HOUSTON INNOVATORS PODCAST EPISODE 75

Tech exec shares how she's excited to 'make a splash' in Houston with recent expansion

Rachel Moncton joins the Houston Innovators Podcast to share why ClassPass chose Houston for its fourth domestic hub and what the consumer tech company has on its horizon for 2021. Photo courtesy of ClassPass

When Rachel Moncton decided she wanted to move back to the United States after years of growing consumer tech company ClassPass internationally, she had no clue where she was going to end up.

The current vice president of marketing had served in various leadership roles for the company, and the powers at be at ClassPass, a consumer-facing tech company that brings together fitness classes and wellness experiences onto one app, decided that Moncton's move would be to spearhead the company's fourth office in Houston.

ClassPass, which was founded in New York City in 2011 before quickly opening its second office in San Francisco. Moncton says a few years ago the company conducted a search for a city that would make for a great expansion and, while Houston was definitely a contender, Missoula, Montana, became the next hub for ClassPass, which has raised over $500 million in venture capital. But, Houston was top of mind for the next expansion.

"When we were thinking about our fourth U.S. office, we wanted something bigger — we're growing quickly and knew we would have to tap into a large talent pool," Moncton says on this week's episode of the Houston Innovators Podcast, noting other elements like Houston's parks, sports teams, culture, universities, and more.

"I get a lot of people saying, 'Houston? That's an interesting choice and not what we'd expect,'" Moncton says. "But that's one of the things we like about it. There's a good startup scene here but not a million different consumer tech companies, so it's nice that we are able to make a bit of a splash."

Last fall, Moncton made her move to Houston to stand up the office virtually, at first, and now the local team is 10 people strong. Currently, ClassPass is looking for its physical space somewhere inside the loop and is hoping to have it open by this summer. Likely, Moncton says, the office will start in a coworking or flexible space that will be able to grow alongside the team.

And speaking of growth, Moncton says ClassPass is still hiring in Houston for roles from sales and finance to customer service and more.

"We are hiring across the board. It's fun for the teams to get to meet people you might not be working with day to day, and it fosters a better sense of empathy and understanding of how the company works," Moncton says. "Even though I lead marketing, it's by no means a marketing hub."

As ClassPass expands its presence, Moncton says she's focused on expanding the company's partners on the app. ClassPass has historically connected users to fitness studios but now is featuring more and more health, wellness, and beauty experiences.

"The technology we've built is to help people find things to book in their city," Moncton says. "There's a lot of (fitness studios) and it can be hard to find what you're looking for. Beauty and wellness are no different."

Moncton shares more about what she's excited about for the future of ClassPass, and how she's experienced Houston so far on the episode. Listen to the full interview below — or wherever you stream your podcasts — and subscribe for weekly episodes.


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Building Houston

 
 

Craig Lawrence and Neal Dikeman co-founded a new venture capital firm focused on funding technology as a part of the energy transition. Photos courtesy

Two Texas entrepreneurs recently announced what they say is the first venture fund in Texas exclusively dedicated to investing in energy transition technologies.

Houston-based Energy Transition Ventures — led by Craig Lawrence and Neal Dikeman — officially emerged from stealth mode with anchor investment from two operating companies from the GS Group of Korea. The fund closed its first capital in February this, completed its first investment in March, and looks to close new investors for a total fund size of $75 million, according to a press release.

"In the near future, energy is going to be delivered and used completely differently. Marginal and average energy and CO2e prices are now on a long term deflationary trend," says Dikeman in the release. "There are 500 multi-billion dollar energy companies globally, and massive portions of global GDP, that are going to get disrupted in the energy transition, from energy & power, transport, real estate, industrial to consumer to agriculture."

Dikeman, who is the managing partner at Old Growth Ventures, a family office investor, also chairs the board at nonprofit cleantech accelerator Cleantech.org, virtual research institute. In 2001, he co-founded San Francisco based cleantech investment firm Jane Capital in 2001.

"We've been successful being highly selective as investors, and using our deep networks and understanding of energy and technology to avoid pitfalls other investors faced. It is exciting to be off the bench to do it again," he continues.

Lawrence, who's also been a part of the cleantech revolution for a chunk of his career, previously started and led the cleantech investing effort at Accel Partners and was previously vice president of product at software company Treverity. The duo chose the Energy Capital of the World to headquarter ETV.

"Texas is the energy capital of the world, and outside of corporate venture capital, there are not many venture funds in the state," says Lawrence. "So it makes sense to start an energy transition focused fund here as the latest wave of clean technology investing accelerates."

ETV will fund from seed to series B with select late-stage opportunities, according to the release, and will colocate a Silicon Valley office with GS Futures, the Silicon Valley-based corporate venture capital arm of energy, construction, and retail conglomerate GS Group of Korea.

"We're excited to be investing in ETV and in the future of energy," says Tae Huh, managing director of GS Futures, in the release. "Energy Transition Ventures is our first investment from the new GS Futures fund, and we've already run successful pilots in Korea with three US startups even before this fund closed an investment – we are working to accelerate the old model of corporate venture dramatically."

Jon Wellinghoff, former chair of FERC, and Deb Merril, president of EDF Retail and co-founder and former co-CEO of Just Energy, have also joined ETV as advisors. GS Energy executive Q Song moves from Seoul, Korea, to join the Houston ETV investment team, according to the release.

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