Technology
CarParts.com Reports Fiscal Year 2024 Results
Published
1 year agoon
By
TORRANCE, Calif., March 25, 2025 /PRNewswire/ — CarParts.com, Inc. (NASDAQ: PRTS), a leading eCommerce provider of automotive parts and accessories, and a premier destination for vehicle repair and maintenance needs, is reporting results for the fourth quarter and fiscal year ended December 28, 2024.
Fiscal Year 2024 Summary vs. Fiscal Year 2023
Net sales decreased 13% to $588.8 million.Gross profit of $196.7 million vs. $229.4 million, with gross margin of 33.4%.Net loss was ($40.6) million, or ($0.71) per share, compared to a net loss of ($8.2) million, or ($0.15) per share.Adjusted EBITDA of ($7.1) million vs. $19.7 million.Cash of $36.4 million and no revolver debt.Our mobile app has cumulative net downloads of over 800,000, more than double the number from the beginning of the year.New semi-automated Las Vegas distribution center fully operational and handling 25% of company volume.Launched a fully re-platformed CarParts.com website featuring an AI based search solution and machine learning based product recommendations.Launched CarParts+ a paid membership that includes roadside assistance and other benefits.
Fourth Quarter 2024 Summary vs. Year-Ago Quarter
Net sales decreased to $133.5 million, down 15% year-over-year.Gross profit of $43.4 million vs. $51.6 million, with gross margin of 32.5%.Net loss was ($15.4) million, or ($0.27) per share, compared to a net loss of ($6.1) million, or ($0.11) per share.Adjusted EBITDA of ($6.8) million vs. $1.0 million.
Management Commentary
“2024 was an important year in the ongoing transformation of CarParts.com. We began the year by refocusing our strategy on three key elements: number one, driving gross and net margin to strengthen financial performance; number two, accelerating efficiency and effectiveness to quickly deliver improved profitability; and number three, achieving sustainable growth with strong long-term free cash flow.
The economic environment was challenging for lower income consumers for all of 2024, leading to a significant pullback in spending and deferral of costs like auto repairs. To address these pressures, we are prioritizing several non-paid marketing initiatives—such as enhancing our site conversion and strengthening our search engine optimization —alongside driving mobile app adoption, generating high-margin fee income, expanding our product assortment, and growing our wholesale channel. We believe these efforts will position us to increase our net profit margin and drive long-term growth” said David Meniane, CEO.
Fiscal Year 2024 Financial Results
Net sales in fiscal year 2024 were $588.8 million, down 13% from $675.7 million in fiscal year 2023. The decline was primarily driven by the impact of soft consumer demand as well as significant pressures in lighting and mirrors which got impacted by the flooding of non-compliant illegal parts.
Gross profit was $196.7 million in fiscal year 2024 compared to $229.4 million in fiscal year 2023, with gross margin decreasing 50 basis points to 33.4%.
Total operating expenses in fiscal year 2024 were $237.4 million compared to $239.3 million in fiscal year 2023. Operating expense as a percent of net sales increased 4.9% to 40.3% in fiscal year 2024, mainly attributable to investments in our business, such as brand and marketing investments, higher customer acquisition costs, overlapping software expenses related to our digital transformation and one-time costs related to the move to the new Las Vegas distribution center.
Net loss in fiscal year 2024 was ($40.6) million compared to a net loss of ($8.2) million in fiscal year 2023.
Adjusted EBITDA in fiscal year 2024 was ($7.1) million compared to $19.7 million in fiscal year 2023.
On December 28, 2024, the Company had a cash balance of $36.4 million and no revolver debt, compared to no revolver debt and a $51.0 million cash balance at prior fiscal year-end December 30, 2023.
Fourth Quarter 2024 Financial Results
Net sales in the fourth quarter of 2024 were $133.5 million, down 15% from the year-ago quarter.
Gross profit in the fourth quarter was $43.4 million compared to $51.6 million, with gross margin decreasing 50 basis points to 32.5%.
Total operating expenses in the fourth quarter were $58.9 million compared to $58.4 million in the year-ago.
Net loss in the fourth quarter was ($15.4) million compared to a net loss of ($6.1) million in the year-ago quarter.
Adjusted EBITDA in the fourth quarter was ($6.8) million compared to $1.0 million in the year-ago quarter, primarily due to higher-than-expected advertising cost per click and lower flow through from decreased revenue.
2025 Outlook
The company is currently evaluating various strategic alternatives in response to inbound interest. As a result, we are not providing guidance for 2025.
