Despite Mark Hasebroock’s success as an entrepreneur—he was a co-founder of prosperous e-commerce businesses Hayneedle and GiftCertificates.com, in addition to having experience as a small business owner and working in investment and commercial banking—he says he still wishes he’d had less time-consuming, back-and-forth discussion and more expedient, hands-on guidance when he was on the launching pad.
“We got strung along so many times by different investors who just took forever to get to a conclusion. Having been on the other side of the desk starting companies of my own, it was frustrating looking first for the capital, and second: ‘Can anybody help me? How can I get from here to here? Where is this resource? If you were in my shoes, what would you do?’ type of stuff,” Hasebroock says. “At some point I thought, ‘There’s just got to be a better way to do it, and I want to someday start a fund of my own—and do it my way, and do it right.’”
In 2011, Hasebroock did just that, kicking off Dundee Venture Capital (DVC) with an objective to be responsive to, decisive with, and supportive of entrepreneurs, he explains. “When we get an inquiry, we should review it and either we get back to you and say it’s a fit, or we say, ‘It’s not a fit and here’s who you should talk to.’ And let’s do that in a 24- to 48-hour period. The standard is two to four weeks.”
With his team of Michael Wetta, Nick Engelbart, and Andrea Sandel, plus two interns (“They’re all rock stars; I’m notoriously bad at giving direction, so they have to be self-starters.”), DVC operates out of offices in the Mastercraft Building on North 13th Street on the edge of downtown. The Dundee in the company’s name, and in the logo based on a pre-1915 annexation postal stamp, reflects the company’s first offices, as well as Hasebroock’s home neighborhood.
“We started in Warren Buffett’s grandfather’s grocery store—that’s where Dundee Bank is today—and I was an investor in Dundee Bank, so it all kind of tied in together with some of the history with where capitalism sort of started in Omaha and the heart of Dundee,” Hasebroock explains.
“…when somebody comes in with ‘here’s my business, here’s what I’m doing, here’s the problem, here’s my solution, and here’s why my team’s going to win’…we usually know within the first five minutes if this is someone we’re going to back.”
He also likes both the Omaha and Nebraska associations with the Dundee name. Hasebroock grew up in Omaha (he was once a Peony Park lifeguard), graduating from Westside High School, and earning his undergraduate degree at University of Nebraska-Lincoln and his MBA from Creighton University. He and his wife, Jane, who met in their youth and married in 1984, chose to raise their four sons and four daughters in their shared hometown. “No twins and, yes, the same spouse,” Hasebroock likes to say, adding that the family calls the older four the “Varsity” team and the younger half, the “JV.” The collective teammates are now ages 11 to 27 and have kept the family involved in numerous school and community-related sports, clubs, and activities for years. And Hasebroock himself plays hockey with a local adult league, the BPHL (Beer-and-Pretzel Hockey League) on Team Gold, stressing their three-time defending champion status.
“I haven’t really strayed too far,” he says. And his ties to the Heartland continue through his investments. With a preference for Midwest-based endeavors, DVC invests anywhere from $50,000 to a half-million dollars in growth companies that focus on e-commerce and web services.
“The next criteria is super-passionate, driven founders, so when somebody comes in with ‘here’s my business, here’s what I’m doing, here’s the problem, here’s my solution, and here’s why my team’s going to win’…we usually know within the first five minutes if this is someone we’re going to back,” Hasebroock says.
DVC is already seeing its investees take off and even soar under the guidance of Hasebroock and his team. Hasebroock says it was through mentor Mike McCarthy (founding partner of McCarthy Capital) that he saw firsthand how the simple principle of “treat people like you want to be treated” breeds success, and he emulates that culture of respect at DVC. Plus, there’s a multigenerational—and even simpler—principle Hasebroock follows: “Like my grandfather used to say, there’s four secrets to success: W. O. R. K.”
“It’s empathetic because we understand. And yet there are demands on the capital. We certainly want it back. We’d like more than we put in. But we also know that these founders are being pulled in two hundred different directions. And to the degree that we can help keep them on the rails a little bit and not just chase that next great shiny penny idea; that’s what we want to do.”
Hasebroock, who’s also now involved with a new Omaha-based accelerator for technology startups called Straight Shot, sees nothing but growth ahead for DVC.
“I think the next step is another fund that invests in startups. I don’t think the supply is going to slow down,” he says. “We’re continually seeing really creative ideas out of a lot of markets.”