RSV Community Newsletter - March 2018

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Here's the latest from Red Sea Ventures
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MARCH 2018

GV Leads $34M Funding in Athletic Apparel Start-up Outdoor Voices

Using the latest round of funding, Haney said the company aims to grow its store fleet across the U.S., "so that everyone can have their local O.V." She wouldn't count out having 50 stores in the future, one in every state. By the end of 2018, Outdoor Voices plans to open five more shops.

"We're focused on building the No. 1 digital active brand," founder Tyler Haney told CNBC. "This definitely requires a physical presence. ... Doing things in real life definitely works and unlocks markets online."

Read the full article here.

Listen to Daniel Lewis, Founder & CEO at Red Sea Ventures portfolio company Convoy, share how he thinks about setting up for hypergrowth; specifically, the lessons learned and strategies on building the right investor base and board composition, raising a $62M Series B, and scaling as a CEO. 

Allbirds released new shoes using yet another unique, sustainable material: tree bark.

"There are a lot of reasons people like these shoes beyond just how comfortable they are. They're also relatively affordable at $95 a pair — a low price they're able to maintain as a direct-to-consumer retailer — and they're easy to clean with a simple spin in the 
washing machine. But for some, the biggest draw is the fact that the company maintains a deep, unshakable commitment to sustainability.

It's this commitment that led the brand to develop and introduce a new and even more sustainable set of shoes made from trees — or more specifically, from a textile engineered using Eucalyptus pulp."

Read more from Fast Company here

Prose is featured as a differentiated player in the personalized hair care category.

"Unlike other customized hair care brands that only use a questionnaire, Prose is built around a one-on-one consultation with professional stylists for an even more personal approach to your hair care. The result? A full-dimension picture of your unique hair and scalp needs.

The two-step Prose process starts with an online consultation to determine your specific hair issues. You can expect questions pertaining to your age, hair texture, hair length, and more. From there, the consultation moves into questions on how you style your hair and your general lifestyle, as well as questions on your top hair goals, preferred fragrance, whether you prefer vegan or gluten-free products, and several others."

Read more at Allure here.


Check out the Red Sea Ventures portfolio job board powered by Monday. Filter by location and role to find jobs that meet your search criteria, also, subscribe to be alerted when new positions are posted.

There are 396 open jobs across 27 companies in the Red Sea Ventures Portfolio network this week.

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Hello, World!

RSV Community Newsletter - February 2018

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Here's the latest from Red Sea Ventures
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FEBRUARY 2018

Following Seed Round led by RSV, Universal Standard Raises $7M Series A from Imaginary, Gwyneth Paltrow, and Others

Universal Standard — the direct-to-consumer, size-inclusive brand — has secured a $7 million round of funding led by Imaginary, the venture firm founded by Natalie Massenet and Nick Brown.

The Series A round included participation from Red Sea Ventures which led the Seed round in 2015, along with a host of high-profile entrepreneurs including Goop's Gwyneth Paltrow, MatchesFashion founders Tom and Ruth Chapman, Toms founder Blake Mycoskie, SoulCycle's Elizabeth Cutler and Sweetgreen's Jonathan Neman and Nicolas Jammet.

The new capital raised will be used to double-down on existing strategies — including category expansion and fabric innovation — and to grow size offerings, which is set to encompass sizes 6 to 32 in the coming year. There are also plans to amplify awareness via brand marketing, something the company has not explored before, make key executive hires and build a showroom network across the US. (Business of Fashion)

Launched in early December, New York City based beauty startup, Prose, combines automation and human expertise to produce its personalized shampoos, conditioners, and masks.

During the at-home or in-person salon consultation process, the Prose app collects 85 data points that describe a client's current hair conditions, lifestyle, and environment. Prose's A.I. software then uses that data, plus 76 natural ingredients, to generate a custom formula. (Inc.)

Ample Hills has made quite a name for itself leveraging Pop Culture for its special brand of flavors. Founder Brian Smith comments on this:

“Sort of baked into the DNA of Ample Hills from the beginning was a desire that I had to use ice cream to tell stories,” Smith says. “It’d come from creating monsters and trying to figure out how to create a new monster that somebody hadn’t seen before. I didn’t want ice cream flavors to simply be a collection of milk, cream, sugar, eggs, and other ingredients. I wanted to use ice cream flavors as a way to connect people to something that was more resonant and deeper.”