Conference Call
CarParts.com CEO David Meniane and CFO Ryan Lockwood will host a conference call today to discuss the results.
Date: Tuesday, March 25, 2025
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Webcast: www.carparts.com/investor/news-events
To listen to the live call, please click the link above to access the webcast. A replay of the audio webcast will be archived on the Company’s website at www.carparts.com/investor.
About CarParts.com, Inc.
CarParts.com, Inc. is a technology-driven eCommerce company offering over 1 million high-quality automotive parts and accessories. Operating for over 25 years, CarParts.com has established itself as a premier destination for drivers seeking repair and maintenance solutions. Our commitment lies in placing the customer at the forefront of our operations, evident in our easy-to-use, mobile-friendly website and app. With a commitment to affordability and customer satisfaction, CarParts.com simplifies the automotive repair process, aiming to eliminate the uncertainty and stress often associated with vehicle maintenance. Backed by a robust company-operated fulfillment network, we ensure swift delivery of top-quality parts from leading brands to customers across the nation.
At CarParts.com, our global team is united by a shared vision: Empowering Drivers Along Their Journey.
CarParts.com is headquartered in Torrance, California.
Non-GAAP Financial Measures
Regulation G, and other provisions of the Securities Exchange Act of 1934, as amended, define and prescribe the conditions for use of certain non-GAAP financial information. We provide “Adjusted EBITDA” in this earnings release and on today’s scheduled conference call, which are non-GAAP financial measures. Adjusted EBITDA consist of net loss before (a) interest (income) expense, net; (b) income tax provision; (c) depreciation and amortization expense; (d) amortization of intangible assets; (e) share-based compensation expense; (f) workforce transition costs; and (g) distribution center costs. A reconciliation of Adjusted EBITDA to net loss is provided below.
The Company believes that these non-GAAP financial measures provide important supplemental information to management and investors. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with the GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provides a more complete understanding of factors and trends affecting the Company’s business and results of operations.
Management uses Adjusted EBITDA as measures of the Company’s operating performance because it assists in comparing the Company’s operating performance on a consistent basis by removing the impact of stock compensation expense as well as other items that we do not believe are representative of our ongoing operating performance. Internally, these non-GAAP measures are also used by management for planning purposes, including the preparation of internal budgets; for allocating resources to enhance financial performance; and for evaluating the effectiveness of operational strategies. The Company also believes that analysts and investors use these non-GAAP measures as supplemental measures to evaluate the ongoing operations of companies in our industry.
These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management strongly encourages investors to review the Company’s consolidated financial statements in their entirety and to not rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. In addition, the Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from the Company’s non-GAAP measures should not be construed as an inference that these costs are all unusual, infrequent or non-recurring.
Safe Harbor Statement
This press release contains statements which are based on management’s current expectations, estimates and projections about the Company’s business and its industry, as well as certain assumptions made by the Company. These statements are forward looking statements for the purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended and Section 27A of the Securities Act of 1933, as amended. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “potential,” “believes,” “predicts,” “projects,” “seeks,” “estimates,” “may,” “will,” “would,” “will likely continue” and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial condition, our potential growth, our ability to innovate, our ability to gain market share, and our ability to expand and improve our product offerings. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, competitive pressures, our dependence on search engines to attract customers, demand for the Company’s products, the online market and channel mix for aftermarket auto parts, the economy in general, increases in commodity and component pricing that would increase the Company’s product costs, the operating restrictions in its credit agreement, the weather and any other factors discussed in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Risk Factors contained in the Company’s Annual Report on Form 10–K and Quarterly Reports on Form 10–Q, which are available at www.carparts.com/investor and the SEC’s website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements in this release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. Unless otherwise required by law, the Company expressly disclaims any obligation to update publicly any forward-looking statements, whether as result of new information, future events or otherwise.
