The Top 25: #6 Andy Fligel, Intel Capital
Andrew Fligel is an investment director at Intel Capital, the corporate venturing arm of semiconductor and data technology provider Intel. He leads the unit’s investments in next-generation data centre and cloud startups strategically pertinent to Intel.
Intel Capital president Wendell Brooks, said in his nomination for Fligel: “Andy owns one of the top track-records within Intel Capital, including successful IPOs such as US-based remote access software developer LogMeIn, and M&A exits such as US-based cloud computing software provider Virtustream.”
Virtustream was acquired by IT technology provider EMC Corp for $1.2bn, while LogMeIn went public, having raised $30m prior to IPO, and currently generates more than $1bn in annual revenue.
Brooks added: “He is an accomplished company builder who played a key role in facilitating the acquisition of US-based anomaly detection software developer Prelert by Netherlands-based big data search and analytics technology developer Elasticsearch in 2016, giving Prelert stakeholders a position in one of the top IPOs of 2018.”
Fligel took up full-time responsibility for managing Intel Capital’s investment in Prelert in late 2015, having earlier assisted on the series B investment. He said: “I connected the CEO of Prelert to the CEO of Elastic through one of Elastic’s investors, who I knew well. This ultimately culminated in Elastic acquiring Prelert in 2016. Prelert’s shareholders and employees mostly received Elastic stock, which has appreciated significantly. Elastic recently had a well-received IPO and currently has a market cap in excess of $4.5bn on over $225m in annualised revenues.”
Brooks applauded Fligel’s agility in the IT space, saying: “As the IT world shifts from traditional towards cloud-native technologies, Andy is at the forefront of helping Intel refine its strategies and engagements with tomorrow’s leading vendors.”
Fligel looks for entrepreneurs in vaious industries who help corporations digitise their businesses. He said: “I joined Intel Capital in 2000 after graduating from business school, and spent my first five years in a specialised role conducting operational and financial due diligence as part of a broader deal team. This afforded me an opportunity to learn the VC business and gain technical acumen. In 2006, I began sourcing my own deals and taking an active role as a board observer or director.”
He started his career at investment banking firm Robinson-Humphrey in Atlanta, Georgia, where he focused on helping middle-market companies raise capital and conduct M&A transactions. “The deals I worked on were never going to end up on the front page of the Wall Street Journal, but I loved being able to work with smaller companies who valued my expertise given their limited internal resources.”
Fligel considers it important for entrepreneurs and co-investors to clarify their objectives. “Long-term success requires staying true to a strategy, adding demonstrable value, earning a reputation as an attractive partner for entrepreneurs and co-investors, and being constructive in working through the inevitable times when portfolio companies hit a speed bump.”
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