Salad. Suitcases. Razors. Face wash. None of these words typically inspire enthusiasm. But when associated with certain fast-growing enterprises, the reactions can be rapturous. Sweetgreen’s Nicolas Jammet, Away’s Jen Rubio, Walker & Company’s Tristan Walker, and Glossier’s Emily Weiss talk to Fast Company‘s Amy Farley about creating products that provoke passion. (FastCo)


Check out the Red Sea Ventures portfolio job board powered by Monday. Filter by location and role to find jobs that meet your search criteria, also, subscribe to be alerted when new positions are posted.

There are 337 open jobs across 27 companies in the Red Sea Ventures Portfolio network this week.

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Hello, World!

RSV Holiday Gift Guide - 2017

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Happy Holidays from Red Sea Ventures
HOLIDAY GIFT GUIDE
Enjoy these promo codes from the portfolio

HAPPY HOLIDAYS!
Red Sea Ventures
1. OUTDOOR VOICES

With a New Year's resolution to be more active, of course you need new gear! Outdoor Voices makes sportswear for Doing Things daily — dog jogs, runs, and yoga included. 
 
OFFER: 20% Off Your Order, no minimum purchase, through 12/31
CODE: REDSEAHOL17
2. ALLBIRDS

Your feet deserve the gift of comfort and style. Allbirds Wool Runners are the world's most comfortable shoes. If feet could clap, they would!

OFFER: Free, holiday specific laces with every purchase of Runners through 12/20
CODE: None needed
3. GOBY TOOTHBRUSH

Everyone will love the Goby electric toothbrush and you'll also benefit from a family with the cleanest teeth and freshest breath!

OFFER: 10% off
CODE: RSV10
4. TRACKSMITH

Don't walk into the new year. Run! Tracksmith creates premium performance apparel to celebrate the style and culture of running.

OFFER: 20% discount, expires 12/31/2017
Code: REDSEA
5. ALLBIRDS x OUTDOOR VOICES

The worlds most recreational brand teams up with the world's most comfortable shoe. A Red Sea Ventures portfolio collaboration...

Shop the collaboration

 
6. UNIVERSAL STANDARD

On Black Friday, US donated 100% of profits to Dress for Success, an international non-profit that empowers women to acheive economic independence. On Cyber Monday, you can...

OFFER: Recycle your old jeans and get a new pair -- FOR FREE!
CODE: DENIMDRIVE 

This holiday, give the gift of growing and get the whole family hands-on with their food — from mushrooms that grow in 10 days to home aquaponics!
 
OFFER: 15% off Ready to Grow products
CODE: GIFTOFGROWING15
8. NUCLEUS INTERCOM

Nucleus is a connected intercom device that combines the family phone, video calling, baby monitoring and smart controls for an all-in-one tool for communication and home management. 

OFFER: 20% off your entire order
CODE: REDSEA20
9. VIOLET GREY

Do you have a lot to make-up for this Holiday? Violet Grey provides a discerning curation of beauty products, tips and inspiration deemed essential by the industry experts who know best.
 
OFFER: Spend $100, receive $20 off
CODE: HOLIDAY20
10. AMPLE HILLS

The Holiday Season means ample excuses for as much ice cream as you want. Ample Hills ships nationwide! You can order online at www.amplehills.com

OFFER: 25% OFF 
CODE: STARWARS25
11. WAYUP

Hiring College Students or Recent Grads?  Reach 3.6M job seekers with WayUp, the leading talent acquisition tool for college students and recent grads. 

OFFER: $75 off your first month's subscription!
 

CODE: HOLIDAY2017

Go to WayUp.com/Employers, signup, then use the promo-code at checkout.
12. PAINTZEN

Paintzen combines convenient online booking, high-quality Benjamin Moore paints, free color inspiration tools and top-rated painters all in a simple, one-stop solution for all of your interior and exterior painting needs!

OFFER: Save $100 until 1/31/2018
CODE: RSV100*


*With qualified job of $1,000 or more; jobs below $1,000 are eliglble for $50 discount. No discounts below $500"
13. FABRIC

Get a jump on your New Year's resolutions and check "Create a Will" off your To Do list.