Investor Relations:
Ryan Lockwood, CFA
IR@carparts.com
Summarized information for the periods presented is as follows (in millions):
Thirteen Weeks
Ended
Thirteen Weeks
Ended
Fifty-Two Weeks
Ended
Fifty-Two Weeks
Ended
December 28, 2024
December 30, 2023
December 28, 2024
December 30, 2023
Net sales
$
133.54
$
156.40
$
588.85
$
675.73
Gross profit
$
43.45
$
51.60
$
196.74
$
229.41
32.5
%
33.0
%
33.4
%
33.9
%
Operating expense
$
58.92
$
58.35
$
237.37
$
239.29
44.1
%
37.3
%
40.3
%
35.4
%
Net loss
$
(15.42)
$
(6.09)
$
(40.60)
$
(8.22)
(11.5)
%
(3.9)
%
(6.9)
%
(1.2)
%
Adjusted EBITDA
$
(6.83)
$
0.97
$
(7.06)
$
19.69
(5.1)
%
0.6
%
(1.2)
%
2.9
%
The table below reconciles net loss to Adjusted EBITDA for the periods presented (in thousands):
Thirteen Weeks
Ended
Thirteen Weeks
Ended
Fifty-Two Weeks
Ended
Fifty-Two Weeks
Ended
December 28, 2024
December 30, 2023
December 28, 2024
December 30, 2023
Net loss
$
(15,418)
$
(6,086)
$
(40,601)
$
(8,223)
Depreciation & amortization
5,539
4,094
18,975
16,690
Amortization of intangible assets
88
8
121
36
Interest (income) expense, net
(61)
(313)
(301)
(636)
Income tax provision
7
(251)
267
145
EBITDA
$
(9,845)
$
(2,548)
$
(21,539)
$
8,012
Stock compensation expense
$
3,018
$
3,517
$
11,985
$
11,675
Workforce transition costs(1)
—
—
617
—
Distribution center costs(2)
—
—
1,882
—
Adjusted EBITDA
$
(6,827)
$
969
$
(7,055)
$
19,687
____________________________
(1)
We incurred workforce transition costs, primarily related to severance, as part of our recent workforce reductions.
(2)
We incurred certain non-recurring costs, primarily overlapping rent expense, attributable to moving to our new Las Vegas, Nevada distribution center.
CARPARTS.COM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE OPERATIONS
(In Thousands, Except Per Share Data)
Fiscal Year Ended
December 28,
December 30,
2024
2023
Net sales
$
588,846
$
675,729
Cost of sales (1)
392,107
446,323
Gross profit
196,739
229,406
Operating expense
237,374
239,287
Loss from operations
(40,635)
(9,881)
Other income (expense):
Other income, net
1,466
3,197
Interest expense
(1,165)
(1,394)
Total other income, net
301
1,803
Loss before income taxes
(40,334)
(8,078)
Income tax provision
267
145
Net loss
(40,601)
(8,223)
Other comprehensive gain (loss):
Foreign currency adjustments
87
—
Actuarial gain (loss) on defined benefit plan
185
(305)
Unrealized loss on deferred compensation trust assets
—
(38)
Total other comprehensive gain (loss)
272
(343)
Comprehensive loss
$
(40,329)
$
(8,566)
Net loss per share:
Basic and diluted net loss per share
$
(0.71)
$
(0.15)
Weighted-average common shares outstanding:
Shares used in computation of basic and diluted net loss per share
57,026
56,570
_______________________
(1)
Excludes depreciation and amortization expense which is included in operating expense.
CARPARTS.COM, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Par Value Data)
December 28,
December 30,
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$
36,397
$
50,951
Accounts receivable, net
6,098
7,365
Inventory, net
90,353
128,901
Other current assets
6,020
6,121
Total current assets
138,868
193,338
Property and equipment, net
32,206
26,389
Right-of-use – assets – operating leases, net
26,682
19,542
Right-of-use – assets – finance leases, net
10,765
15,255
Other non-current assets
2,053
3,331
Total assets
$
210,574
$
257,855
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
60,365
$
77,851
Accrued expenses
16,083
20,770
Right-of-use – obligation – operating, current
5,810
4,749
Right-of-use – obligation – finance, current
3,471
4,308
Other current liabilities
4,694
5,308
Total current liabilities
90,423
112,986
Right-of-use – obligation – operating, non-current
23,203
16,742
Right-of-use – obligation – finance, non-current
8,842
12,327
Other non-current liabilities
2,931
2,969
Total liabilities
125,399
145,024
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.001 par value; 100,000 shares authorized; 57,454 and 56,303 shares issued
and outstanding as of December 28, 2024 and December 30, 2023 (of which 3,786 are treasury
stock)
61
60
Treasury stock
(11,912)
(11,912)
Additional paid-in capital
325,546
312,874
Accumulated other comprehensive income
1,055
783
Accumulated deficit
(229,575)
(188,974)
Total stockholders’ equity
85,175
112,831
Total liabilities and stockholders’ equity
$
210,574
$
257,855
CARPARTS.COM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Year Ended
December 28,
December 30,
2024
2023
Operating activities
Net loss
$
(40,601)
$
(8,223)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense
18,975
16,690
Amortization of intangible assets
121
36
Share-based compensation expense
11,985
11,675
Stock awards issued for non-employee director service
43
23
Stock awards related to officers and directors stock purchase plan from payroll deferral
10
—
Gain from disposition of assets
(70)
(78)
Amortization of deferred financing costs
65
65
Changes in operating assets and liabilities:
Accounts receivable
1,267
(1,101)
Inventory
38,547
6,681
Other current assets
102
549
Other non-current assets
1,168
(248)
Accounts payable and accrued expenses
(21,187)
23,696
Other current liabilities
(615)
686
Right-of-use obligation – operating leases – current
1,514
631
Right-of-use obligation – operating leases – long-term
(1,131)
(714)
Other non-current liabilities
145
(367)
Net cash provided by operating activities
10,338
50,001
Investing activities
Additions to property and equipment
(20,573)
(11,879)
Cash paid for intangible assets
(76)
(108)
Proceeds from sale of property and equipment
92
86
Net cash used in investing activities
(20,557)
(11,901)
Financing activities
Borrowings from revolving loan payable
229
244
Payments made on revolving loan payable
(229)
(244)
Repurchase of treasury stock
—
(4,311)
Payments on finance leases
(4,311)
(4,738)
Net proceeds from issuance of common stock for ESPP
359
483
Statutory tax withholding payment for share-based compensation
(470)
—
Proceeds from exercise of stock options
—
2,650
Net cash used in financing activities
(4,422)
(5,916)
Effect of exchange rate changes on cash
87
—
Net change in cash and cash equivalents
(14,554)
32,184
Cash and cash equivalents, beginning of period
50,951
18,767
Cash and cash equivalents, end of period
$
36,397
$
50,951
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use operating asset acquired
$
12,857
$
—
Right-of-use finance asset acquired
$
—
$
784
Accrued asset purchases
$
502
$
1,499
Share-based compensation expense capitalized in property and equipment
$
746
$
804
Supplemental disclosure of cash flow information:
Cash paid during the period for income taxes
$
178
$
210
Cash paid during the period for interest
$
1,165
$
1,394
Cash received during the period for interest
$
1,466
$
2,030
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SOURCE CarParts.com, Inc.
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VANCOUVER, BC, May 6, 2026 /PRNewswire/ – BTQ Technologies Corp. (“BTQ” or the “Company”) (Nasdaq: BTQ) (CBOE CA: BTQ), a global quantum technology company focused on securing mission-critical networks, today announced that it it has been selected as the core PQC security technology provider through its Quantum Secure Stablecoin Settlement Network (“QSSN”) in a proof-of-concept with its Korean strategic partner, Finger Inc. (“Finger”), and iM Bank, a leading Korean commercial bank, for South Korea’s first bank-led Korean won stablecoin infrastructure incorporating post-quantum cryptography (“PQC”).
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ON BEHALF OF THE BOARD OF DIRECTORS
Olivier Roussy Newton
CEO, Chairman
Neither Cboe Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
Certain statements herein contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the business plans of the Company, including with respect to its research partnerships, and anticipated markets in which the Company may be listing its common shares. Forward-looking statements or information often can be identified by the use of words such as “anticipate”, “intend”, “expect”, “plan” or “may” and the variations of these words are intended to identify forward-looking statements and information.
The Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the development of post-quantum algorithms and quantum vulnerabilities, and the quantum computing industry generally. The foregoing list of assumptions is not exhaustive.
Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information are based on assumptions and involve known and unknown risks which may cause actual results to be materially different from any future results, expressed or implied, by such forward-looking statements or information. These factors include risks relating to: the availability of financing for the Company; business and economic conditions in the post-quantum and encryption computing industries generally; the speculative nature of the Company’s research and development programs; the supply and demand for labour and technological post-quantum and encryption technology; unanticipated events related to regulatory and licensing matters and environmental matters; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting blockchains); risks related to the direct and indirect impact of COVID-19 including, but not limited to, its impact on general economic conditions, the ability to obtain financing as required, and causing potential delays to research and development activities; and other risk factors as detailed from time to time. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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16 hours agoon
May 6, 2026By
WARSAW, Ind., May 6, 2026 /PRNewswire/ — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced that members of the Zimmer Biomet management team will participate in the Bank of America Securities Health Care Conference on Wednesday, May 13, 2026, with a fireside chat at 8:40 a.m. PT (11:40 a.m. ET).
