Pelion Venture Partners

Redo is coming out of stealth today. With it comes several announcements I’ve been waiting for two years to talk about. There are 3 thoughts that I’d love to share. 1. Tay Brown is one of the most inspiring founders I have ever worked with. Taylor is a serial entrepreneur who has started over 10 different companies, including 6 that have done over $1M in revenue and 3 that have been acquired. Prior to Redo, he and his wife started ACTA, a DTC brand that reached $10s of millions in revenue and gave him the inspiration for Redo. After he sold ACTA, he started Redo to solve the pains he experienced as an e-commerce merchant. The first product at Redo focused on returns. He bootstrapped Redo until July of 2022 when Pelion led the Seed round. For the next several months, Taylor wandered in the wilderness of finding product market fit. By the middle of spring of 2023, Redo found its footing. Taylor recruited Paul Draper as CTO, Chris Schmidt as the first sales rep, Hannu Willey as the first customer success rep, and Eric Lepretre as the head of Finance. He set the foundation of what Redo has become today. Last May, Sterling Snow joined Pelion Venture Partners as a Venture Partner. After joining I connected Sterling with Taylor, to have him be an advisor to Redo. Within a few days, Sterling was spending most of his time in Redo’s office helping Taylor build. Taylor instantly knew how special of a builder Sterling was. After a few months of building Redo side by side, Taylor asked Sterling to be the CEO of Redo. Taylor knew what that meant for him: Sterling would need full control of the business, a stock grant that was equivalent to a founder grant, and Taylor would step into a Board member role vs. a day-to-day company executive. Taylor, always putting the business first, and knowing this was the right thing to do, did what he needed to do to get Sterling in as CEO. Taylor is the most selfless founder I have ever met. 2. Sterling Snow is the best operator, leader, strategist, and entrepreneur I know. I worked with him when he ran Revenue at Divvy, where he grew Divvy's revenue run rate from $400K annually to over $400m annually in 5 years. Since Bill acquired Divvy for $2.5B, I have wanted to back Sterling in whatever he did next. Sterling’s leadership makes him special; people who work with Sterling maximize their potential, are inspired, hustle, grind, and will outwork anyone. The operational excellence that Sterling has brought to Redo is exceptional, resulting in it being the fastest-growing company (at its scale) we have ever invested in. It took longer than I thought, but I am blessed to work with Sterling and be on his board. 3. Susannah Duke was introduced to Taylor, had conviction first, led the seed and series A rounds for Pelion, and has now joined Redo as a GM. Her conviction, support, and help have been invaluable to Redo and Pelion. I’m so lucky to work with Suz and can’t wait to see what she builds at Redo. LFG Redo www.getredo.com

It’s always a fun day to talk about what’s next. And for me Redo is what’s next. Let me give a little context. I got to know Tay Brown over a year ago. He had an insight (from his time building E Commerce companies) into how Brands should manage their returns. He had dogfooded his idea, built an MVP, raised a seed round, and started adding the first customers. And I started to fall in love, the market was huge, the monetization model was different, the product was different, and the opportunity to build a platform was real. A new category was being created. Taylor and I started spending time together over a 3 month period and I joined to be a co-founder and the CEO of Redo. It felt perfect. I’ve long admired people like Keith Rabois and Mike Spieser who operate and invest and this was my chance to try it. (I’ll still be a Venture Partner at Pelion) So since I jumped in almost a year ago, we raised $24M in a series A. I went to every firm in Utah I thought was top tier with the idea of creating a startup that the WHOLE state could root for. Pelion Venture Partners led, EPIC Ventures, Kickstart Fund, and Tandem Venture Partners joined. The best angel investors ever wanted to support including Blake Murray, Alex Bean, Adam Edmunds, Ben Dahl, Jeremy Andrus, Mav Carter, Nate Walkingshaw, Jeff Burningham, and Jeron Paul. We also added some amazing firms in Cervin Ventures and AGLAÉ VENTURES (the venture arm of LVMH) to the captable. But more important by far were the Brands who were Redo customers who also wanted to invest in the Redo vision. Mary and Taylor Moody (Made by Mary), Connor MacArthur (Mission Belt), Aaron Dalley (Enso Rings) and over a dozen others. So why Redo? On the surface Divvy and Redo have nothing in common, but as you peel back the layers the similarities are hard to miss: 1. Huge market 2. Free software fixing a painful/expensive problem 3. Usage based monetization  4. Similar Go-To-Market  5. Consolidation of point solutions to create a platform One other similarity is the team. Getting the band back together as it were. Blakely Cragun is our CSO, Aaron Evett runs Revenue, Jordan Bleak runs Post Sales, Jared Cahoon is a GM of a new business line, Eric Lepretre is our Head of Finance. Paul Draper (non Divvy, but Former Chief Architect at Lucid) runs Eng. And this team is the very best one I’ve ever been a part of. We’re very early in our journey but I think Redo has tremendous potential and I know the team has unmatched pace, ambition, and standards. And I’m thankful to be building with them. LFG If you're excellent and want to swing big join us: https://lnkd.in/ePUhdbVp If you're a Brand I would love to chat: [email protected]

