Industry Update
Supplier News12 May 2020

Thayer Ventures Closes $80 Million Fund III to Invest in Technology Companies Disrupting the Travel and Transportation Industry

Disruptions Across the Value Chain and Shifting Consumer Behavior Patterns, In Particular During the COVID-19 Environment, Create an Environment Ripe for Accelerating Innovation

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Thayer Ventures

San Francisco - Thayer Ventures, the only venture capital firm focused specifically on technology innovation in travel and transportation, raised $80 million to invest in new startups in the $10 trillion global travel and transportation industries. Limited Partners in the new fund include strategic investors, family offices, sovereign wealth funds and other institutional capital.

"We are pleased to announce the completion of funding for Thayer Ventures Fund III," said Chris Hemmeter Managing Director at Thayer Ventures. He continued, "With this unprecedented period of global change and dislocation, we believe macro-disruptions, including the current COVID-19 environment, will be catalytic towards the pace of innovation and further underscore our long-term investment thesis. Disruptions across the value-chain, when combined with shifting consumer behavior patterns, accelerate the displacement of long-term incumbent technology providers and promote adoption of more flexible models across industries. We believe our portfolio companies will help lead that process in the future."

Investments already made out of Thayer Ventures' Fund III include cross-industry connectivity platform Beekeeper (www.beekeeper.com), commercial cleaning robotics innovator Dishcraft Robotics (www.dishcraft.com), mobility pioneer May Mobility (www.maymobility.com), and hotel management disruptor Lifehouse (www.lifehousehotels.com).

Mark Farrell, Managing Director at Thayer Ventures, added, "Travel and transportation are among the world's biggest and most robust industries, serving fundamental and immutable human needs and aspirations. The return of these industries will be driven by innovators including many of the companies in the portfolios of Thayer Ventures III and our earlier funds."

In line with its sole focus on travel and transportation technologies, Thayer Ventures supports its capital investments with a uniquely deep network of decision-makers to help capture proprietary deal flow, offer portfolio companies unmatched tactical and strategic value, and drive investor returns. Many of its early-stage investments have been the beneficiaries of this approach, and have either engineered profitable exits or built sustainable businesses that position them for continued growth and market leadership.

Thayer Managing Director Jeff Jackson concluded, "We're excited about the progress and culmination of funding for our third fund, and I'm pleased to be a part of a business that has grown, evolved and become more impactful in a dynamic marketplace, providing our companies with strategy and execution to be successful and repeatable."

About Thayer Ventures Acquisition Corporation

Thayer Ventures Acquisition Corporation is a newly formed blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the "Business Combination"). While the Company may pursue an acquisition opportunity in any industry or sector, it intends to focus on the travel and transportation technology sectors, which align with the background and investing experience of the Company's management team.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and search for a Business Combination. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the "Risk Factors" section of the Company's registration statement and prospectus filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact
Michael Frenkel
Thayer Ventures
Phone: +1 201 317 7035
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