A live audio webcast can be accessed via Zimmer Biomet’s Investor Relations website at https://investor.zimmerbiomet.com. It will be available for replay following the fireside chat.
About Zimmer Biomet
Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We seamlessly transform the patient experience through our innovative products and suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence.
With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. Our legacy continues to come to life today through our progressive culture of evolution and innovation.
For more information about our product portfolio, our operations in 25+ countries and sales in 100+ countries or about joining our team, visit www.zimmerbiomet.com or follow on LinkedIn at www.linkedin.com/company/zimmerbiomet or X at www.x.com/zimmerbiomet.
Contacts:
Media
Investors
Troy Kirkpatrick
David DeMartino
614-284-1926
646-531-6115
troy.kirkpatrick@zimmerbiomet.com
david.demartino@zimmerbiomet.com
Kirsten Fallon
Zach Weiner
781-779-5561
908-591-6955
View original content to download multimedia:https://www.prnewswire.com/news-releases/zimmer-biomet-to-present-at-the-bofa-securities-2026-health-care-conference-302763299.html
SOURCE Zimmer Biomet Holdings, Inc.
Technology
NextLadder Ventures Announces Co-Founder Leadership Team, Investment Focus Areas For Over $1 Billion Initiative Empowering Americans with Personalized, Tech-Enabled Support Tools
Published
16 hours agoon
May 6, 2026By
New senior hires from Google and The Collaborative Fund to lead product strategy and venture investing
Fund unveils first investment focus areas to catalyze new ‘Navigation Technology’ market, equipping Americans with cutting-edge tools to achieve economic security, opportunity and empowerment
ST. LOUIS, May 6, 2026 /PRNewswire/ — NextLadder Ventures, a new fund backed by more than $1 billion in capital, today announced its priority investment areas for building a new market for “Navigation Technology” (NavTech) — tools that provide Americans with personalized solutions to navigate life’s challenges and achieve greater economic mobility — and announced its co-founding team, including two new senior hires.
The fund’s active focus areas are based on extensive research identifying the key experiences and high-stakes decision points that have an outsized impact on American families’ economic mobility. Launched investment areas include financial health, career navigation, and benefits and social services access, with further exploration underway around housing, legal aid, justice and re-entry, and mental and physical health.
The organization is also today welcoming two senior leaders: Lauren Loktev is joining NextLadder as Managing Director of Investments and Brigitte Hoyer Gosselink as Managing Director of Product. Loktev was most recently a partner at the Collaborative Fund, where she backed several breakout companies in early child development, education, and sustainability. Gosselink comes to NextLadder from Google, where she led the company’s AI and social impact portfolio. They join a growing team which has deep expertise at the intersection of economic mobility, technology, public policy, and philanthropy.
NextLadder’s Focus Areas for Investment
Today, the fund is kicking off a plan to deploy $1 billion over the next seven years to accelerate the design, development, and deployment of accessible NavTech tools that aim to help families more successfully navigate the major life experiences that determine whether they get ahead or fall behind. As NextLadder’s inaugural frontier AI lab partner, Anthropic is supporting the build-out of the organization’s AI-native capabilities and is offering technical assistance to NextLadder’s portfolio organizations.
As an increasing proportion of Americans across income levels find themselves overextended and overwhelmed, NavTech tools are designed to help individuals and families understand their options, connect to information and resources, and take action to recover from a setback or take advantage of an opportunity and reclaim their economic futures.
“Life is getting harder, and too many Americans are stuck facing some of the most complex and consequential moments of their lives without much support,” said Ryan Rippel, CEO of NextLadder Ventures. “Every day, millions in this country face fork-in-the-road decisions that have major implications on whether they climb up the economic ladder or fall farther behind. AI has understandably intensified many Americans’ anxieties about their jobs and their security in the economy. But these technologies are now also making it possible to deliver highly personalized, affordable tools to meet the needs of tens of millions of Americans in a way that has never been practically achievable or financially viable before. With NavTech tools, built for the reality of families’ everyday experiences, we can empower Americans to overcome setbacks, navigate life’s toughest financial decisions, and build more secure futures.”
NavTech tools, built with the needs of individuals, families, and trusted community partners at the center of their design, have the potential to ease burdens most acutely faced by 90 million Americans who live in households that have difficulty in paying for usual home expenses, and turbocharge the capacity of the 1.6 million community workers in non-profit or local, state, and federal government roles who serve them. This growing category of digital technologies includes tools that help families access opportunities such as personalized financial advice and legal aid, get connected with available resources and programs, and manage unexpected hurdles like losing a job or facing an eviction – while freeing social workers and service providers to spend more time on people and less time on red tape and paperwork.
