Participated · Series A · Jan 2024

Clarametyx Biosciences is a clinical-stage biotechnology company developing immune-enabling therapies and vaccines to address biofilm-driven chronic respiratory diseases. Its lead program, CMTX-101, is an investigational antibody therapy designed to rapidly destroy the pro-inflammatory structure of bacterial biofilms to enhance antibiotic and immune efficacy and is being developed in cystic fibrosis. CMTX-101 is in a Phase 1b/2a trial evaluating safety, tolerability, pharmacokinetics, immunogenicity and reduction of pulmonary Pseudomonas aeruginosa burden; an interim analysis of the first 21 participants met prespecified criteria to proceed. The company is also advancing an anti-biofilm vaccine, CMTX-301, in early development and is pursuing lead optimization toward a 2027 IND. Clarametyx has closed an upsized second tranche of its Series A financing from existing investors to support ongoing pipeline activities for both therapeutic and vaccine programs. The Phase 1b/2a study is on track for full enrollment by the end of 2025, and additional participants and sites will be added. The company is based in Columbus, Ohio. Clarametyx Biosciences develops a technology platform that targets bacterial biofilms to enable a more effective immune response and antibiotic interventions. The company is building a pipeline of immune-enabling therapies and vaccines for serious bacterial infections associated with biofilms, with a near-term focus on chronic respiratory diseases. Its lead programs include CMTX-101, currently in a trial for cystic fibrosis–related infections conducted in collaboration with the Cystic Fibrosis Foundation, and CMTX-301, a vaccine program recently funded by CARB-X. The company is clinical stage and led by CEO David Richards. Clarametyx intends to use new funding to accelerate the ongoing CMTX-101 trial and advance development of CMTX-301. The company is based in Columbus, OH. Clarametyx Biosciences is a clinical-stage company developing targeted, immune-enabling biologic therapies to counter persistent infections associated with bacterial biofilms. Launched in 2020 to advance an antibody technology licensed from Nationwide Children’s Hospital, the platform is non-antibiotic and pathogen-agnostic, designed to target and remove universal structural elements within biofilms to induce rapid biofilm collapse. Its lead candidate, CMTX-101, is being developed as an adjunct to standard-of-care antibiotics to render bacteria vulnerable to immune or antibiotic intervention. The company is evaluating its anti-biofilm technology in both therapeutic and preventive settings and is building a pipeline with a near-term focus on challenging respiratory infections. Clarametyx has initiated a Phase 1b/2a trial in people with cystic fibrosis to assess safety, tolerability, PK, immunogenicity, reduction of pulmonary P. aeruginosa burden, and exploratory endpoints (ClinicalTrials.gov identifier NCT06159725). The recently completed $33 million Series A will fund accelerated pipeline work and expanded clinical evaluations; the company is based in Columbus, Ohio. Clarametyx Biosciences is developing a platform that targets the biofilm matrix to remove a universal, pathogen-agnostic target, collapsing the protective shield and rendering bacteria vulnerable to immune and antibiotic attack. Its lead candidate, CMTX-101, is a humanized monoclonal antibody in preclinical development with a first targeted indication of moderate-to-severe or hospital-acquired pneumonia. The company is advancing IND-enabling activities including a GLP toxicity study and Phase 1 material production, with plans to initiate first-in-human clinical trials later this year. Financially, Clarametyx has received earlier CARB-X awards in 2020 and 2021 and was recently awarded an additional $3.89 million in option funding to accelerate development of CMTX-101. Under the CARB-X agreement the company is eligible for one further funding option to support a first-in-human trial, contingent on milestone achievement and competitive positioning. Clarametyx is building a broader pipeline of immune-enabling therapies and vaccines for life-threatening infections associated with biofilms. Clarametyx Biosciences is a preclinical-stage biotechnology company developing targeted, immune-enabling biologic therapies to counter persistent, biofilm-associated bacterial infections. Its platform is designed to precisely remove a universal, pathogen-agnostic target within the biofilm extracellular matrix, rapidly collapsing the protective shield and sensitizing bacteria to immune and antibiotic attack. The approach aims to enhance innate immune activity and sensitize a wide range of Gram-negative and Gram-positive pathogens to first-line and other antibiotics, enabling potential therapeutics and vaccines. Lead candidate CMTX-101 is a humanized monoclonal antibody in preclinical development for hospital-acquired, moderate-to-severe pneumonia to be co-administered with standard antibiotic regimens. Clarametyx was awarded up to $14.2 million from CARB-X to advance its platform through completion of a Phase 1 clinical study, with a $2.4M base period and three milestone-based options. The company is based in Columbus, Ohio and is building a pipeline of immune-enabling therapies and vaccines for life-threatening infections associated with biofilms.

