Dallas-based Braemont Capital, which was founded in 2021 by former RedBird Capital partner Robert Covington, closed its inaugural capital raise with $525 million in committed funds, exceeding the group’s goal by $25 million. The capital raise is the largest inaugural growth equity fund closed in the history of Texas.
“The closing of our first growth equity fund is an important milestone for Braemont and allows us to continue supporting entrepreneurs seeking investors who can serve as genuine strategic and value-added partners,” said Robert Covington, the fund’s managing partner. The Braemont team’s depth of expertise and experience in supporting growing businesses and its long-term capital base are attractive points of differentiation for business owners and management teams. We are grateful for the trust and confidence our investors have shown in our firm and look forward to continuing to execute on the fund’s strategy.”
The firm, which is headquartered at Old Parkland, focuses its investments across the technology, business services, and financial services sectors. The firm says its capital raise was led by leading family offices, executives, and entrepreneurs.
In February 2022, the fund made its inaugural investment in RedTeam Software, a construction management software platform. Outside of North Texas, Braemont also has offices in New York, Charlotte, and Palm Beach, Florida.
LTK Invests $2 Billion into Creators and Influencers
Amber Venz Box’s Dallas-based LTK, formerly known as rewardStyle and LIKEtoKNOW.it, has reached a milestone of investing $2 billion into LTK creators and influencers.
The global LTK marketing platform is an expansion of a creator’s direct to consumer business—and social media booster—creating an environment for a companies to find potential buyers. The platform also monetizes online creators’ content and influence, engendering multiple lines of revenue for professional content creators.
It took LTK nine years to reach the $1 billion threshold and just two years to double that investment.
“Our mission has always been the same—to make creators as economically successful as possible,” said Box, co-founder and president of LTK. “As a result, we have created a better way to shop and found new efficiencies for brands and when everyone wins, the economy grows together. We’re incredibly proud of reaching this significant accomplishment for our creator community, and we’re just getting started. Our continued investments in the platform will deliver the support creators need to reach the next $2 billion in much less time.”
Wells Fargo Breaks Ground on Regional Campus in Las Colinas
This week, San Francisco-based Wells Fargo kicked off construction on what will become its regional corporate campus in Las Colinas-Irving. The 850,000 square-foot campus will showcase two ten-story office buildings at the intersection of Las Colinas Boulevard and Promenade Parkway.
It’s expected to house roughly 3,000 employees and is part of an effort to consolidate DFW employees. “Over the past five years, we have gone from 5,800 employees in the area to nearly 6,800 with nearly all of that growth coming in technology operations and risk management jobs,” said Wells Fargo CEO Charles Scharf at the groundbreaking ceremony.
Roughly half the campus’ square footage will be devoted to dining options, including a coffee bar and lounge, dining assembly area with fresh food offerings, and more. Amenities will also include a library, technology assistance area, workshop, gathering and conference spaces, and more. Atop the building, a solar farm is estimated to offset annual electricity usage and contribute to the 20 percent carbon reduction target that Wells Fargo has for the building.
The campus is being developed by Dallas-based KDC and designed by Dallas-based architecture firm Corgan. The City of Irving has pledged $31 million to help financing the project.
“Our city has a reputation as being the headquarters of headquarters, and this is something we take very seriously,” said Irving Mayor Rick Stopfer. “We know how important it is when a new company comes to our state and to our city that they are welcomed and that their employees feel welcomed.”
Wells Fargo is the third-largest bank in the U.S. with more than $1.79 trillion in assets. It will join ten Fortune 500 companies that have corporate or regional headquarters in Irving-Las Colinas. Its peers include Catepillar, McKesson, Kimberly-Clark, and Mission Foods.
“With this almost half a billion-dollar capital investment and hundreds of new jobs that will eventually lead to thousands of new jobs, this is a Texas-sized investment in the future of Las Colinas and Irving that will improve our communities for a long, long time,” Governor Greg Abbot said.
The banking giant is already generating impact within the North Texas community. Wells Fargo has donated nearly $10 million in philanthropic giving to DFW since 2020, and employees have logged more than 40,000 hours in community service within North Texas for the same time period.
Dallas Cowboys Launch NFL’s First Esports Platform
In collaboration with Gamesquare, powered by Lenovo’s hardware technology, the Dallas Cowboys have launched the National Football League’s first esports platform Cowboys Game Time.
“Gaming has fundamentally altered the way fans experience sports,” Gamesquare CEO Justin Kenna said. “Building upon our deep relationship with the Cowboys and Lenovo, we’ll leverage GameSquare’s capabilities to deliver immersive opportunities that expand the Cowboys’ digital presence and enrich the franchise’s fan engagement playbook. [The partnership will] drive new revenue streams and create unforgettable experiences.”
Jerry Jones and John Goff are investors in Complexity Gaming, which is owned by the Nasdaq-listed Gamesquare. Earlier in 2022, Gamesquare announced revenue guidance for its 2023 fiscal year of $45 million to $50 million, with a gross margin of 35-40 percent.
“The Dallas Cowboys have always been a forward-facing franchise with a commitment to develop new ways to reward fans through engaging experiences,” said Stephen Jones, COO and executive president of the Dallas Cowboys. “Dallas Cowboys Game Time not only connects Cowboys fans through gaming, but also brings them closer to the team than ever before in a fun, new way.”
The program kicks off on May 20 with a Fortnite tournament. The inaugural winner will receive an all-expenses-paid trip for two to Las Vegas for the 2023 Super Bowl.
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