OFFER: Create a Will - for FREE!!
LINK: meetfabric.com/wills
HAPPY HOLIDAYS!
NYC EARLY-STAGE VENTURE CAPITAL
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Hello, World!

RSV Community Newsletter - November 2017

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Here's the latest from Red Sea Ventures
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NOVEMBER 2017

Red Sea Ventures leads Seed investment in Prose

We’re excited to announce that we recently led the Seed round in Prose, which is based in NYC and founded by former L'Oreal executives, with participation from Lerer Hippeau Ventures, Maveron and ISAI.

Prose empowers hair stylists to create fresh and personalized hair care for their clients using a proprietary diagnostics app, the highest quality ingredients, made-to-order manufacturing, and direct-to-consumer delivery.

We continue to be bullish about our NextGen Commerce 2.0 thesis focused on direct-to-consumer and values-based brand building, but we see Prose as an evolution into the Commerce 3.0 phase where both product and purchasing experience are improved by personalization and prescription, curation and consultation. By combining prescription from trusted experts (stylists) and personalized product, Prose is a great example of this Commerce 3.0 thesis.  

Universal Standard Founders among "50 Most Daring Entrepreneurs"

Entrepreneur Magazine released a list of the 50 Most Daring Entrepreneurs, naming Jeff Bezos and Elon Musk alongside Universal Standard founders Alexandra Waldman & Polina Veksler.

Universal Standard was recognized for its Universal Fit Liberty program, which launched in April, and allows customers to exchange pieces within a year of purchase for a different size. This offers peace of mind to women who are concerned that their size may change. Returned clothing is laundered and donated to charity.

“We’d see people in our showroom hesitate to buy that $120 dress because of the anxiety of not being sure they were going to stay that size,” Veksler says. In response to the launch of Universal Fit Liberty, says Waldman, “We get love letters — it’s incredible!”

The limited-edition Smallbirds are for ages two to four and are an exact replica of its adult Wool Runner version, meaning each pair are made with the startup’s signature eco-friendly merino wool material.

For a limited time, each purchase will be accompanied by a children’s book called “Sadie Shaves the Day,” which co-founder Joey Zwillinger penned himself.

The new funding round was led by Nan Fung Life Sciences with participation from NEA, Charles and Helen Schwab, and Maveron. The new funds will be used to accelerate Eargo's industry-leading product innovation, marketing and branding initiatives in order to remain the leading direct-to-consumer hearing health brand.

Eargo has developed the world's smallest, most comfortable, and rechargeable hearing aid. While over 48 million Americans currently experience hearing loss, 80% of those individuals do not purchase a hearing device. Eargo's product removes the stigma associated with hearing loss at a mass-market accessible price-point. 

Convoy Scores A Win With Anheuser-Busch Alliance

In addition to being selected in the Top 10 of LinkedIn's Top Companies 2017, trucking startup Convoy has landed a new multi-year partnership with Anheuser-Busch that will make it one of the top dozen or so carriers working with Anheuser-Busch, shipping about 500 million cans – or about 9,800 truckloads – of beer next year.

Anheuser-Busch chose Convoy as it is "looking for ways to better align incentives with its own drivers, improve their routes and contribute to the company’s goal of reducing carbon emissions." For Convoy, the scale of the Anheuser-Busch commitment shows the potential for similar large-scale partnerships with other corporations. And perhaps more importantly, the deal gives Convoy access to a steady stream of data at massive scale. 

Fabric, the startup making life insurance easy and accessible, launched Wills, a free online tool for creating a personalized will to protect your family.

Fabric Wills is designed to address the critical need for an accessible way for anyone to draft a will. Over half of US adults – some 3 in 5 – do not have a will in place, leading to potentially burdensome legal, tax, and emotional consequences for millions of American families. Fabric created Wills because it believes that these repercussions are easily avoidable with the right kind of tools.

Get your Fabric Will now.


We're seeking a part-time MBA Associate to join RSV as an intern at the beginning of the Spring 2018 semester. This will be our 4th class of the MBA Associate program, which has proven to be a great way to gain exposure and access to the venture community. 
 
