Dave Gray, one of Birmingham’s entrepreneurial leaders, is launching a new project: Stoneybrook Ventures. You may know him as the former CEO of Biso Collective or before that, CEO of Daxko. Keep reading to learn what’s next for Dave Gray.
What’s happening with Biso Collective?
After a realistic assessment of the Software-as-a-Service (SaaS) acquisition market, Dave Gray and EBSCO industries decided to end their Biso Collective venture.
” Collective’s original thesis was to pursue a buy-and-hold strategy focusing on creating and moving high quality jobs to Birmingham. With the disruption of COVID and the competitive nature of the market, our thesis proved to be very challenging. As a result, I came to the conclusion that it was best to dissolve the initiative and form a different approach.”Dave Gray, Stoneybrook Ventures
While Biso’s and EBSCO’s venture has come to an end, they both remain focused on investing in the future of Birmingham. The building formerly housing Biso Collective lives on, serving as a hub for EBSCO’s current and future investments.
“We are very grateful for our partnership with EBSCO Industries over the past couple of years, and we’re proud that the Biso HQ building we developed will continue to make an impact on downtown Birmingham’s growing Innovation District.”Dave Gray, Stoneybrook Ventures
So, what is Stoneybrook Ventures?
What is the new project? It’s a similar project to Biso Collective. Stoneybrook Ventures is looking for one or more larger companies to acquire and lead.
“The intent of Stoneybrook Ventures is that we will find a larger SaaS business in need of a CEO transition, and I will directly lead the team and the company’s growth.”Dave Gray, Stoneybrook Ventures
There is not a set timeline for Stoneybrook Ventures at the moment, but the acquisition process could take 12-18 months.
The new initiative will be primarily funded by Pamlico Capital, Daxko’s former investors. The firm will provide support in identifying target companies and conducting due diligence.
Gray is looking forward to working with Pamlico again and excited to see what the future brings for Stoneybrook Ventures.
“We had great success together in the past and are excited to partner once again. As I spent the last couple of years pursuing acquisitions through Biso, I came to realize that I missed leading a software SaaS company hands on. So this is a better fit for my talents and what I’m most passionate about doing.”Dave Gray, Stoneybrook Ventures
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