Brooklyn-based startup Teamshares is targeting small businesses without succession plans, a market that accounts for 99.7% of US employer firms and 64% of private-sector jobs. Co-founder and CEO Michael Brown said the inspiration for the company came from experience in investment banking, which involved buying and running eight small companies and then transitioning into entrepreneurship. Teamshares, which has raised $245m in venture capital, differentiates itself by investing in the businesses it acquires and providing employee ownership. It aims to make money from financial products, such as insurance and credit cards, and replace vendors for the companies it buys.
Venture-backed Startup Quietly Acquires Over 80 Small Businesses
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