The fund’s active investment areas include:
Financial Health: Developing highly personalized, AI-powered financial health tools that can provide tailored, sustained counsel to help users build savings and protect and recover from financial shocks;
Career Navigation: Building tools to support career navigation, manage and support career transitions, and help workers, case managers, and employers identify pathways to living wage work — all designed to help people successfully find the right jobs for them.
Benefits & Social Services Access: Helping eligible Americans seamlessly identify and enroll in all the benefits and social services available to them, particularly those that support career navigation and transitions, help them navigate critical life moments, and achieve stability toward economic opportunity.
NextLadder is exploring additional focus areas, including housing, legal aid, justice and re-entry, caregiving, and mental and physical health. More on the organization’s vision of these focus areas is available HERE.
In addition to backing direct NavTech solutions, NextLadder is investing in the developers, partners, and standards required to build a durable, self-sustaining market. Across all focus areas, the fund is prioritizing efforts to ensure NavTech tools are reliable, protect users’ privacy, and are trusted by the families who depend on them.
NextLadder’s Co-Founder Leadership Team
NextLadder’s five co-founders will be CEO Ryan Rippel, Chief Strategy and Operations Officer Rhett Dornbach-Bender, Chief of Staff Callie Schwartz, and the two new senior hires: Managing Director of Investments Lauren Loktev and Managing Director of Product Brigitte Hoyer Gosselink, rounding out the fund’s expertise in investing, technology, and impact.
“We’re thrilled to welcome Lauren and Brigitte to the NextLadder team,” said Rippel. “Brigitte has spent her career proving that when applied purposefully, AI and technology can deliver meaningful benefits for communities, and she’ll set the bar for what NavTech tools can deliver for American families today and in the years to come. And with her deep experience backing mission-driven founders, Lauren is the perfect leader to build our venture practice from the ground up and accelerate the growth of the NavTech field. With this team in place, we’re positioned to make NavTech tools easier to build, fund, and access so they reach the people who need them most.”
Loktev brings 15 years of venture capital experience investing at the intersection of for-profit and for-good. Most recently at Collaborative Fund, she backed several companies to significant scale and launched Collab+Sesame, a first-of-its-kind thematic seed fund in partnership with Sesame Workshop focused on early childhood education. At NextLadder, she will build and lead the fund’s venture practice, sourcing and scaling investments in the founders building the next generation of NavTech tools.
“We have a once in a generation opportunity to help steer AI solutions toward those who need them most,” said Loktev. “Many amazing, accomplished founders see this too, and they are on a mission to build scalable, transformative businesses in the critical verticals that help people navigate life-changing moments. I couldn’t be more excited to join NextLadder and to support the most inspiring leaders building this market from the ground up. Thanks to our unique, long-term mandate, we can be creative and flexible in investing across stage and check size to partner with the entrepreneurs and leaders we believe will change the world.”
Prior to her role at NextLadder, Gosselink spent over a decade at Google in several roles including Director of AI and Social Impact, directing more than $500 million in funding for organizations applying AI to address challenges including crisis response, education, and economic opportunity. At NextLadder, she will lead AI and product strategy across the fund’s portfolio, backing solutions and setting market-wide standards for how NavTech tools are designed, evaluated, and improved over time.
“If we collectively harness the AI transformation strategically and purposefully, we can transform the way Americans are empowered to access greater economic mobility,” said Gosselink. “We believe that people-centered products, combined with shifts in the market and the services available to families, can fundamentally reshape how millions of Americans navigate critical moments and achieve prosperity on their own terms.”
To request interviews from the NextLadder Ventures leadership team, contact media@nextladder.com.
About NextLadder Ventures
NextLadder Ventures is a time-bound venture with one goal: empower millions of Americans to reach their potential by 2040. Backed by over $1 billion in capital, the organization invests in breakthrough technologies that remove barriers to economic success and put people in control of their futures. NextLadder Ventures is trailblazing a new market for tech-enabled Navigation Technology tools that help people access the resources they need to navigate pivotal moments — offering flexible, risk-tolerant capital to entrepreneurs building these transformative tools today, while creating a pipeline of tech, talent, and capital for the long run.
SOURCE NextLadder Ventures
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