘Midas List’ Luminary
Rotman serves as QED’s chief investment officer and has made Forbes’ Midas List each of the past five years as “One of the World’s Best VC Investors.” Prior to QED, he was a member of the early team that created Capital One. He spent 13 years at Capital One, managing risk operations and several card units.
Commercial Real Estate
MacKenzie Companies
Advertising / Media / Communications / Public Relations
Nevins & Associates
Financial Services / Investment Firms
Chesapeake Corporate Advisors
Commercial Real Estate
Monday Properties
Venture Capital
Blue Delta Capital Partners
Internet / Technology
Foxtrot Media
Honig left QED in 2017 and today serves as partner at the Silicon Valley firm SemperVirens Venture Capital.
“Installing a furnace or heat pump is hard work, but selling them shouldn’t be,” said Airship co-founder and CEO Craig Battin. “We’re modernizing home services sales with purpose-built software that connects disparate data, digitizes paper forms and anticipates customer needs,” he added.
Airship also announced partnerships with ServiceTitan, a cloud-based software platform built to power trades businesses, and with multiple home services platforms.
