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SAN FRANCISCO, May 12, 2020 /PRNewswire/ -- Thayer Ventures, the only venture capital firm focused specifically on technology innovation in traveland 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 we've made as a firm as evidenced by the close of our third funds.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 San Francisco-based Thayer Ventures is an early stage venture capital firm with a strategic focus on technology within the global travel and transportation industry. Thayer prioritizes early stage b2b companies, but selectively looks at seed and later stage deals with selective b2c activity. Currently, Thayer Ventures manages four active investment vehicles with over $100 million in capital and over 20 active portfolio companies. Contact: Michael Frenkel for Thayer Ventures [emailprotected] (201) 317-7035 SOURCE Thayer Ventures

Answer: 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