Know any MBA's interested in VC? Please have them reach out to adina@redseaventures.com with Resume and Cover Letter. More info here. 
There are 290 open jobs in the Red Sea Ventures Portfolio network this week. Filter by location and role to find jobs that meet your search criteria, and subscribe to be alerted of new positions.
 
FEATURING

Social Media and Content Director
Prose, New York City

Customer Acquisition Manager
Prose, New York City


Email Marketing Manager
Universal Standard, New York City
 

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Hello, World!

MBA Associate Program @ Red Sea Ventures

Red Sea Ventures, an early-stage venture capital firm located in NYC, is seeking a part-time MBA Associate to join the firm as an intern at the beginning of the Spring 2018 semester. The firm is seeking an individual who will become an integral part of the fund’s day to day operations and investment process. The MBA Associate will work closely with the Red Sea Ventures team, attend pitch meetings, conduct diligence, and share their views on investment opportunities. Responsibilities will also include summarizing potential investments and conducting extensive market research.

The MBA Associate will receive fantastic exposure to venture capital, the technology industry, and the NYC start-up ecosystem and will gain experience in all aspects of the deal process including sourcing, investing, term sheet negotiation, and portfolio management.

This position will be part-time during the Spring 2018 semester. The MBA Associate will be expected to spend ~12 hours in the office each week and be available for up to 20 hours / week in total. There is potential for the MBA Associate to transition to a full-time internship during Summer 2018 contingent on performance.

Responsibilities

  • Assist team with identifying, sourcing, & evaluating new opportunities

  • Research market opportunities and develop investment themes

  • Produce detailed financial analysis and investment due diligence for potential investments

  • Work in a strategic capacity with portfolio companies on a regular basis

Desired Qualifications

  • Ideally a first-year MBA student looking to enter the venture capital industry

  • 2-5 years of experience preferred at a highly-regarded investment bank, consulting firm, technology company,

    or venture fund

  • Demonstrated passion for technology and entrepreneurship

  • Personal integrity, initiative, quantitative expertise, strong communication skills, and the ability to work as an effective part of a team are essential

  • Bachelor’s degree or equivalent from a premier undergraduate program

  • Legally qualified to work in the U.S.

Compensation

• This opportunity is unpaid, but some expenses are included

Next Steps

Please email hello@redseaventures.com using the subject “Red Sea Ventures – MBA Internship Application” and attach your resume and a brief cover letter.

About Red Sea Ventures

Red Sea Ventures is an early-stage venture firm investing in technology-enabled startups that are building the next generation of products and experiences for consumers and workers. Red Sea Ventures makes Seed & Series A investments and focuses much of its efforts on the New York ecosystem. Prior investments include: Sweetgreen, Convoy, Outdoor Voices, Allbirds, WayUp, SkySafe, Nest, and Elite Daily. To learn more about Red Sea Ventures please visit www.redseaventures.com or follow us on Twitter @redseaventures.

Scott's AlleyWatch Interview, Allbirds wool loungers, WayUp & Casetext Series B's, Fabric Launches

Scott was interviewed by AlleyWatch as part of the new series, Inside the Mind of an NYC VC. 

He provides insight into the way we think about the world here at Red Sea Ventures, and how that informs our investment focus and decision-making. Core to this worldview is our belief that the social contract between employer and worker is breaking down. We are moving from a hub and spoke society in which workers demonstrated loyalty to large corporations, to a networked model where individuals and entrepreneurs connect to work through marketplaces and platforms.

"Large companies were previously organized under a social contract promising to deliver employment and income security, training, identity, pensions, and also an implicit promise to continue to hire and absorb new incoming groups of workers. But that isn’t happening anymore and Automation and AI will only accelerate that disintegration.

Now, the Internet has flattened everything. It’s given the edges of the network access to production capacity, to information, to the fundamental resources that were previously only the province of large organizations. Because of this flattening, and the capacity to produce and push power out to the network edges, there is a major shift happening in how our society is organized and is going to be organized."

Scott goes on to talk about the importance of community in successfully building a consumer brand and how millennials have escaped Plato's proverbial Allegory of the Cave and seen the shadows on the wall.

Read the full interview here.

