Impacting clients, colleagues, and communities
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YEAR INVESTED
2019
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LOCATION
Atlanta, Georgia
Impact Metrics
Impact Thesis
Technology has been a major driver of economic growth and job creation. However, in the United States, these jobs have historically been concentrated in a few large metro areas. Over 73% of “high-tech” jobs are still located in San Francisco, San Jose, Boston, NYC, and Washington D.C. Chow, M., and N. Goldschlag, (2023, February 14) High-Tech Industries Are Concentrated in Five Coastal Metro Areas, U.S. Census Bureau. https://www.census.gov/library/stories/2023/02/where-in-the-united-states-are-the-high-tech-jobs.html
On average individuals working in technology fields earn more than the median wage for American workers. We believe providing opportunities for individuals living outside traditional “tech hubs” can help expand economic opportunities for a broader, diverse talent pool.
Opportunity & Investment
Double Impact developed a relationship with the company’s founder, Monty Hamilton, and we quickly saw potential for future partnership based on shared values. Monty had a vision that a high-quality onshore workforce based in smaller markets (i.e., not the traditional tech-hubs) could deliver the fast-paced, agile software development cycles desired by clients. Double Impact was excited about the opportunity to scale a model that was providing meaningful professional development opportunities to people and communities historically overlooked by the tech community.
In 2019, Double Impact invested in Sparq to support its growth and mission to create high-quality technology jobs and innovate the future of work. We believe Monty chose us as a partner because of our mandate of scaling and transforming mission-driven companies, our active partnership model, and the firm’s nearly 40 years of experience investing in technology services and software.
Value Creation
We hit the ground running with the Sparq team, quickly initiating a blueprint process to enhance operational excellence and drive impact across four levers:
Prioritized Go-to-Market
We partnered with Sparq leadership to invest in and expand the company’s client service, marketing, and sales teams. This resulted in new customer wins and allowed Sparq to continue expanding its solution across various industries.
Inclusivity in Technology
Sparq aims to have an inclusive workforce that empowers employees to learn and grow in their careers. The company created an Equity, Inclusion & Diversity (EI&D) Council, which supports employee engagement and initiatives to foster an inclusive culture at Sparq and the industry at large.
Workplace of the Future
We worked with Sparq throughout the pandemic to reimagine its offices and retain the company’s positive culture, which emphasizes inclusivity, teamwork, and intellectual curiosity. Sparq focused on re-envisioning the office experience as a place to collaborate, train, socialize, and build knowledge centers of excellence.
Rebranding
The company’s new brand – Sparq – was rolled out in March 2023 to reflect the company’s high growth and evolving position in the industry. We believe Sparq provides a vibrant new personality for the company, formerly known as Rural Sourcing, and better symbolizes the value delivered to clients.
Exit and Reinvestment
After more than four years of partnering to drive growth and impact, Double Impact sold the majority of its stake in Sparq to Harvest Partners Ascend, an experienced investor in growth-stage technology services. We decided to reinvest in Sparq’s next phase of growth, which reflects our continued conviction in the leadership team and the company’s ability to continue to scale.
