QED Investors, an investment firm, led a $124m Series D round in Teamshares, a market leader for small business employee ownership, with participation from Inspired Capital, Khosla Ventures, Slow Ventures, Spark Capital, and Union Square Ventures. "We founded Teamshares after a decade of hard-won experience running small businesses, delivering education at scale, and executing M&A transactions. American small businesses rarely transition within a family anymore and face a 70% failure rate when trying to sell. Teamshares provides retiring owners with a financial exit and a legacy of employee ownership, while also preserving jobs and creating stock wealth for hard-working small business employees," Michael Sutherland Brown, Teamshares Co-Founder and CEO.