It was Summer 2023, Redo was taking off in a big way. It was time for our Series A. That’s when everything changed.. again. Enter: Sterling Snow I had just recruited him as an advisor, and it was clear that his expertise and experience was already impacting the business. Series A Pitch booked with a $B VC in New York? No problem. It was on this 24hr trip to NY that I gained my own belief of what everyone had been telling me about Sterling. “He’s the LeBron James of Business in UT dude.” (Although, knowing him now I’m sure he’d rather be known as the Kobe Bryant of Business.) I don't remember the exact words he said during the pitch.. but there was a comment he made that gave me conviction he was indeed the MVP. After the pitch, while Sterling was out of the room getting feedback, I turned to Eric and while overlooking NY on the 36th floor asked him a question that would start it all.. “What would it take for Sterling to be CEO?” Flying back home it’s all I could think about. Could the business 3x? 10x? Faster? We didn’t have any red flag business problems. We had the exact opposite. As the founder, it was my moral obligation to give Redo anything to become as big as possible. Even if that meant stepping out of the way. After a bit of discussing this, Sterling was all in. The board was all in. I was all in. And all in is what happened. Sterling became CEO of Redo about a year ago. Since then he has continued to show me it was the best decision I could have made. In that time, he has recruited one of the most talent dense teams I have ever seen. Blakely, Aaron, Jordan, Jared, Susannah, Brock, ⭐️ Shilo, and so so many more. This team has landed brands like MrBeast, Made by Mary, Jack's Surfboards, Wild Oak Boutique, &Collar, Baltic Born, Vissla, Minky Couture Designer Blankets, DIME Beauty Co, Pillow Cube, Gigi Pip, Mission Belt and many more. The company has grown from 1 Software SKU to 4 SKU’s and climbing. The original vision. We are becoming the platform I’ve always dreamt of. The platform I needed as a previous merchant. We’ve locked up a $24M Series A from some of the best VC's, (Pelion Venture Partners, EPIC Ventures, Kickstart Fund, Tandem Venture Partners, Cervin Ventures, and LVMH's Venture Arm AGLAÉ VENTURES ), and from talented Angel Investors (Blake Murray, Alex Bean, Adam Edmunds, Ben Dahl, Jeremy Andrus, Mav Carter, and Jeron Paul.) Despite joining later, he’s shown he cares as much as me. Which is why I believe he deserves a new additional title.. Co-founder. You’re seeing part 5 live, and funny thing is.. we’re just getting started. This one's going to be big. Part 1 (Failing): https://lnkd.in/gUvRXKzf Part 2 (Founding): https://lnkd.in/gQRC-gGz Part 3 (Fighting): https://lnkd.in/dumgRExw Part 4 (Funding): this post