Millennial Job Search Platform WayUp Raises $18.5 Million Series B

Congratulations to Liz, JJ and the WayUp team on the latest funding round led by Trinity Ventures. This brings WayUp's total funding to $27.5 million since it was founded in July 2014, which they plan to use to build out their engineering and product teams. Currently, the team is over 50 employees. 

Casetext raises $12 million for legal research assistant CARA

Casetext raises a $12M Series B on the back of their successful new product release, CARA. 

CARA is an AI-powered legal research assistant that uses Casetext’s wikipedia-like database of over 10mm court cases and annotations, as well as sophisticated natural language analysis and AI, to understand the brief and recommend related cases.

CARA is an invaluable, innovative research tool,” Quinn Emanuel partner David Eiseman said in a statement. “With CARA, we can upload a brief and within seconds receive additional case law suggestions and relevant information on how cases have been used in the past, all in a user-friendly interface.

Fred Wilson of Union Square Ventures, who led Casetext's previous round, wrote in his blog A VC, "the legal business is ripe for AI-driven innovation. Much of legal research can and will be automated with tools like CARA."

Fabric raises $2.5 million to simplify life insurance

Brooklyn-based Fabric, an insurance-tech startup, has launched and raised a seed round of $2.5 million. The funding was led by Bessemer Venture Partners and included Red Sea Ventures. Fabric, which is licensed as an insurance agency, has built an entirely digital process through which customers can purchase life insurance from providers in two minutes without having to deal with a pushy agent. 

The company that made 'the world's most comfortable shoes' is releasing a brand-new style

Allbirds' new Wool Lounger

After the very successful launch of the Wool Runner last year, Allbirds is now launching its second design, the Wool Lounger. We've had the privilege of testing these out and can confirm they are as comfortable as they look.

The Wool Loungers use the same proprietary blend of super-soft natural merino wool from New Zealand that the Runners use; however, Allbirds has incorporated many learnings into the second model from their first year in-market. In fact, the Wool Runner itself "underwent 17 small changes and improvements in the last year." 

The Wool Lounger is available in both women's and men's sizes in green, gray, blue, and yellow. The price is the same as the Wool Runner: $95.

Read more, or Buy a Pair.
www.allbirds.com/

#FashionFWD

Scott moderated a panel at #FASHIONFWD on the future of commerce and the importance of "building a community around your brand." #FashionFWD

Check out the Red Sea Ventures job board on Monday to see open opportunities across the portfolio.

Filter by location and role to find jobs that meet your search criteria, and subscribe for updates to be alerted when new positions are added.

PORTFOLIO COMPANIES YOU'LL LOVE TO WORK FOR
RED SEA MONDAY BOARD

Karan Singh of JanusVR published a Medium post on the design philosophy behind JanusVR and "The Immersive Internet".


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The #1 Holiday Gift Guide in Venture Capital :)

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Happy Holidays from Red Sea Ventures
View this email in your browser
HOLIDAY GIFT GUIDE

Enjoy this curated list of gifts and promos from the RSV portfolio.

HAPPY HOLIDAYS!

Scott, Jason & the RSV team

 
1. OUTDOOR VOICES

With a New Year's resolution to be more active, of course you need new gear! Outdoor Voices makes sportswear for Doing Things daily — dog walks, runs, and yoga included. 
 
20% Off Your Order
Code: OVHOL20
2. ALLBIRDS

Your feet deserve the gift of comfort and style. Allbirds Wool Runners are the world's most comfortable shoes. If feet could clap, they would!
3. ELECTRIC OBJECTS

The gift that keeps on giving: Electric Objects is a great way to bring infinite options of art into the home. It's the perfect holiday gift for that new home. 

Buy 1 EO2, get $20 off
Promo code: CBS20
4. AMPLE HILLS

The Holiday Season means ample excuses for as much ice cream as you want. Ample Hills ships nationwide!

You can order online at www.amplehills.com
5. GOBY TOOTHBURSH

Everyone will love the Goby electric toothbrush as a stocking stuffer and you'll also benefit from a family with the freshest breath!

Save $15 when you purchase and subscribe to replacement brush heads. 

This holiday, give the gift of growing and get the whole family hands-on with their food — from mushrooms that grow in 10 days to easy windowsill planters, and home aquaponics!
 
