NEW YORK, May 15, 2020 /PRNewswire/ -- Conversion Capital, an early-stage venture capital firm, announced that former Blend CTO and Co-founder Eugene Marinelli has joined the firm as its newest partner. Marinelli will provide counsel and invest in the next generation of software, cloud and data startups that are tackling the biggest challenges in the post-COVID-19 era, with a focus on building software infrastructure for highly regulated industries such as government, healthcare and financial services.
Conversion Capital is also launching Conversion Labs, which will bring together entrepreneurs and engineers to develop and scale software solutions for the most pressing challenges reshaping society during and after the pandemic. Former Sun Microsystems CEO and Co-founder Scott McNealy is a key advisor on the initiative.
"Conversion Capital has been instrumental to Blend's success and has a track record of being the first to fund and build some of the most exciting startups in the past decade, from Improbable to Booster Fuels," Marinelli said. "COVID-19 has accelerated technology adoption by a decade in the past two months, catalyzing a transition to a new economy. Conversion Capital is uniquely positioned to lead us into this new era with investments in startups that will shape the post-COVID-19 recovery across finance, healthcare and government."
Along with McNealy, Marinelli will lead Conversion Labs to help entrepreneurs and engineers found and build companies to transition the world to a post-pandemic economy. Conversion Labs is not an incubator; instead it will bring together a team of engineers, designers, and growth experts who will partner with public and private counterparts and a network of industry advisors to build solutions that have long-term positive impacts.
"Eugene's experience at Palantir and Blend makes him uniquely positioned to help find and support other early-stage software startups that are reinventing legacy industries and help them achieve breakout scale," said Conversion Capital Managing Partner Christian Lawless. "Eugene is incredible at scaling engineering teams and will be a vital force multiplier for our new initiative to tackle some of society's biggest challenges."
Backed by powerful business leaders including CAA Founder Michael Ovitz, Blackrock Chief Investment Officer Rick Rieder and former Chairman of the Council of Economic Advisers Glenn Hubbard, Conversion Capital focuses on software, data, and cloud companies in regulated industries like financial services, government and healthcare. Conversion Capital has been an early investor in many high-profile unicorn companies including Blend, Improbable, Figure, and Dataminr, as well as emerging startups like Booster Fuels, Qualia, AiLens, Ramp and Wisetack.
"Seismic change across the global economy is inevitable — the mainframe, hardware and legacy costs to traditional companies could be crippling without innovation to newer more effective technologies with lower, more variable costs," said Scott McNealy, Founder and CEO of Sun Microsystems. "Conversion Capital is one of only a handful of funds positioned at the forefront of this transition."
About Conversion Capital
Founded in 2012, Conversion Capital is a leading early-stage venture capital fund focused on software, data, and cloud infrastructure companies. As the seed investor to numerous unicorns, the firm specializes in guiding entrepreneurs through early growth channels, with a focus on the digital transformation of legacy industries like financial services, government, and healthcare. Conversion Capital has raised two early-stage funds, making more than 40 early-stage investments since 2012, and is currently raising a third fund. Learn more at conversioncapital.com.