Participated · Series C · Aug 2021

HopSkipDrive operates a vetted-driver transportation service that books third-party drivers to move children for parents and school districts. After launching in 2014, the company pivoted from serving only parents to contracting with schools to transport students who don’t fit traditional bus routes, including those in foster care or experiencing homelessness. That pivot opened a new revenue stream and positioned HopSkipDrive to capture part of the large school-transportation market. The company now works with more than 16,000 schools across seven states, including California, Colorado and Pennsylvania, and has facilitated over 1 million rides. Its consumer business remains active and is growing organically alongside district contracts, and HopSkipDrive also acquired the assets of shuttered competitor Shuddle in 2016 to merge platforms and strengthen its offering. HopSkipDrive operates a student-focused rideshare service using CareDrivers—drivers with caregiving experience who are predominantly women—to serve trips that don’t fit traditional school-bus routes. The company has contracts with more than 300 districts across nine states and Washington, D.C., signed roughly 150 new contracts during the pandemic, and has renewed 100% of existing contracts this year, many with price increases. HopSkipDrive plans to expand into 30 new markets over the next 18 months and is investing in route-optimization software to improve efficiency and reduce fleet size. The startup is also directing capital toward electrification initiatives and partnerships with OEMs to help CareDrivers transition to electric vehicles; 19% of its CareDriver network vehicles are currently hybrid or electric. The company previously raised $22M (noted in the article) and had to let go much of its staff amid school lockdowns last year, though demand is expected to increase as schools reopen. It maintains COVID SafeRide standards including sanitization, mask policies, and anonymous exposure tracing via its app. HopSkipDrive pairs vetted caregiver-drivers with families and school districts to provide on-demand and contracted transportation for children, including those in foster care and experiencing homelessness. The six-year-old, L.A.-based company requires contractors to have at least five years of childcare experience and reports a driver network of more than 7,000 contractors. It operates in 13 markets across eight states and has a staff of over 100 people. Seventy percent of its revenue comes from school-district contracts, which management says gives the company predictable, contracted revenue and a path to profitability. The service emphasizes safety with dual authentication, real-time tracking and ride-monitoring technology designed for passengers who may not have phones. HopSkipDrive also partners with large public systems such as L.A. County and targets inefficiencies in the $25 billion U.S. school transportation market by offering alternatives to traditional buses. HopSkipDrive is a ridesharing service that hires drivers with childcare experience to transport children, offering both single-passenger rides and discounted carpools. It enforces a 15-point certification process including background checks and requires drivers to have at least five years of childcare experience; drivers are reported as 99% female and above age 23. The company has operated in Los Angeles for three years and also serves Orange County and the San Francisco Bay Area. HopSkipDrive is expanding into school-transportation alternatives through a partnership with Student Transportation Inc. and is working with the Los Angeles Office of Education to provide rides for foster children. To fuel growth it has announced additional funding, supplementing prior capital raised. HopSkipDrive operates a pre-scheduled ridesharing platform focused on transporting children between school and activities using thoroughly vetted drivers. The company’s vetting process includes extensive background checks, vehicle inspection, fingerprinting, ongoing DMV checks, and an in-person meeting with drivers. HopSkipDrive reports thousands of families in Los Angeles use the service, with the majority using it several times a week and the top 25 percent using it several times a day, indicating strong retention. The startup has hired Eyal Gutentag as COO, who was previously general manager of Uber’s Los Angeles operations. Financially, the company had previously raised $3.9M in seed funding and is using new capital to fund geographic expansion and to strengthen its product development team. While it has discussed potential future use cases such as seniors or people with special needs, the company is currently hyper-focused on expanding its child-transportation model beyond LA.

Participated · Equity · Jun 2020

MPOWER Financing specializes in originating fixed-rate student loans for international graduate students, with a focus on STEM, business and health programs at leading U.S. and Canadian institutions. Its proprietary underwriting algorithm blends overseas and domestic credit data with projected future earnings to assess creditworthiness. The company partners with more than 500 universities and has served students from over 200 countries, 93 percent of whom say the financing was essential to completing their degrees. To scale its rapidly growing loan book, MPOWER has embraced the capital markets, securitizing more than $600 million of assets to date. Management plans to run a series of programmatic private financings alongside its existing public ABS program to diversify funding sources and widen investor access. Headquartered in Washington, D.C. and employing staff worldwide, the mission-driven lender aims to increase socioeconomic mobility while helping universities recruit diverse talent.