15% off Ready to Grow product line with promo code: GIFTOFGROWING15
7. NUCLEUS INTERCOM

There's no better gift than letting Grandma see the kids! Nucleus is a connected intercom device that combines the family phone, video calling, baby monitoring and smart controls for an all-in-one tool for communication and home management. 
 
15% off all orders
Code: nucleuscbs2016
8. TRACKSMITH

Don't walk into the new year. Run! Tracksmith creates premium performance apparel to celebrate the style and culture of running.
 
Free Shipping to New Customers
Code: trackholiday16
9. THE FANCY

It's OK that being cool isn't your thing, let Fancy be your guide! Discover amazing stuff, collect the things you love, and buy it all in one place.

If you're in NYC, check out Fancy's Holiday pop-up shop at 461 W 14th Street over the next few days. 
10. VIOLET GREY

Do you have a lot to make-up for this Holiday? Violet Grey provides a discerning curation of beauty products, tips and inspiration deemed essential by the industry experts who know best.
 
Spend $100, receive $20 off
Code: HOLIDAY20
11. WAYUP

Need an extra hand in the New Year? Hiring interns or recent grads? Use code WELCOME25 to only pay $50 for a 30-day recruiting package on WayUp. 

Go to WayUp.com/Employers, signup, then use the promo-code at checkout.
12. ZIPDRUG
 
Give your friends and family the gift of never waiting at the pharmacy. Zipdrug provides on-demand prescription delivery and savings. Zipdrug is available in the New York Metro area and accepts all insurance plans.
 
Your first delivery is free! ($10 value)

 
13. PAINTZEN

Paintzen takes the pain out of painting with instant quotes and online booking. Start the New Year fresh, with a new coat of paint!

10 % off with discount Code: PZHOL10
Max $200, no discounts below $450.
14. BUSTER.COM

Buster is the easiest way to book a bus, van on limo for your holiday party or corporate event. 

10% off promotion under the discount code: RudolphTheRedSeaVentures
HAPPY HOLIDAYS!
NYC EARLY-STAGE VENTURE CAPITAL
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MBA Internship Position @ RSV

Looking for a part-time intern to work at Red Sea Ventures, an early-stage tech venture capital firm located in NYC. The firm is seeking interns who will become an integral part of the fund’s day to day operations and investment process. Interns will work closely with the team at the firm attending new pitches, conducting diligence and sharing their views on investment opportunities. Responsibilities will also include summarizing potential investment opportunities and extensive market research.

The internship will serve as fantastic exposure to venture capital, the technology industry and the start-up ecosystem in New York City. Candidates will gain experience in all aspects of the deal making process from sourcing to investment to portfolio management.

The internship will begin part-time with the potential to transition to a full-time summer internship. Interns will be expected to spend ~12 hours in the office each week and be available for up to 20 hours / week in total.

About the Role

  • Research emerging market opportunities and develop investment themes

  • Assist team with identifying, sourcing & evaluating new opportunities

  • Produce detailed financial analysis and investment due diligence (including business analysis, competitive

    landscape review, financial modeling and deal structuring)

  • Work in a strategic capacity with portfolio companies on a regular basis

About the Applicant

  • Ideally a first year MBA student looking to enter into the private equity or venture capital field

  • 2 - 5 years of experience preferred at a highly-regarded investment bank, consulting firm, technology company or venture fund

  • Demonstrated passion for technology and entrepreneurship

  • Legally qualified to work in the US

  • Personal integrity, initiative, quantitative expertise, strong communication skills, and the ability to work as an effective part of a team are essential

  • Applicants should have a Bachelors degree or equivalent from a premier undergraduate program

Compensation

Internship is unpaid but travel and some expenses are included.

Next Steps

Please email jason@redseaventures.com using the subject title “Red Sea Ventures – MBA Internship Application” and attach your resume.

About Red Sea Ventures

Red Sea Ventures is an early-stage tech, venture firm focusing on seed & series A investments within New York City. Prior investments include Convoy, SkySafe, Fancy, Nest, Splash, Casetext, Joor, Sweetgreen, Way Up, All Birds, Goby, Trigger Media, Host Committee, Violet Grey, InsideHook, Electric Objects and Elite Daily.