A Long-Term Focused Holding Company…
investing in & acquiring niche, durable businesses + LP investments in like-minded funds. Proudly based in Richmond, VA.
Ten28 Holdings was founded to make long-term bets in partnership with underdog operators in industries that play important roles within society.
Our Founder’s first company, MajorClarity, was built on the premises of putting employees and customers first, empowering and advancing our workforce, delivering industry leading ROIs to our customers, and solving important societal problems that aren’t going to be automated away with AI or Robotics.
When we make majority investments in companies, we dive in and roll-up our sleeves with the teams to leverage our operational experience and expertise to drive long-term value for our customers, partners, and employees. And unlike Private Equity and/or Search Funds, Ten28 Holdings has no LPs to serve and invests for long-term horizons instead of 3-5 year timelines.
What We Look For
Investments / Acquisitions:
B2B / commercial / B2G companies
$500K - $1M annual seller earnings
Majority of revenue is either repeat customers or recurring
Product and/or service offerings that are not commoditized
i.e. value comes from data, a community, network effects, etc.
Resilient to automation & replacement from AI & Robotics
Servicing a compelling & durable niche (often times “unsexy”)
Valuation based on current industry exit multiples
Preference for businesses already based in or able to be based in Virginia
LP Investments:
GPs with track records & experience
Fund economics built for doubles & triples (not homeruns, i.e. pure VC funds)
Alignment with macro trends
Preference for funds with regular redemption periods
Portfolio
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Majority investment / acquisition in 2024.
Certified EO is the leading certification for employee owned businesses and offers content, tools, and best practices that help employee owned businesses find, engage, and retain their workforce.
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LP investment in 2023.
Early Light Ventures is a Mid-Atlantic fund investing in underdog founders with a hybrid philosophy between traditional PE and VC theses.
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Angel Investment in 2023.
HALO Hydration offers a line of electrolyte and mineral infused coffee and drink mixes.
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LP investment in 2023.
FlowStone Partners manages private equity investment products that address the unique requirements of smaller institutional and individual investors by combining the core benefits of private equity secondaries with flexible and accessible fund structures.
Founder & Principal
Joe Belsterling is the Founder of Ten28 Holdings, where he is currently investing in, partnering with, and advising early stage startups and small businesses.
Most recently, Joe served as Founder & CEO of MajorClarity, Inc., an education technology company in the career exploration and academic planning space that served over 6.5 million students and 5,000 schools across the U.S.
He previously has consulted schools and organizations on teaching entrepreneurship, worked on political campaigns, and done various advisory work including helping the U.S. Department of Education build better resources and guidelines for schools conducting EdTech pilots.