Participated · Equity · Dec 2018

MPOWER offers educational loans to high‑potential international and DACA students and works with over 200 universities and colleges. The company serves students from more than 200 countries and helps borrowers build credit while providing personal finance education and career support. Since 2014 MPOWER has received nearly $1 billion in loan application volume through its platform. The newly raised capital will be used to support new product growth, technology enhancements, and to finance an expanding student loan portfolio. MPOWER emphasizes financial access to global education and aims to scale its lending and product offerings. The company is based in Washington D.C. and partners with capital providers to fund its loans.

Participated · Equity · Nov 2018

Twiga sources fresh produce directly from farmers and supplies it to urban retailers and food vendors through a B2B distribution platform. The company operates an asset-light model and has shifted its commercial approach, replacing an in-house sales force with independent sales contractors. In 2023 Twiga cut about 30% of its staff as part of that transformation. The business has been cash-strapped and faced supplier pressure, including a creditor (Incentro) that sought liquidation proceedings to recover unpaid bills. Twiga has raised more than $150 million in equity and debt since 2017, with roughly $80 million of that raised in the last three years after co-founder Grant Brooke’s departure. Investors named in coverage include Genevieve Capital, Creadev, Juven, AHL Venture Partners, and Omidyar Networks. Twiga Foods has launched Twiga Fresh, a new arm focused on contemporary and commercial farming to deliver low‑cost, high‑quality, safe food to informal shops and urban customers. The company announced a $10 million investment to expand efficient production of native horticultural staples including onions, tomatoes, and watermelons, aimed at dramatically lowering costs. Twiga Fresh will be financed in the long run by debt in collaboration with Development Financial Institutions, with emphasis on primary agriculture and food security. Twiga Foods says it will continue engaging smallholder farmers for established local value chains such as bananas while managing its B2B e‑commerce operations. The group’s goal is to create a one‑stop supply‑chain solution for informal retailers offering both Twiga and non‑Twiga products and a growing range of private‑label items. CEO and co‑founder Peter Njonjo stated Twiga Fresh will drive client growth and larger basket sizes by selling quality products at discounts versus prevailing market rates, and the investment aims to make Kenya one of Africa’s largest single horticultural farms focused on the domestic market. Twiga Foods operates a technology-driven B2B platform that links farmers, FMCG manufacturers and informal retailers to streamline food and retail distribution. Founded in 2014 and based in Kenya, it began by connecting vendors and outlets with farmers and later added FMCG distribution to grow revenue. The company reports over 100,000 customers, delivers more than 600 metric tons of product to 10,000+ retailers daily, and employs over 1,000 people. Twiga has raised more than $100 million in debt and equity financing to date and says it quadrupled revenues in the pandemic period between April (the prior year) and August 2021. To address traceability and food-safety challenges it plans to selectively own parts of certain value chains and integrate large commercial farms alongside smallholder suppliers. Twiga is testing a proof of concept to produce alternative foods that could cut consumer prices by over 30%, plans to roll out low-cost manufactured food and non-food products under its brand, and is expanding into Uganda and Tanzania before targeting additional West and Central African markets. Twiga Foods operates a B2B supply-chain platform that aggregates produce from farmers and delivers to informal retail outlets using a mobile app and M-Pesa for payments. The company has diversified from primarily agricultural goods to a roughly 50/50 mix between FMCG and fresh produce. It serves around 3,000 outlets a day and works with about 17,000 farmers and 8,000 vendors, and has reduced post-harvest losses on its network from 30% to 4%. Twiga plans to use new funds to set up a distribution center in Nairobi, expand into more Kenyan cities including Mombasa, and pursue Pan-African expansion, targeting French West Africa by Q3 2020. Founded in 2014 and based in Nairobi, the company is positioning its existing volume and revenue flow from produce as a foundation to add other product categories and supply-chain services. Twiga Foods is a Nairobi-based mobile B2B distribution platform that aggregates the requirements of informal retailers through an m-commerce platform and leverages this to efficiently source produce directly from farmers and food manufacturers. The platform is designed to streamline sourcing and distribution across its ecosystem of farmers and retailers. Twiga was founded in 2014 by Peter Njonjo and Grant Brooke; Peter Njonjo is now the company’s CEO (Brooke served as CEO until earlier this year). The company announced a $5M investment from French investor Creadev to support growth of its farmer and retailer ecosystem. The transaction involved some early investors selling portions of their initial stakes to accommodate later-stage and longer-term investors. Crunchbase estimates the deal brings Twiga’s total disclosed venture capital raised to $35M, and the company has an IFC partnership to boost food safety practices and traceability.